Booking Holdings Inc. (BKNG): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Booking Holdings Inc. (BKNG) revolucionou a indústria de viagens global por meio de seu inovador ecossistema digital, transformando como milhões de viajantes descobrem, comparam e reservarem suas jornadas em várias plataformas. Ao integrar perfeitamente a tecnologia, o extenso inventário de viagens e o design centrado no usuário, esta empresa de potência criou um modelo de negócios abrangente que conecta viajantes a acomodações, experiências e serviços em todo o mundo, gerando bilhões em receita anual por meio de parcerias estratégicas e soluções digitais de ponta.

Booking Holdings Inc. (BKNG) - Modelo de negócios: Parcerias -chave

Agências de viagens on -line

A reserva de Holdings opera através de várias plataformas de agências de viagens on -line:

Plataforma	Alcance global	Listagens
Booking.com	228 países/territórios	Mais de 28 milhões de listagens totais
Pricelina	Mais de 200 países	Mais de 150.000 hotéis
Caiaque	Mais de 60 países	Mais de 2 milhões de hotéis

Acomodação e parceiros de viagem

A extensa rede de parcerias inclui:

• 1,6 milhão de fornecedores de acomodação globalmente
• Principais redes de hotéis: Marriott, Hilton, Intercontinental
• Airlines: United, Delta, American Airlines
• Empresas de aluguel de carros: Enterprise, Hertz, Avis

Parceiros de tecnologia

Categoria de parceiro	Número de parcerias	Área de foco
Infraestrutura em nuvem	3 fornecedores primários	Escalabilidade da plataforma
Processadores de pagamento	12 fornecedores globais	Processamento de transações
Segurança cibernética	5 parceiros estratégicos	Proteção de dados

Redes de sistemas de distribuição global

Principais parcerias GDs:

• Sabre Corporation
• Grupo de TI Amadeus
• Travelport em todo o mundo

Investimentos de tecnologia estratégica

Comece	Valor do investimento	Foco em tecnologia
Didi Chuxing	US $ 100 milhões	Tecnologias de mobilidade
Pegar	US $ 250 milhões	Transporte do Sudeste Asiático

Booking Holdings Inc. (BKNG) - Modelo de negócios: Atividades -chave

Gerenciamento de plataforma de reserva de viagem online

A Booking Holdings gerencia várias plataformas de viagem on -line, incluindo Booking.com, Priceline, Kayak, Agoda e OpenTable. Em 2022, a empresa processou aproximadamente 1,03 bilhão de noites de quarto e reservas relacionadas a viagens em todo o mundo.

Plataforma	Presença global	Reservas anuais
Booking.com	220 mais de países	Mais de 600 milhões de noites de quarto
Pricelina	Mercado norte -americano	Aproximadamente 250 milhões de reservas
Caiaque	Mais de 190 países	150 milhões de pesquisas anuais

Marketing digital e aquisição de clientes

A Booking Holdings investiu US $ 5,7 bilhões em despesas de marketing em 2022, representando 41,7% da receita total.

• Google Adwords Publicidade Orçamento: estimado US $ 2,3 bilhões anualmente
• Canais de marketing de mídia social: Facebook, Instagram, Twitter
• Rede de marketing de afiliados: mais de 300.000 parceiros globais

Desenvolvimento de tecnologia e inovação

Investimento em P&D em 2022: US $ 721 milhões, com foco em tecnologias de IA, aprendizado de máquina e personalização.

Foco em tecnologia	Investimento	Principais desenvolvimentos
Sistemas de recomendação de IA	US $ 240 milhões	Sugestões de viagem personalizadas
Desenvolvimento da plataforma móvel	US $ 310 milhões	95% de compatibilidade de reserva móvel

Comparação de preços e serviços de agregação

O caiaque e outras plataformas processam mais de 2 bilhões de comparações anuais de preços de viagem em mais de 1.500 sites de viagens.

• Rastreamento de preços em tempo real para voos, hotéis, aluguel de carros
• Algoritmos de previsão de preços com precisão de 85%
• Agregação de 1,2 milhão de opções de acomodação

Suporte ao cliente e otimização da experiência do usuário

Infraestrutura de suporte ao cliente que abrange o serviço 24/7 em 45 idiomas.

