Compare · Consumer Discretionary
Airbnb vs. Booking Holdings: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Airbnb
1 · What it sells
Airbnb runs an online marketplace where over 5 million hosts offer stays, experiences and services, and it earned $12.2 billion of revenue in FY2025 from the service fees it charges.
Sources and detail on the Airbnb page2 · Who pays it
Guests and hosts both pay service fees, with no split disclosed, and by listing location 42.4% of FY2025 revenue came from North America, 38.6% from Europe, the Middle East and Africa, 9.5% from Latin America and 9.4% from Asia Pacific.
Sources and detail on the Airbnb page3 · What it keeps from $100
Of every $100 that came in during FY2025, Airbnb kept $19.4 as net income, which includes $705 million of interest on its cash and a one-time $213 million valuation allowance against its CAMT tax credits, partly offset by a one-time tax release; operating income was $20.8 per $100.
Sources and detail on the Airbnb page4 · Where the operating profit comes from
Airbnb reports one operating segment and no profit by region or product, so its $2,544 million of FY2025 income from operations cannot be traced to a source; its largest cost was $2.6 billion of sales and marketing.
Sources and detail on the Airbnb page5 · The one thing to watch
Stock-based compensation was $1.6 billion in FY2025, 13.0% of revenue, while Airbnb spent about $3.8 billion buying back shares that year.
Sources and detail on the Airbnb page
Booking Holdings
1 · What it sells
Booking Holdings runs Booking.com, Priceline, Agoda, KAYAK and OpenTable, where travelers booked 1,235 million room nights in FY2025, bringing in $26.9 billion of revenue.
Sources and detail on the Booking Holdings page2 · Who pays it
In FY2025, bookings where Booking took the traveler's payment gave 66.0% of revenue, commissions paid by hotels and hosts on stays travelers paid them for directly 29.6%, and advertising, referral and restaurant fees 4.4%.
Sources and detail on the Booking Holdings page3 · What it keeps from $100
Of every $100 that came in during FY2025, Booking kept $19.3 as net income, after $1.5 billion of currency losses mostly on euro debt, while operating income was $32.8 per $100 of revenue.
Sources and detail on the Booking Holdings page4 · Where the operating profit comes from
Booking reports one segment and no profit by brand; operating income was $8.8 billion in FY2025 after marketing, its biggest cost, took $30.4 of every $100 of revenue.
Sources and detail on the Booking Holdings page5 · The one thing to watch
Booking recorded a $900 million revenue reduction and a $100 million accrual in Q3 FY2026 for an unsettled FTC matter at Priceline, and its 10-Q says the FTC may seek more than these amounts.
Sources and detail on the Booking Holdings page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Airbnb
Where $100 went · FY2025
| Cost of revenue | $16.1 |
|---|---|
| Operations and support | $10.3 |
| Product development | $18.2 |
| Sales and marketing | $20.0 |
| General and administrative | $10.4 |
| Other expense, net | $0.9 |
| Income tax | $4.8 |
| Kept as net income | $19.4 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus interest income): each line = line ÷ $12,946 million × 100.
Booking Holdings
Where $100 went · FY2025
| Marketing | $29.2 |
|---|---|
| Sales and other costs | $12.3 |
| Personnel | $12.1 |
| Technology, admin, depreciation, write-down | $10.9 |
| Interest and currency losses | $11.1 |
| Income tax | $5.1 |
| Kept as net income | $19.3 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $26,917 million + interest, dividends and investment gains $1,130 million = $28,047 million): each line = line ÷ $28,047 million × 100. Currency losses of $1,491 million, mostly on euro-denominated debt, sit in the interest line.
Line items differ because each company groups its costs its own way in its filings. Only on Airbnb's receipt: Cost of revenue; Operations and support; Product development; Sales and marketing; General and administrative; Other expense, net. Only on Booking Holdings' receipt: Marketing; Sales and other costs; Personnel; Technology, admin, depreciation, write-down; Interest and currency losses.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Airbnb
Booking Holdings
See the numbers
Net income
Airbnb
Booking Holdings
See the numbers
Free cash flow
Airbnb
Booking Holdings
See the numbers
Who pays each company
Airbnb
- North America · 42.4% of revenue$5.2 billion of FY2025 revenue from listings in the region, up 3.8% from FY2024 (Cityfort calculation from the FY2025 10-K).
