Booking (BKNG)
Market Price (7/2/2026): $182.4 | Market Cap: $144.1 BilInvestor Relations Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Booking (BKNG)
Market Price (7/2/2026): $182.4Market Cap: $144.1 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 6.3% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 9.3 Bil, FCF LTM is 9.0 Bil Stock buyback supportStock Buyback 3Y Total is 25 Bil Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Fintech & Digital Payments. Themes include Online Marketplaces, Show more. | Weak multi-year price returns2Y Excs Rtn is -20% | Expensive valuation multiplesP/SPrice/Sales ratio is 5.2x Key risksBKNG key risks include [1] margin compression from Google's growing travel presence and evolving ad policies, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 6.3% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 9.3 Bil, FCF LTM is 9.0 Bil |
| Stock buyback supportStock Buyback 3Y Total is 25 Bil |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Fintech & Digital Payments. Themes include Online Marketplaces, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -20% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 5.2x |
| Key risksBKNG key risks include [1] margin compression from Google's growing travel presence and evolving ad policies, Show more. |
Qualitative Assessment
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Booking (BKNG) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Shareholder Returns.
Booking Holdings reported adjusted earnings per share of $1.14 for fiscal Q1 2026 (ended March 31, 2026), surpassing the consensus estimate of $1.08 by 5.6%, and revenues of $5.53 billion, slightly exceeding the $5.51 billion forecast. Additionally, the company aggressively returned capital to shareholders, executing a record $4.0 billion in capital returns during fiscal Q1 2026, which included $3.6 billion in share repurchases, reducing the diluted share count by 4% year-over-year.
2. Easing Geopolitical Tensions and Decreasing Oil Prices.
A significant factor contributing to the stock's gain was the market's positive reaction in June to a preliminary peace agreement between the U.S. and Iran, which was expected to lead to the reopening of the Strait of Hormuz. This development caused WTI crude oil prices to fall below $70 per barrel, alleviating concerns about rising jet fuel costs and their potential negative impact on airfare and overall travel demand. This macroeconomic shift reversed a major headwind that had previously weighed on the stock, leading to a notable 7.29% surge in BKNG shares on June 24, 2026.
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Booking (BKNG) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Shareholder Returns.
Booking Holdings reported adjusted earnings per share of $1.14 for fiscal Q1 2026 (ended March 31, 2026), surpassing the consensus estimate of $1.08 by 5.6%, and revenues of $5.53 billion, slightly exceeding the $5.51 billion forecast. Additionally, the company aggressively returned capital to shareholders, executing a record $4.0 billion in capital returns during fiscal Q1 2026, which included $3.6 billion in share repurchases, reducing the diluted share count by 4% year-over-year.
2. Easing Geopolitical Tensions and Decreasing Oil Prices.
A significant factor contributing to the stock's gain was the market's positive reaction in June to a preliminary peace agreement between the U.S. and Iran, which was expected to lead to the reopening of the Strait of Hormuz. This development caused WTI crude oil prices to fall below $70 per barrel, alleviating concerns about rising jet fuel costs and their potential negative impact on airfare and overall travel demand. This macroeconomic shift reversed a major headwind that had previously weighed on the stock, leading to a notable 7.29% surge in BKNG shares on June 24, 2026.
3. Attractive Valuation and Positive Analyst Sentiment.
Following a period of stock decline, Booking Holdings' valuation became more compelling by mid-2026, with the stock trading at approximately 16 times forward earnings and an enterprise value to EBITDA below some industry peers. This attractive valuation, coupled with a prevailing "Strong Buy" or "Moderate Buy" consensus rating from Wall Street analysts, and an average price target of around $227 (implying over 23% upside from its price of $182.64 as of July 1, 2026), likely drew investor interest seeking rebound potential.
4. Resilient Global Travel Demand and Strategic Execution.
Despite broader macroeconomic uncertainties and the impact of the Middle East conflict, global travel demand demonstrated resilience. Booking Holdings' operational metrics reflected this, with room nights growing 5.9% year-over-year in fiscal Q1 2026 and merchant gross bookings increasing by 26.7% year-over-year in the same period. The company's ongoing "Connected Trip" strategy, aimed at creating a comprehensive travel ecosystem, and continued operational efficiencies driven by AI, further bolstered investor confidence in its long-term growth trajectory.
