BKNG · 10-Q · 2026Q3 · Full report
Competition and Consumer Regulation
Booking Holdings Inc. · 2026-11-03 · Importance 29 · Surprise 24 · In source text
Booking.com faces competition and consumer-protection investigations and proceedings across Europe, including a 2024 Spanish CNMC fine and restrictions that remain subject to appeal; the Spanish National Court suspended the decision, including payment of the fine, in February 2025. Booking.com recorded a liability for the Spanish matter as of September 30, 2026, although the amount is not stated in the provided text. In Switzerland, a 2025 Swiss Price Surveillance Office order to reduce Booking.com’s average hotel commission is suspended pending appeal and would apply for three years after a negative final judgment. France’s DGCCRF directed Agoda to change certain practices by year-end 2026, while investigations were opened in Greece in June 2025 and Hungary in August 2025.
Key facts
- In 2025, the Swiss Price Surveillance Office ordered Booking.com to reduce its average commissions for hotels in Switzerland; Booking.com appealed, and the order is suspended pending appeal. The reduction would apply for three years after a negative final judgment. source
- France's DGCCRF directed Agoda to change certain business practices by year-end 2026, and discussions about implementing the final order are ongoing. source
- In 2024, Spain's CNMC fined Booking.com and restricted certain practices, including contractual parity provisions and ranking criteria; Booking.com appealed, and the Spanish National Court suspended the decision, including payment of the fine, pending appeal in February 2025. source
- In June 2025, Greece's Hellenic Competition Commission opened a formal investigation into whether Booking.com's practices may adversely affect hotels and other online travel agencies; discussions are ongoing. source
- In August 2025, Hungary's Competition Authority opened an investigation into whether Booking.com's practices may mislead consumers; discussions are ongoing. source
- Booking Holdings Inc. recorded a liability for the Spanish CNMC matter at September 30, 2026 and December 31, 2025; the reported amounts are omitted in the provided text. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | contingent | — | In 2025, the Swiss Price Surveillance Office ordered Booking.com to reduce its average commissions for hotels in Switzerland; Booking.com… |