Canal de suporte	Interações anuais	Tempo de resposta
Bate -papo ao vivo	42 milhões de interações	Média de 2,5 minutos
Suporte por e -mail	18 milhões de consultas	Média de 6 horas
Suporte telefônico	12 milhões de ligações	Média de 4 minutos

Booking Holdings Inc. (BKNG) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia digital robusta

A reserva de Holdings opera uma infraestrutura digital complexa que suporta várias plataformas:

Plataforma	Visitantes únicos anuais	Porcentagem de reserva móvel
Booking.com	660 milhões	62%
Pricelina	285 milhões	55%
Caiaque	190 milhões	48%

Extenso banco de dados de inventário de viagem global

A reserva de Holdings mantém um inventário de viagens abrangente:

• Total de acomodações: 28,4 milhões de listagens
• Países cobertos: 229
• Idiomas suportados: 43
• Propriedades totais: 6,6 milhões

Forte reconhecimento de marca

Marca	Posição de mercado	Receita anual (2023)
Booking.com	Líder global	US $ 17,1 bilhões
Pricelina	Top 3 OTA	US $ 5,3 bilhões
Caiaque	LIVRE METASE PARCE	US $ 2,8 bilhões

Recursos avançados de análise de dados

Detalhes da infraestrutura de tecnologia:

• Processamento anual de dados: 1.5 petabytes
• Modelos de aprendizado de máquina: mais de 320 modelos ativos
• Algoritmos de preços em tempo real: 78
• Motores de personalização: 42

Portfólio diversificado de serviços de viagem

Marca	Tipo de serviço	Participação de mercado global
Booking.com	Acomodações	35%
RentalCars.com	Aluguel de carros	22%
Opentable	Reservas de restaurantes	15%

Booking Holdings Inc. (BKNG) - Modelo de negócios: proposições de valor

Opções abrangentes de reserva de viagem em várias categorias

A reserva oferece serviços de reserva de viagens em várias plataformas:

Plataforma	Volume de reserva (2023)	Contribuição da receita
Booking.com	€ 15,1 bilhões	62.4%
Pricelina	€ 4,3 bilhões	17.8%
Agoda	2,9 bilhões de euros	12%

Preços competitivos e garantias de melhor taxa

Métricas de comparação de preços para 2023:

• Economia média por reserva: 15-22%
• Garantia de correspondência de preços em mais de 220 países
• Algoritmo de preços dinâmicos cobrindo 28,4 milhões de opções de acomodação

Interface amigável e experiência de reserva perfeita

Plataforma digital	Usuários ativos mensais	Porcentagem de reserva móvel
App móvel booking.com	42,6 milhões	68%
Plataformas de sites	89,3 milhões	52%

Ampla gama de opções de acomodação e viagem

Inventário Global a partir de 2023:

• 28,4 milhões de opções de acomodação
• Mais de 1,5 milhão de hotéis
• 642.000 tipos de propriedades exclusivos
• Cobertura em mais de 220 países

Recomendações e ofertas personalizadas de viagem

Métricas de personalização:

Categoria de recomendação	Taxa de conversão	Engajamento do usuário
Acordos personalizados	24.6%	47% maior que as recomendações genéricas
Sugestões orientadas a IA	19.3%	38% de satisfação melhorada do usuário

Booking Holdings Inc. (BKNG) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

O Booking.com opera uma plataforma digital abrangente com 28,4 milhões de propriedades listadas em 226 países e territórios a partir de 2023. A plataforma processa aproximadamente 1,6 milhão de noites de quartos reservados diariamente.

