Booking Holdings Inc. (BKNG) Earnings

Booking Holdings Inc.

BKNG · NASDAQ-GS

Sep 2026upcoming

Next quarter

Consensus is $4.54 EPS for Sep 2026 across 8 estimates, ranging $4.47 to $4.62.

BKNG Jun 2026

Reported Aug 4, 2026

Beat 3.67%

EPS estimate: $2.45
EPS actual: $2.54
Revenue estimate: —
Revenue actual: —
1-day move: —

Highlights

Second-quarter revenue was $7,352 million, up 8.1% year over year from $6,798 million; six-month revenue was $12,884 million, up 11.5%.
Merchant revenue increased 15.0% to $5,127 million, while agency revenue declined 6.9% to $1,903 million and advertising and other revenue rose 8.1% to $322 million.
Total gross bookings rose 9.0% to $50,957 million, including merchant gross bookings of $36,996 million, up 14.5%, and agency gross bookings of $13,961 million, down 3.3%.
Room nights increased 5.3% to 325 million, flight tickets rose 3.7% to 17 million, and rental car days declined 6.5% to 23 million; global ADRs increased approximately 2% on a constant-currency basis.
Segment Adjusted EBITDA less Capex increased to $2,631 million from $2,436 million; additions to property and equipment were $80 million versus $60 million, while marketing expense rose 10.8% to $2,371 million.

Analysis

No consensus figures are available, so the quarter cannot be assessed against an external earnings expectation. Revenue increased 8.1% year over year to $7,352 million, supported primarily by the merchant business, whose revenue rose 15.0% as Booking.com continued shifting transactions from agency to merchant. Agency revenue fell 6.9%, while advertising and other revenue grew 8.1%, helped by OpenTable and Booking.com advertising. Total gross bookings rose 9.0%, with room-night growth and higher ADRs partly offset by weaker rental-car activity. Room nights grew 5.3%, slowing from 6% in the first quarter, as Middle East-related disruption reduced long-haul demand. Marketing expense grew faster than bookings and revenue, reaching 32.2% of revenue versus 31.5% last year, partly because of declining SEO traffic and paid-channel investment. Revenue as a percentage of gross bookings declined to 14.4% from 14.5%. Segment Adjusted EBITDA less Capex improved to $2,631 million from $2,436 million.

Guidance

No formal forward revenue, earnings, room-night, margin, or capex guidance was provided in the supplied material. Management expects the transformation program to produce approximately $650 million of annual run-rate savings, with the majority of incremental savings above the approximately $550 million level enabled at the end of 2025 expected in 2027. Restructuring costs and accelerated investments are expected to be largely incurred by the end of 2027 and estimated, in aggregate, at less than one times expected annual run-rate savings. Management cautioned that Connected Trip growth could pressure margins through greater non-accommodation mix.

What drove it

Merchant shift: Merchant gross bookings increased 14.5% to $36,996 million, while merchant revenue rose 15.0% to $5,127 million.
Travel volumes: Room nights rose 5.3% to 325 million and flight tickets increased 3.7% to 17 million, while rental car days fell 6.5% to 23 million.
Marketing investment: Marketing expense increased 10.8% to $2,371 million and reached 32.2% of revenue, compared with 31.5% in the prior-year quarter.
Transformation savings: Expected annual run-rate savings from the transformation program increased to approximately $650 million, with most incremental savings expected in 2027.

Watch items

Global room-night growth slowed to 5% in the second quarter from 6% in the first quarter as the Middle East conflict affected flight prices, route capacity, and long-haul international demand.
Marketing expense grew 11% year over year, and marketing efficiency was pressured by declining SEO traffic, paid-traffic mix changes, and lower returns on some channels.
The shift toward merchant transactions increases personnel, payment-processing, chargeback, and other variable costs; management said these expenses can pressure operating margins.
Rental car days declined 6.5% in the quarter, while the Connected Trip strategy and alternative accommodations may also reduce margins because of lower-margin services and additional operating costs.

Booking Holdings Inc. Jun 2026 filing

Symbol: BKNG
Type: Stock
Sector: Consumer Discretionary
Industry: Transportation Services
Country: North America
Exchange: NASDAQ-GS

Booking Holdings (NASDAQ: BKNG) is the world leader in online travel and services that support the entire travel journey. Our platforms - including Booking.com, Priceline, Agoda, KAYAK and OpenTable - utilize advanced AI, machine learning and other innovative technologies to simplify and personalize the travel experience for consumers and partners in over 220 countries and territories. Our mission is to make it easier for everyone to experience the world. For more information, visit BookingHoldings.com and follow us on X @BookingHoldings.

Key Issues

Bullish view

Booking exceeded second-quarter earnings and revenue estimates by 3.67% and 2.26%, respectively, while reported income increased year over year. Those results support the view that operating momentum remains strong.

Bearish view

The stock still finished the period below its July 28 close, and the largest weekly decline occurred before the earnings release. The market may therefore require more than a quarterly beat to revalue the shares.

Analyst Consensus

See all

Buy

31 analysts

$207

Current

—

Low

$220

Average

—

High

Average target implies +6.34% versus the current price.

Earnings History

BeatMissNo estimate