Expedia’s different bet
🛠 Expedia's infrastructure supports 70,000+ businesses, including Chase Travel, which reported $11.3 billion sales in 2024. In Q1 2025, Expedia's B2B segment achieved a 22.8% EBITDA margin, outperforming its consumer segment at 11.1%. AI's rise could challenge Booking.com's visibility control while Expedia could become indispensable infrastructure. Expedia trades at 13-14x forward earnings vs. Booking's 19-21x. AI's impact on both is distinct: Booking risks losing travelers, while Expedia risks being invisible but essential.
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