Booking Holdings Inc. (BKNG): Business Model Canvas [Jan-2025 Mise à jour]

Booking Holdings Inc. (BKNG) a révolutionné l'industrie mondiale des voyages grâce à son écosystème numérique innovant, transformant comment des millions de voyageurs découvrent, comparent et réservent leurs voyages sur plusieurs plateformes. En intégrant de manière transparente la technologie, un inventaire de voyages approfondi et une conception centrée sur l'utilisateur, cette société de puissance a créé un modèle commercial complet qui relie les voyageurs à l'hébergement, aux expériences et aux services dans le monde entier, générant milliards dans les revenus annuels grâce à des partenariats stratégiques et à des solutions numériques de pointe.

Booking Holdings Inc. (BKNG) - Modèle commercial: partenariats clés

Agences de voyage en ligne

Booking Holdings fonctionne via plusieurs plateformes d'agence de voyage en ligne:

Plate-forme	Portée mondiale	Listes
Réservation.com	228 pays / territoires	Plus de 28 millions d'annonces totales
Prix	200+ pays	150 000 hôtels
Kayak	60+ pays	Plus de 2 millions d'hôtels

Hébergement et partenaires de voyage

Un vaste réseau de partenariats comprend:

• 1,6 million de fournisseurs d'hébergement dans le monde entier
• Chaînes hôtelières majeures: Marriott, Hilton, Intercontinental
• Airlines: United, Delta, American Airlines
• Compagnies de location de voitures: Enterprise, Hertz, Avis

Partenaires technologiques

Catégorie de partenaire	Nombre de partenariats	Domaine de mise au point
Infrastructure cloud	3 fournisseurs principaux	Évolutivité de la plate-forme
Processeurs de paiement	12 fournisseurs mondiaux	Traitement des transactions
Cybersécurité	5 partenaires stratégiques	Protection des données

Réseaux de systèmes de distribution mondiaux

Partenariats clés du GDS:

• Sabre Corporation
• Groupe informatique amadeus
• Travelport dans le monde entier

Investissements technologiques stratégiques

Démarrer	Montant d'investissement	Focus technologique
Didi Chuxing	100 millions de dollars	Technologies de mobilité
Saisir	250 millions de dollars	Transport en Asie du Sud-Est

Booking Holdings Inc. (BKNG) - Modèle d'entreprise: Activités clés

Gestion de la plate-forme de réservation de voyage en ligne

Booking Holdings gère plusieurs plateformes de voyage en ligne, notamment Booking.com, Priceline, Kayak, Agoda et OpenTable. En 2022, la société a traité environ 1,03 milliard de nuits d'établissement et les réservations liées aux voyages dans le monde.

Plate-forme	Présence mondiale	Réservations annuelles
Réservation.com	220+ pays	Plus de 600 millions de nuits de chambre
Prix	Marché nord-américain	Environ 250 millions de réservations
Kayak	190+ pays	150 millions de recherches annuelles

Marketing numérique et acquisition de clients

Booking Holdings a investi 5,7 milliards de dollars dans les frais de marketing en 2022, ce qui représente 41,7% du total des revenus.

• Google AdWords Budget publicitaire: 2,3 milliards de dollars estimés par an
• Canaux de marketing des médias sociaux: Facebook, Instagram, Twitter
• Réseau de marketing d'affiliation: 300 000+ partenaires mondiaux

Développement et innovation technologiques

Investissement en R&D en 2022: 721 millions de dollars, en se concentrant sur l'IA, l'apprentissage automatique et les technologies de personnalisation.

Focus technologique	Investissement	Développements clés
Systèmes de recommandation de l'IA	240 millions de dollars	Suggestions de voyage personnalisées
Développement de plate-forme mobile	310 millions de dollars	Compatibilité de la réservation mobile à 95%

Comparaison des prix et services d'agrégation

Le kayak et d'autres plateformes traitent plus de 2 milliards de comparaisons de prix de voyage annuelles sur plus de 1 500 sites Web de voyage.

• Suivi des prix en temps réel pour les vols, les hôtels, les locations de voitures
• Algorithmes de prédiction des prix avec une précision de 85%
• Agrégation de 1,2 million d'options d'hébergement

Support client et optimisation de l'expérience utilisateur

Infrastructure de support client couvrant le service 24/7 en 45 langues.

