Amazon and Booking Holdings reported contrasting quarterly revenue patterns over the past two years, with Amazon sustaining a massive scale advantage while Booking experienced sharper seasonal swings. Amazon's revenue ranged from $148.0 billion in Q2 2024 to $213.4 billion in Q4 2025, driven by holiday shopping and cloud growth, while Booking's revenue fluctuated between $4.8 billion and $9.0 billion, peaking in summer travel quarters. In the most recent quarter ended March 2026, Amazon posted $181.5 billion, a 17% year-over-year increase, and Booking reported $5.5 billion, up 16% year-over-year. Booking warned that the U.S. conflict with Iran could hurt upcoming travel sales, sending its stock to a 52-week low of $150.14 in May, while Amazon's shares fell from a 52-week high of $278.56 amid heavy AI infrastructure spending that caused Q1 free cash flow to plunge 95% year-over-year.
Amazon.com IncHeavy AI infrastructure spending caused Q1 free cash flow to plunge 95% year-over-year.
Booking Holdings IncBooking warned that the U.S. conflict with Iran could hurt upcoming travel sales.