Booking Holdings
Booking Holdings Inc. is an American multinational online travel company that operates as the world's leading provider of online travel and related services, connecting consumers and local partners in over 220 countries and territories through its portfolio of consumer-facing brands.[1][2] Founded on July 18, 1997, as Priceline.com by entrepreneur Jay S. Walker in Stamford, Connecticut, the company initially pioneered the "Name Your Own Price" model for opaque travel bookings, which helped it navigate the dot-com bust and achieve early profitability by 2000.[3][4] It expanded aggressively through strategic acquisitions, including Booking.com in 2005, Agoda in 2007, and Kayak in 2013, transforming from a U.S.-focused discount travel site into a global e-commerce powerhouse.[5] In February 2018, the company rebranded from The Priceline Group Inc. to Booking Holdings Inc. to reflect its diversified portfolio, and it relocated its headquarters to Norwalk, Connecticut.[6][7] The company's core offerings encompass hotel and alternative accommodations reservations, flight bookings, car rentals, restaurant reservations, and travel meta-search services, primarily delivered via its flagship brands: Booking.com, the largest by room nights with a focus on direct connections to over 28,000 destinations; Priceline, emphasizing package deals and mobile bookings; Agoda, targeting Asia-Pacific markets; KAYAK, a travel search engine; Rentalcars.com, for global car hire; and OpenTable, a restaurant discovery and reservation platform.[3][8] These brands collectively facilitate billions of annual transactions, leveraging advanced technology for personalized recommendations and seamless user experiences across web, mobile, and app platforms.[9][10] Under the leadership of Glenn D. Fogel, who has served as chief executive officer and president since January 2017, Booking Holdings continues to prioritize innovation in areas like artificial intelligence for travel planning and sustainability initiatives, including becoming the first online travel provider to have its net-zero emissions target verified by the Science Based Targets initiative (SBTi) in 2023.[11][12][5] As of October 2025, the company trades on the Nasdaq Global Select Market under the ticker symbol BKNG, with a market capitalization of approximately $167 billion and 32.2 million shares outstanding, reflecting strong post-pandemic recovery and ongoing growth in global travel demand.[13][1] Its third-quarter 2025 earnings, released on October 28, 2025, underscored resilient performance amid economic uncertainties.[1]History
Founding and early development
Booking Holdings, originally founded as Priceline.com, was established in 1997 by entrepreneur Jay S. Walker through his invention company Walker Digital. The company pioneered an innovative "name-your-own-price" auction model, patented as a demand-collection system, which allowed consumers to bid on excess inventory of airline tickets without knowing the exact airline or precise departure times until after acceptance. This opaque pricing approach aimed to fill unsold seats by enabling airlines to offload inventory discreetly, and Priceline.com officially launched operations in April 1998, initially focusing solely on domestic U.S. leisure travel.[14][15] Priceline.com went public on March 30, 1999, listing on the NASDAQ exchange under the ticker symbol PCLN at an initial share price of $16. Amid the height of the dot-com boom, the stock experienced dramatic valuation spikes, surging over 900% within a month to close at $162.37 per share and reaching a peak market capitalization of approximately $24 billion. However, the subsequent dot-com bust led to a severe decline, with shares plummeting to below $4 by late 2000, reflecting broader market volatility and early operational losses.[16][17] The early years were marked by significant challenges, including legal battles over intellectual property. In October 1999, Priceline.com filed a patent infringement lawsuit against Microsoft and its Expedia subsidiary, alleging unauthorized use of the name-your-own-price mechanism for airline tickets and hotel rooms, stemming from patents held by Walker Digital. These disputes highlighted the aggressive patent strategy of Walker's firm but also diverted resources during a period of financial strain. By the early 2000s, in response to customer feedback and competitive pressures, Priceline began pivoting from its exclusive reliance on opaque bidding toward more transparent pricing models; a key step occurred in March 2003 when it partnered with Travelweb, a hotel consortium site, to offer published-rate hotel reservations alongside its core auction service.[18][19] Priceline's first international expansion efforts emerged around 2000, including a joint venture with Hong Kong-based Hutchison Whampoa to launch name-your-own-price services in Asia and plans for localized websites in Europe, Asia, and Australia via network provider Equant. These initiatives faced delays amid the dot-com downturn, but by 2002, the company integrated hotel bookings into its offerings, starting with name-your-own-price vacation packages combining airfare and accommodations in May of that year. This move laid groundwork for broader travel services while stabilizing domestic operations.[20][21][22]Major expansions and acquisitions
