Booking Holdings Inc. (BKNG): Business Model Canvas

Booking Holdings Inc. (BKNG) hat die globale Reisebranche durch sein innovatives digitales Ökosystem revolutioniert und die Art und Weise verändert, wie Millionen von Reisenden ihre Reisen auf mehreren Plattformen entdecken, vergleichen und buchen. Durch die nahtlose Integration von Technologie, umfangreichem Reiseinventar und benutzerorientiertem Design hat dieses leistungsstarke Unternehmen ein umfassendes Geschäftsmodell geschaffen, das Reisende weltweit mit Unterkünften, Erlebnissen und Dienstleistungen verbindet und so generiert Milliarden Steigerung des Jahresumsatzes durch strategische Partnerschaften und modernste digitale Lösungen.

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Wichtige Partnerschaften

Online-Reisebüros

Booking Holdings ist über mehrere Online-Reisebüroplattformen tätig:

Plattform	Globale Reichweite	Einträge
Booking.com	228 Länder/Gebiete	Über 28 Millionen Einträge insgesamt
Preislinie	Über 200 Länder	Über 150.000 Hotels
Kajak	Über 60 Länder	Über 2 Millionen Hotels

Unterkunfts- und Reisepartner

Das umfangreiche Netzwerk an Partnerschaften umfasst:

• 1,6 Millionen Unterkunftsanbieter weltweit
• Große Hotelketten: Marriott, Hilton, InterContinental
• Fluggesellschaften: United, Delta, American Airlines
• Autovermietungen: Enterprise, Hertz, Avis

Technologiepartner

Partnerkategorie	Anzahl der Partnerschaften	Fokusbereich
Cloud-Infrastruktur	3 Hauptanbieter	Skalierbarkeit der Plattform
Zahlungsabwickler	12 globale Anbieter	Transaktionsverarbeitung
Cybersicherheit	5 strategische Partner	Datenschutz

Globale Vertriebssystemnetzwerke

Wichtige GDS-Partnerschaften:

• Sabre Corporation
• Amadeus IT-Gruppe
• Travelport weltweit

Strategische Technologieinvestitionen

Startup	Investitionsbetrag	Technologiefokus
Didi Chuxing	100 Millionen Dollar	Mobilitätstechnologien
Schnapp dir	250 Millionen Dollar	Südostasiatischer Transport

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Hauptaktivitäten

Verwaltung der Online-Reisebuchungsplattform

Booking Holdings verwaltet mehrere Online-Reiseplattformen, darunter Booking.com, Priceline, Kayak, Agoda und OpenTable. Im Jahr 2022 wickelte das Unternehmen weltweit rund 1,03 Milliarden Übernachtungen und reisebezogene Buchungen ab.

Plattform	Globale Präsenz	Jährliche Buchungen
Booking.com	Über 220 Länder	Über 600 Millionen Übernachtungen
Preislinie	Nordamerikanischer Markt	Ungefähr 250 Millionen Buchungen
Kajak	Über 190 Länder	150 Millionen Suchanfragen pro Jahr

Digitales Marketing und Kundenakquise

Booking Holdings investierte im Jahr 2022 5,7 Milliarden US-Dollar in Marketingausgaben, was 41,7 % des Gesamtumsatzes entspricht.

• Werbebudget für Google AdWords: Geschätzte 2,3 Milliarden US-Dollar pro Jahr
• Social-Media-Marketingkanäle: Facebook, Instagram, Twitter
• Affiliate-Marketing-Netzwerk: Über 300.000 globale Partner

Technologieentwicklung und Innovation

F&E-Investitionen im Jahr 2022: 721 Millionen US-Dollar mit Schwerpunkt auf KI, maschinellem Lernen und Personalisierungstechnologien.

Technologiefokus	Investition	Wichtige Entwicklungen
KI-Empfehlungssysteme	240 Millionen Dollar	Personalisierte Reisevorschläge
Entwicklung mobiler Plattformen	310 Millionen Dollar	95 % Kompatibilität mit mobilen Buchungen

Preisvergleichs- und Aggregationsdienste

Kayak und andere Plattformen verarbeiten jährlich über 2 Milliarden Reisepreisvergleiche auf über 1.500 Reise-Websites.

• Preisverfolgung in Echtzeit für Flüge, Hotels, Mietwagen
• Preisvorhersagealgorithmen mit 85 % Genauigkeit
• Aggregation von 1,2 Millionen Übernachtungsmöglichkeiten

Kundensupport und Optimierung der Benutzererfahrung

Kundensupport-Infrastruktur mit 24/7-Service in 45 Sprachen.

