Expedia Group Inc

EXPE: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Expedia Experiencing Softening Demand in Its Core US Market Amid Tariff Uncertainty

Dan Wasiolek

May 15, 2025

Business Strategy and Outlook

Although waning US consumer sentiment is a near-term headwind to demand in the region (61% of Expedia's first-quarter point of sale revenue), 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 supporting the company's network advantage, the source of our narrow moat rating.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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Expedia Group Inc

Expedia Experiencing Softening Demand in Its Core US Market Amid Tariff Uncertainty

Business Strategy and Outlook

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