Airbnb vs Booking.com
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Booking.com is bigger and hotel-led with paid traffic; Airbnb is smaller but higher-margin with organic demand and unique-stay supply.
At a glance
| Metric | Airbnb | Booking.com |
|---|---|---|
| Revenue | $12.2B (FY2025) | $26.9B (FY2025, Booking Holdings) |
| Profit | ~$2.8B (Net Income, FY2025) | $5.4B (GAAP Net Income, FY2025) |
| Active users | 533M Nights & Experiences Booked (FY2025) | 1.235B Room Nights Booked (FY2025) |
| Employees | ~7,300 | ~24,000 |
| Founded | 2008 | 1996 |
| HQ | San Francisco, CA | Amsterdam, Netherlands |
LLitmus Framework Score
Overall: Airbnb 92 · Booking.com 93
Customer Segment
97
95
Value Proposition
95
93
Marketing Channel
98
99
Engagement
94
90
Income Source
91
98
Asset Validation
89
96
Core Operations
86
88
Strategic Alliance
88
85
Expense Validation
93
92
Airbnb leads 5 modules, Booking.com leads 4. Overall edge: Booking.com.
Head to head
| Dimension | Airbnb | Booking.com |
|---|---|---|
| Gross bookings (FY2025) | $91.3B GBV | $186.1B |
| Revenue (FY2025) | $12.2B | $26.9B (Booking Holdings) |
| Net income | ~$2.8B (~23% margin) | $5.4B (~20% margin) |
| Supply | Homes & unique stays, 4M+ hosts | Hotels-led, 28M+ properties |
| Demand source | ~90% direct/organic | Heavy Google/metasearch ad spend |
FAQ
Is Airbnb or Booking.com a better business?
Booking.com is bigger and hotel-led with paid traffic; Airbnb is smaller but higher-margin with organic demand and unique-stay supply. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Airbnb and Booking.com's business model?
Airbnb operates in Travel / Tech (Belong anywhere), while Booking.com is Travel / Tech (Making it easier for everyone to experience the world). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Airbnb or Booking.com?
Airbnb: ~$2.8B (Net Income, FY2025). Booking.com: $5.4B (GAAP Net Income, FY2025).