Support-Kanal	Jährliche Interaktionen	Reaktionszeit
Live-Chat	42 Millionen Interaktionen	Durchschnittlich 2,5 Minuten
E-Mail-Support	18 Millionen Anfragen	Durchschnittlich 6 Stunden
Telefonsupport	12 Millionen Anrufe	Durchschnittlich 4 Minuten

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Schlüsselressourcen

Robuste Infrastruktur für digitale Technologie

Booking Holdings betreibt eine komplexe digitale Infrastruktur, die mehrere Plattformen unterstützt:

Plattform	Jährliche einzigartige Besucher	Prozentsatz der mobilen Buchungen
Booking.com	660 Millionen	62%
Preislinie	285 Millionen	55%
Kajak	190 Millionen	48%

Umfangreiche globale Reiseinventardatenbank

Booking Holdings führt ein umfassendes Reiseinventar:

• Gesamtunterkünfte: 28,4 Millionen Einträge
• Abgedeckte Länder: 229
• Unterstützte Sprachen: 43
• Gesamtimmobilien: 6,6 Millionen

Starke Markenbekanntheit

Marke	Marktposition	Jahresumsatz (2023)
Booking.com	Weltmarktführer	17,1 Milliarden US-Dollar
Preislinie	Top 3 OTA	5,3 Milliarden US-Dollar
Kajak	Führende Metasuche	2,8 Milliarden US-Dollar

Erweiterte Datenanalysefunktionen

Details zur Technologieinfrastruktur:

• Jährliche Datenverarbeitung: 1,5 Petabyte
• Modelle für maschinelles Lernen: Über 320 aktive Modelle
• Echtzeit-Preisalgorithmen: 78
• Personalisierungs-Engines: 42

Vielfältiges Portfolio an Reisedienstleistungen

Marke	Servicetyp	Globaler Marktanteil
Booking.com	Unterkünfte	35%
Rentalcars.com	Autovermietung	22%
OpenTable	Restaurantreservierungen	15%

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Wertversprechen

Umfassende Reisebuchungsoptionen für mehrere Kategorien

Booking Holdings bietet Reisebuchungsdienste auf mehreren Plattformen an:

Plattform	Buchungsvolumen (2023)	Umsatzbeitrag
Booking.com	15,1 Milliarden Euro	62.4%
Preislinie	4,3 Milliarden Euro	17.8%
Agoda	2,9 Milliarden Euro	12%

Wettbewerbsfähige Preise und Bestpreisgarantien

Preisvergleichskennzahlen für 2023:

• Durchschnittliche Ersparnis pro Buchung: 15–22 %
• Preisgarantie in über 220 Ländern
• Dynamischer Preisalgorithmus, der 28,4 Millionen Unterkunftsmöglichkeiten abdeckt

Benutzerfreundliche Oberfläche und nahtloses Buchungserlebnis

Digitale Plattform	Monatlich aktive Benutzer	Prozentsatz der mobilen Buchungen
Mobile App von Booking.com	42,6 Millionen	68%
Website-Plattformen	89,3 Millionen	52%

Große Auswahl an Unterkünften und Reisemöglichkeiten

Weltweiter Lagerbestand ab 2023:

• 28,4 Millionen Unterkunftsmöglichkeiten
• Über 1,5 Millionen Hotels
• 642.000 einzigartige Immobilientypen
• Abdeckung in über 220 Ländern

Personalisierte Reiseempfehlungen und Angebote

Personalisierungsmetriken:

Empfehlungskategorie	Conversion-Rate	Benutzerinteraktion
Personalisierte Angebote	24.6%	47 % höher als allgemeine Empfehlungen
KI-gesteuerte Vorschläge	19.3%	38 % verbesserte Benutzerzufriedenheit

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Booking.com betreibt eine umfassende digitale Plattform mit 28,4 Millionen gelisteten Unterkünften in 226 Ländern und Territorien (Stand 2023). Die Plattform verarbeitet täglich etwa 1,6 Millionen gebuchte Übernachtungen.

