EXPE · CIK 1324424
What Expedia Group, Inc. told the SEC could break it.
Expedia's most notable disclosed risk is governance concentration: all of its high-voting Class B stock is held by chairman Barry Diller through family trusts and a foundation, concentrating voting control in a single individual. Its operating risks are narrower — as a global travel marketplace it must comply with the EU's Package Travel Directive, which it calls costly and complex and which could limit its ability to offer certain packages in Europe, and it depends on third-party providers to process its high volume of card transactions and to facilitate customer bookings from travel suppliers.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- controlling Class B shareholder (Barry Diller)medium
All Class B common stock — carrying outsized voting control — is held by Chairman Barry Diller through family trusts, concentrating voting power in a single individual.
“As of January 30, 2026, all of our Class B common stock was held by Mr. Diller, Chairman and Senior Executive of Expedia Group, through trusts over which he and his spouse have investment or voting power, and the Diller Foundation d/b/a The Diller - von Furstenberg Family Foundation.”
SEC filing →As of 2026
Regulatory & policy
- EU Package Travel Directivelow
Compliance with the EEC Council Directive on Package Travel is costly and complex and could adversely impact Expedia's ability to offer certain packages in the EEC.
“Also, compliance with the European Economic Community (“EEC”) Council Directive on Package Travel, Package Holidays and Package Tours is costly and complex and could adversely impact our ability to offer certain packages in the EEC.”
SEC filing →As of 2026
Supplier concentration
- third-party payment service providerslow
Relies on third-party service providers to process its high-volume card transactions and facilitate customer bookings of travel from suppliers; specified adverse events could disrupt that processing.
“We rely on agreements with third-party service providers to process our voluminous customer credit and debit card transactions and for the facilitation of customer bookings of travel services from our travel suppliers.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“A significant portion of these bookings were generated through select online travel agencies (“OTAs”), such as Priceline and Expedia (including Orbitz, Travelocity, and related brands),”
Cited →“Booking (and its subsidiaries) accounted for 10 % or more of our consolidated revenue, and together with Expedia (and its subsidiaries), our two most significant travel partners, accounted for approximately 21 % and 22 %”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
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