- Europe, the Middle East and Africa · 38.6% of revenue$4.7 billion of FY2025 revenue, up 14.4% from FY2024.
- Latin America · 9.5% of revenue$1.2 billion of FY2025 revenue, up 19.7% from FY2024.
- Asia Pacific · 9.4% of revenue$1.2 billion of FY2025 revenue, up 16.5% from FY2024.
- Guests versus hostsBoth pay service fees. Airbnb does not disclose how much of its revenue comes from each.
Booking Holdings
- Travelers who pay Booking when they book (merchant) · 66.0% of revenueBooking takes the traveler's payment, keeps its commission or margin plus payment-related fees, and pays the property. Most of this revenue comes from Booking.com stays.
- Hotels and home owners paying commission (agency) · 29.6% of revenueThe traveler pays the property directly, and the property pays Booking a commission. Almost all of it comes from Booking.com accommodation.
- Advertisers, travel sites and restaurants (advertising and other) · 4.4% of revenueKAYAK's referral and ad fees, OpenTable's reservation and subscription fees from restaurants, and ads on Booking's other brands.
Revenue by segment
Airbnb
FY2025
| Segment | Revenue | Share |
|---|---|---|
| North America | $5.2B | 42.4% |
| Europe, the Middle East and Africa | $4.7B | 38.6% |
| Latin America | $1.2B | 9.5% |
| Asia Pacific | $1.2B | 9.4% |
Booking Holdings
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Merchant | $17.8B | 66.0% |
| Agency | $8.0B | 29.6% |
| Advertising and other | $1.2B | 4.4% |
Debt and cash
Airbnb
- Debt
- $2.4B
- Cash and investments
- $12.6B
On Sep 30, 2026.
At Sep 30, 2026 Airbnb's cash and short-term investments of $12.6 billion exceeded its $2.4 billion of debt by $10.2 billion.
Booking Holdings
- Debt
- $20.1B
- Cash and investments
- $16.2B
On Sep 30, 2026.
At Sep 30, 2026 Booking's debt of $20.1 billion exceeded its cash and long-term investments of $16.2 billion by $3.8 billion, about 42% of FY2025 free cash flow of $9.1 billion.
Sources: Airbnb S5, S15, S1, S3, S4 · Booking Holdings S5, S8, S1, S3, S22, S23
Who owns each company
Airbnb
- 3 classes of shares (votes per share: Class A common stock 1, Class B common stock 20, Class H common stock 0).
- Brian Chesky (co-founder, CEO): 35.6% of its class, 31.9% of votes (as of Apr 8, 2026).
- Nathan Blecharczyk (co-founder, Chief Strategy Officer): 34.8% of its class, 31.1% of votes (as of Apr 8, 2026).
- Joseph Gebbia (co-founder, director): 19.7% of its class, 17.6% of votes (as of Apr 8, 2026).
- 2 more holders on the Airbnb page.
Booking Holdings
- One class of shares.
- Officers and directors as a group: 0.2% of shares (as of Mar 16, 2026).
- BlackRock: 8.2% (as of Mar 16, 2026).
- Vanguard Capital Management: 7.6% (as of Mar 31, 2026).
Sources: Airbnb S14, S5, S18, S19, S20, S21 · Booking Holdings S16, S5, S24, S25
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: legal cases, regulation, competition, currency. Every risk is on each company's page.
Airbnb
- Founders control the votes (governance)Class B shares carry 20 votes each and held 88.5% of the votes on Oct 15, 2026 (Cityfort calculation from the Q3 FY2026 10-Q cover). Officers and directors as a group held 80.6% of the votes on Apr 8, 2026.
- Large stock-based pay (other)Stock-based compensation was $1,592 million in FY2025, 13.0% of revenue and 63% of net income, and $1,359 million in the first nine months of 2026. Airbnb also paid $561 million of employee taxes on shares it held back in FY2025.
Booking Holdings
- Travel demand (demand)Management said demand moderated toward the end of Q3 FY2026, and October was hit by Middle East disruption, higher airfares and unrest in some European cities. Its Q4 FY2026 outlook is room nights up 1% to 3%.
- More debt as buybacks exceed free cash flow (debt)Debt rose from $14.2 billion at Dec 31, 2023 to $20.1 billion at Sep 30, 2026. In the first nine months of 2026, buybacks of $9.9 billion and dividends of $1.0 billion exceeded free cash flow of $7.8 billion.