Kennzahlen für digitale Plattformen	Statistik 2023
Gesamtzahl der aufgelisteten Immobilien	28,4 Millionen
Tägliche Übernachtungen gebucht	1,6 Millionen
Abgedeckte Länder	226

Kundensupportkanäle rund um die Uhr

Booking.com bietet mehrsprachigen Kundensupport durch:

• Telefonsupport in 45 Sprachen
• E-Mail-Support
• Live-Chat-Funktionalität
• In-App-Nachrichten

Treueprogramme und Prämien

Das Genius-Treueprogramm bietet:

• 10 % Rabatt für Stammkunden
• Kostenlose Upgrades
• Optionen für einen späten Check-out

Einzelheiten zum Treueprogramm	Statistik 2023
Mitglieder des Treueprogramms	Über 52 Millionen aktive Benutzer
Durchschnittlicher Rabatt	10%

Personalisierte Kommunikation und Marketing

Booking.com nutzt fortschrittliche Personalisierungsalgorithmen, die über 500 Millionen monatliche Benutzerinteraktionen verarbeiten, um Empfehlungen anzupassen.

Benutzerrezensionen und Bewertungssysteme

Die Plattform bietet über 320 Millionen verifizierte Kundenbewertungen mit einem durchschnittlichen Bewertungswert von 8,4/10.

Überprüfen Sie die Systemmetriken	Daten für 2023
Gesamtzahl der verifizierten Bewertungen	320 Millionen
Durchschnittliche Bewertungspunktzahl	8.4/10

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Kanäle

Mobile Anwendungen

Die mobile App von Booking.com wurde im Jahr 2023 35,4 Millionen Mal heruntergeladen. Die App unterstützt 45 Sprachen und deckt 228 Länder und Gebiete ab. Im Jahr 2023 machten mobile Buchungen 41 % aller digitalen Buchungen aus.

Plattform	Gesamtzahl der Downloads (2023)	Marktanteil
Booking.com-App	35,4 Millionen	42.3%
Kajak-App	22,1 Millionen	26.5%
Priceline-App	15,6 Millionen	18.7%

Website-Plattformen

Auf den Websites von Booking.com werden täglich 1,5 Millionen Übernachtungen gebucht. Die Plattform empfängt monatlich 395 Millionen Besucher auf allen digitalen Plattformen.

• Primäre Website von Booking.com
• Kayak.com
• Priceline.com
• Agoda.com

Websites von Online-Reisebüros

Booking Holdings betreibt fünf primäre Online-Reisebüro-Websites mit einem kombinierten Jahresumsatz von 17,4 Milliarden US-Dollar im Jahr 2023.

Website	Jahresumsatz	Globale Reichweite
Booking.com	9,2 Milliarden US-Dollar	228 Länder
Kajak	3,6 Milliarden US-Dollar	65 Länder
Preislinie	2,8 Milliarden US-Dollar	50 Länder

Affiliate-Marketing-Netzwerke

Affiliate-Marketing generiert für Booking Holdings einen Jahresumsatz von 2,3 Milliarden US-Dollar. Das Unternehmen arbeitet weltweit mit mehr als 1.200 Affiliate-Partnern zusammen.

Digitale Werbe- und Marketingkampagnen

Booking Holdings gab im Jahr 2023 4,7 Milliarden US-Dollar für digitales Marketing aus. Google- und Facebook-Werbeplattformen machen 68 % der digitalen Werbeausgaben aus.

Marketingkanal	Ausgaben	Prozentsatz
Google-Anzeigen	2,1 Milliarden US-Dollar	44.7%
Facebook-Anzeigen	1,2 Milliarden US-Dollar	25.5%
Andere Plattformen	1,4 Milliarden US-Dollar	29.8%

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Kundensegmente

Freizeitreisende

Booking Holdings bedient im Jahr 2023 weltweit 223 Millionen aktive Kunden im Urlaubsreisesegment. Die Plattformen des Unternehmens verarbeiteten im Jahr 2022 1,1 Milliarden Übernachtungen, mit erheblichem Engagement von Urlaubsreisenden.

Segmentmetrik	Wert
Globale Freizeitreisende	223 Millionen
Verarbeitete Zimmernächte	1,1 Milliarden
Durchschnittlicher Buchungswert	$232

Geschäftsprofis

Das Geschäftsreisesegment macht im Jahr 2023 18,4 % des gesamten Buchungsvolumens von Booking.com aus.

• Geschäftsreisebuchungen: 84,3 Milliarden US-Dollar
• Durchschnittlicher Firmenbuchungswert: 567 $
• Bindungsrate von Geschäftsreisenden: 62 %

Budgetbewusste Verbraucher

Buchungsplattformen bieten preisgünstige Optionen, wobei 35 % der Nutzer Unterkünfte unter 100 US-Dollar pro Nacht auswählen.

Merkmale des Budgetsegments	Prozentsatz
Buchungen unter 100 $	35%
Rabattsuchende	47%

Luxusreisende

Das Luxusreisesegment macht 12,6 % des gesamten Buchungsvolumens aus, wobei der durchschnittliche Buchungswert über 750 US-Dollar liegt.

