Restaurants, Travel and Leisure OTAs

Booking $26.92B, Expedia $14.73B, Airbnb $12.24B. That is GAAP revenue, about 12% to 13% of each company's booking pool.

Booking $186.1B gross bookings (merchant $130.0B, agency $56.1B). Expedia $119.6B. Airbnb $91.3B GBV. These are not revenue.

Same 2025 prints, grouped. GAAP is the short bar. Gross bookings or GBV is the long bar. Airbnb GBV here is the 10-K $91.273B.

Booking 14.5% ($26.917B / $186.1B). Airbnb 13.4% ($12.241B / $91.273B). Expedia 12.3% ($14.733B / $119.590B). Derived. Denominators are not identical.

Merchant gross bookings $130.0B. Agency $56.1B. This is the booking pool split, not merchant versus agency GAAP revenue.

Booking 1,235 million room nights. Airbnb 533.0 million nights and seats. Expedia 415.4 million booked room nights. Airbnb includes seats. Do not read the middle bar as hotel rooms only.

2025: EMEA 215 million, North America 158 million, Latin America 90 million, Asia Pacific 70 million. Sum 533 million. Seats included.

Company average 3.7 nights in 2025 (3.8 in 2024), excluding experiences and services. North America 4.1, EMEA 3.8, Latin America 3.6, Asia Pacific 3.3.