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It is +5.8% in 2026. Demand side (avg +0.4%), the stock (+5.8%) and supply side (avg +10.2%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Major operating inputs include customer acquisition through search channels such as Google and cloud infrastructure centered on AWS.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Global Business Travel Group","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"percent","as_of":"2026-02-13","basis":"Global Business Travel Group 보유 지분율","value":14,"period":"2025-12-31","basis_en":"Ownership interest in Global Business Travel Group","qualifier":"approximate"},"note":"Expedia Group은 상장 기업 Global Business Travel Group의 지분 약 14%를 보유한다. 2025년 말 공시된 지분율을 기준으로 한 전략적 지분투자다.","note_en":"Expedia Group holds an approximately 14% equity interest in publicly traded Global Business Travel Group. The relationship is a strategic equity investment measured at year-end 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/1324424/000132442426000008/expe-20251231.htm","title":"Expedia Group, Inc. 2025 Form 10-K","title_en":"Expedia Group, Inc. 2025 Form 10-K","excerpt":"2025년 12월 31일 현재 Expedia Group의 지분투자는 Global Business Travel Group 지분 약 14%로 구성된다.","excerpt_en":"As of December 31, 2025, our equity investment represents our investment in Global Business Travel Group, Inc., a publicly traded company for which we have an approximately 14% ownership interest."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-13","basis":"Expedia Group이 AWS에 지급한 클라우드 인프라 비용","value":null,"period":"FY2025","basis_en":"Cloud infrastructure expense paid by Expedia Group to AWS","qualifier":"confirmed_no_disclosed_value"},"note":"Expedia Group은 여행 플랫폼, 데이터 처리, 애플리케이션과 데이터베이스 운영에 AWS를 주요 퍼블릭 클라우드로 사용한다. AWS 지급액은 공개되지 않았다.","note_en":"Expedia Group uses AWS as its primary public cloud for travel-platform workloads, data processing, applications and database operations. Spending with AWS has not been disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/1324424/000132442426000008/expe-20251231.htm","title":"Expedia Group, Inc. 2025 Form 10-K","title_en":"Expedia Group, Inc. 2025 Form 10-K","excerpt":"회사는 2020년부터 제품, 데이터 저장과 처리, 소비자 및 제휴 사이트, 백오피스 기능을 이전하며 주로 AWS인 퍼블릭 클라우드 이용을 크게 늘렸다고 공시했다.","excerpt_en":"We undertook in a multi-year effort to migrate products, data storage and processing, key portions of our consumer and affiliate sites, as well as back-office application functionality, to new technology platforms and significantly increase our utilization of public cloud computing services, primarily AWS."},{"stance":"confirms","publisher":"아마존웹서비스","publisher_en":"Amazon Web Services","kind":"analysis","lang":"en","published_at":"2022-04-19","url":"https://aws.amazon.com/blogs/mt/how-expedia-group-built-database-as-a-service-dbaas-offering-using-aws-service-catalog/","title":"Expedia Group이 AWS Service Catalog로 DBaaS를 구축한 방법","title_en":"How Expedia Group built Database as a Service (DBaaS) offering using AWS Service Catalog","excerpt":"Expedia Group은 400개가 넘는 AWS 계정에서 9,000개가 넘는 애플리케이션을 운영하며 AWS 기술로 Cerebro 데이터베이스 플랫폼을 구축했다.","excerpt_en":"Expedia Group runs over 9,000 applications managed by 650 engineering teams across 400+ AWS accounts."