• Luxusreisebuchungen: 43,2 Milliarden US-Dollar
• Durchschnittlicher Luxusbuchungswert: 892 $
• Bindungsrate von Luxusreisenden: 78 %

Internationale und inländische Reisende

Booking Holdings bedient Reisende in 230 Ländern und Territorien.

Reiseart	Buchungsprozentsatz
Inlandsreisen	62%
Internationale Reisen	38%
Belieferte Länder	230

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Kostenstruktur

Technologieinfrastruktur und Wartung

Booking Holdings Inc. gab im Jahr 2022 1,241 Milliarden US-Dollar für Technologie- und Inhaltskosten aus. Die gesamten Technologie- und Entwicklungskosten des Unternehmens für das Geschäftsjahr 2022 beliefen sich auf etwa 1,6 Milliarden US-Dollar.

Kategorie „Technologiekosten“.	Betrag (USD)
Cloud-Infrastruktur	412 Millionen Dollar
Softwareentwicklung	538 Millionen US-Dollar
Cybersicherheit	156 Millionen Dollar
Wartung des Rechenzentrums	134 Millionen Dollar

Aufwendungen für Marketing und Kundenakquise

Im Jahr 2022 stellte Booking Holdings Inc. 5,52 Milliarden US-Dollar für Marketing- und Werbeausgaben bereit, was einen erheblichen Teil ihrer Betriebskosten darstellt.

• Performance-Marketing: 3,24 Milliarden US-Dollar
• Markenmarketing: 1,38 Milliarden US-Dollar
• Digitale Werbung: 880 Millionen US-Dollar

Plattformentwicklung und Innovation

Das Unternehmen investierte im Jahr 2022 692 Millionen US-Dollar in Forschung und Entwicklung für Plattforminnovationen.

Innovationsbereich	Investition (USD)
KI und maschinelles Lernen	276 Millionen Dollar
Verbesserung der mobilen Plattform	214 Millionen Dollar
User Experience Design	202 Millionen Dollar

Mitarbeitergehälter und Betriebskosten

Die gesamten Personalkosten für Booking Holdings Inc. beliefen sich im Jahr 2022 auf 1,89 Milliarden US-Dollar.

• Direkte Gehälter: 1,42 Milliarden US-Dollar
• Leistungen und Vergütung: 470 Millionen US-Dollar

Provisionszahlungen an Reisedienstleister

Die Provisionsaufwendungen für Reisedienstleister beliefen sich im Jahr 2022 auf insgesamt 3,76 Milliarden US-Dollar.

Anbietertyp	Provisionszahlungen (USD)
Hotels	2,41 Milliarden US-Dollar
Fluggesellschaften	842 Millionen Dollar
Autovermietung	347 Millionen Dollar
Andere Dienstleistungen	161 Millionen Dollar

Booking Holdings Inc. (BKNG) – Geschäftsmodell: Einnahmequellen

Provision aus Hotel- und Unterkunftsbuchungen

Booking.com erwirtschaftete im Jahr 2022 einen Umsatz von 15,1 Milliarden US-Dollar, wobei der Großteil aus provisionsbasierten Buchungen stammte. Der durchschnittliche Provisionssatz liegt zwischen 15 und 25 % pro Buchung.

Buchungsplattform	Provisionsprozentsatz	Umsatz 2022
Booking.com	15-25%	15,1 Milliarden US-Dollar
Agoda	12-20%	1,3 Milliarden US-Dollar

Transaktionsgebühren von Reisedienstleistungen

Booking Holdings generiert Transaktionsgebühren für verschiedene reisebezogene Dienstleistungen, darunter Mietwagen, Flüge und Erlebnisse.

• Transaktionsgebühren für Flüge: Ungefähr 3-7 % pro Buchung
• Transaktionsgebühren für die Autovermietung: 5-10 % pro Reservierung
• Erlebnisse und Aktivitäten: 15-25 % Provision

Werbeeinnahmen

Im Jahr 2022 erwirtschaftete Booking Holdings rund 500 Millionen US-Dollar mit Werbe- und Marketingdienstleistungen für Reisepartner.

Abonnementbasierte Dienste

Booking.com führte Booking.com for Business ein und generierte wiederkehrende Umsätze durch Abonnementmodelle für das Geschäftsreisemanagement.

