Airbnb vs Booking Holdings: Revenue, Profit and Business Model
Airbnb reported $12.2B of revenue in FY2025 and $2.5B of net income. Booking Holdings reported $26.9B of revenue in FY2025 and $5.4B of net income.
Latest financial snapshot
Airbnb
- Latest revenue
- $12.2B (FY2025)
- Net income
- $2.5B
- Net margin
- 20.5%
- Revenue growth
- +24.9% a year, FY2016–FY2025
Booking Holdings
- Latest revenue
- $26.9B (FY2025)
- Net income
- $5.4B
- Net margin
- 20.1%
- Revenue growth
- +10.7% a year, FY2016–FY2025
Financial summary
Airbnb
Airbnb revenue increased from $1.656 billion in 2016 to $12.241 billion in 2025. The company recorded losses from 2016 through 2021 and profits from 2022 through 2025. FY2025 gross booking value of $91.273 billion represented booking value processed on the platform and was not revenue.
Booking Holdings
Revenue grew from $10.7 billion in 2016 to $26.9 billion in 2025, apart from the 2020 collapse to $6.8 billion when the pandemic halted travel. Net income was $5.4 billion in 2025, down from $5.9 billion in 2024 despite higher sales, partly because of a $457 million impairment on KAYAK. Free cash flow reached $9.1 billion in 2025, and the company returned $8.2 billion to shareholders that year through buybacks and a dividend first paid in 2024. In Q2 2026 revenue rose 8% to $7.35 billion.
Revenue and profit by year
Airbnb
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12.2B | $2.5B | 20.5% | +10.3% | Source |
| FY2024 | $11.1B | $2.6B | 23.9% | +11.9% | Source |
| FY2023 | $9.9B | $4.8B | 48.3% | +18.1% | Source |
| FY2022 | $8.4B | $1.9B | 22.5% | +40.2% | Source |
| FY2021 | $6B | -$352M | -5.9% | +77.4% | Source |
| FY2020 | $3.4B | -$4.6B | -135.7% | -29.7% | Source |
| FY2019 | $4.8B | -$674.3M | -14.0% | +31.6% | Source |
| FY2018 | $3.7B | -$16.9M | -0.5% | +42.6% | Source |
| FY2017 | $2.6B | -$70M | -2.7% | +54.7% | Source |
| FY2016 | $1.7B | -$147.3M | -8.9% | — | Source |
Booking Holdings
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $26.9B | $5.4B | 20.1% | +13.4% | Source |
| FY2024 | $23.7B | $5.9B | 24.8% | +11.1% | Source |
| FY2023 | $21.4B | $4.3B | 20.1% | +25.0% | Source |
| FY2022 | $17.1B | $3.1B | 17.9% | +56.0% | Source |
| FY2021 | $11B | $1.2B | 10.6% | +61.2% | Source |
| FY2020 | $6.8B | $59M | 0.9% | -54.9% | Source |
| FY2019 | $15.1B | $4.9B | 32.3% | +3.7% | Source |
| FY2018 | $14.5B | $4B | 27.5% | +14.6% | Source |
| FY2017 | $12.7B | $2.3B | 18.5% | +18.0% | Source |
| FY2016 | $10.7B | $2.1B | 19.9% | — | Source |
Where the revenue comes from
Airbnb
- Reservation service fees
Airbnb earns service fees from reservations for stays, experiences, and services. Revenue is recognized when the reservation occurs; gross booking value is not reported as revenue.
Booking Holdings
- Merchant Revenue66
$17.76 billion in 2025, up 25.5%. Bookings where Booking.com, Agoda or Priceline takes the traveler's payment and pays the property, plus payment-related fees, flights and car hire.
- Agency Revenue30
$7.97 billion in 2025, down 6.5% as Booking.com moved bookings to its merchant model. Commissions billed to hotels and other partners after the traveler pays them directly.
- Advertising and Other Revenue4
$1.19 billion in 2025, up 11.3%. KAYAK metasearch advertising, OpenTable restaurant software and reservation fees, and advertising sold on Booking.com.
Business model and strategy
Airbnb
How it makes money
Airbnb provides a marketplace on which hosts offer stays, experiences, and services and guests make reservations. The company recognizes service-fee revenue after a reservation occurs. Hosts provide the accommodations and other offerings, so gross booking value is the value of bookings on the platform, not Airbnb revenue.
Growth strategy
Airbnb's stated growth priorities are improving its core marketplace, expanding outside its largest markets, adding offerings beyond homes, and integrating AI into the app. The May 2025 release added services, rebuilt experiences, and an updated app; the May 2026 release added more trip services and boutique hotels in selected markets.
Competitive advantage
Airbnb's marketplace had more than 9 million active listings and 5.5 million hosts as of May 2026. Its scale, reviews, payments, host tools, and brand help connect supply and demand, while Booking Holdings, Expedia Group, and hotel companies remain significant competitors.
Booking Holdings
How it makes money
Booking Holdings earns money in three ways. Merchant revenue ($17.76 billion, 66% of FY2025 revenue) comes from bookings where Booking.com, Agoda or Priceline collects the traveler's payment, pays the property and keeps a margin plus payment-related fees. Agency revenue ($7.97 billion, 30%) is commission billed to hotels and other partners after a traveler pays them directly.
Growth strategy
Booking's strategy is the 'Connected Trip': one app and one payment for flights, stays, car hire, attractions and dining, with AI handling planning and disruptions. Flights are the fastest-growing piece, with 68 million airline tickets sold in 2025, up 37%.
Competitive advantage
Booking.com's edge is supply in markets where independent hotels and apartments dominate, especially Europe. Small properties rarely have large marketing budgets, so they list on the platform with the most travelers, and travelers go where the choice is widest. The European Commission put Booking's share of EEA hotel online travel agency services at 60% to 70% in its 2023 Etraveli decision.
Questions about Airbnb vs Booking Holdings
Which company has higher revenue — Airbnb, Inc. or Booking Holdings Inc.?
Airbnb, Inc. reported $12.2B (FY2025), while Booking Holdings Inc. reported $26.9B (FY2025). By last reported revenue, Booking Holdings Inc. is the larger business, with Airbnb, Inc. reporting a smaller revenue base.
What is the market cap of Airbnb, Inc. vs Booking Holdings Inc.?
Airbnb, Inc.'s market capitalisation stands at $94.9B, while Booking Holdings Inc.'s is $122.4B. Booking Holdings Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Airbnb, Inc..
Which is more financially efficient — Airbnb, Inc. or Booking Holdings Inc.?
Airbnb, Inc. generates $1.49M / employee in revenue per employee, while Booking Holdings Inc. generates $1.11M / employee. Airbnb, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Airbnb, Inc. and Booking Holdings Inc. make money?
Airbnb, Inc. and Booking Holdings Inc. generate revenue in fundamentally different ways. Airbnb, Inc.: Airbnb provides a marketplace on which hosts offer stays, experiences, and services and guests make reservations. Booking Holdings Inc.: Booking Holdings earns money in three ways.
Which company is valued higher relative to revenue — Airbnb, Inc. or Booking Holdings Inc.?
On a price-to-sales (P/S) basis, Airbnb, Inc. trades at 7.8x P/S and Booking Holdings Inc. at 4.5x P/S. Airbnb, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Booking Holdings Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Airbnb, Inc. bigger than Booking Holdings Inc.?
By last reported revenue, Booking Holdings Inc. ($26.9B (FY2025)) is the larger company compared to Airbnb, Inc. ($12.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Airbnb vs Booking Holdings overview