Métricas de plataforma digital	2023 Estatísticas
Propriedades listadas totais	28,4 milhões
Noites de quarto diário reservadas	1,6 milhão
Países cobertos	226

Canais de suporte ao cliente 24/7

O Booking.com fornece suporte multilíngue de clientes por meio de:

• Suporte telefônico em 45 idiomas
• Suporte por e -mail
• Funcionalidade de bate -papo ao vivo
• Mensagens no aplicativo

Programas de fidelidade e recompensas

O Programa de Fidelidade Genius oferece:

• 10% de descontos para clientes recorrentes
• Atualizações gratuitas
• Opções tardias de check-out

Detalhes do programa de fidelidade	2023 Estatísticas
Membros do programa de fidelidade	Mais de 52 milhões de usuários ativos
Desconto médio	10%

Comunicação e marketing personalizados

O Booking.com utiliza algoritmos avançados de personalização processando mais de 500 milhões de interações mensais para personalizar recomendações.

Revisões de usuários e sistemas de classificação

A plataforma possui mais de 320 milhões de análises verificadas de clientes com uma pontuação média de revisão de 8,4/10.

Métricas do sistema de revisão	2023 dados
Total de revisões verificadas	320 milhões
Pontuação média de revisão	8.4/10

Booking Holdings Inc. (BKNG) - Modelo de Negócios: Canais

Aplicativos móveis

O aplicativo móvel booking.com teve 35,4 milhões de downloads em 2023. O aplicativo suporta 45 idiomas e abrange 228 países e territórios. As reservas móveis representaram 41% do total de reservas digitais em 2023.

Plataforma	Downloads totais (2023)	Quota de mercado
App Booking.com	35,4 milhões	42.3%
App de caiaque	22,1 milhões	26.5%
App de Priceline	15,6 milhões	18.7%

Plataformas de sites

Os sites Booking.com geram 1,5 milhão de noites de quartos reservadas diariamente. A plataforma recebe 395 milhões de visitantes mensais em todas as propriedades digitais.

• Site primário Booking.com
• Kayak.com
• Priceline.com
• Agoda.com

Sites de agências de viagens on -line

A Booking Holdings opera 5 sites primários de agências de viagens on -line com receita anual combinada de US $ 17,4 bilhões em 2023.

Site	Receita anual	Alcance global
Booking.com	US $ 9,2 bilhões	228 países
Caiaque	US $ 3,6 bilhões	65 países
Pricelina	US $ 2,8 bilhões	50 países

Redes de marketing de afiliados

O marketing de afiliados gera US $ 2,3 bilhões em receita anual para reservas de reservas. A empresa trabalha com mais de 1.200 parceiros afiliados em todo o mundo.

Campanhas de publicidade e marketing digitais

A reserva de Holdings gastou US $ 4,7 bilhões em marketing digital em 2023. As plataformas de publicidade do Google e do Facebook representam 68% dos gastos com anúncios digitais.

Canal de marketing	Gastos	Percentagem
Google anúncios	US $ 2,1 bilhões	44.7%
Anúncios do Facebook	US $ 1,2 bilhão	25.5%
Outras plataformas	US $ 1,4 bilhão	29.8%

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

Viajantes de lazer

A reserva atende 223 milhões de clientes ativos globalmente no segmento de viagens de lazer a partir de 2023. As plataformas da empresa processaram 1,1 bilhão de noites de quarto em 2022, com um envolvimento significativo de viajantes de lazer.

Métrica de segmento	Valor
Viajantes globais de lazer	223 milhões
Noites de quarto processadas	1,1 bilhão
Valor médio de reserva	$232

Profissionais de negócios

O segmento de viagens corporativas representa 18,4% do volume total de reservas para a Booking.com em 2023.

• Reservas de viagens de negócios: US $ 84,3 bilhões
• Valor médio de reserva corporativa: $ 567
• Taxa de retenção de viajantes corporativos: 62%

Consumidores conscientes do orçamento

As plataformas de reserva oferecem opções de orçamento, com 35% dos usuários selecionando acomodações abaixo de US $ 100 por noite.

Características do segmento de orçamento	Percentagem
Reservas abaixo de US $ 100	35%
Buscadores de desconto	47%

Viajantes de luxo

O segmento de viagem de luxo representa 12,6% do volume total de reservas com valores médios de reserva superior a US $ 750.