Canal de support	Interactions annuelles	Temps de réponse
Chat en direct	42 millions d'interactions	En moyenne 2,5 minutes
Assistance par e-mail	18 millions de demandes	Moyenne 6 heures
Support téléphonique	12 millions d'appels	Moyenne 4 minutes

Booking Holdings Inc. (BKNG) - Modèle commercial: Ressources clés

Infrastructure technologique numérique robuste

Booking Holdings exploite une infrastructure numérique complexe prenant en charge plusieurs plates-formes:

Plate-forme	Visiteurs uniques annuels	Pourcentage de réservation mobile
Réservation.com	660 millions	62%
Prix	285 millions	55%
Kayak	190 millions	48%

Base de données Global Travel Inventory Global Travel

La réservation Holdings maintient un inventaire de voyage complet:

• Total des hébergements: 28,4 millions d'annonces
• Pays couverts: 229
• Langues soutenues: 43
• Propriétés totales: 6,6 millions

Solide reconnaissance de la marque

Marque	Position sur le marché	Revenus annuels (2023)
Réservation.com	Leader mondial	17,1 milliards de dollars
Prix	Top 3 OTA	5,3 milliards de dollars
Kayak	MetaSearch de premier plan	2,8 milliards de dollars

Capacités avancées d'analyse des données

Détails de l'infrastructure technologique:

• Traitement annuel des données: 1,5 pétaoctets
• Modèles d'apprentissage automatique: 320+ modèles actifs
• Algorithmes de tarification en temps réel: 78
• Moteurs de personnalisation: 42

Portfolio diversifié de services de voyage

Marque	Type de service	Part de marché mondial
Réservation.com	Logements	35%
RentalCars.com	Location de voitures	22%
Ouvable	Réservations de restaurants	15%

Booking Holdings Inc. (BKNG) - Modèle d'entreprise: propositions de valeur

Options complètes de réservation de voyage dans plusieurs catégories

Booking Holdings propose des services de réservation de voyage sur plusieurs plateformes:

Plate-forme	Volume de réservation (2023)	Contribution des revenus
Réservation.com	15,1 milliards d'euros	62.4%
Prix	4,3 milliards d'euros	17.8%
Agoda	2,9 milliards d'euros	12%

Prix ​​compétitifs et garanties des meilleurs débits

Mesures de comparaison des prix pour 2023:

• Économies moyennes par réservation: 15-22%
• Garantie de correspondance des prix dans plus de 220 pays
• Algorithme de prix dynamique couvrant 28,4 millions d'options d'hébergement

Interface conviviale et expérience de réservation sans couture

Plate-forme numérique	Utilisateurs actifs mensuels	Pourcentage de réservation mobile
Application mobile booking.com	42,6 millions	68%
Plateformes de site Web	89,3 millions	52%

Large gamme de choix d'hébergement et de voyage

Inventaire mondial à partir de 2023:

• 28,4 millions d'options d'hébergement
• Plus de 1,5 million d'hôtels
• 642 000 types de propriétés uniques
• Couverture dans plus de 220 pays

Recommandations et offres de voyage personnalisées

Métriques de personnalisation:

Catégorie de recommandation	Taux de conversion	Engagement des utilisateurs
Offres personnalisées	24.6%	47% plus élevé que les recommandations génériques
Suggestions dirigées par l'IA	19.3%	38% Amélioration de la satisfaction des utilisateurs

Booking Holdings Inc. (BKNG) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

Booking.com exploite une plate-forme numérique complète avec 28,4 millions de propriétés énumérées dans 226 pays et territoires à partir de 2023. La plate-forme traite environ 1,6 million de nuits d'espace réservées quotidiennement.

