| Stage | BKNG | % of rev | EXPE | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $7.4B | 100.00% | $4.3B | 100.00% | BKNG ×1.70 |
| Gross profit | $7.4B | 100.00% | $4.3B | 100.00% | 0.0pp |
| Operating income | $2.5B | 34.00% | $800M | 18.54% | BKNG +15.5pp |
| Pre-tax income | $2.6B | 34.82% | $1.0B | 23.80% | BKNG +11.0pp |
| Net income | $1.9B | 26.52% | $875M | 20.28% | BKNG +6.2pp |
| Stage | BKNG | EXPE | Gap · A − B |
|---|---|---|---|
| Revenue | $7.4B100.00% | $4.3B100.00% | BKNG ×1.70 |
| Gross profit | 100.00%$7.4B | 100.00%$4.3B | 0.0pp |
| Operating income | 34.00%$2.5B | 18.54%$800M | BKNG +15.5pp |
| Pre-tax income | 34.82%$2.6B | 23.80%$1.0B | BKNG +11.0pp |
| Net income |
| 26.52%$1.9B |
| 20.28%$875M |
| BKNG +6.2pp |
None
BKNG · AAL 10-KFeb 18 '26
“Passengers can purchase tickets for travel on American and American Eagle through several distribution channels, including our website ( www.aa.com ), our mobile app and our reservations centers, and through third-party distribution channels, including conventional travel agents, travel management companies and online travel agents (OTAs) (e.g., Expedia, including its booking sites Orbitz and Travelocity, and Booking Holdings, including its booking sites Kayak and Priceline).”
EXPE · AAL 10-KFeb 18 '26
“Passengers can purchase tickets for travel on American and American Eagle through several distribution channels, including our website ( www.aa.com ), our mobile app and our reservations centers, and through third-party distribution channels, including conventional travel agents, travel management companies and online travel agents (OTAs) (e.g., Expedia, including its booking sites Orbitz and Travelocity, and Booking Holdings, including its booking sites Kayak and Priceline).”
BKNG · H 10-KFeb 13 '26
“However, consumers worldwide routinely use internet travel intermediaries such as Expedia.com, Booking.com, and Trip.com, as well as lesser-known online travel service providers, to book travel.”
EXPE · H 10-KFeb 13 '26
“However, consumers worldwide routinely use internet travel intermediaries such as Expedia.com, Booking.com, and Trip.com, as well as lesser-known online travel service providers, to book travel.”
BKNG · CHH 10-KFeb 19 '26
“Our central reservations system is a critical technology used to deliver guests to our franchisees through multiple channels, including our call centers, proprietary web and mobile sites, global distribution systems (e.g., SABRE, Amadeus), online travel agents ("OTAs") (e.g., Expedia, Booking.com), and internet referral or booking services (e.g., Kayak, Tripadvisor).”
EXPE · CHH 10-KFeb 19 '26
“Our central reservations system is a critical technology used to deliver guests to our franchisees through multiple channels, including our call centers, proprietary web and mobile sites, global distribution systems (e.g., SABRE, Amadeus), online travel agents ("OTAs") (e.g., Expedia, Booking.com), and internet referral or booking services (e.g., Kayak, Tripadvisor).”