Expedia Group is one of the world's largest online travel agencies (OTAs), connecting travelers with hotel rooms, vacation rentals, flights, and car rentals through a portfolio of consumer brands. The three core brands each target a distinct need: Expedia is a full-service OTA best known for bundling flights and hotels into packages; Hotels.com is a hotel-focused platform built around its loyalty program; and Vrbo is a whole-home vacation rental marketplace primarily serving North American leisure travelers. Lodging is by far the dominant product, accounting for roughly 80% of revenue. Expedia Group earns revenue primarily through a merchant model, where it collects payment from the traveler at booking and pays the supplier later, generating favorable working capital dynamics. The company also earns agency commissions on air and other bookings, and advertising revenue from travel and non-travel partners. Beyond its consumer business, Expedia Group runs a large B2B segment that powers travel booking for airlines, banks, corporate travel managers, and offline agents through its Rapid API and white-label tools. The B2B segment has grown to roughly a third of revenue. Expedia Group also holds a majority stake in trivago, a hotel metasearch company that earns referral fees from OTAs and hotels. Marketing is the largest variable cost, and Expedia Group has been working to shift bookings toward direct and loyalty channels to reduce acquisition costs. The One Key loyalty program allows members to earn and redeem rewards across all three core brands.