Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Approximate current price: ~$165–175 per share (post Q1 2026 print, shares have given back the late-2025 rally) Market capitalization: ~$19–21 billion (≈120 million diluted shares including Class B) Charlie and I find Expedia easy to understand in concept and harder to admire in practice. The company is one of the world's two largest online travel agencies (OTAs). It connects travelers with three things — lodging, flights, and packages — and clips a take-rate (commission, merchant margin, or advertising fee) for the introduction. The business runs through three segments: B2C — the consumer-facing brands. Three "flagships" do almost all of the work: Expedia.com, Hotels.com, and Vrbo (alternative accommodations). Q1 2026 revenue $2,118M, +8% year-over-year. B2B — Expedia's wholesale and white-label arm.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-08-05), 8-K (2026-06-23), 10-Q (2026-05-08).
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