Financial research concept

Online Travel Merchant Gross Bookings

Online Travel Merchant Gross Bookings measures the gross value of travel reservations for which the platform facilitates traveler payment under a merchant model.

By Lee BaileyPublished Sep 23, 2026
Research context

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Research date
Sep 23, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
15 connected conceptsPart of the reviewed Online Travel Marketplace Economics; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. Why it matters
  2. Investor caution
  3. Part of the Online Travel Marketplace Economics
  4. See It in Company Research
  5. Continue Research

Online Travel Merchant Gross Bookings measures the gross value of travel reservations for which the platform facilitates traveler payment under a merchant model.

Booking Holdings reported $130.025 billion of merchant gross bookings in 2025, up 24.8% from 2024.

Why it matters

Merchant gross bookings show the transaction volume flowing through the platform's payment-facilitated model and help reveal shifts in payment architecture.

Investor caution

Gross bookings are generally inclusive of taxes and fees and net of cancellations. They are not revenue, and merchant treatment can differ across platforms.

Source:

Part of the Online Travel Marketplace Economics

Connect booked travel units, merchant and agency gross-booking mix, and marketplace revenue monetization to understand online travel transaction flow.

How the model fits together
  • Booked travel unit growth: Room nights, rental car days, and airline tickets measure booked marketplace units across accommodations, ground transportation, and flights. Their year-over-year growth rates separate unit expansion from changes in price, foreign exchange, gross-booking mix, and monetization.
  • Merchant and agency booking mix: Merchant and agency gross bookings split marketplace transaction value by whether Booking facilitates traveler payment. Total gross bookings combine both models. Merchant growth can therefore reflect both underlying travel demand and migration from agency to merchant transactions, while total gross bookings remain transaction value rather than revenue.
  • Marketplace monetization: Merchant revenue and agency revenue show how the two booking models monetize, while total revenue as a percentage of gross bookings provides a high-level monetization ratio. That ratio is not a standardized take rate because payment facilitation, advertising and other revenue, flight mix, foreign exchange, taxes, fees, and accounting presentation can affect it.

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

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