Booking Holdings Inc. (BKNG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Booking Holdings Inc. (BKNG) ha revolucionado la industria mundial de viajes a través de su innovador ecosistema digital, transformando cómo millones de viajeros descubren, comparan y reservan sus viajes en múltiples plataformas. Al integrar a la perfección, la tecnología, el inventario de viajes extenso y el diseño centrado en el usuario, esta empresa poderosa ha creado un modelo comercial integral que conecta a los viajeros con alojamientos, experiencias y servicios en todo el mundo, generando, generando miles de millones en ingresos anuales a través de asociaciones estratégicas y soluciones digitales de vanguardia.

Booking Holdings Inc. (BKNG) - Modelo de negocio: asociaciones clave

Agencias de viajes en línea

La reserva de Holdings opera a través de múltiples plataformas de agencias de viajes en línea:

Plataforma	Alcance global	Listados
Booking.com	228 países/territorios	Más de 28 millones de listados totales
Priceline	Más de 200 países	Más de 150,000 hoteles
Kayac	Más de 60 países	Más de 2 millones de hoteles

Socios de alojamiento y viaje

La extensa red de asociaciones incluye:

• 1.6 millones de proveedores de alojamiento a nivel mundial
• Las principales cadenas hoteleras: Marriott, Hilton, Intercontinental
• Aerolíneas: United, Delta, American Airlines
• Empresas de alquiler de automóviles: Enterprise, Hertz, Avis

Socios tecnológicos

Categoría de socio	Número de asociaciones	Área de enfoque
Infraestructura en la nube	3 proveedores principales	Escalabilidad de la plataforma
Procesadores de pago	12 proveedores globales	Procesamiento de transacciones
Ciberseguridad	5 socios estratégicos	Protección de datos

Redes de sistemas de distribución global

Asociaciones clave de GDS:

• Corporación sable
• Grupo de It de Amadeus
• Travelport en todo el mundo

Inversiones de tecnología estratégica

Puesta en marcha	Monto de la inversión	Enfoque tecnológico
Didi Chuxing	$ 100 millones	Tecnologías de movilidad
Agarrar	$ 250 millones	Transporte del sudeste asiático

Booking Holdings Inc. (BKNG) - Modelo de negocio: actividades clave

Gestión de la plataforma de reserva de viajes en línea

Booking Holdings administra múltiples plataformas de viajes en línea que incluyen Booking.com, Priceline, Kayak, Agoda y OpenTable. En 2022, la compañía procesó aproximadamente 1.03 mil millones de noches de habitación y reservas relacionadas con los viajes a nivel mundial.

Plataforma	Presencia global	Reservas anuales
Booking.com	Más de 220 países	Más de 600 millones de noches de habitación
Priceline	Mercado norteamericano	Aproximadamente 250 millones de reservas
Kayac	Más de 190 países	150 millones de búsquedas anuales

Marketing digital y adquisición de clientes

La reserva de Holdings invirtió $ 5.7 mil millones en gastos de marketing en 2022, lo que representa el 41.7% de los ingresos totales.

• Presupuesto publicitario de Google AdWords: estimado de $ 2.3 mil millones anualmente
• Canales de comercialización de redes sociales: Facebook, Instagram, Twitter
• Red de marketing de afiliación: más de 300,000 socios globales

Desarrollo de tecnología e innovación

Inversión en I + D en 2022: $ 721 millones, centrándose en las tecnologías de IA, aprendizaje automático y personalización.

Enfoque tecnológico	Inversión	Desarrollos clave
Sistemas de recomendación de IA	$ 240 millones	Sugerencias de viaje personalizadas
Desarrollo de plataforma móvil	$ 310 millones	95% de compatibilidad de reserva móvil

Servicios de comparación de precios y agregación

Kayak y otras plataformas procesan más de 2 mil millones de comparaciones anuales de precios de viaje en más de 1,500 sitios web de viajes.

• Seguimiento de precios en tiempo real para vuelos, hoteles, alquileres de autos
• Algoritmos de predicción de precios con una precisión del 85%
• Agregación de 1,2 millones de opciones de alojamiento

Atención al cliente y optimización de la experiencia del usuario

Infraestructura de atención al cliente que abarca el servicio 24/7 en 45 idiomas.