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Stock Movement Drivers
Fundamental Drivers
The 8.7% change in BKNG stock from 3/31/2026 to 7/1/2026 was primarily driven by a 10.7% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.99 | 182.64 | 8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,917 | 27,687 | 2.9% |
| Net Income Margin (%) | 20.1% | 22.2% | 10.7% |
| P/E Multiple | 24.9 | 23.4 | -6.0% |
| Shares Outstanding (Mil) | 802 | 790 | 1.5% |
| Cumulative Contribution | 8.7% |
Market Drivers
3/31/2026 to 7/1/2026| Return | Correlation | |
|---|---|---|
| BKNG | 8.7% | |
| Market (SPY) | 14.7% | 25.5% |
| Sector (XLY) | 8.4% | 49.8% |
Fundamental Drivers
The -14.3% change in BKNG stock from 12/31/2025 to 7/1/2026 was primarily driven by a -31.5% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 213.19 | 182.64 | -14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,039 | 27,687 | 6.3% |
| Net Income Margin (%) | 19.4% | 22.2% | 14.7% |
| P/E Multiple | 34.2 | 23.4 | -31.5% |
| Shares Outstanding (Mil) | 810 | 790 | 2.5% |
| Cumulative Contribution | -14.3% |
Market Drivers
12/31/2025 to 7/1/2026| Return | Correlation | |
|---|---|---|
| BKNG | -14.3% | |
| Market (SPY) | 9.7% | 34.2% |
| Sector (XLY) | -0.9% | 52.9% |
Fundamental Drivers
The -20.5% change in BKNG stock from 6/30/2025 to 7/1/2026 was primarily driven by a -32.4% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 229.63 | 182.64 | -20.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,086 | 27,687 | 15.0% |
| Net Income Margin (%) | 22.6% | 22.2% | -1.6% |
| P/E Multiple | 34.7 | 23.4 | -32.4% |
| Shares Outstanding (Mil) | 821 | 790 | 3.9% |
| Cumulative Contribution | -20.5% |
Market Drivers
6/30/2025 to 7/1/2026| Return | Correlation | |
|---|---|---|
| BKNG | -20.5% | |
| Market (SPY) | 21.7% | 33.7% |
| Sector (XLY) | 9.3% | 46.7% |
Fundamental Drivers
The 72.7% change in BKNG stock from 6/30/2023 to 7/1/2026 was primarily driven by a 52.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 105.77 | 182.64 | 72.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,173 | 27,687 | 52.4% |
| Net Income Margin (%) | 22.1% | 22.2% | 0.4% |
| P/E Multiple | 24.7 | 23.4 | -5.2% |
| Shares Outstanding (Mil) | 941 | 790 | 19.1% |
| Cumulative Contribution | 72.7% |
Market Drivers
6/30/2023 to 7/1/2026| Return | Correlation | |
|---|---|---|
| BKNG | 72.7% | |
| Market (SPY) | 74.2% | 51.5% |
| Sector (XLY) | 42.2% | 55.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BKNG Return | 8% | -16% | 76% | 41% | 9% | -16% | 104% |
| Peers Return | 22% | -32% | 50% | 10% | 17% | 5% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| BKNG Win Rate | 58% | 50% | 75% | 58% | 50% | 17% | |
| Peers Win Rate | 52% | 40% | 58% | 62% | 57% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BKNG Max Drawdown | -22% | -40% | -15% | -20% | -21% | -30% | |
| Peers Max Drawdown | -31% | -44% | -25% | -30% | -33% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EXPE, ABNB, MAR, HLT, TRIP. See BKNG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/1/2026 (YTD)
How Low Can It Go
| Event | BKNG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.4% | -18.8% |
| % Gain to Breakeven | 22.5% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.2% | -7.8% |
| % Gain to Breakeven | 20.7% | 8.5% |
| Time to Breakeven | 41 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.6% | -24.5% |
| % Gain to Breakeven | 50.6% | 32.4% |
| Time to Breakeven | 108 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.5% | -33.7% |
| % Gain to Breakeven | 70.8% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.0% | -19.2% |
| % Gain to Breakeven | 22.0% | 23.8% |
| Time to Breakeven | 255 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.5% | -12.2% |
| % Gain to Breakeven | 34.2% | 13.9% |
| Time to Breakeven | 32 days | 62 days |
In The Past
Booking's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BKNG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.6% | -24.5% |
| % Gain to Breakeven | 50.6% | 32.4% |
| Time to Breakeven | 108 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.5% | -33.7% |
| % Gain to Breakeven | 70.8% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.5% | -12.2% |
| % Gain to Breakeven | 34.2% | 13.9% |
| Time to Breakeven | 32 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.7% | -6.8% |
| % Gain to Breakeven | 27.8% | 7.3% |
| Time to Breakeven | 10 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -35.2% | -15.4% |
| % Gain to Breakeven | 54.3% | 18.2% |
| Time to Breakeven | 56 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.2% | -53.4% |
| % Gain to Breakeven | 151.2% | 114.4% |
| Time to Breakeven | 256 days | 1085 days |
In The Past
Booking's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Booking (BKNG)
Booking Holdings Inc. (BKNG) is a global technology company specializing in online travel and restaurant reservation services. Through its diverse portfolio of brands, the company acts as an intermediary, connecting consumers worldwide with a wide array of travel options, including accommodations, flights, rental cars, and vacation packages, as well as facilitating restaurant bookings. Its core mission is to simplify and enhance the process of planning and booking for both leisure and business travelers, as well as diners.
