Booking Holdings (BKNG)

Market Price (11/6/2026): $167.0 | Market Cap: $124.2 BilInvestor Relations Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Booking Holdings (BKNG)

Market Price (11/6/2026): $167.0
Market Cap: $124.2 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

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Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 7.3%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%

Attractive cash flow generation
CFO/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 9.6 Bil, FCF LTM is 9.2 Bil

Stock buyback support
Stock Buyback 3Y Total is 25 Bil

Low stock price volatility
Vol 12M is 39%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Fintech & Digital Payments. Themes include Online Marketplaces, Show more.

Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -29%

Expensive valuation multiples
P/SPrice/Sales ratio is 4.5x

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.3%

Key risks
BKNG key risks include [1] margin compression from Google's growing travel presence and evolving ad policies, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 7.3%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%
2	Attractive cash flow generation CFO/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 9.6 Bil, FCF LTM is 9.2 Bil
3	Stock buyback support Stock Buyback 3Y Total is 25 Bil
4	Low stock price volatility Vol 12M is 39%
5	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Fintech & Digital Payments. Themes include Online Marketplaces, Show more.
6	Weak multi-year price returns 2Y Excs Rtn is -43%, 3Y Excs Rtn is -29%
7	Expensive valuation multiples P/SPrice/Sales ratio is 4.5x
8	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -1.3%
9	Key risks BKNG key risks include [1] margin compression from Google's growing travel presence and evolving ad policies, Show more.

BKNG in ETFs

Weight = BKNG's share of each fund

SPY0.18%

VOO0.19%

IVV0.17%

VTI0.17%

ITOT0.17%

QQQ0.53%

QQQM0.49%

IWB0.16%

+31 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	11/6/26	2025	2024	2023	2022
Share Price			$167.00	$214.21	$198.74	$141.89	$80.61
Mkt Cap ($ Bil)			124.2	172.1	164.2	123.1	77.6
+ Debt ($ Bil)			20.6	19.3	17.1	14.8	13.0
- Cash ($ Bil)			15.8	17.2	16.2	12.7	12.4
TEV ($ Bil)			129.0	191.4	181.3	137.9	90.6
Valuation Ratios
P/S	3.9	4.2	4.5	6.4	6.9	5.8	4.5
P/EBIT	8.8	10.2	12.1	20.4	19.1	19.3	18.0
P/E	12.2	14.4	17.4	31.8	27.9	28.7	25.4
P/FCF	—	—	13.6	18.9	20.8	17.6	12.5
Sector Ratios (* = sector average)
P/S *			0.8	0.9	0.9	0.9	0.8
P/EBIT *			8.8	8.6	8.7	7.9	6.1
P/E *			12.2	12.1	11.8	11.0	7.8
P/FCF *			10.5	12.2	13.4	10.4	7.2

FYE: 12/31	Forward FYE		Now
	2027	2026	11/6/26
Share Price			$167.00
Mkt Cap ($ Bil)			124.2
+ Debt ($ Bil)			20.6
- Cash ($ Bil)			15.8
TEV ($ Bil)			129.0
Valuation Ratios
P/S	3.9	4.2	4.5
P/EBIT	8.8	10.2	12.1
P/E	12.2	14.4	17.4
P/FCF	—	—	13.6
Sector Ratios (* = sector average)
P/S *			0.8
P/EBIT *			8.8
P/E *			12.2
P/FCF *			10.5

FYE: 12/31	BKNG [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$28.1 Bil	—
FY 2026 Sales	$29.2 Bil	—
FY 2027 Sales	$32.0 Bil	—
FY 2026 Sales Growth	3.9%	—
FY 2027 Sales Growth	9.3%	8.7%
EARNINGS
LTM Net Income (GAAP) [3]	$7.2 Bil	—
FY 2026 Net Income (Non-GAAP)	$8.7 Bil	—
FY 2027 Net Income (Non-GAAP)	$10.1 Bil	—
FY 2027 Net Income Growth	17.2%	13.5%
FY 2026 EPS (Non-GAAP)	$10.46	—
FY 2027 EPS (Non-GAAP)	$12.35	—
FY 2027 EPS Growth	18.1%	—
VALUATION
FY 2026 P/S	4.2	3.1
FY 2027 P/S	3.9	—
FY 2026 P/E	14.4	18.1
FY 2027 P/E	12.2	—

[1] BKNG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	BKNG	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	28.1
Rev Chg Q	-1.3%	8.9%
Rev Chg LTM	8.0%	8.6%
Rev Chg 3Y Avg	10.9%	6.3%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	9.2
CFO LTM ($ Bil)	9.6
Net Inc LTM ($ Bil)	7.2
Op Mgn LTM	32.8%	18.9%
CFO/Rev LTM	34.0%	21.5%
Net Inc Mgn	25.5%	13.5%
VALUATION	MODERATE
P/S	4.5	3.3
P/CFO	13.1	15.7
P/FCF	13.6	20.6
P/E	17.4	22.9
STABILITY	VERY GOOD
Debt/Equity	0.16	0.19
Cash/Assets	0.56	0.07

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Metric	Value	Date	Source
Gross Travel Bookings	49.7 billion	9302025	Link
Room Nights Booked	323 million	9302025	Link
Rental Car Days	23 million	9302025	Link
Airline Tickets Sold	17 million	9302025	Link
Alternative Accommodation Room Nights Growth	10%	9302025	Link
Global Mix of Alternative Accommodation Room Nights	36%	9302025	Link

Price Chart

Upcoming
2/17/2027	Earnings Release	Rev: $6.0 Bil (E) EPS: $2.29 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 11/5/2026

Booking Holdings (BKNG) stock has lost about 10% since 7/31/2026 because of the following key factors:

1. Significant Revenue Reduction due to FTC Matter.

Booking Holdings reported a $900 million reduction in reported revenue for fiscal Q3 2026 (ended September 30, 2026) related to a Federal Trade Commission (FTC) action concerning its Priceline subsidiary regarding alleged deceptive hotel advertising. This charge led to a reported 1% year-over-year revenue decline to $8.89 billion, despite gross bookings growing 10% and room nights increasing 7%.

2. Weakened Fiscal Q4 2026 Outlook Amidst Geopolitical and Macroeconomic Headwinds.

Management provided a cautious outlook for fiscal Q4 2026 (October-December), forecasting room night growth of only 1% to 3%, a significant deceleration from the 7% growth observed in fiscal Q3 2026. This softer guidance was attributed to a combination of factors, including weakened international travel demand, ongoing disruptions from the Middle East conflict, elevated airfares, and localized unrest in certain European cities.

3. Analyst Downgrades and Price Target Cuts.

Several financial analysts adjusted their ratings and lowered price targets for Booking Holdings during the period. For instance, JPMorgan Chase & Co. cut its price target from $248.00 to $205.00 on November 4, 2026, while Cantor Fitzgerald reduced its target from $220.00 to $170.00 in October 2026, and further to $150.00 in early November 2026. These revisions contributed to negative investor sentiment and selling pressure.

