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Booking Holdings helps travelers find and reserve hotels, apartments and holiday homes worldwide. Accommodation bookings generate most of its revenue, with Booking.com supplying most of that business; flights and other travel services play smaller roles.
For most transactions, the company collects the traveler’s payment, pays the travel provider and earns a commission or retains the difference between the traveler’s price and the amount owed to the provider. It also earns payment-related fees and rebates. When it does not handle payment, the provider pays a reservation commission.
The business depends on demand for travel, providers making rooms available and travelers reaching its platforms. A significant share of visitor traffic comes through third-party services such as search engines. In the European Economic Area, the EU Digital Markets Act prohibits Booking.com from using contractual price-parity requirements to stop accommodation providers offering lower prices elsewhere, limiting how it can set partner terms.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Expedia competes with Booking for the same travelers’ accommodation and other travel bookings, and for suppliers’ available rooms; travelers pay Expedia for bookings, while suppliers or travelers pay its reservation fees. Watch its lodging bookings: accommodation reservations generated about 89% of Booking’s revenue in each of 2023–2025.
Airbnb competes with Booking for guests booking stays and hosts supplying them, directly challenging Booking.com’s growing homes-and-apartments business. Watch Airbnb’s ability to attract guests and hosts: alternative accommodations accounted for about 36% of Booking.com’s room nights in 2025, and Booking warns that their added service costs may weigh on margins.
Trip.com competes with Booking for leisure and business travelers booking hotels, flights and other travel services, with meaningful overlap in Asia. Its accommodation-booking performance in Asia is worth watching, since healthy demand there and in Europe drove most of Booking’s 2025 room-night growth.
Booking pays Alphabet’s Google for search ads that bring in travelers, but Google also competes to keep travel discovery and booking relationships within its own services. Watch how Google integrates travel into Search, Maps and Gemini: those offerings could divert travelers from Booking, reducing its traffic, bookings and direct customer relationships.
MakeMyTrip Limited’s MakeMyTrip and Goibibo platforms compete with Booking’s global platforms for travelers booking Indian hotels, alternative accommodations and flights. Watch Goibibo’s value-seeking, mass-market travelers in particular: they show where Booking faces competition for price-conscious customers.
trivago N.V. sends accommodation shoppers to Booking brands’ websites for payment-funded referrals, while competing with Booking’s KAYAK in accommodation search. Booking and its affiliated brands supplied 40% of trivago’s referral revenue in 2025, making that revenue line a concrete measure of trivago’s dependence on Booking’s advertising spend.
Booking Holdings Inc. earningsThis company
Booking Holdings earns most of its revenue from accommodation reservations, and this report will show whether more room nights translate into revenue without acquisition and payment costs eating up the gain.
Read room-night and gross-booking growth alongside revenue as a share of gross bookings and marketing expense as a share of gross bookings. More room nights with revenue holding up and marketing taking no larger share would show Booking Holdings is converting travel demand into revenue without paying substantially more to acquire bookings. If bookings rise but revenue per dollar of bookings falls, marketing takes a larger share, and margins come under pressure, discounts, merchant costs, or acquisition spending are eating into the growth.
Expedia Group, Inc. earningsEXPE
Expedia's lodging bookings show whether it is gaining ground against Booking Holdings for overlapping travelers and available rooms.
Read Expedia's lodging-booking growth alongside Booking Holdings' reported room-night growth. If Expedia grows faster, it may be winning more bookings in markets the two share, pointing to stronger competitive pressure on Booking Holdings. If both grow, expanding traveler demand is a more likely explanation than customers simply shifting from Booking Holdings to Expedia.
Airbnb, Inc. earningsABNB
Airbnb's lodging bookings show whether its appeal to guests and hosts is intensifying competition for Booking Holdings' homes-and-apartments business.
Look at whether Airbnb's lodging bookings and available listings are both growing. Growth in both would show it is attracting guests and hosts, increasing the competition Booking Holdings faces for homes-and-apartments bookings. Weak booking growth would suggest less pressure from Airbnb, but would not establish how Booking Holdings' own alternative-accommodation business is doing.
Trip.com Group Limited earningsTCOM
Trip.com's accommodation bookings in Asia show whether regional demand is expanding or it is gaining ground in markets shared with Booking Holdings.
Compare Trip.com's accommodation-booking growth in Asia with Booking Holdings' reported room-night growth. If both grow, expanding travel demand in the region is the more likely explanation. If Trip.com grows faster, it may be winning more bookings in overlapping markets, pointing to stronger competition for Booking Holdings in Asia.