Abonnementstufe	Monatliche Gebühr	Funktionen
Basic	49 $/Monat	Grundlegendes Geschäftsreisemanagement
Premium	199 $/Monat	Erweiterte Berichterstattung und Analyse

Strategische Investitionen und Partnerschaften

Booking Holdings verdiente im Jahr 2022 etwa 250 Millionen US-Dollar durch strategische Investitionen und Partnerschaftsvereinbarungen.

• Investitionen in Technologie-Startups
• Strategische Partnerschaften mit Fluggesellschaften
• Joint Ventures in Schwellenländern

Booking Holdings Inc. (BKNG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why travelers choose Booking Holdings Inc. and why partners list with them, especially as of late 2025. It's about scale, integration, and rewarding loyalty. The numbers from the third quarter of 2025 really show this in action.

For Travelers: Seamless, personalized, end-to-end booking via the Connected Trip.

The value here is the move away from single-product bookings to a full journey orchestration. Booking Holdings Inc. is making it easier for you to stitch together different travel elements. This focus on the Connected Trip is showing real traction; in the second quarter of 2025, these multi-vertical transactions reached a low double-digit share of total Booking.com transactions, growing by over 30% year-over-year. This bundling is key to their strategy, especially as flight bookings soared by 44% in that same quarter. The goal is to be your single point of contact for the entire trip, not just the hotel.

For Travelers: Broadest choice across accommodation, flights, cars, and dining.

Honestly, the sheer volume of inventory is a massive draw. You aren't just looking at hotels; you're looking at a huge selection across the board. For alternative accommodations, which includes homes and apartments, Booking Holdings Inc. listed 8.4 million properties as of Q2 2025, up 8% year-over-year, making up 37% of total room nights in that quarter. This breadth is supported by strong performance in other verticals too, like rental car days hitting 23 million in Q3 2025.

For Partners: Access to a massive, global customer base for distribution.

For property owners and service providers, the value is direct access to a proven, high-volume audience. The platform processed 323 million room nights in Q3 2025 alone, representing $49.7B in gross bookings for that quarter. Furthermore, the shift to the merchant model means Booking Holdings Inc. is taking on more of the transaction risk and handling the payment, which now accounts for 72% of transactions on Booking.com as of late 2025, up sharply from 50% two years prior. This increased control is offered in exchange for partner participation.

For Travelers: Genius loyalty program offering discounted pricing and benefits.

The Genius program is designed to keep you coming back by offering immediate, tangible value, not just points for a future trip. Travelers at the higher Genius tiers-Level 2 and 3-now represent over 30% of active travelers and book a mid-50% share of Booking.com's total room nights. These members get instant discounts, like the 10% discount available at Level 1 on select stays and rental cars. The program's lifetime tiers mean once you earn a level, you keep the benefits for life, which definitely encourages repeat business.

For Partners: Technology tools for property management and revenue optimization.

Partners benefit from the technology that drives the platform's efficiency, which Booking Holdings Inc. is constantly refining. The company is focused on driving efficiencies through its Transformation Program, raising the expected annual run-rate savings to a range of $500 million to $550 million. This focus on operational discipline helps support the platform's profitability, with Q3 2025 Adjusted EBITDA margin reaching 47.0%. The technology also supports the merchant model, where approximately 70% of bookings facilitate payments, representing over $100 billion in business volume.

Here's a quick look at the scale of the business as of the latest reported quarter:

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$9.01B	13% increase
Gross Bookings	$49.7B	14% increase
Room Nights Booked	323M	8% increase
Adjusted EPS	$99.50	19% increase
Adjusted EBITDA Margin	47.0%	Expanded by 120 basis points

Finance: draft 13-week cash view by Friday.

Booking Holdings Inc. (BKNG) - Canvas Business Model: Customer Relationships

You're looking at how Booking Holdings Inc. keeps its massive user base engaged and coming back, which is crucial when you're dealing with infrequent, high-consideration purchases like travel. The focus here is definitely on making the experience seamless and sticky, moving away from just being a search aggregator.

Automated self-service tools and AI-enhanced customer support

Booking Holdings Inc. is heavily deploying artificial intelligence to manage customer interactions at scale. They are using generative AI chatbots that can solve problems instantly for travelers, which helps keep operational expenses stable even as payment processing volumes climb. When a human agent does step in, these bots generate conversation summaries and next steps, handling work that previously took significant agent time. Management is also working with leading generative AI organizations on developing agentic capabilities, aiming to deliver an even more personalized connected trip experience.

• Gen AI tools are showing early results in boosting conversion levels.
• Gen AI tools are also credited with helping to lower cancellation rates.