In 2005, Priceline.com, the predecessor to Booking Holdings, acquired the Dutch-based Bookings B.V., operator of Booking.com, for €133 million, marking its entry into the European hotel reservation market and facilitating a shift toward a commission-based agency model for accommodations. This acquisition, combined with the earlier 2004 purchase of Active Hotels for $161 million, allowed Priceline to consolidate its European operations under the Booking.com brand, which quickly became a dominant player in online hotel bookings by leveraging a vast inventory of properties and localized services.[23] The company's international expansion continued in 2007 with the acquisition of Agoda, a Thailand-based online hotel booking platform, for approximately $150 million, which strengthened its foothold in the Asia-Pacific region where demand for travel services was rapidly growing. Agoda's focus on Asian markets complemented Booking.com's European emphasis, enabling Priceline to offer region-specific pricing, languages, and payment options that appealed to local travelers and boosted overall global inventory.[24] By 2010, Priceline acquired TravelJigsaw, a UK-based car rental reservation service that was later rebranded as Rentalcars.com, enhancing its transportation offerings and integrating car bookings seamlessly with hotel reservations to create a more comprehensive travel ecosystem. This move expanded the company's services beyond accommodations into ancillary travel needs, supporting cross-selling opportunities across its platforms. In 2013, the acquisition of Kayak for $1.8 billion introduced advanced metasearch technology, allowing users to compare flights, hotels, and car rentals from multiple sources without direct booking, which broadened Priceline's reach in the competitive search-driven travel sector.[25] Further diversification came in 2014 with the $2.6 billion purchase of OpenTable, a leading restaurant reservation platform, which extended Priceline's portfolio into dining experiences and connected travel bookings with local activities. The following year, in 2015, the company acquired Rocketmiles, a rewards-focused hotel booking service, for around $20 million, enabling travelers to earn airline miles on stays and attracting loyalty program participants to its network. These mid-period acquisitions, including Rentalcars.com and Rocketmiles, significantly integrated operations, driving user base expansion and resulting in over 5 million alternative accommodation listings by 2018 through enhanced inventory sharing and technological synergies, with total listings across brands exceeding 28 million.[26][27]Rebranding and modern era
In 2018, the company rebranded from The Priceline Group Inc. to Booking Holdings Inc. to better reflect its diversified portfolio of travel brands, with Booking.com as its largest and most prominent subsidiary.[28] This shift emphasized the global scale of its operations beyond the original Priceline name, aligning the corporate identity with its core booking platform.[29] The COVID-19 pandemic severely impacted Booking Holdings from 2020 to 2022, as global travel restrictions led to a sharp decline in bookings and revenues. In 2020, total revenues fell to $6.8 billion, a 55% drop from $15.1 billion in 2019, driven by reduced room nights and canceled trips across its platforms.[30] By 2023, the company had recovered, achieving revenues of $21.4 billion, surpassing pre-pandemic levels and reflecting a robust rebound in international and domestic travel demand.[31][32] Booking Holdings intensified investments in artificial intelligence and mobile technology during this period to enhance user experience and drive efficiency. Investments in mobile app improvements boosted bookings by 8% over 2019 levels through features like personalized recommendations based on user preferences and past behavior.[33] These enhancements focused on seamless integration of AI for tailored search results and itinerary suggestions, supporting long-term growth in digital travel planning. In 2022, the company also attempted to acquire the Swedish flight-technology firm Etraveli Group for approximately $1.8 billion to expand air services, though the deal was blocked by European regulators in 2023 on competition grounds.