In Q2 2025, Booking Holdings reported an operating profit of USD 2.25 billion, representing 21% year-over-year growth.
Breaking down the 309 million room nights booked this quarter (up 8% year over year), Asia was the only region to achieve double-digit growth (in low teens), while Europe and other regions maintained high single-digit growth. The U.S. remained the weakest market, with growth in low single digits.
This marks a strategic shift: Asia is no longer just a "supplemental growth area” but is becoming Booking's primary engine of growth, forming a critical second growth curve for the future.
Asia has long been central to Booking's strategy thanks to its market scale, demographic dividend, infrastructure development, and rising income levels. With the dual-brand power of Booking.com and Agoda, the company believes it can continue tap into the region’s momentum. Management expects Asia to maintain high single-digit room night growth over the medium term.
This quarter, CEO Glenn Fogel said during the conference call: “We have talked about how we don't really think much of China as a area we're gonna be able to compete well domestically at all...It's also somewhat more problematic than we'd hoped, say, a decade ago where we had higher hopes of us being able to be a major, major player there for outbound business.”
That said, inbound travel to China is showing resilience. Fogel noted that Booking continues to benefit from rising inbound bookings made by travelers in Europe, Asia, and other regions (excluding the U.S.), which still contributes meaningfully to platform revenue.
