How Booking Holdings Makes Money (2026)
Booking Holdings makes money mainly from Merchant. Its FY2025 total revenue was $26,917 million ($26.9 billion), with Merchant the biggest disclosed revenue line at $17,755 million ($17.8 billion) and 66.0% of total revenue (computed from the 10-K FY2025). Booking’s merchant revenue includes travel commissions, transaction margins, payment fees, and ancillary fees.
Last checked 2026-10-18 on the official pages.
Revenue breakdown
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Merchant | $17,755 million ($17.8 billion) | 66.0% | 10-K FY2025 ↗ |
| Agency | $7,968 million ($8.0 billion) | 29.6% | 10-K FY2025 ↗ |
| Advertising and other | $1,194 million ($1.2 billion) | 4.4% | 10-K FY2025 ↗ |
| Total revenue | $26,917 million ($26.9 billion) | — | 10-K FY2025 ↗ |
The hidden model
Booking’s merchant revenue includes travel commissions, transaction margins, payment fees, and ancillary fees.
Booking’s merchant revenue includes travel commissions, transaction margins, payment fees, and ancillary fees. verified
Merchant revenues include travel reservation commissions and transaction net revenues, which is the amount charged to travelers, including the contra-revenue impact of merchandising, less the amount owed to travel service providers; revenues from facilitation of payments such as credit card processing rebates and customer processing fees; and ancillary fees, including travel-related insurance revenues.
Business models
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Business model comparisons
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Frequently asked questions
How does Booking Holdings make money?
Booking Holdings makes money mainly from Merchant. Its FY2025 total revenue was $26,917 million ($26.9 billion), with Merchant the biggest disclosed revenue line at $17,755 million ($17.8 billion) and 66.0% of total revenue (computed from the 10-K FY2025). Booking’s merchant revenue includes travel commissions, transaction margins, payment fees, and ancillary fees.
What is Booking Holdings’ business model?
Booking Holdings’ business model is Marketplace. A platform attracts supply and demand, supports discovery and trust, and earns commissions, listing fees, or service fees when participants transact. Booking’s merchant revenue includes travel commissions, transaction margins, payment fees, and ancillary fees.
What is Booking Holdings’ hidden model?
Booking’s merchant revenue includes travel commissions, transaction margins, payment fees, and ancillary fees.