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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Booking Holdings (BKNG) investor relations material
Booking Holdings 53rd Annual Nasdaq Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.53rd Annual Nasdaq Investor Conference summary9 Dec, 2025
Key business drivers and growth strategy
Strong network effects drive customer loyalty, frequent bookings, and growth across multiple travel verticals, outpacing category specialists in flights, rental cars, and attractions.
Asia is a major growth engine, with a leading position outside Mainland China and significant ongoing investment in the region.
The 8-8-15 framework targets 8% growth in gross bookings and revenue, and 15% EPS growth, with current performance exceeding these targets on a constant currency basis.
Growth is fueled by shifts from offline to online, expansion into new verticals, and alternative accommodations, which are outgrowing traditional offerings.
U.S. market presents significant upside, with recent strong direct channel growth and alternative accommodations gaining traction.
Investment allocation and operational discipline
$170 million is being invested in growth initiatives, focusing on attractions, advertising, international expansion (notably OpenTable), and technology in Asia.
Generative AI is a key investment area, with multiple tools in development for trip planning and customer experience.
Resource allocation is highly disciplined, prioritizing high-potential opportunities and avoiding diluted investments across too many areas.
Annual planning enforces top-line growth to outpace expenses, creating room for targeted reinvestment.
Technology, AI, and customer experience
Generative AI is seen as an opportunity to expand the addressable market, accelerate online adoption, and enhance the direct customer experience.
AI-driven features like trip planners and smart search tools are improving conversion rates, speeding up bookings, and reducing cancellations.
Customer service costs have declined due to Gen AI, with faster resolution times, lower contact rates, and improved satisfaction scores.
Transformation programs are exceeding expectations, with cost savings targets raised to $500–$550 million.
Gen AI's early commercial impact
U.S. Alternative Accommodations growth importance
Resource allocation for growth initiatives
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Next Booking Holdings earnings date
Q4 202519 Feb, 2026
Next Booking Holdings earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
The online travel behemoth
If you’ve ever booked hotels, rental cars, or airplane tickets, chances are you have used some of the Booking Holdings platforms. With customers and partners in more than 220 countries, Booking is the world’s leading provider of online travel bookings and related services.
Booking was originally founded in 1997 by Jay Walker as The Priceline Group, with the online travel site Priceline.com and its famous Name Your Own Price bidding model. From 2005 through 2007, Priceline struck gold by making a number of acquisitions in the European and Asian markets, adding Booking.com, Active Hotels, and Agoda to its brand portfolio, and seizing the then fragmented online travel agency (OTA) market. Some of Booking’s main competitors are Airbnb, Expedia Group, and Trip.com Group.
The Booking universe
The Booking universe is spread over six primary consumer-facing brands: Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK, and OpenTable, as well as several subsidiary brands. Consisting of more than 28 million hotels, homes, apartments, and other unique places to stay, its gross travel bookings are growing rapidly despite taking a heavy hit during COVID-19.
The main revenue driver for Booking Holdings
Booking.com is the main revenue driver in the business, hence the company name, and earns its money through the room rates and referral fees for each reservation through the platform. These are different business models, and they are structured in two legs: The merchant leg, where prices and allocations are negotiated with the property owners and then distributed on the Booking platform. And then there is the simplified agency leg, where Booking serves as the agent and collects commission fees for passing the reservations to hotels.
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