4. Insider Selling Exceeding $5 Million.

Peter J. Millones, Executive Vice President and General Counsel, sold 50,050 shares of Booking Holdings common stock on August 17, 2026, in multiple open-market transactions with a total value of approximately $10.4 million. This significant insider selling activity, exceeding the $5 million threshold, likely added to investor concerns.

5. Increased Regulatory Scrutiny and AI Disruption Fears.

Beyond the FTC revenue reduction, Booking Holdings faced additional regulatory pressure, including an EU court ruling that upheld the block on its eTraveli acquisition. Furthermore, concerns about potential disruption from advanced AI agents, such as Meta's Muse, raised fears that these technologies could disintermediate online travel agencies by directing travelers directly to hotel websites. Marketing costs also rose, pressured by changes in Google's search display including AI Overviews.

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Stock Movement Drivers

Fundamental Drivers

The -12.3% change in BKNG stock from 7/31/2026 to 11/5/2026 was primarily driven by a -28.6% change in the company's P/E Multiple.

(LTM values as of)	7312026	11052026	Change
Stock Price ($)	192.44	168.72	-12.3%
Change Contribution By:
Total Revenues ($ Mil)	27,687	28,126	1.6%
Net Income Margin (%)	22.2%	25.5%	14.8%
P/E Multiple	24.7	17.6	-28.6%
Shares Outstanding (Mil)	790	750	5.3%
Cumulative Contribution			-12.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026

	Return	Correlation
BKNG	-12.3%
Market (SPY)	-1.9%	20.7%
Sector (XLY)	1.3%	56.0%

Fundamental Drivers

The 0.7% change in BKNG stock from 4/30/2026 to 11/5/2026 was primarily driven by a 14.8% change in the company's Net Income Margin (%).

(LTM values as of)	4302026	11052026	Change
Stock Price ($)	167.53	168.72	0.7%
Change Contribution By:
Total Revenues ($ Mil)	27,687	28,126	1.6%
Net Income Margin (%)	22.2%	25.5%	14.8%
P/E Multiple	21.5	17.6	-18.0%
Shares Outstanding (Mil)	790	750	5.3%
Cumulative Contribution			0.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026

	Return	Correlation
BKNG	0.7%
Market (SPY)	2.3%	18.1%
Sector (XLY)	-0.4%	52.7%

Fundamental Drivers

The -16.2% change in BKNG stock from 10/31/2025 to 11/5/2026 was primarily driven by a -45.5% change in the company's P/E Multiple.

(LTM values as of)	10312025	11052026	Change
Stock Price ($)	201.27	168.72	-16.2%
Change Contribution By:
Total Revenues ($ Mil)	26,039	28,126	8.0%
Net Income Margin (%)	19.4%	25.5%	31.7%
P/E Multiple	32.3	17.6	-45.5%
Shares Outstanding (Mil)	810	750	8.0%
Cumulative Contribution			-16.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026

	Return	Correlation
BKNG	-16.2%
Market (SPY)	8.4%	29.1%
Sector (XLY)	-1.4%	51.8%

Fundamental Drivers

The 54.8% change in BKNG stock from 10/31/2023 to 11/5/2026 was primarily driven by a 45.4% change in the company's Total Revenues ($ Mil).

(LTM values as of)	10312023	11052026	Change
Stock Price ($)	109.00	168.72	54.8%
Change Contribution By:
Total Revenues ($ Mil)	19,341	28,126	45.4%
Net Income Margin (%)	23.0%	25.5%	10.7%
P/E Multiple	22.4	17.6	-21.4%
Shares Outstanding (Mil)	917	750	22.3%
Cumulative Contribution			54.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026

	Return	Correlation
BKNG	54.8%
Market (SPY)	81.3%	46.3%
Sector (XLY)	58.2%	54.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BKNG Return	8%	-16%	76%	41%	9%	-21%	94%
Peers Return	19%	-41%	78%	15%	14%	-4%	58%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	105%
Monthly Win Rates [3]
BKNG Win Rate	58%	50%	75%	58%	50%	36%
Peers Win Rate	52%	35%	63%	57%	48%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	45%
Max Drawdowns [4]
BKNG Max Drawdown	-22%	-40%	-15%	-20%	-21%	-32%
Peers Max Drawdown	-34%	-53%	-26%	-31%	-36%	-32%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: META, ABNB, EXPE, H, 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 11/5/2026 (YTD)

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

Compare to EXPE, ABNB, MAR, HLT, TRIP

In The Past

Booking Holdings'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

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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

Compare to EXPE, ABNB, MAR, HLT, TRIP

In The Past

Booking Holdings'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 Holdings (BKNG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Booking Holdings Inc. (BKNG) is a global leader in online travel and restaurant reservation services. The company connects consumers with a vast network of travel service providers and restaurants, offering a comprehensive suite of tools to plan and book various aspects of their trips and dining experiences.

Its extensive portfolio includes well-known brands such as Booking.com and Agoda for accommodation reservations, Rentalcars.com for car rentals, and Priceline for a broad range of travel services including hotels, flights, and vacation packages. For consumers looking to compare prices across different providers, KAYAK offers an online price comparison service. Beyond travel, Booking Holdings also facilitates restaurant bookings through OpenTable and provides related services like travel insurance and restaurant management tools.

Booking Holdings primarily serves two key customer segments worldwide: individual consumers seeking convenient ways to book travel and dining, and a diverse array of service providers, including hotels, airlines, car rental companies, cruise lines, and restaurants, by offering them platforms to reach a global customer base and manage reservations.

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Here are 1-3 brief analogies for Booking Holdings:

Amazon for travel: It's a vast online marketplace where you can book almost everything related to travel, from hotels and flights to rental cars and vacation packages.
The Expedia Group of companies, but also for restaurants: Similar to its main competitor, Expedia, it's a major online travel agency offering bookings for flights, hotels, and cars, but it also includes a popular platform for restaurant reservations (OpenTable).

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Online Accommodation Reservations: Provides a platform for booking hotels, resorts, apartments, and other lodging options globally through Booking.com and Agoda.
Online Rental Car Reservations: Offers services to book rental cars from various providers via Rentalcars.com and Priceline.
Online Flight Reservations: Enables consumers to book airline tickets through Priceline and Agoda.
Online Travel Packages & Cruises: Priceline offers bundled vacation packages and cruise booking services.
Online Travel Price Comparison (Meta-search): KAYAK allows users to search and compare prices for airline tickets, accommodations, and rental cars from various travel sites.
Online Restaurant Reservations & Management: OpenTable facilitates booking tables at restaurants and offers restaurant management services.
Travel-Related Insurance Products: Provides insurance products associated with travel bookings.

