Expedia’s $5 Billion Repurchase Gives Shareholders a Trip Worth Taking – Buyback Wednesdays

I’ve been a loyal Expedia user for more than two decades. When I noticed that the company announced a large $5 billion stock buyback program representing more than 16% of their market cap at announcement against a backdrop of an 18% decline in the stock price year-to-date, I figured the company was worth exploring for our monthly Buyback Wednesdays article.  

While the company has had three CEOs since Dara Khosrowshahi left Expedia to join Uber, the company has weathered these CEO changes and the pandemic-related disruption well. It certainly helped that Barry Diller has remained the Chairman of the company for over two decades. More recently, the company grew revenue 15% in Q1 2026 and delivered its strongest first-quarter EBITDA margin in 15 years.

That strength has been quietly building for years. Expedia rebuilt its technology platform, streamlined its brands, and appointed B2B veteran Ariane Gorin as the CEO. Its B2B business, which was long overlooked by investors, grew 25% last quarter, as the company embedded its travel inventory deeper into airlines, banks, and fintech platforms worldwide. The buyback is management’s clearest signal yet that the new Expedia is generating real cash, gaining momentum, and may still be undervalued.

Expedia Group, Inc. (EXPE): $231.06

Market Cap: $27.11B

Enterprise Value: $25.81B

Key Insights

• Expedia delivered 15% revenue growth and double-digit operating margins despite macro and travel disruptions. 
• B2B revenue jumped 25% to $1.18 billion in Q1 2026, now making up about 35% of total revenue. 
• Vacation rentals through their VRBO division reached a $1 billion annualized run rate for the first time. 

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