Merchant Revenue — Total revenues
Booking Holdings Inc. Merchant Revenue — Total revenues decreased by 30.7% to $4.25B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 27.4%, from $3.34B to $4.25B. Over 4 years (FY 2021 to FY 2025), Merchant Revenue — Total revenues shows an upward trend with a 48.0% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
How to read this metric
An increase suggests growth in the company's merchant-model business, potentially indicating higher control over the customer experience and payment flow, while a decrease may reflect a shift toward the agency model or reduced transaction volume in merchant-facilitated bookings.
Detailed definition
Merchant revenues represent the portion of total revenue generated from travel booking transactions where the company ac...
Peer comparison
Comparable to 'Merchant' or 'Principal' revenue models in other online travel agencies and e-commerce platforms where the company manages the transaction and payment settlement.
bkng_segment_merchant_revenues_total_revenuesHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $661.00M | $1.62B | $1.04B | $1.05B | $1.75B | $2.61B | $1.78B | $1.75B | $2.77B | $3.95B | $2.47B | $2.39B | $3.45B | $4.97B | $3.34B | $2.92B | $4.46B | $6.13B | $4.25B |
| QoQ Change | — | +145.4% | -35.9% | +1.0% | +66.6% | +49.5% | -31.9% | -1.6% | +58.1% | +42.4% | -37.4% | -3.3% | +44.3% | +44.3% | -32.9% | -12.5% | +52.7% | +37.6% | -30.7% |
| YoY Change | — | — | — | — | +164.6% | +61.2% | +71.2% | +66.9% | +58.4% | +50.9% | +38.7% | +36.3% | +24.4% | +26.0% | +35.1% | +22.2% | +29.3% | +23.3% | +27.4% |
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Frequently Asked Questions
- What is Booking Holdings Inc.'s merchant revenue — total revenues?
- Booking Holdings Inc. (BKNG) reported merchant revenue — total revenues of $4.25B in Q4 2025.
- How has Booking Holdings Inc.'s merchant revenue — total revenues changed year-over-year?
- Booking Holdings Inc.'s merchant revenue — total revenues increased by 27.4% year-over-year, from $3.34B to $4.25B.
- What is the long-term trend for Booking Holdings Inc.'s merchant revenue — total revenues?
- Over 4 years (2021 to 2025), Booking Holdings Inc.'s merchant revenue — total revenues has grown at a 48.0% compound annual growth rate (CAGR), from $3.70B to $17.76B.
- What does merchant revenue — total revenues mean?
- Revenue earned from travel bookings where the company collects payment directly from the customer and retains a margin after paying the service provider.