}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-13","basis":"Expedia Group이 Google에 지급한 검색 및 디스플레이 광고비","value":null,"period":"FY2025","basis_en":"Search and display advertising expense paid by Expedia Group to Google","qualifier":"confirmed_no_disclosed_value"},"note":"Expedia Group은 Google에서 여행 관련 키워드를 구매하고 검색 및 디스플레이 광고로 의미 있는 웹 트래픽을 확보한다. Google에 지급한 광고비는 별도로 공개되지 않았다.","note_en":"Expedia Group buys travel-related keywords and receives meaningful website traffic through search and display advertising on Google. Spending with Google has not been separately disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/1324424/000132442426000008/expe-20251231.htm","title":"Expedia Group, Inc. 2025 Form 10-K","title_en":"Expedia Group, Inc. 2025 Form 10-K","excerpt":"회사는 Google 같은 검색엔진에서 여행 관련 키워드를 구매하고 Google의 클릭당 지불 및 디스플레이 광고로 의미 있는 트래픽을 얻는다고 공시했다.","excerpt_en":"We receive meaningful traffic to our websites and those of our affiliates through participation in pay-per-click and display advertising campaigns on search engines, including Google."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-08-01","basis":"Walmart+ Travel에서 발생하는 Expedia Group의 파트너별 수익 또는 수수료","value":null,"period":"current partnership","basis_en":"Expedia Group partner revenue or fees generated through Walmart+ Travel","qualifier":"confirmed_no_disclosed_value"},"note":"Expedia Group은 Walmart+ Travel의 예약 화면, 여행 재고, 고객 서비스를 화이트라벨 방식으로 제공한다. 파트너별 수익과 수수료는 공개되지 않았다.","note_en":"Expedia Group supplies the white-label booking experience, travel inventory and customer service for Walmart+ Travel. Partner-specific revenue and fees have not been disclosed.","sources":[{"stance":"confirms","publisher":"포커스라이트","publisher_en":"Phocuswright","kind":"analysis","lang":"en","published_at":"2025-08-01","url":"https://www.phocuswright.com/Travel-Research/Research-Updates/2025/looking-ahead-us-otas-bet-on-loyalty-ai-and-b2b","title":"미국 OTA의 다음 승부처: 충성도, AI, B2B","title_en":"Looking ahead: U.S. OTAs bet on loyalty, AI and B2B","excerpt":"포커스라이트는 Expedia의 B2B 사업이 2024년에 21% 성장해 매출의 30%를 차지했으며 Walmart와 Chase Travel을 파트너 사례로 들었다.","excerpt_en":"Expedia’s B2B business surged 21% in 2024, now making up 30% of revenue, with partners like Walmart and Chase Travel."},{"stance":"confirms","publisher":"리테일톡","publisher_en":"Retail Talk","kind":"news","lang":"ko","published_at":"2023-08-16","url":"https://www.retailtalk.co.kr/Strategy/?back_url=&bmode=view&idx=16017389&page=1&t=board","title":"월마트의 차세대 수익모델","title_en":"Walmart's Next-Generation Revenue Models","excerpt":"지난 7월, 월마트는 익스피디아 그룹과 제휴를 통해 월마트 플러스 회원을 위한 여행 상품 '월마트 플러스 트래블'을 출시했어요.","excerpt_en":"In July, Walmart partnered with Expedia Group to launch Walmart+ Travel for Walmart+ members."},{"stance":"confirms","publisher":"월마트","publisher_en":"Walmart","kind":"news","lang":"en","published_at":"2023-07-25","url":"https://corporate.walmart.com/news/2023/07/25/walmart-and-expedia-group-launch-travel-benefit-for-walmart-members","title":"Walmart and Expedia Group Launch Travel Benefit for Walmart+ Members","title_en":"Walmart and Expedia Group Launch Travel Benefit for Walmart+ Members","excerpt":"WalmartPlusTravel.com의 여행 예약은 Expedia Group의 White Label Template 기술로 구동된다.","excerpt_en":"Travel booking on WalmartPlusTravel.com is powered by Expedia Group’s White Label Template technology."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-10-29","basis":"Microsoft Bing 예약에서 발생하는 Expedia Group의 파트너별 수익","value":null,"period":"current partnership","basis_en":"Expedia Group partner revenue generated through Microsoft Bing bookings","qualifier":"confirmed_no_disclosed_value"},"note":"Microsoft Bing의 16개 시장 숙박 검색과 예약에 Expedia Group의 Rapid API와 여행 재고가 쓰인다. 