Métriques de plate-forme numérique	2023 statistiques
Propriétés répertoriées totales	28,4 millions
Nuits quotidiennes réservées	1,6 million
Les pays couverts	226

Canaux de support client 24/7

Booking.com fournit un support client multilingue:

• Prise en charge du téléphone dans 45 langues
• Assistance par e-mail
• Fonctionnalité de chat en direct
• Messagerie intégrée

Programmes de fidélité et récompenses

Programme de fidélité génie: les offres:

• 10% de réduction pour les clients réguliers
• Mises à niveau gratuites
• Options de départ tardives

Détails du programme de fidélité	2023 statistiques
Membres du programme de fidélité	Plus de 52 millions d'utilisateurs actifs
Réduction moyenne	10%

Communication et marketing personnalisés

Booking.com utilise des algorithmes de personnalisation avancés qui traitent plus de 500 millions d'interactions mensuelles utilisateur pour personnaliser les recommandations.

Avis des utilisateurs et systèmes de notation

La plate-forme comprend plus de 320 millions d'examens des clients vérifiés avec un score de révision moyen de 8,4 / 10.

Examiner les métriques du système	2023 données
Avis vérifiés totaux	320 millions
Score de révision moyen	8.4/10

Booking Holdings Inc. (BKNG) - Modèle d'entreprise: Channels

Applications mobiles

L'application mobile Booking.com a eu 35,4 millions de téléchargements en 2023. L'application prend en charge 45 langues et couvre 228 pays et territoires. Les réservations mobiles représentaient 41% du total des réservations numériques en 2023.

Plate-forme	Total téléchargements (2023)	Part de marché
Application booking.com	35,4 millions	42.3%
Application kayak	22,1 millions	26.5%
Application Priceline	15,6 millions	18.7%

Plateformes de site Web

Les sites Web de réservation.com génèrent 1,5 million de nuits de chambre réservées quotidiennement. La plate-forme reçoit 395 millions de visiteurs mensuels dans toutes les propriétés numériques.

• Booking.com Site Web primaire
• Kayak.com
• Priceline.com
• Agoda.com

Sites Web d'agence de voyage en ligne

Booking Holdings exploite 5 sites Web d'agence de voyage en ligne principaux avec un chiffre d'affaires annuel combiné de 17,4 milliards de dollars en 2023.

Site web	Revenus annuels	Portée mondiale
Réservation.com	9,2 milliards de dollars	228 pays
Kayak	3,6 milliards de dollars	65 pays
Prix	2,8 milliards de dollars	50 pays

Réseaux de marketing d'affiliation

Le marketing d'affiliation génère 2,3 milliards de dollars de revenus annuels pour la réservation des avoirs. La société travaille avec plus de 1 200 partenaires d'affiliation dans le monde.

Campagnes de publicité numérique et de marketing

La réservation de Holdings a dépensé 4,7 milliards de dollars en marketing numérique en 2023. Les plateformes de publicité Google et Facebook représentent 68% des dépenses publicitaires numériques.

Canal de marketing	Dépenses	Pourcentage
Publicités Google	2,1 milliards de dollars	44.7%
Publicités Facebook	1,2 milliard de dollars	25.5%
Autres plateformes	1,4 milliard de dollars	29.8%

Booking Holdings Inc. (BKNG) - Modèle d'entreprise: segments de clientèle

Voyageurs de loisir

Booking Holdings sert 223 millions de clients actifs dans le monde dans le segment des voyages de loisirs en 2023. Les plateformes de l'entreprise ont traité 1,1 milliard de nuits de chambre en 2022, avec un engagement important des voyageurs de loisirs.

Métrique du segment	Valeur
Voyageurs mondiaux de loisir	223 millions
Nuits de chambre traitées	1,1 milliard
Valeur de réservation moyenne	$232

Professionnels des affaires

Le segment des voyages d'entreprise représente 18,4% du volume total de réservation pour Booking.com en 2023.

• Réservations de voyages d'affaires: 84,3 milliards de dollars
• Valeur moyenne de réservation d'entreprise: 567 $
• Taux de rétention des voyageurs d'entreprise: 62%

Consommateurs soucieux du budget

Les plateformes de réservation offrent des options budgétaires avec 35% des utilisateurs qui sélectionnent des logements inférieurs à 100 $ par nuit.

Caractéristiques du segment du budget	Pourcentage
Réservations de moins de 100 $	35%
Chercheurs à prix réduit	47%

Voyageurs de luxe

Le segment de voyage de luxe représente 12,6% du volume total de réservation avec des valeurs de réservation moyennes dépassant 750 $.

