Analyst: Booking Holdings Overtakes Expedia in B2B Travel Volume

BTIG analyst Jake Fuller estimates Booking Holdings' B2B business booked about 196 million room nights over the past year, roughly 15% more than Expedia's partner business. This challenges the long-held assumption that Expedia leads in B2B travel distribution. Booking does not disclose B2B financials, while Expedia does, which may have contributed to the misperception.

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The estimate derives from BTIG's analysis of Booking's overall room-night volume against its direct consumer bookings, with the remainder attributed to B2B channels. Booking's complete absence of B2B segment reporting has historically made it difficult for analysts to gauge that operation's scale, while Expedia's public disclosures—including $1.5 billion in Q2 B2B revenue, up 23% year over year—gave the industry a clearer, though possibly incomplete, picture of the competitive landscape.

Booking's ongoing reorganization could alter how the company structures and potentially reports its B2B operations. Should Booking begin disclosing segment financials, investors and competitors would gain far greater transparency into a business that appears to rival or exceed Expedia's partner network in sheer volume, even if direct revenue