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Booking Holdings Inc.
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NASDAQ: BKNG Consumer Discretionary Travel Services 🔎 Screen
S&P 500 Nasdaq 100
$132.9B
Market Cap
17.6
P/E
1.27
PEG
60.9%
ROCE
—
ROE
—
D/E
34.9%
OPM
-26.1%
% from 52W High
29
α RS
🔍 BKNG is showing a multi-screen setup because it matches 7 of 39 tracked screener presets, Sector RRG has Consumer Discretionary in the Leading quadrant with the trail still strengthening, and an ECS of 64.2 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 7/39 · Consumer Discretionary in Leading quadrant · ECS 64.2
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🌏 Global Investor Returns
Currency-adjusted total returns for BKNG including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Peer Medians
About

Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally. The company operates Booking.com, which offers online accommodation reservations; and Priceline, which provides discount travel reservations services, as well as online accommodation, flight, rental car reservation services, vacation packages, cruises, activity, and affiliate programs. It also operates Agoda that offers online accommodation reservation, flight, ground transportation, and attractions. In addition, the company operates KAYAK, an online meta-search service that allows consumers to search and compare travel itineraries and prices; and OpenTable for booking online restaurant reservations, as well as reservation management services to restaurants. Further, it offers travel-related insurance products, payment facilitation, and restaurant management services to consumers, travel service providers, and restaurants; and advertising services. The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018. Booking Holdings Inc. was founded in 1997 and is headquartered in Norwalk, Connecticut.

Key Ratios Snapshot
📈 Growth Pattern
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 7.4K $31.1M 0.04% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$7.4B
+8% YoY
Net Income
$2.0B
+118% YoY
Adjusted EBITDA
$2.6B
+9% YoY
Adjusted EPS
$2.54
+15% YoY
Room Nights
325M
+5% YoY
What Went Right
  • Room nights, gross bookings, revenue and adjusted EBITDA all exceeded the high end of Q2 guidance.
  • Adjusted EBITDA margin expanded ~40bps to 36.0%; adjusted EPS grew 15% to $2.54.
  • Transformation run-rate savings target raised to ~$650M, adding flexibility for growth investments.
  • Returned $4.1B to shareholders, including $3.7B of buybacks, with free cash flow of $3.6B.
What to Watch
  • Middle East conflict still pressuring long-haul international travel, flight capacity and ticket prices; impact assumed to persist through Q3.
  • SEO headwinds continue across consumer internet and AI referrals remain below 1% of room nights.
  • Marketing expenses grew 11%, faster than 9% gross bookings growth, as performance marketing spend increased.
  • Full-year gross bookings outlook was reduced on lower flight-ticket growth expectations.
Management Guidance
  • Q3: room nights +3-5%; gross bookings, revenue and adjusted EBITDA +4-6% YoY.
  • Q3: constant-currency gross bookings and revenue +5-7% YoY.
  • FY2026: reported gross bookings, revenue and adjusted EBITDA up high single digits; adjusted EPS up low to mid-teens.
  • FX: ~1pp negative impact to Q3 gross bookings/revenue; ~+1.5pp gross bookings and ~+1pp revenue benefit for full year.
Investor Lens
The thesis is stronger after this print: Booking beat on all key metrics and raised transformation savings while keeping direct mix stable in the mid-60%s. The main offset remains the Middle East-related drag on long-haul and flights, and management conservatively assumes that persists through Q3. Underlying domestic and intraregional demand, Connected Trip growth in the low double digits, and AI/customer-service efficiencies support the long-term margin and investment story. Capital returns remain substantial, with $4.1B returned in the quarter.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong beat: revenue +8% to $7.4B, Adjusted EBITDA +9%.
Revenue
Revenue grew 8% YoY (7% constant currency) to $7.4B; gross bookings rose 9% to $51.0B. Growth was led by resilient domestic demand, with U.S. room nights up high single digits and Europe/Asia up mid-single digits.
Profitability
Net income was $2.0B, up 118% YoY, and adjusted net income grew 8%. Adjusted EPS rose 15% to $2.54, helped by a 6% lower share count, while adjusted EBITDA increased 9% to $2.6B.
Margins
Adjusted EBITDA margin expanded ~40bps to 36.0%; net income margin improved to 26.5% from 13.2%. Marketing was 4.7% of gross bookings (up from 4.6%), and adjusted fixed operating expenses grew 6%, slower than revenue.
Balance Sheet
Cash and investments ended Q2 at $17.7B, up $1.2B sequentially. Free cash flow was $3.6B in the quarter; the company returned $4.1B to shareholders, including $3.7B of buybacks, while raising $3B and paying down $1B of debt.
Key Risks
Management highlighted the Middle East conflict as the main demand risk, including elevated airfares, reduced capacity and soft long-haul travel, with guidance assuming that persists through Q3. SEO pressure continues and AI-driven referrals are still a sub-1% contributor to room nights. Consumer behavior showed modestly shorter booking windows and length of stay, though these normalized in June.
Outlook
For Q3, Booking expects room nights +3-5% and gross bookings, revenue and adjusted EBITDA +4-6% YoY. For full year 2026, it expects gross bookings, revenue and adjusted EBITDA up high single digits and adjusted EPS up low to mid-teens.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Exceeded guidance with 5% room night and 9% gross bookings growth, strong domestic demand, and robust capital returns. Transformation program raised savings target to $650M, while guidance anticipates continued resilience despite Middle East conflict and FX headwinds.
Q1 2026 Q1 2026 2026-04-28
Q1 2026 delivered strong growth in bookings, revenue, and profitability, despite a 2-point headwind from the Middle East conflict. U.S. and Asia led segment gains, with robust direct channel and alternative accommodation growth. Full-year guidance remains solid, assuming recovery in H2.
Q4 2025 Q4 2025 2026-02-18
Delivered strong 2025 results with double-digit growth in bookings, revenue, and margins, driven by resilient travel demand, cost efficiencies, and strategic investments in AI and global expansion. 2026 guidance calls for continued top-line growth, margin expansion, and increased shareholder returns.
Q3 2025 Q3 2025 2025-10-28
Double-digit growth in gross bookings, revenue, and adjusted EBITDA exceeded expectations, driven by robust demand across all regions and strong performance in alternative accommodations, flights, and attractions. Full-year guidance was raised, with continued momentum in direct bookings, loyalty, and AI innovation.
Q2 2025 Q2 2025 2025-07-29
Second quarter results exceeded expectations with strong growth in room nights, gross bookings, and revenue, driven by robust global demand and strategic initiatives in alternative accommodations and AI. Full-year guidance was raised, with continued focus on operating leverage and innovation.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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