Booking Holdings

Booking Holdings (NASDAQ: BKNG) runs online travel marketplaces (Booking.com, Priceline, Agoda, KAYAK, OpenTable) that connect travelers with hotels, homes, airlines, car-rental firms and restaurants without owning any of them: it earns a commission or margin on each reservation, plus payment-facilitation fees and advertising. FY2025 (year ended Dec 31, 2025) revenue was $26.9B (+13%) on $186.1B of gross bookings (+12%), a revenue take rate of 14.5%, with operating income of $8.8B and net income of $5.4B after $1.3B of other expense (mostly currency losses on euro debt) and a $457M KAYAK impairment. Merchant revenue (Booking.com collects payment) was $17.8B (+26%), agency revenue (the hotel collects) $8.0B (-6%) and advertising and other $1.2B (+11%). Room nights grew 8% to 1,235 million, and 70% of gross bookings were merchant (63% in 2024). In H1 2026, revenue was $12.9B (+11.5%) and net income $3.0B, and Booking Holdings bought back $7.8B of stock.

Click any of the 9 blocks below for a plain-language story of how that part of the model works for Booking Holdings — and how it connects to the others.