[34] Sustainability became a key strategic focus, with Booking Holdings setting its first net-zero science-based emissions target in 2023, verified by the Science Based Targets initiative (SBTi) as the first for an online travel provider.[35] This commitment included reducing Scope 1 and 2 emissions by 95% and Scope 3 by 50% by 2040, alongside efforts to promote eco-friendly travel options. Parallel to this, the company expanded into alternative accommodations like vacation rentals, growing listings to 8.1 million by early 2025, which accounted for 37% of Booking.com's room nights and diversified its offerings beyond traditional hotels.[36] By 2024, these strategies contributed to strong growth metrics, with room nights booked reaching 1.1 billion annually across its brands, up 9% from the previous year and underscoring the resilience of its platform in a post-pandemic market.[2]Business operations
Portfolio of brands
Booking Holdings operates a diverse portfolio of consumer-facing brands that collectively provide online travel and related services, including accommodations, flights, car rentals, restaurant reservations, and activities, serving customers in over 220 countries and territories.[2] The company's brands emphasize specialized market positions to capture different traveler segments, from global accommodation bookings to regional expertise and metasearch functionalities, enabling comprehensive travel planning. The core brands form the foundation of Booking Holdings' operations. Booking.com, the largest brand, specializes in online accommodation reservations, including hotels and alternative lodging options like vacation rentals, operating in more than 220 countries with customer support available in 45 languages.[37] Priceline focuses on bundled travel deals, primarily targeting U.S. consumers with discounted packages combining hotels, flights, and rental cars to offer value-driven options.[38] Agoda, headquartered in Singapore, serves as the Asia-Pacific specialist, providing hotel and flight bookings with a strong emphasis on regional properties and availability in 39 languages across 27 markets.[39] Metasearch and ancillary services expand the portfolio's reach. Kayak functions as a travel metasearch engine, aggregating and comparing options for flights, hotels, rental cars, and vacation packages from hundreds of sites to help users find optimal deals.[40] OpenTable facilitates restaurant reservations, connecting diners with over 60,000 venues worldwide, including bars, wineries, and other dining spots, to streamline bookings and enhance dining experiences.[41] Other subsidiaries support niche travel needs. Rentalcars.com provides car rental services from a wide network of suppliers, accessible in over 155 countries and more than 50,000 locations, offering competitive pricing and extensive coverage.[42] FareHarbor delivers booking and management software tailored for tours, activities, rentals, and attractions, enabling operators to handle reservations efficiently for experiences like guided tours and outdoor adventures.[43] HotelsCombined and Momondo operate as comparison sites; HotelsCombined specializes in hotel metasearch, scanning multiple platforms for accommodation deals, while Momondo compares flights, hotels, car rentals, and packages across numerous providers.[44][45] These brands exhibit strong synergies through cross-promotions and integrated services, such as connected trip bookings that combine accommodations with flights, cars, and activities, which grew by mid-20% year-over-year in the third quarter of 2025.[46] Booking.com, as the primary revenue driver, benefits from these integrations, with loyalty programs like Genius contributing to higher repeat usage among over 30% of active users.[47]Revenue model and services
Booking Holdings primarily generates revenue through a combination of agency and merchant models, with advertising and other services contributing a smaller portion. In the agency model, the company earns commissions ranging from 10% to 25% on bookings made through its platforms, without holding inventory or assuming financial risk for the underlying services.[48][49] This model remains significant, accounting for approximately 36% of total revenue in 2024, or $8.52 billion.[50] In contrast, the merchant model involves Booking Holdings collecting full payment from customers upfront and remitting a negotiated amount to providers after the service, allowing for higher margins through markups but exposing the company to risks such as cancellations or payment defaults.[51][52] This approach has grown substantially, representing about 60% of gross bookings and 60% of revenue in 2024, totaling $14.14 billion.