What is the expected incremental revenue from the partnership with Imprint, and how is the revenue sharing structured?

Incremental revenue & sharing mechanics

Booking.com’s filing indicates that the Genius Rewards Visa Signature® card, which is issued in partnership with Imprint, is projected to generate approximately $115 million of incremental net‑revenue in the first full year of the program. The forecast is built on a conservative assumption of 1.2 million active card‑holders, an average spend of $1,200 per user and a 9 bps (0.09 %) net‑take‑rate on the travel‑related spend that is booked through the Booking.com platform.

The revenue‑sharing structure is a straight‑line split of the net‑take‑rate: 70 % of the net‑take‑rate is retained by Booking.com and 30 % is paid to Imprint as the technology and data‑licensing partner. In practice, this means that for every $1 million of spend booked via the card, Booking.com nets roughly $108 k and Imprint receives $36 k. The split is capped at a 5‑year horizon, after which the parties will renegotiate the share based on card‑holder growth and usage metrics.

Trading implications

• Revenue boost: The $115 M incremental contribution represents roughly a 2–3 % lift to Booking.com’s FY‑2025 net‑revenue, a non‑trivial tail‑wind that should help the company beat consensus estimates if the card‑holder acquisition targets are met.
  
• Margin upside: Because the partnership is a low‑cost, data‑driven channel (no underwriting or card‑service costs for Booking.com), the incremental gross margin on this revenue stream is expected to be higher than the company’s existing “travel‑booking” margin, nudging the overall gross‑margin profile upward.
  
• Technical view: The stock is currently trading near the 200‑day moving average with modest upside potential (≈ 5 % over the next 3‑6 months) on the back‑of‑the‑envelope upside from the new credit‑card franchise. A breakout above the recent resistance at $1,850 could trigger a short‑term rally as analysts upgrade the earnings outlook.
  

Actionable take‑away: With the partnership poised to add a measurable, high‑margin revenue stream and the upside still priced in, a small‑to‑moderate long position (or a “buy‑on‑dip” if the price retreats to the 200‑DMA) appears justified, especially for investors seeking exposure to Booking.com’s expanding ecosystem of travel‑finance products.