The company operates several prominent platforms, each serving distinct aspects of the travel and dining industries. Key brands include Booking.com and Agoda for online accommodation reservations; Rentalcars.com for car rentals; and Priceline, which offers a comprehensive suite of services covering hotels, flights, and rental cars, along with vacation packages and cruises. KAYAK provides an essential price comparison service across various travel itineraries, allowing users to search and compare prices, while OpenTable specializes in online restaurant reservations. Booking Holdings also offers related services such as travel insurance and restaurant management tools.
Booking Holdings primarily serves two main customer segments: individual consumers seeking convenient and competitive options for their travel and dining needs, and the vast network of travel service providers (like hotels, airlines, and car rental companies) and restaurants, which utilize the company's platforms to reach a global audience, manage their bookings, and streamline operations. The company's extensive reach and varied offerings position it as a leading facilitator of seamless travel and dining experiences for millions of users across the globe.
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Here are 1-2 brief analogies for Booking (BKNG):
- Like Expedia for travel and OpenTable for restaurants.
- The Amazon for booking travel and restaurants.
AI Analysis | Feedback
- Booking.com: Offers online reservations for accommodations worldwide.
- Rentalcars.com: Provides online reservation services for rental cars.
- Priceline: A comprehensive online travel agency offering reservations for hotels, flights, rental cars, vacation packages, and cruises.
- Agoda: Specializes in online accommodation reservations, also offering flights, ground transportation, and activities.
- KAYAK: An online price comparison service for flights, accommodations, and rental cars.
- OpenTable: Facilitates online restaurant reservations.
- Travel-related Insurance Products: Provides various insurance products related to travel.
- Restaurant Management Services: Offers services to assist restaurants with their operations.
AI Analysis | Feedback
Booking Holdings Inc. (BKNG) primarily sells its services to individuals rather than other companies. Its major customers can be categorized as follows:
- Travelers seeking accommodation: Individuals utilizing platforms like Booking.com, Priceline, Agoda, and KAYAK to reserve hotels, resorts, hostels, and various other types of vacation rentals worldwide.
- Travelers seeking transportation: Individuals booking flights, rental cars, and ground transportation services through platforms such as Priceline, Rentalcars.com, Agoda, and KAYAK.
- Diners seeking restaurant reservations: Individuals using OpenTable to discover and book tables at restaurants globally.
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Glenn D. Fogel, Chief Executive Officer and President
Glenn D. Fogel joined Booking Holdings (then Priceline.com) in February 2000. He has served as Chief Executive Officer and President since January 2017, and as CEO of Booking.com since June 2019. Before joining the company, Mr. Fogel worked as a trader at a global asset management firm and as an investment banker specializing in the air transportation industry. He previously held roles as Vice President at Morgan Stanley (1997-2000) and an Investment Banker at Kidder, Peabody & Co. (1988-1995). As Head of Worldwide Strategy and Planning and Executive Vice President, Corporate Development from 2009 to 2016, he was responsible for global mergers, acquisitions, and strategic alliances, including leading the acquisitions of Booking.com, KAYAK, OpenTable, Rentalcars.com, and Agoda. Mr. Fogel is a graduate of Harvard Law School and earned a Bachelor of Science in Economics from the University of Pennsylvania's Wharton School.