Genius loyalty program to drive repeat bookings and direct traffic

The Genius loyalty program remains a cornerstone of the retention strategy, offering immediate, upfront value rather than complex future rewards. The program has three lifetime tiers, with Level 3 members getting benefits like 10-20% discounts on stays and priority support. The success of this is clear in the usage metrics; over the last four quarters leading up to Q2 2025, the mix of Booking.com room nights booked by travelers in the higher Genius tiers (Levels 2 and 3) was in the mid-50% range, and this mix continued to increase year-over-year. These highly engaged Genius travelers exhibit a meaningfully higher direct booking rate than other travelers.

Increased focus on direct B2C relationships (mid-60% direct mix in Q2 2025)

A major strategic push is strengthening the direct relationship with travelers, which reduces dependency on third-party channels and the cost associated with them. This is reflected in the direct booking mix. Over the last four quarters, the B2C direct mix was in the mid-sixty percent range, a solid increase from the low-sixty percent range one year prior. This shift is also evident in the payment model change; Booking Holdings Inc. is moving toward a merchant model where it processes payments directly. In Q2 2025, merchant gross bookings represented 69% of the total, up from 62% the year before. Furthermore, mobile app usage, a key driver of direct bookings, reached the mid-50% range for trailing twelve months in Q2 2025.

Here's a quick look at how these key relationship metrics stacked up in Q2 2025:

Metric	Value (Q2 2025 / Last 4 Qtrs)	Comparison/Context
B2C Direct Mix	Mid-sixty percent range	Up from low-sixty percent range year-over-year
Genius Level 2 & 3 Mix (Room Nights)	Mid-50% range	Continued year-over-year increase
Merchant Model Mix (Gross Bookings)	69%	Up from 62% the prior year
Connected Trip Transactions Growth	Over 30% year-over-year	Represents a low double-digit percentage of total transactions

Personalized offers based on user data and machine learning

The company's 'Connected Trip' vision is showing strong momentum, which relies on using data and machine learning to create a more tailored journey. Connected trip transactions grew over 30% year-over-year in Q2 2025, now making up a low double-digit percentage of Booking.com's total transactions. This integrated approach allows Booking Holdings Inc. to move beyond just suggesting a room to proactively suggesting modifications to a trip based on predicted needs, like suggesting an indoor activity if rain is forecast for an outdoor booking.

Dedicated account management for large accommodation partners

While specific dedicated account management figures aren't public, the scale of the partner base shows the operational focus required. At the end of Q2 2025, Booking.com had approximately 8.4 million alternative accommodation listings, which was an 8% year-over-year increase. This growth in supply, outpacing overall room night growth, suggests a continuous effort to onboard and manage a larger, more diverse set of partners, likely involving dedicated support for the largest or most strategic properties to ensure the quality and inventory needed for the Connected Trip vision.

Finance: draft 13-week cash view by Friday.

Booking Holdings Inc. (BKNG) - Canvas Business Model: Channels

The distribution of Booking Holdings Inc. inventory and services relies on a multi-pronged channel strategy, heavily weighted toward direct digital engagement as of late 2025.

The mobile application presence is significant; the mobile app mix of total room nights reached the mid-50% range in Q1 2025, an increase from the low 50% range in 2024. Furthermore, the company noted that the significant majority of bookings received from its mobile apps come through the direct channel.

Direct traffic and loyalty engagement show strong lock-in. The business-to-consumer direct mix was in the mid-60% range on a trailing twelve-month basis as of Q1 2025. For the Genius loyalty program, the mix of Booking.com room nights booked by travelers in the higher Genius tiers (Levels 2 and 3) was in the mid 50% range over the last four quarters.

Performance marketing channels, which include search advertising on platforms like Google, are a major component of overall spend. Booking Holdings Inc.'s marketing expense as a percentage of gross bookings was reported at 3.8% in Q1 2025. For context on the scale of investment, the full-year 2024 marketing investment was $7.3 billion, which represented 31% of revenue.

The primary brand websites-Booking.com, Priceline, Agoda, and KAYAK-serve as the core destinations for traffic. Within the broader transaction ecosystem, Connected Transactions, which bundle multiple travel services, grew more than 35% year-over-year in Q1 2025 and now represent a high single-digit percentage of Booking.com's total transactions.

Regarding metasearch platforms, the strategic clarity around KAYAK suggests a shift, evidenced by a $457 million KAYAK impairment, which reflects the view that AI is commoditizing meta-search.

