Each battle that you win will yield experience for each pet that participated. However, deceased companions will not receive any experience (so make an effort to keep them alive by swaping in a different pet). Experience gains are based on your pet's level compared to the wild pet. Defeating a higher level opponent will grant more experience than a much lower level one, but be ready for a tough fight!
Most people come here not to read walls of text, they look for the better-rated strategies that match their pet collections, copy&paste stuff they need to import into their addons and only come back if something goes horribly wrong and then mostly to find help in other peoples' comments who also struggled or to find a different team/strategy: I don't think many people wanna read about stuff that already happened to them, they mostly want to see solutions and it's the best way to have them in a well-optimized strategy&team already.