Booking Holdings Inc

Strong Q1 performance despite geopolitics (but with a material headwind) - Booked 338M room nights (+6% YoY); gross bookings $53.8B (+15%); revenue $5.5B (+16%); Adj. EBITDA ~$1.3B (+19%); Adj. EPS $1.14 (+14%). - Management estimates the Middle East conflict reduced (1) room night and gross booking growth by ~2 percentage points and (2) the headwind flowed through to profitability more than revenue (impact on Adj. EBITDA growth slightly higher than on revenue, per management).

Guidance: Q2 assumes conflict continues + recovery later; full-year outlook lowered at midpoint but still solid - Q2 outlook (reported): assumes the Middle East impact continues through end of June, including disruption in Middle Eastern inbound/outbound/intra-region demand and transit corridors (Europe–Asia). - Room nights growth: 2%–4% (implied: Middle East headwind ~3 pts in Q2 vs a “no impact” world). - Gross bookings / revenue / Adj. EBITDA: each +4% to +6%. - Full-year 2026: guidance ranges lowered at the midpoint, reflecting planning assumption that impact lasts ~4 months (through June), followed by a recovery in the second half. - Full-year targets (reported): gross bookings high single digits to low double digits, revenue high single digits, Adj. EBITDA margins expand 0–25 bps YoY, Adj. EPS low to mid-teens. - Constant-currency long-term ambition reiterated: ≥8% gross bookings growth, 8% revenue growth, 15% Adj. EPS growth (future years).

Market/regional notes: resilience outside the Middle East; U.S. and Asia remain key growth engines - U.S. room night growth accelerated for the 4th straight quarter to low teens, driven primarily by domestic demand; U.S. direct channel grew double-digit at Booking.com. - B2C direct mix held ~mid-60% in Q1 (stable/resilient), supported by mobile share (room nights high 50%) and higher Genius tier users. - Asia: growth high single digits; differentiation described as global playbook + highly localized execution (product, payments, go-to-market) across diverse markets. - Europe: up mid-single digits overall. - Rest of World (incl. Middle East): down low single digits.