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Booking Holdings (BKNG) primarily sells its services to **individual consumers** rather than other businesses. Its major customers can be categorized as follows:

Travelers: Individuals seeking to book various travel-related services such as accommodations (hotels, vacation rentals), flights, rental cars, cruises, and vacation packages. This category encompasses users of platforms like Booking.com, Priceline, Agoda, Rentalcars.com, and KAYAK.
Diners/Restaurant Patrons: Individuals looking to make online reservations for restaurants. This primarily includes users of OpenTable.

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Amazon.com, Inc. (AMZN)

Alphabet Inc. (GOOGL)

Visa Inc. (V)

Mastercard Incorporated (MA)

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Glenn D. Fogel

Chief Executive Officer and Director

Glenn D. Fogel has served as Chief Executive Officer and President of Booking Holdings since January 2017, and as Chief Executive Officer of Booking.com since June 2019. He joined Booking Holdings in February 2000, and before becoming CEO, he served as Head of Worldwide Strategy and Planning from November 2010 to December 2016, and as Executive Vice President, Corporate Development, from March 2009 to December 2016. In these roles, he was responsible for worldwide mergers, acquisitions, and strategic alliances, playing a key role in transformative acquisitions such as Booking.com, KAYAK, and Agoda. Prior to joining Booking Holdings, Mr. Fogel was a trader at a global asset management firm and began his career as an investment banker specializing in the air transportation industry.

Ewout Steenbergen

Executive Vice President and Chief Financial Officer

Ewout Steenbergen joined Booking Holdings as Executive Vice President and Chief Financial Officer on March 15, 2024. Before this role, he served as Executive Vice President and Chief Financial Officer at S&P Global Inc. from 2016 to March 2024. At S&P Global, he was also appointed President, Engineering Solutions, in 2022 following the merger with IHS Markit, and led Kensho Technologies, an artificial intelligence company, since 2018. Prior to S&P Global, Mr. Steenbergen was Executive Vice President and Chief Financial Officer of Voya Financial, Inc., a financial services company, from 2010 to 2016, and held various leadership roles at ING Group.

Peter J. Millones, Jr.

Executive Vice President and General Counsel

Peter J. Millones Jr. has served as Executive Vice President of Booking Holdings since April 2003 and as General Counsel since January 2001. He previously held the positions of Vice President and Associate General Counsel from March 2000 to January 2001. Before joining Booking Holdings, Mr. Millones was with the law firm of Latham & Watkins LLP.

Paulo Pisano

Chief Human Resources Officer

Paulo Pisano has served as Chief Human Resources Officer of Booking Holdings since August 2021. Prior to this, he was Senior Vice President and Chief People Officer of Booking.com starting in March 2020.

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The key risks to Booking Holdings' business are primarily regulatory scrutiny, the potential for disintermediation by artificial intelligence and direct booking trends, and macroeconomic and geopolitical sensitivities.

1. Regulatory Scrutiny and Anti-Competitive Concerns

Booking Holdings faces significant regulatory pressure and potential legal action. The Federal Trade Commission (FTC) is reportedly investigating Booking Holdings' subsidiary Priceline.com and its affiliate Guest Reservations over allegations of misleading customers with hidden hotel booking fees. This could result in substantial penalties, potentially exceeding $500 million, and require changes to their business practices. Furthermore, the European General Court upheld a decision to block Booking Holdings' $1.9 billion acquisition of ETraveli, citing concerns about increased market dominance. This indicates a challenging regulatory environment that may restrict future expansion and acquisition strategies.

2. Disintermediation by AI and Direct Booking Trends

The rise of advanced AI-powered search tools and chatbots poses a risk of disintermediating online travel agencies (OTAs) like Booking Holdings by directing travelers straight to suppliers. For example, Expedia's partnership with Meta's Muse AI assistant has heightened concerns that AI agents could bypass traditional OTA platforms. This shift could reduce Booking Holdings' commission rates and weaken its competitive advantage. Additionally, hotels are increasingly investing in their own technology and loyalty programs to encourage direct bookings, thereby lessening their reliance on OTAs. Even Google, a key partner for traffic, represents a potential competitive threat if it further integrates direct booking capabilities.

3. Macroeconomic and Geopolitical Sensitivity

The travel industry is highly susceptible to broader economic conditions and geopolitical instability. Economic downturns, such as recessions, can lead to rapid declines in discretionary travel spending, directly impacting Booking Holdings' financial performance. Geopolitical tensions, particularly in regions like the Middle East, can significantly affect travel demand and have already contributed to reduced revenue growth guidance for the company. Furthermore, the company's global operations expose it to financial risks associated with foreign currency exchange rate fluctuations.

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Google's direct entry and increasing dominance in online travel search and booking.

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Booking Holdings (BKNG) operates in several significant addressable markets globally for its main products and services:

Online Travel Agencies (including accommodation, flights, and vacation packages): The global online travel agencies market size was valued at approximately USD 718.9 billion in 2026 and is projected to reach USD 1,316.8 billion by 2033.
Online Accommodation Booking: The global online accommodation booking market size is valued at USD 391.85 billion in 2026 and is projected to reach USD 683.92 billion by 2034.
Online Car Rental: The global online car rental platform market size is valued at USD 117.38 billion in 2026 and is projected to reach USD 207.79 billion by 2034.
Online Restaurant Reservations: The global online restaurant reservation system market is estimated to be valued at approximately USD 2.68 billion in 2026 and is projected to reach USD 6.46 billion by 2035.
Travel-Related Insurance Products: The global travel insurance market was valued at USD 35.82 billion in 2026 and is projected to grow to USD 140.78 billion by 2034.

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Booking Holdings (BKNG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Expansion of the "Connected Trip" Vision and AI Integration: Booking Holdings aims to integrate planning, booking, and travel experiences more seamlessly, leveraging advanced AI technology to offer personalized services and enhance customer engagement. This strategic focus is designed to make the travel experience easier and more enjoyable, ultimately driving increased bookings across its platforms.
Growth in Alternative Accommodations: The company identifies alternative accommodations as a significant area for future expansion and is actively working to grow its supply in this segment. This focus on non-traditional lodging options, which has already shown healthy growth, is expected to attract a broader customer base and contribute to revenue growth.
Strategic Geographic Market Expansion: Booking Holdings is prioritizing expansion in key geographic markets, particularly in Asia and the United States. These regions represent substantial opportunities for increasing market share and customer acquisition, thereby fueling revenue growth.
Enhancement of Direct Booking Channels and Loyalty Programs: The company is concentrating on improving its direct booking channels and strengthening its loyalty programs, such as the Genius program. By driving more direct traffic to its marketplace and fostering customer loyalty, Booking Holdings aims to reduce reliance on paid marketing channels and encourage repeat business, contributing to more efficient revenue generation.