파트너별 수익은 공개되지 않았다.","note_en":"Microsoft Bing uses Expedia Group's Rapid API and travel inventory for lodging shopping and booking across 16 markets. Partner-specific revenue has not been disclosed.","sources":[{"stance":"confirms","publisher":"익스피디아 그룹","publisher_en":"Expedia Group","kind":"ir","lang":"en","published_at":"2024-10-29","url":"https://ir.expediagroup.com/news-and-events/news/news-details/2024/Expedia-Group-and-Microsoft-Bing-Launch-New-Strategic-Partnership-Offering-Travelers-Additional-Loyalty-Perks/default.aspx","title":"Expedia Group과 Microsoft Bing, 여행자 보상 확대를 위한 전략적 제휴 출범","title_en":"Expedia Group and Microsoft Bing Launch New Strategic Partnership Offering Travelers Additional Loyalty Perks","excerpt":"Bing 사용자는 Expedia Group의 Rapid API를 통해 전 세계 75만 개가 넘는 호텔과 휴가용 임대 숙소를 검색하고 예약할 수 있다.","excerpt_en":"Through Rapid API, Microsoft Bing users benefit from Expedia Group’s seamless end-to-end booking experience."}]},{"direction":"cost","counterparty":"카니발","counterparty_slug":"carnival","confidence":"mid","metric":null,"note":"익스피디아 그룹은 Expedia Cruises를 통해 카니발 크루즈 상품을 온라인·오프라인 여행사 채널에 유통하며, 카니발은 여행사 네트워크가 장기 유통망의 핵심이라고 공시했지만 익스피디아를 통한 매출액은 공개하지 않았다.","note_en":"Expedia Group distributes Carnival cruise inventory through online and agency channels via Expedia Cruises, while Carnival identifies travel-agent partners as integral to its long-term distribution network but does not disclose revenue attributable to Expedia.","sources":[{"stance":"confirms","publisher":"Expedia Cruises","publisher_en":"Expedia Cruises","kind":"ir","lang":"en","published_at":"2026-02-02","url":"https://expediafranchise.com/news/expedia-cruises-record-breaking-anchor-meeting/","title":"Expedia Cruises, 기록적인 ANCHOR 해상 회의 개최","title_en":"Expedia Cruises Voyages to New Heights with Record-Breaking ANCHOR Meeting at Sea","excerpt":"익스피디아 크루즈는 북미의 주요 크루즈 판매사로, 2025년 가맹점·여행 컨설턴트·공급 파트너 회의를 Carnival Celebration에서 열었다.","excerpt_en":"The brand set sail aboard the Carnival Celebration from Miami, FL for a seven-night Eastern Caribbean voyage."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-27","url":"https://www.sec.gov/Archives/edgar/data/815097/000081509726000007/ccl-20251130.htm","title":"Carnival Corp Ltd. 10-K (2026-01-27)","title_en":"Carnival Corp Ltd. Form 10-K (2026-01-27)","excerpt":"카니발은 여행사와 투어 운영사 등을 통해 크루즈를 판매하며, 여행사 파트너를 장기 크루즈 유통망의 핵심으로 설명했다. 2025년 단일 지배 아래 있는 여행사 그룹 중 매출의 10% 이상을 차지한 곳은 없었다.","excerpt_en":"Travel agent partners are an integral part of our long-term cruise distribution network and are critical to our success."},{"stance":"mentions","publisher":"유진투자증권 리서치센터","publisher_en":"Eugene Investment & Securities Research Center","kind":"research","lang":"ko","published_at":"2025-06-30","url":"https://www.eugenefn.com/common/files/amail/20250630_B45_swlee6591_1011.pdf","title":"Memory Watch","title_en":"Memory Watch","excerpt":"거시경제 불확실성에도 불구하고 크루즈 수요가 회복력을 보임. 4월 예약 부진은 6월까지 대부분 회복됐다.","excerpt_en":"Cruise demand remained resilient despite macroeconomic uncertainty, and most of April's booking weakness had recovered by June."},{"stance":"confirms","publisher":"카니발 크루즈 라인","publisher_en":"Carnival Cruise Line","kind":"ir","lang":"en","published_at":"2019-05-03","url":"https://www.carnival-news.com/2019/05/03/carnival-cruise-line-hosts-expedia-cruiseshipcenters-national-conference-onboard-carnival-dream-april-6-13","title":"카니발 크루즈 라인, Carnival Dream에서 Expedia CruiseShipCenters 전국 회의 개최","title_en":"Carnival Cruise Line Hosts Expedia CruiseShipCenters' National Conference Onboard Carnival Dream April 6-13","excerpt":"카니발은 Expedia CruiseShipCenters의 여행 전문가 300여 명을 Carnival Dream에 초청해 판매·마케팅 및 여행사 도구 교육을 진행했다.","excerpt_en":"More than 300 travel professionals got to Choose Fun during Expedia CruiseShipCenters' National Conference April 6-13, 2019, aboard Carnival Dream."}]}]}