Booking Holdings vs Expedia Group Business Model (2026)
Booking Holdings earns most from Merchant (66.0%), while Expedia Group earns most from Lodging (79.8%). Computed from Booking Holdings 10-K FY2025 and Expedia Group 10-K FY2025.
Last checked 2026-10-18 on the official pages.
Booking Holdings
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 ↗ |
Expedia Group
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Lodging | $11,752 million ($11.8 billion) | 79.8% | 10-K FY2025 ↗ |
| Air | $407 million | 2.8% | 10-K FY2025 ↗ |
| EG Advertising | $758 million | 5.1% | 10-K FY2025 ↗ |
| Trivago Advertising | $417 million | 2.8% | 10-K FY2025 ↗ |
| Other Services | $1,399 million ($1.4 billion) | 9.5% | 10-K FY2025 ↗ |
| Total revenue | $14,733 million ($14.7 billion) | — | 10-K FY2025 ↗ |
Shared business models
Company and model pages
Booking Holdings · Expedia Group
Booking Holdings: Marketplace
Expedia Group: Marketplace
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.
How does Expedia Group make money?
Expedia Group makes money mainly from Lodging. Its FY2025 total revenue was $14,733 million ($14.7 billion), with Lodging the biggest disclosed revenue line at $11,752 million ($11.8 billion) and 79.8% of total revenue (computed from the 10-K FY2025). Expedia earns lodging revenue through merchant, agency, and subscription listing models.