ABNB vs BKNG: Airbnb and Booking compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Booking is the larger company, worth $123.5B, about 1.3 times Airbnb.
- Airbnb grew revenue faster over the last year (+16.5% vs +8.2%).
- Booking keeps more of each dollar of revenue as operating profit (32.9% vs 20.8%).
- On earnings, Booking is the cheaper stock (21.0x vs 40.9x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ABNB | BKNG |
|---|---|---|
| Market cap | $98.4B | $123.5B |
| Share price | $165.87 | $160.34 |
| Revenue (last fiscal year) | $12.2B | $26.9B |
| Free cash flow (last fiscal year) | — | $9.1B |
| Revenue growth, last year | +16.5% | +8.2% |
| Revenue growth per year, last 5 fiscal years | +19.6% | +25.2% |
| Operating margin | 20.8% | 32.9% |
| Net margin | 20.4% | 25.5% |
| Return on equity | 34.5% | — |
| P/E (trailing) | 40.9x | 21.0x |
| Price / free cash flow | 21.2x | 13.6x |
| EV / EBITDA | 28.8x | 12.4x |
| FCF growth the price implies | — | -0.07% |
| Dividend yield | — | 0.99% |
| Debt / equity | 2.69x | — |
| Fundamental grade | C | B |
| Superinvestors holding it | 9 | 9 |
| Insider purchases, last 12 months | 6 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Airbnb
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.0B | $2.3B | 7.2% |
| 2022 | $8.4B | $3.4B | 21.5% |
| 2023 | $9.9B | — | 15.3% |
| 2024 | $11.1B | — | 23.0% |
| 2025 | $12.2B | — | 20.8% |
Booking
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.0B | $2.5B | 22.8% |
| 2022 | $17.1B | $6.2B | 29.9% |
| 2023 | $21.4B | $7.0B | 27.3% |
| 2024 | $23.7B | $7.9B | 31.8% |
| 2025 | $26.9B | $9.1B | 32.8% |
Where the revenue comes from
Airbnb · by regions, 2025
North America$5.2B42%
Europe, the Middle East, and Africa$4.7B39%
Latin America$1.2B9%
Asia Pacific$1.2B9%
Booking · by products, 2025
Merchant revenues$17.8B66%
Agency revenues$8.0B30%
Advertising and other revenues$1.2B4%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ABNB in InvestinglyQuestions
Which is bigger, Airbnb or Booking?
Booking (BKNG), at $123.5B against $98.4B.
Is ABNB or BKNG cheaper?
By trailing P/E, Booking (21.0x) is cheaper than Airbnb (40.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, ABNB or BKNG?
Airbnb: revenue grew +16.5% over the last year, against +8.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.