Canal de soporte	Interacciones anuales	Tiempo de respuesta
Chat en vivo	42 millones de interacciones	Promedio de 2.5 minutos
Soporte por correo electrónico	18 millones de consultas	Promedio de 6 horas
Soporte telefónico	12 millones de llamadas	Promedio de 4 minutos

Booking Holdings Inc. (BKNG) - Modelo de negocio: recursos clave

Infraestructura de tecnología digital robusta

La reserva de Holdings opera una infraestructura digital compleja que admite múltiples plataformas:

Plataforma	Visitantes únicos anuales	Porcentaje de reserva móvil
Booking.com	660 millones	62%
Priceline	285 millones	55%
Kayac	190 millones	48%

Base de datos de inventario de viajes global extensa

Reserva de Holdings mantiene un inventario integral de viajes:

• Alojamiento total: 28.4 millones de listados
• Países cubiertos: 229
• Idiomas compatibles: 43
• Propiedades totales: 6.6 millones

Reconocimiento de marca fuerte

Marca	Posición de mercado	Ingresos anuales (2023)
Booking.com	Líder global	$ 17.1 mil millones
Priceline	Top 3 OTA	$ 5.3 mil millones
Kayac	MetaSearch líder	$ 2.8 mil millones

Capacidades de análisis de datos avanzados

Detalles de la infraestructura tecnológica:

• Procesamiento de datos anual: 1.5 petabytes
• Modelos de aprendizaje automático: más de 320 modelos activos
• Algoritmos de precios en tiempo real: 78
• Motores de personalización: 42

Cartera diversa de servicios de viaje

Marca	Tipo de servicio	Cuota de mercado global
Booking.com	Alojamiento	35%
Alquiler.com	Alquiler de autos	22%
Áviente	Reservas de restaurantes	15%

Booking Holdings Inc. (BKNG) - Modelo de negocio: propuestas de valor

Opciones integrales de reserva de viajes en múltiples categorías

La reserva de Holdings ofrece servicios de reserva de viajes en múltiples plataformas:

Plataforma	Volumen de reserva (2023)	Contribución de ingresos
Booking.com	€ 15.1 mil millones	62.4%
Priceline	4.300 millones de euros	17.8%
Agoda	€ 2.9 mil millones	12%

Precios competitivos y garantías de mejor precio

Métricas de comparación de precios para 2023:

• Ahorros promedio por reserva: 15-22%
• Garantía de coincidencia de precios en más de 220 países
• Algoritmo de precios dinámicos que cubre 28.4 millones de opciones de alojamiento

Interfaz fácil de usar y experiencia de reserva sin problemas

Plataforma digital	Usuarios activos mensuales	Porcentaje de reserva móvil
Aplicación móvil de Booking.com	42.6 millones	68%
Plataformas de sitio web	89.3 millones	52%

Amplia gama de opciones de alojamiento y viaje

Inventario global a partir de 2023:

• 28.4 millones de opciones de alojamiento
• Más de 1,5 millones de hoteles
• 642,000 tipos de propiedades únicos
• Cobertura en más de 220 países

Recomendaciones y ofertas de viajes personalizados

Métricas de personalización:

Categoría de recomendación	Tasa de conversión	Compromiso de usuario
Ofertas personalizadas	24.6%	47% más alto que las recomendaciones genéricas
Sugerencias impulsadas por IA	19.3%	38% mejoró la satisfacción del usuario

Booking Holdings Inc. (BKNG) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Booking.com opera una plataforma digital integral con 28.4 millones de propiedades cotizadas en 226 países y territorios a partir de 2023. La plataforma procesa aproximadamente 1.6 millones de noches de habitación reservadas diariamente.