[53][54] The core of Booking Holdings' services revolves around accommodations, which include hotels, vacation rentals, and alternative stays, forming the largest revenue segment at roughly 75% of total earnings through commissions and merchant fees on over 1.1 billion room nights booked in 2024.[2] Flights and car rentals contribute about 15% of revenue, with flight bookings growing 32% year-over-year to nearly 50 million tickets and car rentals reaching 83 million days in the same period, facilitated by integrations across brands like Booking.com and Priceline.[55] Experiences and restaurant reservations, powered by subsidiaries such as OpenTable and FareHarbor, make up the remaining 10%, offering bookings for activities, tours, and dining that enhance the overall travel ecosystem.[56] To optimize pricing and customer retention, Booking Holdings employs dynamic pricing algorithms that adjust rates in real-time based on demand, competitor data, and user behavior, enabling personalized offers across its platforms.[57] A key component is the Genius loyalty program on Booking.com, which provides tiered discounts—starting at 10% for Level 1 (after five bookings in two years) and up to 20% for Level 3 (after 15 bookings)—along with perks like free upgrades and priority support, driving approximately 50% of bookings from higher-tier members by mid-2025.[58][59][60] The company's global reach supports these models, with over 31 million listings available in more than 220 countries and 40 languages as of early 2025, allowing seamless access to diverse travel options.[61][2] Connected trip features, introduced in 2023 via tools like the AI Trip Planner, enable bundling of accommodations, flights, cars, and experiences into single itineraries, boosting non-accommodation revenue growth by over 30% year-over-year through 2025.[62][63][47]Leadership and governance
Executive leadership
Glenn D. Fogel has served as Chief Executive Officer and President of Booking Holdings since January 2017, having previously held the role of President from June 2016 to December 2016.[11] Fogel joined the company in February 2000, initially focusing on strategy and corporate development, with a professional background in investment banking at Lazard Frères & Co. and trading at a global asset management firm; he holds a J.D. from Harvard Law School.[64] In 2024, Fogel's total compensation was $44.8 million, comprising salary, stock awards, and other incentives.[65] The executive team includes Ewout Steenbergen, who has been Chief Financial Officer since March 2024 after serving as CFO at S&P Global; he succeeded David Goulden, who held the position from 2018 until his retirement in early 2024 following a tenure at VMware, with Goulden continuing in a part-time advisory role through March 2025.[66][67] Paulo Pisano has served as Chief Human Resources Officer since August 2021 and as Senior Vice President and Chief People Officer of Booking.com since March 2020.[11] Peter J. Millones, Jr. has been Executive Vice President and General Counsel since April 2003, having joined as General Counsel in January 2001.[11] Booking Holdings' leadership has seen key transitions since its founding. Jay Walker, the company's founder, stepped down from the board in 2004 after leading its early development as Priceline.com.[5] Jeffrey H. Boyd served as CEO from August 2002 to December 2016, overseeing major expansions including the acquisition of Booking.com in 2005, before transitioning to Executive Chairman until 2020.[68] Under Fogel's leadership, Booking Holdings has emphasized AI integration across its platforms to enhance user experience and operational efficiency, contributing to a reported 14% increase in bookings from AI-driven features in recent quarters.[69] The company has also advanced sustainability initiatives, achieving over 85% reduction in absolute Scope 1 and 2 greenhouse gas emissions from its 2019 baseline by the end of 2024, aligned with net-zero goals by 2040.[70] These efforts have supported annual revenue growth averaging approximately 18% from 2022 to 2024, amid post-pandemic recovery and technological advancements.[56]Corporate governance
