Booking Holdings Inc.

bookingholdings.com

What Do They Do?

Runs online platforms where travelers book lodging and other travel services, compare trip options, and reserve restaurants; travel providers and restaurants use its booking, referral and management services.

How Do They Make Money?

revenue

Segment	Share	Revenue
Merchant revenues	66% FY2022: 42%
Agency revenues	30% FY2022: 53%
Advertising and other revenues	4.4% FY2022: 5.2%

Who Are Their Customers?

Travelers book lodging and other trips through Booking.com, Priceline and Agoda, while KAYAK lets them compare itineraries across travel platforms. Restaurants use OpenTable for reservations and management services, and travel providers make bookable inventory available through the platforms.

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $6.8B in Q2 FY2025

Merchant revenues share of revenue vs 65.6% in Q2 FY2025

Aug 4, 2026 Gave third-quarter and full-year growth guidance It projected Q3 revenue growth of 4%–6% and full-year revenue growth in high single digits.

Growing. Revenue grew 2.5x in 4 years, from $11B in FY2021 to $26.9B in FY2025, about 25% a year.

AI features in the Connected Trip The earlier Connected Trip description focused on combining travel bookings and developing travel-wallet features; the latest describes AI trip planners, assistants and suggestions during travel as part of the traveler experience.

Revenue over time

Merchant revenues Agency revenues Advertising and other revenues

$50B$25B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Google, Apple, Alibaba, Tencent, Amazon, Uber, and Meta

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