Key Partners
- Accommodation partners — about 500,000 hotels and about 3.9 million homes and other stays (FACT).
- Airlines, car-rental companies and attraction operators — supply flights, cars and activities (FACT).
- Restaurants — OpenTable's reservation and software customers (FACT).
- Google and other platforms — significant source of traffic, and also a competitor (FACT).
- Insurers and payment providers — third-party insurance and payment services (FACT).
- Gen AI organizations — partnerships named as a strategic initiative (FACT).
Key Activities
- Supply growth — about 4.4 million properties at Booking.com at end of 2025 (FACT).
- Performance and brand marketing — $8.2B in 2025 (FACT).
- Payments platform — merchant gross bookings reached 70% of the total (FACT).
- Connected Trip — one itinerary from inspiration to in-trip suggestions (FACT).
- Gen AI — trip planners, assistants, price comparison and partner chat tools (FACT).
- Transformation Program — about $550M run-rate savings enabled by end of 2025 (FACT).
Key Resources
- Supply — about 4.4M properties on Booking.com (FACT).
- Brands — Booking.com, Priceline, Agoda, KAYAK, OpenTable (FACT).
- Direct traffic — mid-fifties % of room nights (FACT).
- Technology — cloud, data centers, mobile apps (FACT).
- People — about 24,300 employees (FACT).
- Cash — $17.7B cash and investments, Jun 2026 (FACT).
Value Propositions
- Choice — about 4.4 million properties plus flights, cars, activities (FACT).
- Convenience — planning, payment and language options in one app (FACT).
- Value — competitive prices and loyalty programs such as Genius (FACT).
- Partner reach — new demand, language and payment services for suppliers (FACT).
- AI help — trip planners, assistants and a price comparison tool (FACT).
Customer Relationships
- Genius loyalty — expanding across verticals at Booking.com (FACT).
- Mobile app — mid-fifties percent of room nights; mostly direct (FACT).
- AI customer service — better resolution times and satisfaction (FACT).
- Partner tools — Smart Messenger and Auto-Reply (FACT).
- Cancellation flexibility and coupons — used to stay competitive (FACT).
Channels
- Performance marketing — search engines, affiliates, meta-search, social (FACT).
- Brand marketing — digital and television advertising (FACT).
- Direct traffic — mid-fifties percent of room nights (FACT).
- Mobile apps — mid-fifties percent of room nights (FACT).
- AI platforms — a risk and an opportunity as agents book travel (FACT).
Customer Segments
- Leisure and business travelers — across 220+ countries and territories (FACT).
- Accommodation partners — hotels, resorts, homes, apartments (FACT).
- Value shoppers — Priceline, primarily North America (FACT).
- Asia-Pacific travelers — Agoda, headquartered in Singapore (FACT).
- Diners and restaurants — OpenTable, primarily U.S. (FACT).
- Referral advertisers — travel sites that pay KAYAK (FACT).
Cost Structure
- Marketing — $8,186M in FY25, 30.4% of revenue (FACT).
- Sales and other — $3,453M, incl. merchant transaction costs (FACT).
- Personnel — $3,403M; about 24,300 employees (FACT).
- IT — $908M, up 17.8% on cloud costs (FACT).
- Impairment and transformation — $457M and $205M in FY25 (FACT).
- Interest expense — $1,617M in FY25 (FACT).
Revenue Streams
- Merchant revenue — $17,755M in FY25, +25.5% (FACT).
- Agency revenue — $7,968M in FY25, -6.5% (FACT).
- Advertising and other — $1,194M in FY25, +11.3% (FACT).
- Take rate — 14.5% of gross bookings in FY25 (FACT).
- FY25 operating income $8,825M; net income $5,404M (FACT).
- H1 2026 revenue $12,884M, +11.5%; Q2 $7,352M, +8.1% (FACT).