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Share Repurchases

Booking Holdings executed a significant share repurchase of $3.7 billion in Q2 2026, contributing to $7.4 billion in repurchases for the first half of 2026.
As of June 30, 2026, the company had $14.5 billion remaining in its stock buyback authorization.
In February 2025, Booking's board approved a new $20 billion stock buyback program, supplementing the remaining $7.7 billion from a $24 billion program authorized in Q1 2023.

Share Issuance

In February 2026, the Board of Directors approved a 25-to-1 forward stock split of its common stock, which became effective on April 2, 2026. This action was intended to enhance stock liquidity.
The company's aggressive share repurchase programs have significantly reduced the number of shares outstanding by approximately 17% since 2020.

Outbound Investments

In November 2021, Booking Holdings acquired Etraveli Group, an online meta-search platform for flight tickets.
In May 2021, Booking.com acquired Flyiin, an online marketplace for flight travel.
The company made two acquisitions in 2021.

Capital Expenditures

Booking Holdings' capital expenditures were $304 million in 2021, $368 million in 2022, $345 million in 2023, $429 million in 2024, and $322 million in 2025.
In Q2 2026, capital expenditures were $76 million, representing a 28.97% decrease from the first quarter.
The company's business model is considered asset-light, with a Capex-to-Operating-Cash-Flow ratio of 0.02 as of June 2026.

Interactive Breakdown

Booking Holdings Interactive Breakdown Analysis

Better Bets vs. Booking Holdings (BKNG)

INDUSTRY: Hotels, Resorts & Cruise Lines

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKNG: 10.9% | 4.5x)

CCL (11.5% | 1.5x)

Carnival Corporation

HGV (14.7% | 0.6x)

Hilton Grand Vacations

LIND (15.3% | 2.4x)

Lindblad Expeditions

PRSU (32.2% | 3.0x)

Pursuit Attractions and Hospitality

NTRP (140.0% | 3.3x)

NextTrip

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKNG: 10.9% | 13.7x)

CCL (11.5% | 9.1x)

Carnival Corporation

HGV (14.7% | 3.3x)

Hilton Grand Vacations

Higher Rev Chg LTM (Value for BKNG: 8.0%)

HGV (18.8%)

Hilton Grand Vacations

ABNB (13.6%)

Airbnb

EXPE (12.9%)

Expedia

RCL (9.7%)

Royal Caribbean

HLT (8.1%)

Hilton Worldwide

Higher Rev Chg 3Y Avg (Value for BKNG: 10.9%)

LIND (15.3%)

Lindblad Expeditions

HGV (14.7%)

Hilton Grand Vacations

RCL (13.4%)

Royal Caribbean

ABNB (13.2%)

Airbnb

CCL (11.5%)

Carnival Corporation

Higher Op Mgn LTM (Value for BKNG: 32.8%)

WH (36.4%)

Wyndham Hotels & Resorts

Higher CFO/Rev LTM (Value for BKNG: 34.0%)

ABNB (36.9%)

Airbnb

RCL (36.0%)

Royal Caribbean

WH (35.3%)

Wyndham Hotels & Resorts

Higher FCF/Rev LTM (Value for BKNG: 32.8%)

ABNB (36.9%)

Airbnb

Higher Total Yield (Value for BKNG: 6.7%)

NCLH (10.2%)

Norwegian Cruise Line

CCL (9.4%)

Carnival Corporation

EXPE (7.1%)

Expedia

WH (6.9%)

Wyndham Hotels & Resorts

RCL (6.8%)

Royal Caribbean

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKNG: 10.9% | 4.5x)

AMZN (12.9% | 3.5x)

Amazon.com

MELI (40.4% | 2.0x)

MercadoLibre

CVNA (36.0% | 1.9x)

Carvana

CCL (11.5% | 1.5x)

Carnival Corporation

SN (21.4% | 4.2x)

SharkNinja

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKNG: 10.9% | 13.7x)

CCL (11.5% | 9.1x)

Carnival Corporation

QSR (12.5% | 10.4x)

Restaurant Brands International

LVS (17.1% | 8.6x)

Las Vegas Sands

DKS (20.8% | 8.4x)

Dick's Sporting Goods

DECK (12.7% | 9.0x)

Deckers Outdoor

Higher Rev Chg LTM (Value for BKNG: 8.0%)

AMZN (15.4%)

Amazon.com

ABNB (13.6%)

Airbnb

RCL (9.7%)

Royal Caribbean

TSLA (8.3%)

Tesla

LOW (8.2%)

Lowe's Companies

Higher Rev Chg 3Y Avg (Value for BKNG: 10.9%)

MELI (40.4%)

MercadoLibre

DASH (28.0%)

DoorDash

RCL (13.4%)

Royal Caribbean

ABNB (13.2%)

Airbnb

AMZN (12.9%)

Amazon.com

Higher Op Mgn LTM (Value for BKNG: 32.8%)

WINA (59.7%)

Winmark

MCD (45.7%)

McDonald's

WH (36.4%)

Wyndham Hotels & Resorts

LEGH (34.8%)

Legacy Housing

Higher CFO/Rev LTM (Value for BKNG: 34.0%)

MCD (41.0%)

McDonald's

ABNB (36.9%)

Airbnb

DUOL (36.9%)

Duolingo

MELI (36.1%)

MercadoLibre

RCL (36.0%)

Royal Caribbean

Higher FCF/Rev LTM (Value for BKNG: 32.8%)

WINA (45.2%)

Winmark

ABNB (36.9%)

Airbnb

DUOL (33.5%)

Duolingo

Higher Total Yield (Value for BKNG: 6.7%)

NKE (9.4%)

Nike

LOW (7.3%)

Lowe's Companies

MCD (7.1%)

McDonald's

RCL (6.8%)

Royal Caribbean

HD (6.7%)

Home Depot

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKNG: 10.9% | 4.5x)

MS (13.5% | 3.9x)

Morgan Stanley

RY (11.6% | 4.0x)

Royal Bank of Canada

RTX (12.7% | 2.7x)

RTX

GS (15.3% | 3.7x)

Goldman Sachs

DELL (19.2% | 1.4x)

Dell Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKNG: 10.9% | 13.7x)

MU (122.3% | 7.5x)

Micron Technology

NEM (34.7% | 8.5x)

Newmont

SNDK (102.9% | 5.6x)

SanDisk

ENB (23.1% | 9.2x)

Enbridge

ADBE (11.2% | 10.5x)

Adobe

Higher Rev Chg LTM (Value for BKNG: 8.0%)

NVDA (83.4%)

NVIDIA

META (27.5%)

Meta Platforms

GOOGL (22.2%)

Alphabet

MSFT (17.9%)

Microsoft

AAPL (15.1%)

Apple

Higher Rev Chg 3Y Avg (Value for BKNG: 10.9%)

