Expedia Affected by US Tariff Policy That Creates Travel Spending Uncertainty

Although waning US consumer sentiment is a near-term headwind, Expedia's migration during 2020-24 to a unified platform, which shares marketing, data, supply, and loyalty (One Key) across its brands, versus the previous siloed structure, is buoying the company's network advantage, the source of our narrow moat rating. Evidence of this was bookings growth acceleration to 8% in the business-to-consumer division in the fourth quarter, up from a 3% lift in the previous quarter.