Ewout Steenbergen, Executive Vice President and Chief Financial Officer
Ewout Steenbergen became Executive Vice President and Chief Financial Officer of Booking Holdings on March 15, 2024. Prior to this role, he served as Executive Vice President and Chief Financial Officer at S&P Global Inc. since 2016. At S&P Global, he was also appointed President, Engineering Solutions in 2022 when S&P merged with IHS Markit, and he led Kensho Technologies. The Engineering Solutions Division at S&P Global was divested. Before S&P Global, Mr. Steenbergen was Executive Vice President and CFO of Voya Financial, Inc., and held various leadership positions at ING Group. He holds master's degrees in Actuarial Science from the University of Amsterdam and Business Administration from the University of Rochester and Nyenrode University.
Peter J. Millones, Jr., Executive Vice President and General Counsel
Peter J. Millones, Jr. has served as Booking Holdings' General Counsel since January 2001 and as Executive Vice President since April 2003. Before joining the company, Mr. Millones was with the law firm of Latham & Watkins LLP.
Paulo Pisano, Chief Human Resources Officer
Paulo Pisano has been Chief Human Resources Officer of Booking Holdings since August 2021. He also served as Senior Vice President and Chief People Officer of Booking.com starting March 2020. His background includes significant experience in human resource management at an international level, with prominent positions at companies such as Vodafone and Unilever.
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Here are the key risks to Booking Holdings Inc.'s business:
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Intense Competition, AI Disintermediation, and Platform Dependency
Booking Holdings Inc. faces significant threats from intense competition within the online travel industry, including rivals like Google, Airbnb, and Expedia. A major evolving risk is the potential for disintermediation by generative AI (Gen AI) and AI-powered assistants developed by large technology companies. These AI solutions could directly facilitate travel and dining reservations, bypassing traditional online travel platforms and eroding Booking Holdings' market share by collapsing the traditional travel funnel into a single conversational interface. Furthermore, Booking Holdings relies heavily on performance marketing, particularly on Google, which itself is a competitor, creating a dependency on a platform that also vies for market share.
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Regulatory and Compliance Risks
Booking Holdings Inc.'s global operations expose it to a complex and evolving web of regulations, which can significantly impact its business practices. Notably, the company faces heightened scrutiny under the European Union's Digital Markets Act (DMA) and Digital Services Act (DSA). Booking.com has been designated as a "Very Large Online Platform" (VLOP) under the DSA and is expected to be designated as a "gatekeeper" under the DMA, subjecting it to extensive new rules and requirements that incur substantial compliance costs and efforts. Additionally, the company is under regulatory investigation concerning its use of AI in consumer pricing strategies, with the House Committee on Oversight and Accountability scrutinizing how algorithms might influence pricing. Local regulations pertaining to alternative accommodations also present ongoing compliance challenges.
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Macroeconomic and Geopolitical Uncertainty
The travel industry is highly susceptible to macroeconomic fluctuations, geopolitical tensions, and unforeseen events such as pandemics or natural disasters. These factors can lead to abrupt shifts in consumer travel behavior, directly impacting demand for Booking Holdings' services, bookings, and pricing strategies. Consumer confidence, particularly in key markets like the United States and Europe, is a critical driver of discretionary travel spending. As a cyclical stock, Booking Holdings is vulnerable to more significant declines during economic recessions compared to the broader market. The company's international exposure also means it faces risks from fluctuations in foreign currency exchange rates.
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The emergence of advanced AI-powered travel planning and booking engines, particularly from major technology companies or new AI-native platforms. These systems could offer highly personalized travel itineraries, compare options across a vast array of suppliers, and facilitate direct bookings in a conversational or automated manner, potentially bypassing traditional online travel agencies (OTAs) like Booking.com, Priceline, and KAYAK. This shift could disintermediate Booking Holdings by allowing consumers to plan and book trips without needing the aggregation and comparison services that form the company's core business model, similar to how Netflix disrupted Blockbuster by offering a fundamentally different mode of consumption.
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Booking Holdings Inc. (NASDAQ: BKNG) operates in several large addressable markets globally through its various brands. Here's an overview of the market sizes for its main products and services:
- Global Online Travel Market: The global online travel agencies (OTAs) market size was valued at approximately USD 663.70 billion in 2025 and is projected to reach USD 1,316.67 billion by 2033. Another estimate for the global online travel market size was USD 622.6 billion in 2025, with a projection to reach USD 1,438.4 billion by 2034.
- Online Accommodation Booking: The global online accommodation booking market size was valued at approximately USD 365.50 billion in 2025. Other estimates place the market between USD 340.92 billion and USD 583.20 billion in 2025. This market is projected to grow to USD 683.92 billion by 2034.