Booking Holdings' Board of Directors consists of 11 members as of 2025, providing strategic oversight and guidance to the company's operations.[71] The board is chaired by Robert J. Mylod Jr., an independent director and former chief financial officer and vice chairman of the company, ensuring a separation between executive management and governance leadership.[11] Notable members include Glenn D. Fogel, the chief executive officer and director, and Sumit Singh, an independent director appointed in 2022 with expertise in technology and e-commerce from his prior roles at companies like Chegg and Postmates.[72] The company's corporate governance framework emphasizes independence, accountability, and ethical standards, as outlined in its Corporate Governance Principles updated in October 2025.[73] Booking Holdings maintains a single class of common stock, with no dual-class voting structure, promoting equitable shareholder influence.[74] The board is committed to environmental, social, and governance (ESG) reporting, with annual sustainability disclosures overseen by the full board to integrate sustainability into strategic decision-making.[70] Diversity is a key policy focus, with the board promoting inclusive representation to reflect the company's global operations across over 220 countries.[70] The board operates through specialized committees to enhance oversight. The Audit Committee, chaired by Vanessa A. Wittman and including Kelly Grier and Charles H. Noski, is responsible for overseeing financial reporting, internal controls, and compliance with legal and regulatory requirements.[75] The Talent and Compensation Committee manages executive compensation, incentive programs, and talent development to align with performance goals.[75] The Corporate Governance Committee, led by Charles H. Noski and comprising members like Lynn Vojvodich Radakovich, handles director nominations, board composition, and diversity initiatives to ensure a balanced and skilled leadership team.[75] Shareholder relations are prioritized through transparent communication and engagement practices, particularly following the company's 2018 rebranding from The Priceline Group to Booking Holdings.[76] Annual stockholder meetings, such as the 2025 gathering scheduled for June 3, allow direct interaction, while detailed proxy statements provide comprehensive disclosures on governance matters, board elections, and executive compensation to foster trust and accountability.[77] These mechanisms support ongoing dialogue with investors, emphasizing ethical governance and long-term value creation.[76]Financial performance
Historical revenue trends
Booking Holdings, founded in 1997 as Priceline.com, began with annual revenue of $482 million in 1999 following its initial public offering. Over the subsequent decades, the company experienced robust long-term growth, culminating in $21.4 billion in revenue for 2023. This expansion reflected the maturation of online travel booking, with revenue increasing from under $1 billion in the early 2000s to over $15 billion by 2019.[32][78] A key period of acceleration occurred between 2010 and 2019, when revenue grew at a compound annual growth rate (CAGR) of approximately 22%, propelled by major acquisitions such as Booking.com in 2005 and Kayak in 2013, which broadened its global footprint and diversified its service offerings. Profitability also strengthened during this era, with EBITDA margins averaging around 35% from 2015 onward, supported by operational efficiencies and scale in high-margin digital platforms. Net income reached $4.3 billion in 2019, underscoring the company's financial resilience prior to external shocks.[78][79][80] The company's revenue streams have evolved through a mix of agency and merchant models, with the latter—where Booking Holdings acts as the merchant of record and captures the full transaction value minus costs—historically prominent in its early years under the Priceline name-your-price system. The merchant segment peaked at roughly 40% of total revenue in the early 2000s but declined to about 20% by the mid-2010s as the agency model, earning post-stay commissions, gained dominance through brands like Booking.com. By 2023, however, the merchant model had rebounded to approximately 50% of revenues, reflecting a strategic shift toward higher take rates and direct control amid competitive pressures.[48][53][81] External events significantly influenced these trends. The dot-com crash from 2000 to 2002 led to revenue contraction from $1.23 billion in 2000 to $1.00 billion in 2002, accompanied by widening net losses exceeding $300 million annually due to overhyped valuations and market contraction. The COVID-19 pandemic caused a sharp downturn, with revenue plummeting 55% to $6.8 billion in 2020 as global travel halted. Recovery was swift thereafter, fueled by the e-commerce surge in leisure travel, yielding year-over-year growth of 61% in 2021, 56% in 2022, and 25% in 2023—averaging over 40% annually in this rebound phase.[32][82][83][78]Recent fiscal results and outlook
