Booking management used to brag how they’re outgrowing Airbnb during 2023-24 period despite being larger of the two. As I have laid out my case back in October 2025, Booking’s faster growth was largely due to geographical mix and nothing structural in nature. Indeed, since then, Airbnb’s GBV (FXN) grew ~200 bps faster in 3Q’25 and 4Q’25 and the gap widened by 500 bps in 1Q’26. Looking at their respective guide for Q2, their respective growth is expected to materially diverge even more to Airbnb’s favor. Of course, Booking was more exposed to the war in Iran and they expect a 300 bps headwind from the war in Q2 (vs ~100 bps for Airbnb). As you can see, even with such adjustments, Airbnb’s growth is comfortably ahead of Booking