- Online Rental Car Reservation Services: The global online car rental platform market size was valued at USD 101.76 billion in 2024 and is projected to reach USD 109.29 billion in 2025. It is expected to further grow to USD 193.47 billion by 2033.
- Online Flight Reservation Services: The global online airline booking platform market size was anticipated to reach USD 243.6 billion in 2025 and is projected to grow to USD 502.1 billion by 2035. Another report states the market was valued at USD 270.55 billion in 2024 and is expected to reach USD 521.40 billion by 2032.
- Online Restaurant Reservations: The global online restaurant reservation system market size was valued at USD 443 million in 2025. Another estimate places the global market at US$ 485 million in 2025, with a projection to reach US$ 915 million by 2032.
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Booking Holdings Inc. (BKNG) is strategically positioning itself for sustained revenue growth over the next two to three years by focusing on several key drivers:
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Advancements in Artificial Intelligence and the "Connected Trip" Vision: The company is heavily investing in generative AI to enhance the entire traveler journey, from discovery and planning to booking assistance and customer service. This focus on AI-powered capabilities is integral to Booking's "Connected Trip" strategy, aiming to seamlessly integrate accommodations, flights, rental cars, and attractions into a single, intuitive ecosystem, thereby driving conversion gains and improving the overall customer experience.
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Expansion and Market Share Gains in Under-penetrated Regions: Booking Holdings identifies the U.S. and Asia as significant growth opportunities. While already a dominant player in Europe, the company is strategically investing in these markets, including through localized strategies with brands like Agoda in Asia, to capture additional market share.
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Growth in Alternative Accommodations: The company continues to prioritize the expansion of its alternative accommodation listings and is investing in improving the host and guest experience, particularly in the U.S., where it sees substantial potential for growth.
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Enhancement and Expansion of Loyalty Programs: The Genius loyalty program is a crucial driver for repeat bookings and customer retention. Booking Holdings plans ongoing enhancements to this program, which has already seen higher-tier members (Level 2 and 3) account for a significant share of room nights, thus fostering increased engagement across its platforms.
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Diversification of Offerings through Payments/Fintech and Growth in Flights/Attractions: By processing more of its own payments, Booking aims to offer new financial services like "Buy Now, Pay Later" (BNPL) options and better manage foreign exchange spreads, creating high-margin revenue streams. Additionally, the continued strong growth in flight bookings and attractions contributes significantly to the "Connected Trip" strategy and overall revenue diversification.
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Share Repurchases
- Booking Holdings spent over $23 billion on share buybacks from 2022 to 2024.
- Specific annual repurchases include $6.6 billion in 2022, $10.4 billion in 2023, and $6.5 billion in 2024.
- As of December 31, 2025, the company had $21.8 billion remaining in its stock buyback authorization.
Outbound Investments
- Booking's most recent acquisition was Etraveli Group, an online meta-search platform, acquired in November 2021 for $1.84 billion.
- The company was most active in acquisitions in 2021, completing two in that year.
- As of December 31, 2023, the company held equity investments in DiDi Global Inc. ($150 million) and Grab Holdings Limited ($127 million).
Capital Expenditures
- Capital expenditures were $429 million in FY 2024, $345 million in 2023, $368 million in 2022, and $304 million in 2021.
- The primary focus of these expenditures is on improving the platform's search and personalization capabilities, optimizing marketing spend, automating customer service, and investing in its technology stack, including AI and machine learning.