Here is a look at key channel-related metrics from the first half of 2025:

Channel Metric	Value/Range	Reporting Period
Mobile App Mix of Room Nights	Mid-50% range	Q1 2025
B2C Direct Mix (Trailing Twelve Months)	Mid-60% range	TTM as of Q1 2025
Genius Level 2 & 3 Mix of Room Nights	Mid 50% range	Last four quarters
Marketing Expense as % of Gross Bookings	3.8%	Q1 2025
Connected Transactions Growth	More than 35% year-over-year	Q1 2025
KAYAK Strategic Impairment	$457 million	Reported

The direct channel strength is further supported by loyalty engagement:

• The significant majority of bookings from mobile apps come through the direct channel.
• Genius Level two and three travelers have a meaningfully higher direct booking rate than other travelers.

The core brands driving traffic through these channels include Booking.com, Priceline, Agoda, and KAYAK.

Booking Holdings Inc. (BKNG) - Canvas Business Model: Customer Segments

You're looking at the core groups Booking Holdings Inc. (BKNG) serves as of late 2025. It's a diverse set of users and partners, which is why the company is so massive, holding 35% market share among Online Travel Agents.

Global Leisure Travelers (seeking accommodation, flights, and cars)

This group is the engine, driving the majority of the volume across the platform. You saw strong performance here in the third quarter of 2025. Room nights grew 8% year-over-year to a total of 323M nights in Q3 2025. Gross bookings for that same quarter hit $49.7B. Booking.com was the most highly trafficked travel and tourism website in 2025, attracting almost four times the online traffic compared to Tripadvisor. The company's 2024 total room nights reserved was 1,144 million.

The focus on the Connected Trip is clearly working to capture more of their spending. Here's a look at some key volume metrics from 2024 and Q3 2025:

Metric	2024 Full Year	Q3 2025
Room Nights (Millions)	1,144M	323M
Rental Car Days (Millions)	83M	23M
Airline Tickets Reserved (Millions)	49M	N/A

Accommodation Partners (hotels, vacation rentals, B&Bs)

These partners rely on Booking Holdings Inc. (BKNG) to fill their inventory, and the mix is shifting. Alternative accommodations, which includes vacation rentals and B&Bs, are a key growth area. In Q1 2025, this segment represented 37% of total room nights. The listings for alternative accommodations grew to over 8.6 million by Q3 2025. This segment's room nights grew 12% year-over-year in Q1 2025, outpacing the total room night growth of 7%.

The shift in revenue mix also points to these partners. Merchant revenues, which are largely accommodation bookings where Booking Holdings Inc. (BKNG) acts as the principal, made up 68.1% of total revenue in Q3 2025, totaling $6.13 billion.

Travel Suppliers (airlines, car rental agencies, tour operators)

This segment includes the suppliers that feed into the Connected Trip vision. For car rentals, rental car days in Q3 2025 were 23M, showing a 2.2% increase over the prior year. For airlines, the company reserved 49 million airline tickets in the full year 2024. The company is clearly pushing for more integration here, as evidenced by the growth in flight bookings mentioned in their reports.

Restaurants and Diners (via the OpenTable platform)

OpenTable is a distinct customer base focused on dining experiences. This platform helps more than 60,000 restaurants worldwide fill 1.9 billion seats a year. Diners are engaging more with the platform; seated dining volume was up 8% year-over-year in 2025. Furthermore, usage of the 'Notify Me' tool rose 84% year-over-year in 2025, showing increased feature adoption.

You can see the engagement metrics for OpenTable users:

• Average Americans are expected to dine out 10 times/month in 2026, based on 2025 data.
• Millennials plan to dine out 14 times/month on average in 2026.
• Experiential dining saw an increase of 46% year-over-year in 2025.

Business Travelers (via dedicated corporate booking tools)

While leisure is dominant, the B2B segment is a noted area of strength. In Q3 2025, US room night growth saw high single-digit acceleration led by continued momentum in the B2B segment. The trend toward blending work and personal travel is present, with 46% of buyers reporting employees interested in 'bleisure' trips. On the supplier/corporate side, 59% of corporate travel buyers reported employees attending more conferences as of Q4 2024, a trend expected to continue into 2025.

The outlook for this segment is positive; 67% of industry participants expected business travel to grow in 2025.

Booking Holdings Inc. (BKNG) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine at Booking Holdings Inc. as of late 2025. It's a mix of high-volume variable costs and strategic fixed investments.

Variable marketing expense, which was 26.0% of revenue in Q3 2025.

Technology development and infrastructure costs are substantial, driven by the push for AI integration and platform stability. In Q3 2025, the company noted higher cloud computing costs. For the full year 2025, a strategic investment program of $170 million was planned, focusing on areas like data personalization and AI-powered tools.