NVDA (116.5%)

NVIDIA

AVGO (36.2%)

Broadcom

META (24.0%)

Meta Platforms

GOOGL (16.7%)

Alphabet

MSFT (16.6%)

Microsoft

Higher Op Mgn LTM (Value for BKNG: 32.8%)

NVDA (65.2%)

NVIDIA

MSFT (47.1%)

Microsoft

GOOGL (33.3%)

Alphabet

AAPL (33.0%)

Apple

META (32.9%)

Meta Platforms

Higher CFO/Rev LTM (Value for BKNG: 34.0%)

MSFT (56.5%)

Microsoft

META (55.1%)

Meta Platforms

SPCX (49.2%)

Space Exploration Technologies

NVDA (44.3%)

NVIDIA

GOOGL (38.1%)

Alphabet

Higher FCF/Rev LTM (Value for BKNG: 32.8%)

V (47.2%)

Visa

MU (44.3%)

Micron Technology

AVGO (44.2%)

Broadcom

MA (42.5%)

Mastercard

NVDA (41.9%)

NVIDIA

Higher Total Yield (Value for BKNG: 6.7%)

MU (11.5%)

Micron Technology

JPM (9.2%)

JPMorgan Chase

XOM (8.5%)

Exxon Mobil

GOOGL (7.1%)

Alphabet

BRK-B (7.0%)

Berkshire Hathaway

Best Bets in Consumer Discretionary

What You Pay

P/EBIT (Value for BKNG: 12.2x)

ABNB (34.6x)

Airbnb

DUOL (50.4x)

Duolingo

BKNG (12.2x)

Booking Holdings

MCD (15.4x)

McDonald's

ADT (5.7x)

ADT

WH (13.4x)

Wyndham Hotels & Resorts

LOPE (10.0x)

Grand Canyon Education

ETSY (17.6x)

Etsy

CROX (7.8x)

Crocs

GRMN (24.3x)

Garmin

P/E (Value for BKNG: 17.6x)

ABNB (37.4x)

Airbnb

DUOL (50.5x)

Duolingo

BKNG (17.6x)

Booking Holdings

MCD (22.4x)

McDonald's

ADT (11.7x)

ADT

WH (28.6x)

Wyndham Hotels & Resorts

LOPE (12.5x)

Grand Canyon Education

ETSY (8.4x)

Etsy

CROX (10.9x)

Crocs

GRMN (27.4x)

Garmin

What You Get

Rev Chg 3Y Avg (Value for BKNG: 10.9%)

ABNB (13.2%)

Airbnb

DUOL (35.0%)

Duolingo

BKNG (10.9%)

Booking Holdings

MCD (4.6%)

McDonald's

ADT (8.0%)

ADT

WH (0.8%)

Wyndham Hotels & Resorts

LOPE (6.9%)

Grand Canyon Education

ETSY (3.7%)

Etsy

CROX (1.3%)

Crocs

GRMN (16.0%)

Garmin

Rev Chg LTM (Value for BKNG: 8.0%)

ABNB (13.6%)

Airbnb

DUOL (22.6%)

Duolingo

BKNG (8.0%)

Booking Holdings

MCD (6.3%)

McDonald's

ADT (2.0%)

ADT

WH (0.7%)

Wyndham Hotels & Resorts

LOPE (5.3%)

Grand Canyon Education

ETSY (10.8%)

Etsy

CROX (0.7%)

Crocs

GRMN (13.6%)

Garmin

Rev Chg Q (Value for BKNG: -1.3%)

ABNB (16.5%)

Airbnb

DUOL (13.7%)

Duolingo

BKNG (-1.3%)

Booking Holdings

MCD (3.8%)

McDonald's

ADT (3.9%)

ADT

WH (7.3%)

Wyndham Hotels & Resorts

LOPE (2.4%)

Grand Canyon Education

ETSY (10.9%)

Etsy

CROX (4.6%)

Crocs

GRMN (12.2%)

Garmin

FCF/Rev 3Y Avg (Value for BKNG: 33.9%)

ABNB (38.5%)

Airbnb

DUOL (34.2%)

Duolingo

BKNG (33.9%)

Booking Holdings

MCD (27.3%)

McDonald's

ADT (27.0%)

ADT

WH (25.5%)

Wyndham Hotels & Resorts

LOPE (22.7%)

Grand Canyon Education

ETSY (22.2%)

Etsy

CROX (19.7%)

Crocs

GRMN (19.6%)

Garmin

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Peer Outperformance in Hotels, Resorts & Cruise Lines

BKNG has outperformed 75% of its 20 Hotels, Resorts & Cruise Lines peers over 5Y. Among the peers that beat it are RCL and HLT. Hotels, Resorts & Cruise Lines ranks 5th of 22 industries in Consumer Discretionary by median 5Y return.

Share of Hotels, Resorts & Cruise Lines constituents that BKNG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

10%

of 20 industry peers · -13.3% return

45%

of 20 industry peers · 45.3% return

75%

of 20 industry peers · 64.9% return

Hotels, Resorts & Cruise Lines peers with revenue growth within 4pp of BKNG's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
BKNG	Booking Holdings	10.9%	17.6x	-13.3%	45.3%	64.9%	—
RCL	Royal Caribbean	13.4%	18.9x	28.3%	269.1%	245.3%	+180pp
HLT	Hilton Worldwide	8.0%	48.7x	40.0%	138.2%	146.8%	+82pp

Price returns, excluding dividends. P/E shown for context only and not used for matching.

Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Hotels, Resorts & Cruise Lines is BKNG's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Education Services	14	-15.2%	33.1%	45.5%	CVSA 255% · GHC 110% · LRN 107%
Homebuilding	17	4.5%	38.1%	35.4%	PHM 181% · TOL 164% · GRBK 154%
Automotive Retail	17	1.0%	20.5%	13.7%	MUSA 205% · ORLY 115% · PAG 114%
Home Improvement Retail	5	-3.7%	5.4%	6.6%	HD 8% · LOW 7% · FND -61%
Hotels, Resorts & Cruise Lines ←	21	22.9%	53.1%	6.0%	RCL 245% · MAR 160% · HLT 147%
Home Furnishings	3	4.0%	82.5%	1.6%	SGI 59% · MHK -15%
Footwear	9	80.5%	86.0%	-15.1%	DECK 24% · SHOO -12% · CROX -15%
Computer & Electronics Retail	3	29.4%	71.8%	-22.5%	BBY -3% · GME -55%
Specialized Consumer Services	10	-10.8%	34.2%	-23.9%	FTDR 165% · HRB 157% · ADT 24%
Restaurants	36	-1.1%	-3.5%	-24.2%	EAT 376% · CAKE 167% · TXRH 119%
Distributors	4	-4.4%	-14.2%	-24.8%	ARMK 88% · GPC 5% · POOL -55%
Leisure Products	14	-18.9%	-6.0%	-34.7%	GOLF 56% · HAS 51% · BC -12%
Household Appliances	18	22.8%	22.9%	-39.0%	WHR -82%
Leisure Facilities	12	0.9%	6.2%	-41.2%	OSW 156% · LTH 146% · PLNT -37%
Broadline Retail	12	-9.3%	16.3%	-44.5%	EBAY 78% · AMZN 48% · OLLI 28%
Casinos & Gaming	21	-20.4%	-16.7%	-46.1%	RRR 21% · BYD 20% · LVS 3%
Apparel Retail	27	-1.9%	4.6%	-47.5%	ANF 241% · TJX 109% · ROST 108%
Automotive Parts & Equipment	37	-14.6%	-28.4%	-48.6%	GTX 185% · PATK 73% · ALV 41%
Apparel, Accessories & Luxury Goods	29	13.2%	22.5%	-52.8%	TPR 258% · RL 230% · KTB 63%
Other Specialty Retail	25	-4.7%	-11.7%	-58.9%	ULTA 66% · ASO 54% · DKS 22%
Automobile Manufacturers	8	-60.7%	-40.9%	-69.5%	GM 59% · F -12% · TSLA -16%
Consumer Electronics	11	-37.8%	-36.5%	-81.3%	GRMN 123%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	An 11% Annualized Yield On BKNG Stock, And A Shot At Buying It 30% Lower	09/22/2026
2	A 9.0% Annualized Yield On BKNG Stock, And A Shot At Buying It 30% Lower	08/18/2026
3	Booking Stock Hands $37 Bil Back - Worth a Look?	06/06/2026
4	Buying BKNG at a Discount? You Are Getting Paid to Do It	06/02/2026
5	The Bear Case: How BKNG Behaves During Market Shocks	05/20/2026
6	The Smart Way to Own BKNG: Collect 8.4% Before You Even Buy	04/28/2026
7	The Smart Way to Own BKNG: Collect 9.8% Before You Even Buy	03/24/2026
8	Booking (BKNG) Stock (+8.2%): Strong 2026 Guidance Reaffirmed at Conference	03/06/2026
9	How To Earn 10% Yield While Waiting to Buy BKNG 30% Cheaper	03/05/2026
10	With Booking Stock Sliding, Have You Assessed The Risk?	02/19/2026
11	ARTICLES
12	Is Booking Holdings Stock Increasing Your Market Risk?	11/05/2026
13	Can Booking Holdings Stock Jump 40%?	11/01/2026
14	What Does Booking Holdings Offer That Expedia Does Not?	10/30/2026
15	Should You Buy Booking Holdings Stock For Its Cash?	10/30/2026
16	Can This Number Push Booking Holdings Stock Higher?	10/29/2026

	Title
0	DASHBOARDS
1	An 11% Annualized Yield On BKNG Stock, And A Shot At Buying It 30% Lower
2	A 9.0% Annualized Yield On BKNG Stock, And A Shot At Buying It 30% Lower
3	Booking Stock Hands $37 Bil Back - Worth a Look?
4	Buying BKNG at a Discount? You Are Getting Paid to Do It
5	The Bear Case: How BKNG Behaves During Market Shocks
6	The Smart Way to Own BKNG: Collect 8.4% Before You Even Buy
7	The Smart Way to Own BKNG: Collect 9.8% Before You Even Buy
8	Booking (BKNG) Stock (+8.2%): Strong 2026 Guidance Reaffirmed at Conference
9	How To Earn 10% Yield While Waiting to Buy BKNG 30% Cheaper
10	With Booking Stock Sliding, Have You Assessed The Risk?
11	ARTICLES
12	Is Booking Holdings Stock Increasing Your Market Risk?
13	Can Booking Holdings Stock Jump 40%?
14	What Does Booking Holdings Offer That Expedia Does Not?
15	Should You Buy Booking Holdings Stock For Its Cash?
16	Can This Number Push Booking Holdings Stock Higher?

Trade Ideas

Select ideas related to BKNG.

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Peer Comparisons

Peers to compare with:

Financials

	BKNG	META	ABNB	EXPE	H	TRIP	Median
Name	Booking .	Meta Pla.	Airbnb	Expedia	Hyatt Ho.	Tripadvi.
Mkt Price	167.00	605.76	188.80	274.00	183.71	7.45	186.25
Mkt Cap	125.2	1,545.9	111.8	32.8	17.3	0.9	72.3
Rev LTM	28,126	241,606	13,159	16,226	7,109	1,832	14,692
Op Inc LTM	9,219	79,380	2,738	2,984	596	51	2,861
FCF LTM	9,237	28,649	4,860	3,746	174	-34	4,303
FCF 3Y Avg	8,684	41,937	4,505	2,884	293	100	3,694
CFO LTM	9,561	133,087	4,860	4,556	328	31	4,708
CFO 3Y Avg	9,050	107,802	4,510	3,660	467	168	4,085

Growth & Margins

	BKNG	META	ABNB	EXPE	H	TRIP	Median
Name	Booking .	Meta Pla.	Airbnb	Expedia	Hyatt Ho.	Tripadvi.
Rev Chg LTM	8.0%	27.5%	13.6%	12.9%	2.8%	3.2%	10.5%
Rev Chg 3Y Avg	10.9%	24.0%	13.2%	8.9%	2.5%	1.5%	9.9%
Rev Chg Q	-1.3%	26.1%	16.5%	11.9%	-2.4%	-11.1%	5.3%
QoQ Delta Rev Chg LTM	-0.4%	5.9%	4.0%	3.4%	-0.6%	-2.9%	1.5%
Op Inc Chg LTM	2.7%	-3.1%	5.1%	50.9%	32.4%	-62.7%	3.9%
Op Inc Chg 3Y Avg	13.6%	32.6%	16.6%	28.8%	16.7%	-9.5%	16.6%
Op Mgn LTM	32.8%	32.9%	20.8%	18.4%	8.4%	2.8%	19.6%
Op Mgn 3Y Avg	31.7%	38.7%	19.5%	14.5%	6.7%	5.8%	17.0%
QoQ Delta Op Mgn LTM	-1.7%	-5.2%	0.3%	1.0%	1.3%	-1.5%	-0.6%
CFO/Rev LTM	34.0%	55.1%	36.9%	28.1%	4.6%	1.7%	31.0%
CFO/Rev 3Y Avg	35.3%	54.9%	38.6%	24.7%	6.8%	9.4%	30.0%
FCF/Rev LTM	32.8%	11.9%	36.9%	23.1%	2.4%	-1.9%	17.5%
FCF/Rev 3Y Avg	33.9%	23.0%	38.5%	19.4%	4.3%	5.6%	21.2%

