--- title: "Booking Holdings: Business Model" description: "Booking Holdings revenue by product line from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/booking-holdings/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Booking Holdings: Business Model & Revenue Engine ## Direct Answer Booking Holdings reports revenue across 3 product and service lines in its fiscal 2025 Form 10-K. Merchant Revenue is the largest, with $17.8 billion of revenue (66% of the total), followed by Agency Revenue at $8.0 billion (30%). ## How Does Booking Holdings Make Money? Merchant Revenue supplies 66% of revenue, so Booking Holdings's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Merchant Revenue grew fastest (+25.5%) and Agency Revenue slowest (-6.5%), so the revenue mix tilts toward Merchant Revenue while that gap lasts. | Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Merchant Revenue | $17.8 billion | $14.1 billion | 66.0% | 25.5% | | Agency Revenue | $8.0 billion | $8.5 billion | 29.6% | -6.5% | | Advertisingandotherrevenues | $1.2 billion | $1.1 billion | 4.4% | 11.3% | ![Bar chart of Booking Holdings revenue by product line for fiscal 2025: Merchant Revenue 66.0%, Agency Revenue 29.6%, Advertisingandotherrevenues 4.4%.](https://www.getswoopr.com/images/charts/booking-holdings-business-model-segment-mix.webp) *Booking Holdings revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## What the Segment Figures Do Not Show The rows above add up to 100% of Booking Holdings's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Booking Holdings reported in the segment note and revenue disclosures of its Form 10-K filed February 18, 2026 (accession 0001075531-26-000009), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Booking Holdings's main products and services? In its fiscal 2025 Form 10-K, Booking Holdings reports revenue for Merchant Revenue, Agency Revenue and Advertisingandotherrevenues. ### Which part of Booking Holdings brings in the most revenue? Merchant Revenue, with $17.8 billion of revenue in fiscal 2025, or 66% of the total. ### Where does Booking Holdings report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed February 18, 2026, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: Booking Holdings Inc. Form 10-K filed February 18, 2026](https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm) - [SEC EDGAR: Booking Holdings Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1075531&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Booking Holdings company dossier](https://www.getswoopr.com/stocks/companies/booking-holdings/) - [Booking Holdings financial metrics](https://www.getswoopr.com/stocks/companies/booking-holdings/metrics/) - [Booking Holdings financial risk indicators](https://www.getswoopr.com/stocks/companies/booking-holdings/risks/) - [Booking Holdings peer comparison](https://www.getswoopr.com/stocks/companies/booking-holdings/competitors/) - [Booking Holdings business model and revenue mix](https://www.getswoopr.com/stocks/companies/booking-holdings/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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