Booking Holdings Inc

Latest Results (03.06.2026):

Booking Holdings Inc — First Quarter 2026: The company reported a solid start to 2026 with room nights of 338M (+6% vs. Q1 2025), gross bookings of $53.8B (+15% / ~8% constant currency), and revenue of $5.5B (+16% / ~10% constant currency). GAAP net income rose to $1.1B (+225%) and GAAP EPS to $1.36 (+239%); Adjusted EBITDA was $1.3B (+19%) and Adjusted EPS was $1.14 (+14%). Free cash flow was $3.1B (down ~2%). Results were reported after a 25-for-1 stock split effective April 2, 2026 (share and per-share figures retroactively adjusted).

Top-line performance

Gross bookings grew 15% year-over-year to $53.8B (about 8% on a constant-currency basis). Revenue increased 16% to $5.5B (about 10% CC). Management estimates the conflict in the Middle East reduced room night and gross bookings growth by roughly 2 percentage points and had a slightly smaller impact on revenue.

Profitability & margins

GAAP net income was $1.083B, up 225% from Q1 2025, giving a net income margin of 19.6%. Adjusted EBITDA was $1.29B (+19%) with an adjusted EBITDA margin of 23.3%. Adjusted EPS was $1.14 (+14%).

Operational trends

Room nights were 338 million (+6%). Booking.com alternative-accommodation room nights rose ~5.5% and constant-currency ADRs increased about 1%. The direct channel remained a mid‑fifties percentage of total room nights over the trailing four quarters.

Cash flow and balance sheet highlights

Net cash provided by operating activities was $3.2B (down ~2% YoY); free cash flow was $3.1B (down ~2%). Cash and cash equivalents were about $16B at quarter end and long-term debt was ~$15.4B.

Shareholder returns and capital actions

The company repurchased $3.6B of stock in Q1 (excluding excise taxes) and had $18.2B of repurchase authorization remaining as of March 31, 2026. The Board declared a Q2 cash dividend of $0.42 per share payable June 30, 2026. A 25-for-1 stock split was effected on April 2, 2026.

Guidance and outlook

For Q2 2026, Booking Holdings assumes Middle East impacts continue through June and guided to: room nights +2% to +4%; gross bookings +4% to +6% (≈ +2% to +4% CC); revenue +4% to +6% (≈ +2% to +4% CC). For FY 2026 they plan for a recovery in H2, with gross bookings expected to grow low double-digits on a CC basis and revenue to grow in the high-single-digit range; adjusted EPS growth is expected in the low-to-mid teens, subject to geopolitical and macro uncertainty.

Geopolitical impact

The company explicitly attributed a modest headwind to the conflict in the Middle East—about a 2 percentage‑point drag on room nights and gross bookings in Q1—and noted this assumption is built into near-term guidance, with recovery expected later in 2026 if disruptions subside.