Valuation

	BKNG	META	ABNB	EXPE	H	TRIP	Median
Name	Booking .	Meta Pla.	Airbnb	Expedia	Hyatt Ho.	Tripadvi.
Mkt Cap	125.2	1,545.9	111.8	32.8	17.3	0.9	72.3
P/S	4.5	6.4	8.5	2.0	2.4	0.5	3.4
P/Op Inc	13.6	19.5	40.8	11.0	29.0	17.2	18.4
P/EBIT	12.1	18.9	38.4	11.1	28.5	-2.6	15.5
P/E	17.4	20.5	41.5	15.6	92.9	-2.4	19.0
P/CFO	13.1	11.6	23.0	7.2	52.7	28.1	18.0
Total Yield	6.7%	5.2%	2.7%	7.1%	1.4%	-41.7%	3.9%
Dividend Yield	1.0%	0.3%	0.0%	0.7%	0.3%	0.0%	0.3%
FCF Yield 3Y Avg	6.1%	2.5%	5.4%	11.0%	2.0%	4.7%	5.0%
D/E	0.2	0.1	0.0	0.2	0.3	1.0	0.2
Net D/E	0.0	0.0	-0.1	0.0	0.2	0.2	0.0

Returns

	BKNG	META	ABNB	EXPE	H	TRIP	Median
Name	Booking .	Meta Pla.	Airbnb	Expedia	Hyatt Ho.	Tripadvi.
1M Rtn	5.9%	-18.0%	17.7%	5.4%	15.5%	-12.6%	5.7%
3M Rtn	-19.3%	2.8%	24.5%	-10.5%	2.8%	-28.5%	-3.9%
6M Rtn	-2.0%	-1.6%	34.4%	8.8%	7.9%	-33.7%	3.2%
12M Rtn	-14.2%	-4.4%	54.1%	29.1%	33.6%	-51.7%	12.3%
3Y Rtn	43.8%	93.7%	59.8%	148.9%	79.0%	-53.8%	69.4%
1M Excs Rtn	8.6%	-14.6%	19.1%	7.3%	18.4%	-12.2%	7.9%
3M Excs Rtn	-21.0%	3.3%	7.0%	-10.8%	4.4%	-30.0%	-3.8%
6M Excs Rtn	-6.8%	-6.4%	29.1%	4.0%	3.2%	-38.5%	-1.6%
12M Excs Rtn	-29.0%	-16.7%	39.3%	16.5%	22.6%	-63.4%	-0.1%
3Y Excs Rtn	-29.3%	19.6%	-32.9%	107.7%	-1.8%	-133.6%	-15.5%

Comparison Analyses

	Title
0	Why ABNB With 52% Upside May Beat BKNG?
1	Booking Holdings vs. Expedia: With Return Forecast Of 42%, Expedia Is A Better Bet
2	Booking Holdings vs. Fidelity National Information Services: With Return Forecast Of 16%, Fidelity National Information Services Is A Better Bet
3	BKNG Looks Stronger Than TRIP With 41% Return Potential
4	Booking Holdings vs. CSX: With Return Forecast Of 19%, Booking Holdings Is A Better Bet
5	Booking Holdings vs. Norfolk Southern: With Return Forecast Of 19%, Booking Holdings Is A Better Bet
6	Booking Holdings vs. Intuit: Both Seem Similar Bets
7	Booking Holdings vs. Zoetis: With Return Forecast Of 35%, Booking Holdings Is A Better Bet
8	Booking Holdings vs. Intuit: With Return Forecast Of 33%-37%, Both Seem Like Good Bets
9	Booking Holdings vs. Stryker: With Return Forecast Of 35%, Booking Holdings Is A Better Bet

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

null

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	11/3/2026	2/18/2026	2/20/2025	2/22/2024	2/23/2023	2/23/2022	2/24/2021
Key Financials
Total Revenue	28,126	26,917	23,739	21,365	17,090	10,958	6,796
Gross Profit	-	-	-	-	-	-	-
EBITDA	11,094	9,217	9,338	7,043	4,921	2,398	1,565
Operating Income	9,219	9,282	7,555	5,835	5,102	2,496	580
Net Income	7,178	5,404	5,882	4,289	3,058	1,165	59
EPS	9.31	6.66	7.00	4.75	3.07	1.14	0.06
Growth Rates
Total Revenue Growth	8.0%	13.4%	11.1%	25.0%	56.0%	61.2%	-54.9%
EBITDA Growth	20.7%	-1.3%	32.6%	43.1%	105.2%	53.2%	-77.2%
Operating Income Growth	2.7%	22.9%	29.5%	14.4%	104.4%	330.3%	-89.1%
Net Income Growth	42.3%	-8.1%	37.1%	40.3%	162.5%	1874.6%	-98.8%
Margins
Gross Margin	-	-	-	-	-	-	-
EBITDA Margin	39.4%	34.2%	39.3%	33.0%	28.8%	21.9%	23.0%
Operating Income Margin	32.8%	34.5%	31.8%	27.3%	29.9%	22.8%	8.5%
Net Income Margin	25.5%	20.1%	24.8%	20.1%	17.9%	10.6%	0.9%
Cash & Debt
Total Cash	15,814	17,203	16,164	12,683	12,396	11,152	11,063
Total Debt	20,576	19,293	17,081	14,783	13,037	11,277	12,380
Net Debt / (Cash)	4,762	2,090	917	2,100	641	125	1,317
Cash Flows & CapEx
Net Cash from Operations	9,561	9,409	8,323	7,344	6,554	2,820	85
Total CapEx	-324	-322	-429	-345	-368	-304	-286
Free Cash from Operations	9,237	9,087	7,894	6,999	6,186	2,516	-201
Returns to Shareholders
Dividends	1,285	1,248	1,174	-0	-0	-0	-0
Share Repurchases	12,019	6,440	6,509	10,377	6,621	163	1,303