• Réservations de voyage de luxe: 43,2 milliards de dollars
• Valeur de réservation de luxe moyenne: 892 $
• Taux de rétention des voyageurs de luxe: 78%

Voyageurs internationaux et nationaux

La réservation des avoirs dessert les voyageurs dans 230 pays et territoires.

Type de voyage	Pourcentage de réservation
Voyage intérieur	62%
Voyage international	38%
Pays desservis	230

Booking Holdings Inc. (BKNG) - Modèle d'entreprise: Structure des coûts

Infrastructure et maintenance technologiques

La réservation de Holdings Inc. a dépensé 1,241 milliard de dollars en frais de technologie et de contenu en 2022. Les coûts totaux de technologie et de développement de l'entreprise pour l'exercice 2022 étaient d'environ 1,6 milliard de dollars.

Catégorie de coûts technologiques	Montant (USD)
Infrastructure cloud	412 millions de dollars
Développement de logiciels	538 millions de dollars
Cybersécurité	156 millions de dollars
Maintenance du centre de données	134 millions de dollars

Frais de marketing et d'acquisition des clients

En 2022, Booking Holdings Inc. a alloué 5,52 milliards de dollars aux dépenses de marketing et de publicité, représentant une partie importante de leurs coûts opérationnels.

• Marketing de performance: 3,24 milliards de dollars
• Marketing de marque: 1,38 milliard de dollars
• Publicité numérique: 880 millions de dollars

Développement et innovation de la plate-forme

La société a investi 692 millions de dollars dans la recherche et le développement de l'innovation de plate-forme en 2022.

Zone d'innovation	Investissement (USD)
IA et apprentissage automatique	276 millions de dollars
Amélioration de la plate-forme mobile	214 millions de dollars
Conception de l'expérience utilisateur	202 millions de dollars

Salaires et frais opérationnels des employés

Les dépenses totales du personnel pour la réservation de Holdings Inc. en 2022 étaient de 1,89 milliard de dollars.

• Salaires directs: 1,42 milliard de dollars
• Avantages et rémunération: 470 millions de dollars

Commission des paiements aux prestataires de services de voyage

Les dépenses de commission pour les prestataires de services de voyage ont totalisé 3,76 milliards de dollars en 2022.

Type de fournisseur	Paiements de commission (USD)
Hôtels	2,41 milliards de dollars
Compagnies aériennes	842 millions de dollars
Location de voitures	347 millions de dollars
Autres services	161 millions de dollars

Booking Holdings Inc. (BKNG) - Modèle d'entreprise: Strots de revenus

Commission de l'hôtel et réservations d'hébergement

Booking.com a généré 15,1 milliards de dollars de revenus en 2022, la majorité provenant des réservations basées sur la commission. Le taux moyen de la commission varie entre 15 et 25% par réservation.

Plate-forme de réservation	Pourcentage de commission	2022 Revenus
Réservation.com	15-25%	15,1 milliards de dollars
Agoda	12-20%	1,3 milliard de dollars

Frais de transaction des services de voyage

La réservation des avoirs génère des frais de transaction à partir de divers services liés aux voyages, y compris la location de voitures, les vols et les expériences.

• Frais de transaction de vols: environ 3-7% par réservation
• Frais de transaction de location de voitures: 5 à 10% par réservation
• Expériences et activités: 15-25% de commission

Revenus publicitaires

En 2022, la réservation de Holdings a généré environ 500 millions de dollars auprès des services de publicité et de marketing pour des partenaires de voyage.

Services basés sur l'abonnement

Booking.com a présenté Booking.com pour les entreprises, générant des revenus récurrents via des modèles d'abonnement pour la gestion des voyages d'entreprise.

Niveau d'abonnement	Frais mensuels	Caractéristiques
Basic	49 $ / mois	Gestion de base des voyages d'entreprise
Prime	199 $ / mois	Rapports avancés et analyses

Investissements et partenariats stratégiques

La réservation de Holdings a gagné environ 250 millions de dollars auprès d'investissements stratégiques et d'accords de partenariat en 2022.

• Investissements dans les startups technologiques
• Partenariats stratégiques avec les compagnies aériennes
• Coentreprises sur les marchés émergents

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.