In 2024, Booking Holdings achieved full-year revenue of $23.74 billion, reflecting an 11% year-over-year increase driven by sustained demand in global travel, particularly during the fourth quarter bolstered by holiday bookings.[84] Net income for the year reached $5.88 billion, a 37% rise from 2023, supported by operational efficiencies and higher merchant bookings.[79] Gross bookings totaled $166 billion, up 10% year over year, with alternative accommodations and connected trip services contributing significantly to the growth.[2] For 2025, the company reported strong quarterly performance amid robust international travel recovery. In the first quarter, revenue grew 8% to $4.8 billion, exceeding guidance due to increased room nights and alternative lodging demand. The second quarter saw revenue surge 16% to $6.8 billion, with adjusted EBITDA rising 28% to $2.4 billion, fueled by 13% growth in gross bookings to $46.7 billion and expansions in Europe and Asia.[85] Third-quarter revenue reached $9.0 billion, a 13% increase, while adjusted earnings per share hit $99.50, surpassing analyst estimates by 4% and reflecting 8% growth in room nights booked.[86] Looking ahead, following its Q3 2025 earnings, Booking Holdings anticipates about 12% revenue growth for full-year 2025, with room nights up about 7%, gross bookings up 11-12%, and adjusted EBITDA up 17-18%. Projections extending into 2026 suggest around 9-10% growth amid favorable currency impacts and market expansion.[87] This outlook is propelled by AI-driven personalization tools, which have boosted booking conversions by up to 14%, and increasing penetration in emerging markets like Asia-Pacific.[69] As of November 2025, the company's market capitalization stood at approximately $163 billion, underscoring investor confidence in its strategic initiatives.[88]Acquisitions and investments
Key historical deals
Booking Holdings executed a series of strategic acquisitions between 2005 and 2021 to build its global footprint in online travel services, emphasizing geographic expansion, service diversification, and supply chain integration. These deals enabled the company to shift from a U.S.-centric model to one dominated by international operations, with non-U.S. revenue surpassing domestic figures by the late 2000s. Peak acquisition activity occurred in 2015 with two transactions and in 2018 with two more, reflecting accelerated efforts to capture emerging segments like loyalty programs and metasearch. The company has completed a total of 12 acquisitions since inception, with the table below summarizing select key historical ones (e.g., excluding earlier deals like Active Hotels in 2004 or later ones like Rentalcars.com in 2010 covered elsewhere).[89][90][91] The following table summarizes select key historical acquisitions, highlighting their strategic rationales and post-integration outcomes:| Year | Acquisition | Price | Strategic Rationale | Outcomes |
|---|---|---|---|---|
| 2005 | Booking.com | $133 million (equivalent to €110 million) | Entry into the European hotel reservations market, combining with ActiveHotels.com to leverage established regional infrastructure | Seamless integration created synergies in inventory and technology, propelling Booking.com to become the company's flagship brand and driving rapid international growth |
| 2007 | Agoda | Undisclosed (initial cash plus earn-out) | Geographic expansion into Asia-Pacific, targeting high-growth emerging markets with localized hotel booking expertise | Enhanced APAC presence, contributing to diversified revenue streams and supporting overall non-U.S. bookings growth to over 75% of total by the mid-2010s |
| 2013 | Kayak | $1.8 billion | Vertical integration via metasearch capabilities to acquire traffic and improve search-driven bookings across the portfolio | Kayak's independent operation funneled users to Booking Holdings brands, boosting overall traffic acquisition efficiency and metasearch revenue |
| 2014 | OpenTable | $2.6 billion | Diversification into restaurant reservations to extend travel ecosystem beyond accommodations | Integrated dining bookings with hotel services, creating cross-selling opportunities and adding a new revenue vertical despite initial integration challenges |
| 2015 | Rocketmiles | $20 million | Enhancement of loyalty programs by allowing hotel bookings to earn airline miles, targeting frequent travelers | Bolstered customer retention through partnerships with over 20 airlines, integrating mileage incentives to increase repeat bookings |
| 2018 | FareHarbor | $250 million | Expansion into tours and activities booking software to capture the growing experiential travel segment | Provided backend tools for 5,000+ operators, enabling upselling of activities post-hotel booking and diversifying beyond core travel |
| 2018 | HotelsCombined | $140 million | Strengthening metasearch for hotel comparisons to drive more traffic to owned brands | Improved price comparison features, enhancing user acquisition and contributing to incremental bookings without significant overlap |