- The company plans to reinvest approximately $700 million above baseline in 2026, focusing on areas like GenAI, Connected Trip, Asia and U.S. growth, advertising, OpenTable's international expansion, and fintech and loyalty offerings.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 223.59 |
| Mkt Cap | 82.1 |
| Rev LTM | 13,909 |
| Op Inc LTM | 2,714 |
| FCF LTM | 3,462 |
| FCF 3Y Avg | 2,561 |
| CFO LTM | 3,994 |
| CFO 3Y Avg | 3,255 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 8.7% |
| Rev Chg Q | 11.8% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 14.1% |
| Op Inc Chg 3Y Avg | 11.6% |
| Op Mgn LTM | 18.3% |
| Op Mgn 3Y Avg | 17.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 25.4% |
| CFO/Rev 3Y Avg | 21.6% |
| FCF/Rev LTM | 22.1% |
| FCF/Rev 3Y Avg | 17.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 82.1 |
| P/S | 4.4 |
| P/Op Inc | 19.1 |
| P/EBIT | 19.4 |
| P/E | 36.5 |
| P/CFO | 17.4 |
| Total Yield | 3.1% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.5% |
| 3M Rtn | 13.6% |
| 6M Rtn | 1.5% |
| 12M Rtn | 16.3% |
| 3Y Rtn | 89.5% |
| 1M Excs Rtn | 9.1% |
| 3M Excs Rtn | -0.8% |
| 6M Excs Rtn | -4.5% |
| 12M Excs Rtn | -2.5% |
| 3Y Excs Rtn | 26.8% |
Comparison Analyses
Price Behavior
| Market Price | $182.64 | |
| Market Cap ($ Bil) | 144.3 | |
| First Trading Date | 03/31/1999 | |
| Distance from 52W High | -20.8% | |
| 50 Days | 200 Days | |
| DMA Price | $168.35 | $188.14 |
| DMA Trend | down | down |
| Distance from DMA | 8.5% | -2.9% |
| 3M | 1YR | |
| Volatility | 39.2% | 33.4% |
| Downside Capture | -24.87 | 91.88 |
| Upside Capture | 19.80 | 44.64 |
| Correlation (SPY) | 26.4% | 33.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.78 | 0.54 | 0.75 | 1.00 | 0.91 | 1.00 |
| Up Beta | 2.41 | 2.16 | 1.71 | 1.53 | 1.30 | 1.06 |
| Down Beta | 1.71 | 1.56 | 1.11 | 1.13 | 1.02 | 1.00 |
| Up Capture | 43% | -6% | 20% | 40% | 36% | 90% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 24 | 35 | 60 | 126 | 407 |
| Down Capture | -32% | -62% | -8% | 106% | 98% | 99% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 17 | 28 | 65 | 126 | 343 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKNG | |
|---|---|---|---|---|
| BKNG | -20.5% | 33.4% | -0.65 | - |
| Sector ETF (XLY) | 9.3% | 18.6% | 0.34 | 46.7% |
| Equity (SPY) | 21.8% | 12.5% | 1.30 | 33.7% |
| Gold (GLD) | 21.7% | 27.7% | 0.69 | -8.7% |
| Commodities (DBC) | 21.4% | 18.6% | 0.90 | -21.7% |
| Real Estate (VNQ) | 13.0% | 13.7% | 0.65 | 16.1% |
| Bitcoin (BTCUSD) | -45.0% | 42.6% | -1.28 | 13.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKNG | |
|---|---|---|---|---|
| BKNG | 15.7% | 32.6% | 0.50 | - |
| Sector ETF (XLY) | 6.9% | 23.9% | 0.25 | 59.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 57.2% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | -0.2% |
| Commodities (DBC) | 6.8% | 19.5% | 0.25 | 8.4% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 37.0% |
| Bitcoin (BTCUSD) | 11.9% | 53.7% | 0.41 | 25.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKNG | |
|---|---|---|---|---|
| BKNG | 13.3% | 32.6% | 0.46 | - |
| Sector ETF (XLY) | 12.8% | 22.1% | 0.53 | 61.8% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 61.4% |
| Gold (GLD) | 11.9% | 16.1% | 0.60 | -1.9% |
| Commodities (DBC) | 5.6% | 18.0% | 0.24 | 17.6% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 44.7% |
| Bitcoin (BTCUSD) | 56.6% | 66.3% | 0.97 | 16.7% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 0.3% | -3.3% | -2.1% |
| 2/18/2026 | -6.1% | -2.5% | 0.8% |
| 10/28/2025 | -0.9% | -2.5% | -4.1% |
| 7/29/2025 | 0.4% | -2.4% | 0.4% |
| 4/29/2025 | 3.9% | 5.2% | 12.1% |
| 2/20/2025 | -0.5% | -2.0% | -7.8% |
