Jim Cramer Elevates Booking Holdings as 'Superior Operator' Over Expedia in High-Profile Call

Jim Cramer, a prominent figure in financial media, has publicly positioned Booking Holdings (BKNG) as the dominant force in online travel, labeling it the 'superior operator' relative to Expedia (EXPE). The assessment comes amid heightened investor focus on digital platform scalability and margin performance in the travel sector. Cramer emphasized Booking Holdings' consistent revenue growth, noting the company reported $4.8 billion in revenue for the third quarter of 2025, a year-over-year increase of 12%. This outpaces Expedia’s $2.9 billion in third-quarter revenue, which rose 6% during the same period. Booking Holdings also reported a gross booking value of $69.6 billion in 2025, significantly surpassing Expedia’s $43.2 billion, highlighting its broader market reach. The comparison underscores the divergence in operational strategy: Booking Holdings leverages a more diversified portfolio of brands—including Booking.com, Kayak, and OpenTable—while Expedia relies heavily on its core platform and partnerships. Cramer pointed to Booking Holdings’ 37% gross margin in 2025 versus Expedia’s 32% as evidence of superior monetization and cost control. The remarks are likely to influence trading dynamics, particularly among retail investors and passive funds tracking consumer discretionary equities. Analysts note that BKNG has outperformed EXPE over the past 12 months, with a 34% gain compared to EXPE’s 18%. Market watchers are now assessing whether this strategic leadership gap will persist amid rising competition from online travel agencies and direct booking trends.