BKNG · Earnings call · 2026Q3T · Full report

Distribution Channels

Booking Holdings Inc. · 2026-11-03 · Importance 31 · Surprise 32

Booking.com’s B2C direct mix remained in the mid-60% range over the past four quarters, with direct room nights growing in line with the broader business and room nights from direct website and mobile-app visits increasing year over year. Mobile-app bookings represented a high-50% share of room nights, up from the mid-50% range a year earlier, and the U.S. had another consecutive quarter of direct-channel growth. LLM referrals accelerated in recent weeks but remained significantly below 1% of Booking.com room nights; management said organic referrals rose after new ChatGPT models improved citation rates and paid referrals were growing as the company expanded and refined its OpenAI partnership. B2B volumes grew, and Booking Holdings plans to launch a combined B2B business on January 1; management characterized the associated growth in revenue-share commissions as reflecting healthy business economics.

Key facts

• Booking Holdings planned to launch a combined B2B business on January 1 and expected to provide more details on its numbers, most likely breaking them out going forward.
• OpenTable's native OpenAI integration had 190,000 seated covers in September.
• OpenTable debuted as the first dining partner with Meta's Muse personal agent.
• Agoda is a launch partner on Meta's Muse in Asia, connecting Muse directly with Agoda's new AI assistant.
• OpenTable's native OpenAI integration is one of the brand's fastest-growing channels, from a small base.
• The U.S. had another consecutive quarter of direct-channel growth in the third quarter.
• Over the past four quarters, Booking Holdings' B2C direct mix remained stable in the mid-60% range, while the mix of room nights from direct website and mobile-app visits increased year over year.
• LLM referrals still accounted for significantly less than 1% of Booking.com's room nights despite accelerating over recent weeks.