EXPE · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

Expedia Group, Inc. · 2026-11-05 · Importance 54 · Surprise 40 · No source text

Net cash provided by operating activities was $4.252 billion for the nine months ended September 30, 2026, up from $3.576 billion in 2025. The increase reflected higher operating income after depreciation and amortization adjustments, partly offset by smaller working-capital benefits from deferred merchant bookings. Net cash used in investing activities increased to $1.844 billion from $332 million, mainly because of net investment purchases and cash used for acquisitions. Net cash used in financing activities was $2.762 billion, including debt repayments and share acquisitions, partly offset by senior-note proceeds.

Key facts

• Net cash provided by Expedia Group operating activities was $4.252 billion for the nine months ended September 30, 2026, compared with $3.576 billion in the prior-year period. source
• Operating cash flow increased in the first nine months of 2026 due to higher operating income after depreciation and amortization adjustments, partly offset by lower working-capital benefits from deferred merchant bookings. source
• Expedia Group generally receives merchant-model traveler cash at booking before paying suppliers, creating a working-capital source of cash. source
• Expedia Group’s merchant-hotel bookings traditionally exceed stays in the first half of the year, generating higher working-capital cash flow; the pattern typically reverses in the second half, when cash flows are typically negative. source

Impact estimates