v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We have the following reportable segments: B2C, B2B, and trivago. Our B2C segment provides a full range of travel and advertising services to our worldwide customers primarily through our three flagship brands, Expedia.com, Hotels.com, and Vrbo. Our B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions, who leverage our leading travel technology and tap into our diverse supply to augment their offerings and market Expedia Group rates and availabilities to their travelers. Our trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its hotel metasearch websites. trivago is a separately listed company on the Nasdaq Global Select Market and is therefore required to separately report its own financial results, which may differ from the segment information included herein.
Our chief operating decision makers ("CODMs") are our Chief Executive Officer and our Chairman. We determined our operating segments based on how our chief operating decision makers manage our business, make operating decisions and evaluate operating performance. Our primary operating metric is Adjusted EBITDA. Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily related to our global travel supply organization and the majority of costs from our product and technology platform, as well as facility costs and the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue. We base the allocations primarily on transaction volumes and other usage metrics. We do not allocate certain shared expenses such as accounting, human resources, certain information technology and legal to our reportable segments, which are included in Unallocated corporate and other expenses in our segment tables below. Our allocation methodology is periodically evaluated and may change.
Our CODMs use Adjusted EBITDA to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODMs consider budget-to-actual variances on a monthly basis using Adjusted EBITDA when making decisions about allocating capital and personnel to the segments. The CODMs also use Adjusted EBITDA to assess the performance for each segment and in the compensation of certain employees.
Our segment disclosure includes intersegment revenues, which primarily consist of advertising and media services provided by our trivago segment to our B2C segment. These intersegment transactions are recorded by each segment at amounts that approximate fair value as if the transactions were between third parties, and therefore, impact segment performance. However, the revenue and corresponding expense are eliminated in consolidation.
The following tables present our segment information for the three and six months ended June 30, 2026 and 2025. As a significant portion of our property and equipment is not allocated to our reportable segments and depreciation is not included in
our segment measure, we do not report assets by segment as it would not be meaningful. We do not regularly provide such information to our CODMs.
Three months ended June 30, 2026
B2CB2BtrivagoTotal
(In millions)
Third-party revenue$2,677 $1,493 $145 $4,315 
Intersegment revenue— — 51 51 
$2,677 $1,493 $196 $4,366 
Reconciliation of revenue:
Elimination of intersegment revenue(51)
Total consolidated revenue$4,315 
Less: (1)
Cost of revenue346 39 13 
Selling and marketing - direct1,101 915 154 
Other segment items (2)
341 170 28 
Segment Adjusted EBITDA$889 $369 $1 $1,259 
Unallocated corporate and other expenses (3)
(140)
Depreciation and amortization(228)
Stock-based compensation(114)
Legal reserves, occupancy tax and other(6)
Restructuring and related reorganization charges, excluding stock-based compensation(11)
Other income, net, excluding realized gain/loss on revenue hedges (4)
267 
Income before income taxes$1,027 


Three months ended June 30, 2025
B2CB2BtrivagoTotal
(In millions)
Third-party revenue$2,479 $1,209 $98 $3,786 
Intersegment revenue— — 60 60 
$2,479 $1,209 $158 $3,846 
Reconciliation of revenue:
Elimination of intersegment revenue(60)
Total consolidated revenue$3,786 
Less: (1)
Cost of revenue340 28 4 
Selling and marketing - direct1,092 752 136 
Other segment items (2)
319 98 24 
Segment Adjusted EBITDA$728 $331 $(6)$1,053 
Unallocated corporate and other expenses (3)
(145)
Depreciation and amortization(223)
Stock-based compensation(105)
Legal reserves, occupancy tax and other(2)
Restructuring and related reorganization charges, excluding stock-based compensation(41)
Other expense, net, excluding realized gain/loss on revenue hedges (4)
(114)
Income before income taxes$423 
Six months ended June 30, 2026
B2CB2BtrivagoTotal
(In millions)
Third-party revenue$4,795 $2,676 $270 $7,741 
Intersegment revenue— — 93 93 
$4,795 $2,676 $363 $7,834 
Reconciliation of revenue:
Elimination of intersegment revenue(93)
Total consolidated revenue$7,741 
Less: (1)
Cost of revenue670 78 22 
Selling and marketing - direct2,136 1,641 291 
Other segment items (2)
674 319 56 
Segment Adjusted EBITDA$1,315 $638 $(6)$1,947 
Unallocated corporate and other expenses (3)
(286)
Depreciation and amortization(456)
Stock-based compensation(217)
Legal reserves, occupancy tax and other58 
Restructuring and related reorganization charges, excluding stock-based compensation(63)
Other income, net, excluding realized gain/loss on revenue hedges (4)
69 
Income before income taxes$1,052 
Six months ended June 30, 2025
B2CB2BtrivagoTotal
(In millions)
Third-party revenue$4,435 $2,156 $183 $6,774 
Intersegment revenue— — 106 106 
$4,435 $2,156 $289 $6,880 
Reconciliation of revenue:
Elimination of intersegment revenue(106)
Total consolidated revenue$6,774 
Less: (1)
Cost of revenue652 66 8 
Selling and marketing - direct2,207 1,329 247 
Other segment items (2)
631 214 45 
Segment Adjusted EBITDA$945 $547 $(11)$1,481 
Unallocated corporate and other expenses (3)
(277)
Depreciation and amortization(442)
Stock-based compensation(203)
Legal reserves, occupancy tax and other(2)
Restructuring and related reorganization charges, excluding stock-based compensation(67)
Other expense, net, excluding realized gain/loss on revenue hedges (4)
(284)
Income before income taxes$206 
___________________________________
(1)     The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODMs, exclusive of stock-based compensation. Intersegment expenses are included within the amounts shown.
(2)     Other segment items for each reportable segment primarily include selling and marketing - indirect, technology and content and general and administrative expenses as well as the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue for our B2C and B2B segments.
(3)     Unallocated corporate and other expenses include certain shared expenses such as accounting, human resources, certain information and technology and legal costs.
(4) Other expense, net is adjusted to exclude the realized foreign currency gains (losses) related to the forward contracts hedging a component of our net merchant lodging revenue for our B2C and B2B segments of $(40) million and $52 million of gains (losses) for the three months ended June 30, 2026 and 2025 and $(68) million and $75 million of gains (losses) for the six months ended June 30, 2026 and 2025, respectively, which are included within our Segment Adjusted EBITDA.

Revenue by Business Model and Service Type
The following table presents revenue by business model and service type:
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
(in millions)
Business Model:
Merchant $3,065 $2,624 $5,466 $4,670 
Agency872 852 1,547 1,504 
Advertising, media and other378 310 728 600 
Total revenue
$4,315 $3,786 $7,741 $6,774 
Service Type:
Lodging$3,429 $3,040 $6,039 $5,329 
Air91 105 198 212 
Expedia Group (“EG”) Advertising206 182 403 356
trivago Advertising145 98 270 183
Other(1)
444 361 831 694 
Total revenue
$4,315 $3,786 $7,741 $6,774 
____________________________
(1)Other includes revenue from insurance, car rental, activities and cruise revenue, among other revenue streams, none of which are individually material.
Our B2C and B2B segments generate revenue from the merchant, agency and advertising, media and other business models as well as all service types. trivago segment revenue is generated through advertising and media.