• Reservas de viagens de luxo: US $ 43,2 bilhões
• Valor médio de reserva de luxo: $ 892
• Taxa de retenção de viajantes de luxo: 78%

Viajantes internacionais e domésticos

A reserva atende viajantes em 230 países e territórios.

Tipo de viagem	Porcentagem de reserva
Viajar internamente	62%
Viagem internacional	38%
Países serviram	230

Booking Holdings Inc. (BKNG) - Modelo de negócios: Estrutura de custos

Infraestrutura e manutenção de tecnologia

A Booking Holdings Inc. gastou US $ 1,241 bilhão em despesas de tecnologia e conteúdo em 2022. Os custos totais de tecnologia e desenvolvimento da empresa para o ano fiscal de 2022 foram de aproximadamente US $ 1,6 bilhão.

Categoria de custo de tecnologia	Quantidade (USD)
Infraestrutura em nuvem	US $ 412 milhões
Desenvolvimento de software	US $ 538 milhões
Segurança cibernética	US $ 156 milhões
Manutenção do data center	US $ 134 milhões

Despesas de marketing e aquisição de clientes

Em 2022, a Booking Holdings Inc. alocou US $ 5,52 bilhões para despesas de marketing e publicidade, representando uma parcela significativa de seus custos operacionais.

• Marketing de desempenho: US $ 3,24 bilhões
• Marketing de marca: US $ 1,38 bilhão
• Publicidade digital: US $ 880 milhões

Desenvolvimento e inovação de plataforma

A empresa investiu US $ 692 milhões em pesquisa e desenvolvimento para inovação de plataforma em 2022.

Área de inovação	Investimento (USD)
AI e aprendizado de máquina	US $ 276 milhões
Melhoria da plataforma móvel	US $ 214 milhões
Design da experiência do usuário	US $ 202 milhões

Salários dos funcionários e custos operacionais

O total de despesas de pessoal para a reserva de Holdings Inc. em 2022 foi de US $ 1,89 bilhão.

• Salários diretos: US $ 1,42 bilhão
• Benefícios e compensação: US $ 470 milhões

Pagamentos de comissão para provedores de serviços de viagem

As despesas da comissão para provedores de serviços de viagem totalizaram US $ 3,76 bilhões em 2022.

Tipo de provedor	Pagamentos da comissão (USD)
Hotéis	US $ 2,41 bilhões
Companhias aéreas	US $ 842 milhões
Aluguel de carros	US $ 347 milhões
Outros serviços	US $ 161 milhões

Booking Holdings Inc. (BKNG) - Modelo de negócios: fluxos de receita

Comissão de reservas de hotéis e acomodações

O Booking.com gerou US $ 15,1 bilhões em receita em 2022, com a maioria proveniente de reservas de comissão. A taxa média de comissão varia entre 15-25% por reserva.

Plataforma de reserva	Porcentagem de comissão	2022 Receita
Booking.com	15-25%	US $ 15,1 bilhões
Agoda	12-20%	US $ 1,3 bilhão

Taxas de transação de serviços de viagem

A reserva gera taxas de transação de vários serviços relacionados a viagens, incluindo aluguel de carros, voos e experiências.

• Taxas de transação de voos: aproximadamente 3-7% por reserva
• Taxas de transação de aluguel de carros: 5-10% por reserva
• Experiências e atividades: comissão de 15 a 25%

Receita de publicidade

Em 2022, a reserva de propriedades gerou aproximadamente US $ 500 milhões em serviços de publicidade e marketing para parceiros de viagem.

Serviços baseados em assinatura

O Booking.com apresentou o Booking.com para negócios, gerando receita recorrente por meio de modelos de assinatura para gerenciamento de viagens corporativas.

Camada de assinatura	Taxa mensal	Características
Basic	US $ 49/mês	Gerenciamento de viagens corporativas básicas
Premium	US $ 199/mês	Relatórios e análises avançados

Investimentos e parcerias estratégicas

A reserva de espera ganhou aproximadamente US $ 250 milhões em investimentos estratégicos e acordos de parceria em 2022.

• Investimentos em startups de tecnologia
• Parcerias estratégicas com companhias aéreas
• Joint ventures em 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.