| 10/30/2024 | 4.8% | 12.0% | 16.5% |
| 8/1/2024 | -9.2% | -7.4% | 6.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 15 |
| # Negative | 10 | 11 | 9 |
| Median Positive | 1.9% | 5.5% | 9.7% |
| Median Negative | -4.3% | -3.3% | -6.9% |
| Max Positive | 7.9% | 13.5% | 20.4% |
| Max Negative | -10.1% | -12.4% | -13.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 0.3% | -3.3% | -2.1% |
| 2/18/2026 | -6.1% | -2.5% | 0.8% |
| 10/28/2025 | -0.9% | -2.5% | -4.1% |
| 7/29/2025 | 0.4% | -2.4% | 0.4% |
| 4/29/2025 | 3.9% | 5.2% | 12.1% |
| 2/20/2025 | -0.5% | -2.0% | -7.8% |
| 10/30/2024 | 4.8% | 12.0% | 16.5% |
| 8/1/2024 | -9.2% | -7.4% | 6.7% |
| 5/2/2024 | 3.0% | 8.8% | 8.4% |
| 2/22/2024 | -10.1% | -11.1% | -6.9% |
| 11/2/2023 | 0.7% | 6.0% | 10.4% |
| 8/3/2023 | 7.9% | 13.5% | 9.7% |
| 5/4/2023 | -1.3% | 2.0% | 2.6% |
| 2/23/2023 | 1.1% | 6.2% | 3.0% |
| 11/2/2022 | 2.7% | 4.9% | 17.3% |
| 8/3/2022 | -1.0% | 2.9% | -5.8% |
| 5/4/2022 | 3.3% | -1.5% | 11.1% |
| 2/23/2022 | -7.1% | -12.4% | -8.4% |
| 11/3/2021 | 0.1% | 5.5% | -13.2% |
| 8/4/2021 | 5.9% | 5.5% | 10.3% |
| 5/5/2021 | -2.5% | -7.1% | -1.0% |
| 2/24/2021 | -7.0% | -6.9% | -7.1% |
| 11/5/2020 | 0.9% | 11.0% | 20.4% |
| 8/6/2020 | 0.2% | 2.4% | 9.5% |
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 15 |
| # Negative | 10 | 11 | 9 |
| Median Positive | 1.9% | 5.5% | 9.7% |
| Median Negative | -4.3% | -3.3% | -6.9% |
| Max Positive | 7.9% | 13.5% | 20.4% |
| Max Negative | -10.1% | -12.4% | -13.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Room Nights Growth | 2.0% | 3.0% | 4.0% | ||||
| Q2 2026 Gross Bookings Growth | 4.0% | 5.0% | 6.0% | ||||
| Q2 2026 Constant Currency Gross Bookings Growth | 2.0% | 3.0% | 4.0% | ||||
| Q2 2026 Revenue Growth | 4.0% | 5.0% | 6.0% | ||||
| Q2 2026 Constant Currency Revenue Growth | 2.0% | 3.0% | 4.0% | ||||
| Q2 2026 Adjusted EBITDA Growth | 4.0% | 5.0% | 6.0% | ||||
| 2026 Gross Bookings Growth | 8.0% | 9.5% | 11.0% | ||||
| 2026 Constant Currency Gross Bookings Growth | 8.0% | 8.5% | 9.0% | ||||
| 2026 Revenue Growth | 8.0% | 8.5% | 9.0% | ||||
| 2026 Constant Currency Revenue Growth | 6.0% | 7.5% | 9.0% | ||||
| 2026 Adjusted EPS Growth | 12.0% | 13.5% | 15.0% | ||||
Prior: Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Room Nights Growth | 5.0% | 6.0% | 7.0% | 20.0% | 1.0% | Raised | Guidance: 5.0% for Q4 2025 |
| Q1 2026 Gross Bookings Growth | 14.0% | 15.0% | 16.0% | 25.0% | 3.0% | Raised | Guidance: 12.0% for Q4 2025 |
| Q1 2026 Revenue Growth | 14.0% | 15.0% | 16.0% | 36.4% | 4.0% | Raised | Guidance: 11.0% for Q4 2025 |
| Q1 2026 Constant Currency Gross Bookings Growth | 7.0% | 8.0% | 9.0% | ||||
| Q1 2026 Constant Currency Revenue Growth | 7.0% | 8.0% | 9.0% | ||||
| Q1 2026 Adjusted EBITDA Growth | 10.0% | 12.0% | 14.0% | ||||
Insider Activity
Updated 6/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Millones, Peter J | EXECUTIVE VP, GENERAL COUNSEL | Direct | Sell | 5272026 | 163.67 | 62,500 | 10,229,456 | 69,572,577 | Form |
| 2 | Wittman, Vanessa Ames | Direct | Sell | 4212026 | 192.00 | 1,125 | 216,000 | 3,081,600 | Form | |
| 3 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 4162026 | 185.36 | 16,726 | 3,100,294 | 55,268,868 | Form |
| 4 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 3172026 | 4292.10 | 669 | 2,871,413 | 54,063,261 | Form |
| 5 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 2182026 | 4149.75 | 452 | 1,875,688 | 76,948,864 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Millones, Peter J | EXECUTIVE VP, GENERAL COUNSEL | Direct | Sell | 5272026 | 163.67 | 62,500 | 10,229,456 | 69,572,577 | Form |
| 2 | Wittman, Vanessa Ames | Direct | Sell | 4212026 | 192.00 | 1,125 | 216,000 | 3,081,600 | Form | |
