EXPE - Comprehensive Filing Intelligence

FY 2025•10-K•Filed Feb 13, 2026
4.0/10
Filing Health:CAUTION

Notable concerns that warrant closer review

Executive Summary

The provided text lacks specific details on margin drivers, concerns, or operating cash flow quality.. Revenue growth is detailed by business model (Merchant, Agency, Advertising) and service type (Lodging, Air, etc.), showing an overall increase.. Expedia faces significant ongoing litigation in the US related to the collection and remittance of occupancy and other taxes, with potential for material financial impact.. Restructuring charges of $107 million recognized in 2025.

Top Concerns

  • !The provided text lacks specific details on margin drivers, concerns, or operating cash flow quality.
  • !The company faces significant risks related to technology, cybersecurity, data privacy, and evolving regulatory landscapes, particularly in its alternative accommodations business.
  • !Recurring large impairment charges on goodwill and intangible assets, especially trade names.
  • !Significant non-recurring tax settlement charges that impact operating income and Adjusted EBITDA.
  • !Expedia faces significant ongoing litigation in the US related to the collection and remittance of occupancy and other taxes, with potential for material financial impact.

Top Positives

  • +Revenue growth is detailed by business model (Merchant, Agency, Advertising) and service type (Lodging, Air, etc.), showing an overall increase.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

2.0/10

Management tone is cautiously measured.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

7.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is moderate.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

4.0/10

Overall risk profile shows cybersecurity threats and data breaches as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

7.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.

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