Booking Holdings Inc
BKNG - Insider Information
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+ FollowMarket Cap$131.24B
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Earnings Call Q2 2026
August 4, 2026 - AI Summary
Q2 results: beat guidance across the board; strong profitability and EPS
- Room nights +5% YoY (slightly above the high end of guidance).
- Gross bookings +9% YoY (≈+8% constant currency) and revenue +8% YoY (≈+7% constant currency), both above the high end of guidance.
- Adjusted EBITDA ≈ $2.6B (+9% YoY) with margin expansion of ~40 bps.
- Adjusted EPS $2.54 (+15% YoY), helped by ~6% lower average share count.
- Surprising/positive: despite an adverse macro environment (Middle East), core travel demand held up well and financial execution remained strong.
Strategic priorities (Connected Trip, loyalty, U.S./Asia expansion, AI) are progressing
- Connected Trip: transactions grew in the low double digits and represented a low double-digit share of Booking.com transactions; importantly, growth outpaced total transaction growth by >2x.
- Genius loyalty: Level 2 & 3 members are >30% of active customer base and represent a high 50% share of room nights (both up vs. prior year). Management sees additional opportunity to further strengthen Genius.
- U.S. growth: unit room nights high single digits, supported by domestic demand and continued direct-channel growth + multi-vertical engagement.
- Asia growth: unit room nights mid-single digits, with domestic low double digits; progress driven by localized products/payments/distribution leveraging Booking.com + Agoda footprint.
AI: early customer-facing progress, but top-line impact is still small (and deliberately not “given away” yet)
- AI initiatives are being deployed across discovery (Booking.com AI discovery testing), agentic assistance (Priceline’s “Penny”), and UI improvements (Agoda Gallery View).
- Customer service impact is measurable: voice AI support scaled across most eligible inbound calls; AI reduces friction/contact rates and helps lower customer service cost per booking by double digits, while customer satisfaction remains high.
- Top-line conversion impact: management says Penny users show higher satisfaction and hopes conversion improves, but they won’t quantify CSAT/conversion lifts yet because results are still early.
- LLM traffic share is <1% of room nights (based on large-language-model driven traffic patterns); management noted no material change recently—so near-term revenue impact is expected to be limited.
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$236.23
38.2% upside
Current Fair Value
38.2% upsideUndervalued by 38.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $131.24 Billion |
|---|---|
| Enterprise Value | $144.84 Billion |
| Annual dividend | $1.64 |
| Dividend yield | 1.11% |
| Earnings per Share | $6.66 |
| Beta | 1.13 |
| Outstanding Shares | 768,000,000 |
Return
| Return on Equity | -66.86% |
|---|---|
| Return on Assets | 24.29% |
| Return on Invested Capital | 117.12% |
Valuation & Multiples
| P/E Ratio | 16.34 |
|---|---|
| PEG | 13.86 |
| Price to Sales | 4.75 |
| Price to Book Ratio | -11.39 |
| Enterprise Value to Revenue | 5.13 |
| Enterprise Value to EBIT | 14.36 |
| Enterprise Value to Net Income | 20 |
| Total Debt to Enterprise | 0.21 |
| Debt to Equity | -2.86 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$4.49
Consensus analyst estimateRevenue Estimate
$9.55 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 17, 2027
EPS Estimate
$2.33
Consensus analyst estimateRevenue Estimate
$6.55 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.78, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7836▲ 5.38% |
|---|---|
| Total Calls | 17,100▼ 99.94% |
| Total Puts | 13,400▼ 99.94% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.91%▼ 88.35% |
|---|---|
| Total Invested | $7.41B▼ 94.58% |
| Investors Holding | 717▼ 1306.00% |
About Booking Holdings Inc
24,300 employees
CEO: Glenn Fogel
Booking Holdings, Inc. engages in the provision of online travel and related solutions. The firm offers services through the following brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. It provides accommodation reservations in...