Métricas de plataforma digital	2023 estadísticas
Propiedades totales listadas	28.4 millones
Noches de habitación diaria reservadas	1.6 millones
Países cubiertos	226

Canales de atención al cliente 24/7

Booking.com proporciona atención al cliente multilingüe a través de:

• Soporte telefónico en 45 idiomas
• Soporte por correo electrónico
• Funcionalidad de chat en vivo
• Mensajes en la aplicación

Programas de fidelización y recompensas

Programa de lealtad de genio ofrece:

• 10% de descuentos para clientes habituales
• Actualizaciones gratuitas
• Opciones de salida tardía

Detalles del programa de fidelización	2023 estadísticas
Miembros del programa de fidelización	Más de 52 millones de usuarios activos
Descuento promedio	10%

Comunicación y marketing personalizados

Booking.com utiliza el procesamiento de algoritmos de personalización avanzados más de 500 millones de interacciones mensuales de usuario para personalizar las recomendaciones.

Revisiones de usuarios y sistemas de calificación

La plataforma presenta más de 320 millones de revisiones verificadas de clientes con un puntaje de revisión promedio de 8.4/10.

Revisar las métricas del sistema	2023 datos
Revisiones verificadas totales	320 millones
Puntuación de revisión promedio	8.4/10

Booking Holdings Inc. (BKNG) - Modelo de negocio: canales

Aplicaciones móviles

La aplicación móvil de Booking.com tenía 35.4 millones de descargas en 2023. La aplicación admite 45 idiomas y cubre 228 países y territorios. Las reservas móviles representaban el 41% del total de reservas digitales en 2023.

Plataforma	Descargas totales (2023)	Cuota de mercado
Aplicación Booking.com	35.4 millones	42.3%
Aplicación de kayak	22.1 millones	26.5%
Aplicación Priceline	15.6 millones	18.7%

Plataformas de sitio web

Los sitios web de Booking.com generan 1,5 millones de noches de habitación reservadas diariamente. La plataforma recibe 395 millones de visitantes mensuales en todas las propiedades digitales.

• Sitio web principal de Booking.com
• Kayak.com
• Priceline.com
• Agoda.com

Sitios web de la agencia de viajes en línea

Booking Holdings opera 5 sitios web principales de la agencia de viajes en línea con ingresos anuales combinados de $ 17.4 mil millones en 2023.

Sitio web	Ingresos anuales	Alcance global
Booking.com	$ 9.2 mil millones	228 países
Kayac	$ 3.6 mil millones	65 países
Priceline	$ 2.8 mil millones	50 países

Redes de marketing de afiliación

El marketing de afiliación genera $ 2.3 mil millones en ingresos anuales para reservas de tenencias. La compañía trabaja con más de 1.200 socios afiliados a nivel mundial.

Campañas de publicidad y marketing digital

La reserva de Holdings gastó $ 4.7 mil millones en marketing digital en 2023. Las plataformas de publicidad de Google y Facebook representan el 68% del gasto en anuncios digitales.

Canal de marketing	Gasto	Porcentaje
Ads de Google	$ 2.1 mil millones	44.7%
Anuncios de Facebook	$ 1.2 mil millones	25.5%
Otras plataformas	$ 1.4 mil millones	29.8%

Booking Holdings Inc. (BKNG) - Modelo de negocio: segmentos de clientes

Viajeros de ocio

Booking Holdings sirve a 223 millones de clientes activos a nivel mundial en el segmento de viajes de ocio a partir de 2023. Las plataformas de la compañía procesaron 1,1 mil millones de noches en 2022, con un importante compromiso de los viajeros de ocio.

Métrico de segmento	Valor
Viajeros de ocio globales	223 millones
Noches de habitación procesadas	1.100 millones
Valor de reserva promedio	$232

Profesionales de negocios

El segmento de viajes corporativos representa el 18.4% del volumen total de reservas para Booking.com en 2023.

• Reservas de viajes de negocios: $ 84.3 mil millones
• Valor promedio de reserva corporativa: $ 567
• Tasa de retención de viajeros corporativos: 62%

Consumidores conscientes del presupuesto

Las plataformas de reserva ofrecen opciones de presupuesto con el 35% de los usuarios que seleccionan alojamiento por debajo de $ 100 por noche.

Características del segmento presupuestario	Porcentaje
Reservas de menos de $ 100	35%
Buscadores de descuento	47%

Viajeros de lujo

El segmento de viaje de lujo representa el 12.6% del volumen total de reservas con valores de reserva promedio superiores a $ 750.

