BKNG · 10-Q · 2026Q3 · Full report

Merchant Agency Booking Mix

Booking Holdings Inc. · 2026-11-03 · Importance 60 · Surprise 40

Merchant bookings represented 75% of company gross bookings in the third quarter of 2026, up from 72% a year earlier, reflecting Booking.com’s continuing shift from agency to merchant transactions. Third-quarter merchant gross bookings increased 13.9% year over year, while agency gross bookings decreased 1.3%; the nine-month changes were up 17.4% and down 2.6%, respectively. Growth in merchant bookings also reflected accommodation and flight reservation services at Booking.com and Agoda. The company is expanding payment options and transaction flexibility for travelers and travel providers as part of its Connected Trip strategy.

Key facts

• Q3 2026 merchant gross bookings were $40.712 billion, up 13.9% year over year; agency gross bookings were $13.749 billion, down 1.3%; total gross bookings were $54.461 billion, up 9.6%. source
• For the first nine months of 2026, merchant gross bookings were $116.443 billion, up 17.4% year over year; agency gross bookings were $42.733 billion, down 2.6%; total gross bookings were $159.177 billion, up 11.3%. source
• Merchant bookings were 75% of total gross bookings in Q3 2026, up from 72% in Q3 2025, due to the ongoing agency-to-merchant shift at Booking.com. source
• Over the trailing twelve months ended September 30, 2026, incremental revenues from facilitating payments exceeded associated incremental variable expenses. source
• Merchant gross bookings increased and agency gross bookings decreased in Q3 and the first nine months of 2026 partly due to Booking.com's ongoing shift from agency to merchant bookings. source
• Merchant transaction costs increased sales and other expenses by $72 million in Q3 2026 and $221 million in the first nine months, related to Booking.com's agency-to-merchant shift. source