Sources: Airbnb S5, S14, S1 · Booking Holdings S8, S28, S3, S20
Key facts
- How does Airbnb make money compared with Booking Holdings?
- Airbnb's revenue by segment in FY2025: North America 42.4%, Europe, the Middle East and Africa 38.6%, Latin America 9.5%, Asia Pacific 9.4%. Booking Holdings' revenue by segment in FY2025: Merchant 66.0%, Agency 29.6%, Advertising and other 4.4%.
- Which is bigger by revenue, Airbnb or Booking Holdings?
- Airbnb reported $12.2B of revenue in FY2025, and Booking Holdings reported $26.9B in FY2025.
- How much net income did Airbnb and Booking Holdings report?
- Airbnb reported net income of $2.5B in FY2025, and Booking Holdings reported $5.4B in FY2025.
- How much of every $100 did Airbnb and Booking Holdings keep as net income?
- Airbnb kept $19.4 of every $100 that came in during FY2025, and Booking Holdings kept $19.3 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Airbnb and Booking Holdings have?
- Airbnb had $2.4B of debt and $12.6B of cash and investments on Sep 30, 2026. Booking Holdings had $20.1B of debt and $16.2B of cash and investments on Sep 30, 2026.
- When do Airbnb's and Booking Holdings' fiscal years end?
- Airbnb: Dec 31. Booking Holdings: Dec 31.
Sources: Airbnb S3, S4, S1, S2, S5, S15 · Booking Holdings S3, S1, S5, S8, S22, S23
Built from each company's page. Airbnb updated Nov 6, 2026; Booking Holdings updated Nov 6, 2026.
Sources
Airbnb
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Airbnb, Inc. (SEC EDGAR), Feb 12, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024), Airbnb, Inc. (SEC EDGAR), Feb 13, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Airbnb, Inc. (SEC EDGAR), Feb 16, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), Airbnb, Inc. (SEC EDGAR), Feb 17, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), Airbnb, Inc. (SEC EDGAR), Nov 5, 2026
- S142026 proxy statement (DEF 14A), Airbnb, Inc. (SEC EDGAR), Apr 24, 2026
- S15Form 8-K filed Mar 16, 2026 (senior notes offering; repayment of 2026 convertible notes), Airbnb, Inc. (SEC EDGAR), Mar 16, 2026
- S18Schedule 13G, Vanguard Capital Management (Class A, event date Mar 31, 2026), SEC EDGAR, Apr 29, 2026
- S19Schedule 13G/A, Brian Chesky (Class A, event date Jun 30, 2026), SEC EDGAR, Aug 14, 2026
- S20Schedule 13G/A, Nathan Blecharczyk (Class A, event date Jun 30, 2026), SEC EDGAR, Aug 14, 2026
- S21Schedule 13G/A, Joseph Gebbia (Class A, event date Jun 30, 2026), SEC EDGAR, Aug 14, 2026
Booking Holdings
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Booking Holdings Inc. (SEC EDGAR), Feb 18, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Booking Holdings Inc. (SEC EDGAR), Feb 22, 2024
- S5Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026), Booking Holdings Inc. (SEC EDGAR), Nov 3, 2026
- S8Q3 2026 earnings release (8-K Exhibit 99.1), Booking Holdings Inc. (SEC EDGAR), Nov 3, 2026
- S162026 proxy statement (DEF 14A), Booking Holdings Inc. (SEC EDGAR), Apr 21, 2026
- S20Free writing prospectus filed May 5, 2026 (pricing term sheet, euro senior notes due 2030, 2034 and 2039), Booking Holdings Inc. (SEC EDGAR), May 5, 2026
- S228-K filed May 11, 2026 (Items 1.01, 2.03: euro senior notes issued), Booking Holdings Inc. (SEC EDGAR), May 11, 2026
- S238-K filed May 7, 2026 (Items 1.01, 2.03: 5.375% senior notes due 2036 issued), Booking Holdings Inc. (SEC EDGAR), May 7, 2026
- S24Schedule 13G filed Apr 29, 2026 by Vanguard Capital Management, Booking Holdings Inc. (SEC EDGAR), Apr 29, 2026
- S25Schedule 13G/A filed Mar 26, 2026 by The Vanguard Group, Booking Holdings Inc. (SEC EDGAR), Mar 26, 2026
- S28CEO and CFO prepared remarks, Q3 2026 earnings call, Booking Holdings Inc. (ir.bookingholdings.com), Nov 3, 2026
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