• Reservas de viajes de lujo: $ 43.2 mil millones
• Valor promedio de reserva de lujo: $ 892
• Tasa de retención de viajeros de lujo: 78%

Viajeros internacionales y nacionales

La reserva de las tenencias sirve a los viajeros en 230 países y territorios.

Tipo de viaje	Porcentaje de reserva
Viajes nacionales	62%
Viajes internacionales	38%
Países atendidos	230

Booking Holdings Inc. (BKNG) - Modelo de negocio: Estructura de costos

Infraestructura y mantenimiento de la tecnología

La reserva de Holdings Inc. gastó $ 1.241 mil millones en tecnología y gastos de contenido en 2022. Los costos totales de desarrollo y desarrollo de la compañía para el año fiscal 2022 fueron de aproximadamente $ 1.6 mil millones.

Categoría de costos tecnológicos	Cantidad (USD)
Infraestructura en la nube	$ 412 millones
Desarrollo de software	$ 538 millones
Ciberseguridad	$ 156 millones
Mantenimiento del centro de datos	$ 134 millones

Gastos de marketing y adquisición de clientes

En 2022, Booking Holdings Inc. asignó $ 5.52 mil millones a los gastos de marketing y publicidad, lo que representa una parte significativa de sus costos operativos.

• Marketing de rendimiento: $ 3.24 mil millones
• Marketing de marca: $ 1.38 mil millones
• Publicidad digital: $ 880 millones

Desarrollo e innovación de la plataforma

La compañía invirtió $ 692 millones en investigación y desarrollo para la innovación de plataformas en 2022.

Área de innovación	Inversión (USD)
AI y aprendizaje automático	$ 276 millones
Mejora de la plataforma móvil	$ 214 millones
Diseño de experiencia de usuario	$ 202 millones

Salarios de empleados y costos operativos

Los gastos totales de personal para reservar Holdings Inc. en 2022 fueron de $ 1.89 mil millones.

• Salarios directos: $ 1.42 mil millones
• Beneficios y compensación: $ 470 millones

Pagos de comisión a proveedores de servicios de viajes

Los gastos de la comisión para los proveedores de servicios de viajes totalizaron $ 3.76 mil millones en 2022.

Tipo de proveedor	Pagos de comisión (USD)
Hoteles	$ 2.41 mil millones
Aerolíneas	$ 842 millones
Alquiler de autos	$ 347 millones
Otros servicios	$ 161 millones

Booking Holdings Inc. (BKNG) - Modelo de negocios: flujos de ingresos

Comisión de reservas de hotel y alojamiento

Booking.com generó $ 15.1 mil millones en ingresos en 2022, con la mayoría proveniente de reservas basadas en comisiones. La tasa de comisión promedio oscila entre 15-25% por reserva.

Plataforma de reserva	Porcentaje de comisión	2022 Ingresos
Booking.com	15-25%	$ 15.1 mil millones
Agoda	12-20%	$ 1.3 mil millones

Tarifas de transacción de los servicios de viajes

La reserva de tenencias genera tarifas de transacción de varios servicios relacionados con los viajes, incluidos alquileres de automóviles, vuelos y experiencias.

• Tarifas de transacción de vuelos: aproximadamente 3-7% por reserva
• Tarifas de transacción de alquiler de automóviles: 5-10% por reserva
• Experiencias y actividades: 15-25% Comisión

Ingresos publicitarios

En 2022, la reserva de tenencias generó aproximadamente $ 500 millones a partir de servicios de publicidad y marketing para socios de viajes.

Servicios basados ​​en suscripción

Booking.com introdujo Booking.com para negocios, generando ingresos recurrentes a través de modelos de suscripción para la gestión de viajes corporativos.

Nivel de suscripción	Tarifa mensual	Características
Basic	$ 49/mes	Gestión de viajes corporativos básicos
De primera calidad	$ 199/mes	Informes y análisis avanzados

Inversiones y asociaciones estratégicas

La reserva de Holdings ganó aproximadamente $ 250 millones de los acuerdos de inversiones estratégicas y asociaciones en 2022.

• Inversiones en nuevas empresas de tecnología
• Asociaciones estratégicas con aerolíneas
• Empresas conjuntas en mercados emergentes

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.