亿客行 2025年度报告

Washington,D.C. 20549_______________________________________________ Form10-K ☑ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission file number: 001-37429_______________________________________________ EXPEDIA GROUP, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction ofincorporation or organization) 1111 Expedia Group Way WSeattle, WA 98119(Address of principal executive office) (Zip Code)Registrant’s telephone number, including area code:(206) 481-7200_______________________________________________ Securities registered pursuant to Section12(b) of the Act:Title of each class Name of each exchange on which registered Nasdaq Stock Market LLC (Nasdaq Global Select Market) Securities registered pursuant to Section 12(g) of the Act:NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of theAct.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule12b-2 of the Exchange Act. (Check one): AcceleratedfilerSmallerreportingcompanyEmerging growth company Large accelerated filer☑Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☑ As of June30, 2025, the aggregate market value of the registrant’s common equity held by non-affiliates was approximately$19,967,985,000. For the purpose of the foregoing calculation only, all directors and executive officers of the registrant are assumed to be affiliates of the registrant. Class Common stock, $0.0001par value per shareClassB common stock, $0.0001par value per share Portions of the registrant’s definitive Proxy Statement relating to its 2026 Annual Meetingof Stockholders are incorporated by reference into Part III of this Annual report on Form10-K where indicated. Table of Contents Expedia Group, Inc.Form10-KFor the Year Ended December31, 2025Contents Part I Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem 1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures PartII Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities26Item6.Reserved27Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item7A.Quantitative and Qualitative Disclosures About Market Risk42Item8.Consolidated Financial Statements and Supplementary Data44Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure44Item9A.Controls and Procedures44Item9B.Other Information46Item 9C.Disclosure Regardi