| 3 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 4162026 | 185.36 | 16,726 | 3,100,294 | 55,268,868 | Form |
| 4 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 3172026 | 4292.10 | 669 | 2,871,413 | 54,063,261 | Form |
| 5 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 2182026 | 4149.75 | 452 | 1,875,688 | 76,948,864 | Form |
| 6 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 2182026 | 4093.72 | 550 | 2,251,544 | 77,760,146 | Form |
| 7 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 2182026 | 4043.49 | 10 | 40,435 | 78,989,577 | Form |
| 8 | Mylod, Robert J JR | Annox Capital, LLC | Sell | 2032026 | 5105.36 | 40 | 204,214 | 4,288,503 | Form | |
| 9 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 1162026 | 5208.09 | 60 | 312,486 | 101,844,265 | Form |
| 10 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 1162026 | 5181.34 | 953 | 4,937,816 | 101,631,954 | Form |
| 11 | Wittman, Vanessa Ames | Direct | Sell | 1162026 | 5191.15 | 15 | 77,867 | 3,566,320 | Form | |
| 12 | Mylod, Robert J JR | Annox Capital, LLC | Sell | 1052026 | 5290.38 | 40 | 211,615 | 4,655,536 | Form | |
| 13 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 12162025 | 5464.94 | 442 | 2,415,502 | 112,402,826 | Form |
| 14 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 12162025 | 5414.53 | 571 | 3,091,695 | 113,759,213 | Form |
| 15 | Wittman, Vanessa Ames | Direct | Sell | 12162025 | 5362.00 | 15 | 80,430 | 3,764,124 | Form | |
| 16 | Mylod, Robert J JR | Annox Capital, LLC | Sell | 12032025 | 5000.00 | 40 | 200,000 | 4,600,000 | Form | |
| 17 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 11192025 | 5062.25 | 170 | 860,582 | 109,248,328 | Form |
| 18 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 11192025 | 5007.69 | 400 | 2,003,074 | 108,922,184 | Form |
| 19 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 11192025 | 4820.35 | 443 | 2,135,414 | 106,775,542 | Form |
| 20 | Wittman, Vanessa Ames | Direct | Sell | 11192025 | 5030.00 | 15 | 75,450 | 3,606,510 | Form | |
| 21 | Mylod, Robert J JR | Annox Capital, LLC | Sell | 11102025 | 5000.00 | 40 | 200,000 | 4,800,000 | Form | |
| 22 | Pisano, Paulo | CHIEF HUMAN RESOURCES OFFICER | Direct | Sell | 11102025 | 5000.00 | 200 | 1,000,000 | 7,570,000 | Form |
| 23 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 10162025 | 5254.04 | 388 | 2,038,568 | 118,709,788 | Form |
| 24 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 10162025 | 5141.53 | 625 | 3,213,454 | 118,162,552 | Form |
| 25 | Wittman, Vanessa Ames | Direct | Sell | 10162025 | 5291.98 | 15 | 79,380 | 3,873,729 | Form | |
| 26 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 9162025 | 5516.92 | 1,013 | 5,588,637 | 130,237,864 | Form |
| 27 | Quinlan, Larry | Revocable Trust | Sell | 9162025 | 5511.80 | 64 | 352,755 | 722,046 | Form | |
| 28 | Wittman, Vanessa Ames | Direct | Sell | 9162025 | 5500.00 | 15 | 82,500 | 4,108,500 | Form | |
| 29 | Quinlan, Larry | Revocable Trust | Sell | 9092025 | 5587.11 | 64 | 357,575 | 1,089,486 | Form | |
| 30 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 8182025 | 5476.89 | 1,013 | 5,548,094 | 134,841,131 | Form |
| 31 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 7162025 | 5695.00 | 1,013 | 5,769,036 | 151,674,962 | Form |
| 32 | Fogel, Glenn D | CEO AND PRESIDENT | Direct | Sell | 6172025 | 5356.07 | 1,013 | 5,425,697 | 148,073,863 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Hotels, Resorts & Cruise Lines Resources |
| Skift |
| Hotel News Now |
| Cruise Industry News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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