BTIG Estimate: Booking Leads Expedia in B2B Room Nights
BTIG analyst Jake Fuller estimates Booking Holdings' B2B business booked ~196 million room nights over the past 12 months, about 15% more than Expedia's ~170 million. Since Booking doesn't disclose B2B financials, the industry assumed Expedia led. However, the estimate is sensitive to assumptions; minor changes could put Booking below Expedia. Expedia's B2B is growing faster (high-teens vs. high-single digits) and offers more robust white-label products. Booking plans to consolidate its three B2B units in early 2027, potentially leading to clearer disclosure.
Impact and considerations
This estimate challenges Expedia's perceived leadership in B2B, potentially impacting hotel distribution strategies and competitive dynamics. Booking's consolidation may lead to more transparent financials, offering clearer benchmarks for the industry.
Key points
- BTIG estimates Booking's B2B room nights at ~196M, 15% more than Expedia
- Booking doesn't disclose B2B financials; estimate is assumption-sensitive
- Expedia's B2B grows faster and offers more robust products
- Booking's consolidation may lead to clearer disclosure
Sources and time
- Primary source
- Skift
- Other sources
- 0
- First source publication
- 29 Aug 2026, 01:56
- Page published
- 29 Aug 2026, 02:04
- Last updated
- 29 Aug 2026, 01:56
- Original links
- Skift Feed：Booking Holdings vs. Expedia in B2B: Bombshell Estimate Says Booking Leads in Room Nights (opens in a new tab)Primary source · en · Published 29 Aug 2026, 01:56