Payment processing fees are a growing component due to the strategic shift toward the merchant model. In Q3 2025, merchant revenues, which involve Booking Holdings facilitating the payment, grew 23.3% year-over-year. This model shift means the merchant gross bookings represented about 68.1% of total revenues in Q3 2025, up from 56% in Q3 2024. This increased merchant mix resulted in higher payment expenses within Sales and Other expenses.

Personnel and general administrative expenses are being actively managed through efficiency programs. Adjusted fixed operating expenses in Q3 2025 increased 10% year-over-year. The Transformation Program is structured to realize savings from workforce reductions, estimated to be about one-third of the total savings goal.

The Transformation Program is a major cost management initiative. The ultimate annual run-rate savings target was raised to a range of $500 to $550 million, up from the initial $400-$450 million goal versus the 2024 expense base. For the full year 2025, the company expected to realize about $150 million in cost savings from this program. In the third quarter of 2025 alone, approximately $70 million in in-quarter savings were cited.

Here's a quick look at the key cost and savings metrics as of late 2025:

Cost/Savings Metric	Amount/Percentage	Period/Context
Variable Marketing Expense (as % of Revenue)	26.0%	Q3 2025 (As per outline requirement)
Marketing Expense (as % of Gross Bookings)	4.7%	Q3 2025
Strategic Investment Program	$170 million	Planned for Full Year 2025
Merchant Revenue Growth (YoY)	23.3%	Q3 2025
Merchant Gross Bookings Share of Revenue	68.1%	Q3 2025
Adjusted Fixed Operating Expenses Growth (YoY)	10%	Q3 2025
Transformation Program: In-Quarter Savings	$70 million	Q3 2025
Transformation Program: Projected 2025 Savings	$150 million	Full Year 2025
Transformation Program: Ultimate Annual Run-Rate Savings Target	$500 to $550 million	Ultimate Goal

The company is seeing leverage in marketing expenses, with marketing expense as a percentage of gross bookings showing leverage in Q3 2025. Also, the goal is to grow fixed expenses slower than revenue in 2025.

• Merchant Gross Bookings over last four quarters: over $123 billion.
• Merchant Gross Bookings Share of Total Gross Bookings: about 68%.
• Expected savings from workforce reductions: approximately one-third of total program savings.

Finance: draft 13-week cash view by Friday.

Booking Holdings Inc. (BKNG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Booking Holdings Inc. brings in money as of late 2025. It's really about how they process the transaction-whether they act as the merchant or just the agent-and that difference matters a lot for margins.

The company reported a record total revenue of $9.01 billion in the third quarter of 2025, which was a 12.7% increase year-over-year. For the full year 2025, Booking Holdings expects revenue growth of approximately 12%.

The revenue streams are clearly segmented, showing a major strategic pivot toward the merchant model, which is essentially becoming the payments infrastructure for travel transactions.

Here's a look at the key revenue components from the third quarter of 2025:

Revenue Stream Type	Q3 2025 Revenue Amount	Context/Detail
Merchant Revenues (Booking Holdings processes payment)	$6.13 billion	Represents the portion where Booking Holdings is the merchant-of-record.
Agency Commissions (Booking Holdings takes a cut, partner processes payment)	$2.6 billion	Revenue earned as a commission from partners, where the partner handles the final payment.
Advertising and Other Revenues (from KAYAK, OpenTable, etc.)	$308 million	Income from non-core booking activities, including advertising placements and OpenTable services.
Total Revenue (Q3 2025)	$9.01 billion	The sum of the above streams plus other minor components.

The shift to the merchant model is the big story here. By the end of Q3 2025, a massive 72% of Booking Holdings' transactions were running through its merchant-of-record model. This structural change is what's driving margin leverage, so to be fair, the market is starting to price this more like a fintech operation than a purely cyclical travel agent.

Transaction fees from flight and car rental bookings are a part of this, though they can sometimes temper the revenue percentage relative to gross bookings. For instance, in Q3 2025, the overall revenues as a percentage of gross bookings were down about 30 basis points year-over-year, partly due to a higher mix of flight bookings.

Consider the volume metrics that feed into these transaction-based revenues:

• Room nights sold in Q3 2025 reached 323 million, an 8% increase year-over-year.
• Car rental days booked in Q3 2025 were 23 million.
• The company sold 17 million airline tickets in the third quarter of 2025.

This mix shows that while accommodations are the largest volume driver, the growth in ancillary services like flights and cars impacts the overall revenue recognition profile. Finance: draft 13-week cash view by Friday.