Analyst Estimate Suggests Booking Holdings' B2B Room Nights Top Expedia's

A research note from BTIG analyst Jake Fuller, published Thursday, estimates that Booking Holdings' B2B business booked roughly 196 million room nights in the past 12 months. That figure is about 15% higher than the approximately 170 million room nights booked through Expedia's partner business.

Fuller noted that industry consensus has long held that Booking's B2B operations are small, in part because the company does not disclose financials for that segment. Expedia, by contrast, publicly reports its B2B revenue, which has reinforced perceptions of its leadership in the wholesale travel market.

Expedia's B2B segment grew revenue 23% to $1.5 billion in the second quarter, compared with 8% growth at its larger consumer business, which generated $2.7 billion. The public data has been a key reference point for investors assessing the competitive balance in travel's B2B space.

If Fuller's estimate is accurate, Booking's B2B volume has quietly surpassed that of its rival, potentially reshaping how online travel agencies compete for bank, airline, and other partner distribution channels. Booking is currently reorganizing its B2B operations, which could further shift the dynamics.

The findings challenge an assumption that has persisted for years and may prompt a closer look at the true scale of Booking's wholesale business. The reorganization and the new competitive picture could have significant implications for the broader online travel agency landscape.