$ Mil \| FY: 12/31	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023
Filing Date	11/3/2026	8/4/2026	4/28/2026	2/18/2026	10/28/2025	7/29/2025	4/29/2025	2/20/2025	10/30/2024	8/1/2024	5/2/2024	2/22/2024
Key Financials Quarterly
Total Revenue	8,893	7,352	5,532	6,349	9,008	6,798	4,762	5,471	7,994	5,859	4,415	4,784
Ebitda	3,954	3,022	1,815	2,303	3,969	1,716	1,229	2,274	3,364	2,367	1,333	794
Operating Income	3,418	2,500	1,271	2,030	3,940	2,250	1,062	1,729	3,179	1,856	791	609
Net Income	2,717	1,950	1,083	1,428	2,748	895	333	1,068	2,517	1,521	776	222
EPS	3.62	2.54	1.37	1.78	3.39	1.10	0.41	1.29	3.01	1.80	0.91	0.25
Key Financials TTM
Total Revenue TTM	28,126	28,241	27,687	26,917	26,039	25,025	24,086	23,739	23,052	22,399	22,002	21,365
Ebitda TTM	11,094	11,109	9,803	9,217	9,188	8,583	9,234	9,338	7,858	8,066	7,718	7,043
Operating Income TTM	9,219	9,741	9,491	9,282	8,981	8,220	7,826	7,555	6,435	6,359	6,176	5,835
Net Income TTM	7,178	7,209	6,154	5,404	5,044	4,813	5,439	5,882	5,036	5,030	4,799	4,289
Growth Rates Quarterly
Total Revenue Growth	-1.3%	8.1%	16.2%	16.0%	12.7%	16.0%	7.9%	14.4%	8.9%	7.3%	16.9%	18.2%
EBITDA Growth	-0.4%	76.1%	47.7%	1.3%	18.0%	-27.5%	-7.8%	186.4%	-5.8%	17.2%	102.6%	-54.9%
Operating Income Growth	-13.2%	11.1%	19.7%	17.4%	23.9%	21.2%	34.3%	183.9%	2.4%	10.9%	75.8%	-53.3%
Net Income Growth	-1.1%	117.9%	225.2%	33.7%	9.2%	-41.2%	-57.1%	381.1%	0.2%	17.9%	191.7%	-82.0%
Margins Quarterly
EBITDA Margin	44.5%	41.1%	32.8%	36.3%	44.1%	25.2%	25.8%	41.6%	42.1%	40.4%	30.2%	16.6%
Operating Income Margin	38.4%	34.0%	23.0%	32.0%	43.7%	33.1%	22.3%	31.6%	39.8%	31.7%	17.9%	12.7%
Net Income Margin	30.6%	26.5%	19.6%	22.5%	30.5%	13.2%	7.0%	19.5%	31.5%	26.0%	17.6%	4.6%
Cash & Debt
Total Cash	15,814	17,214	16,024	17,203	16,509	17,595	15,578	16,164	15,775	16,327	15,991	12,683
Total Debt	20,576	20,694	18,943	19,293	17,529	18,989	16,500	17,081	16,720	17,337	17,456	14,783
Net Debt / (Cash)	4,762	3,480	2,919	2,090	1,020	1,394	922	917	945	1,010	1,465	2,100
Cash Flows Quarterly
FCF from Operations	1,137	3,719	3,215	1,490	1,435	3,201	3,283	721	2,373	2,525	2,704	1,346
Cash Flows TTM
FCF from Operations TTM	9,561	9,859	9,341	9,409	8,640	9,578	8,902	8,323	8,948	7,947	7,159	7,344
Returns to Shareholders Quarterly
Dividends	314	321	343	307	310	312	319	289	291	295	299	0
Share Repurchases	2,142	3,988	3,770	2,119	653	1,498	2,170	1,227	1,764	1,662	1,856	2,488
Return on Invested Capital (ROIC) Quarterly
ROIC	227.9%	218.9%	134.8%	297.8%	1224.0%	523.4%	387.4%	515.0%	1180.5%	581.7%	178.9%	62.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	150.3%	217.2%	255.4%	351.3%	679.8%	478.4%	683.8%	664.6%	558.6%	493.4%	330.8%	217.4%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	26,917	23,739	21,365	17,090
Advertising and other revenues					599
Agency revenues					6,663
Merchant revenues					3,696
Total	26,917	23,739	21,365	17,090	10,958

Price Behavior

Price Behavior

Market Price	$168.72
Market Cap ($ Bil)	126.5
First Trading Date	03/31/1999
Distance from 52W High	-22.6%
	50 Days	200 Days
DMA Price	$167.24	$175.37
DMA Trend	down	down
Distance from DMA	0.9%	-3.8%
	3M	1YR
Volatility	38.4%	39.2%
Downside Capture	154.68	115.79
Upside Capture	24.26	81.14
Correlation (S&P 500)	22.3%	29.9%

BKNG Betas & Captures as of 10/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.45	0.33	0.37	0.41	0.83	0.94
Up Beta	-2.57	-0.70	-0.02	-0.05	0.60	0.96
Down Beta	-0.12	-0.17	0.45	0.79	1.02	0.95
Up Capture	-130%	-37%	-17%	19%	50%	69%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	7	16	26	60	119	400
Down Capture	19%	180%	133%	66%	108%	100%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	15	27	38	66	132	351

[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	-14.8%	39.2%	-0.32	-
Sector ETF (XLY)	-0.6%	19.9%	-0.16	52.0%
Equity (SPY)	9.5%	13.6%	0.41	29.1%
Gold (GLD)	3.6%	28.7%	0.11	5.1%
Commodities (DBC)	37.7%	21.2%	1.40	-33.6%
Real Estate (VNQ)	12.0%	14.2%	0.55	30.2%
Bitcoin (BTCUSD)	-20.8%	43.3%	-0.42	11.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BKNG
BKNG	12.2%	33.6%	0.40	-
Sector ETF (XLY)	4.1%	24.2%	0.13	59.7%
Equity (SPY)	11.3%	17.3%	0.48	54.7%
Gold (GLD)	17.5%	19.1%	0.74	2.7%
Commodities (DBC)	8.0%	19.6%	0.29	0.7%
Real Estate (VNQ)	1.2%	18.9%	-0.05	38.1%
Bitcoin (BTCUSD)	5.9%	51.5%	0.29	25.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BKNG
BKNG	11.4%	33.1%	0.40	-
Sector ETF (XLY)	12.7%	22.3%	0.52	61.2%
Equity (SPY)	14.9%	18.0%	0.70	59.4%
Gold (GLD)	12.0%	16.5%	0.59	1.0%
Commodities (DBC)	7.6%	18.1%	0.33	13.7%
Real Estate (VNQ)	5.7%	20.7%	0.23	45.0%
Bitcoin (BTCUSD)	61.3%	66.2%	1.01	16.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	18.8 Mil
Short Interest: % Change Since 9302026	-16.9%
Average Daily Volume	6.5 Mil
Days-to-Cover Short Interest	2.9 days
Basic Shares Quantity	750.0 Mil
Short % of Basic Shares	2.5%

Returns Analyses

	Title
0	The Bear Case: How BKNG Behaves During Market Shocks
1	With Booking Stock Sliding, Have You Assessed The Risk?
2	BKNG YTD Stock Return Of 6.8% Outperforms EXPE by 21% and Outperforms HLT by 6.9%
3	BKNG YTD Stock Return Of 66% Underperforms ABNB by -1.1% and Underperforms ABNB by -1.1%
4	BKNG YTD Stock Return Of 11% Outperforms ABNB by 4.5% and Underperforms CHWY by -5.4%
5	Booking Holdings (BKNG) Stock Has 67% Chance Of Rise In The Next One Month
6	Booking Stock Return Comparison
7	Booking Total Shareholder Return (TSR): -16.0% in 2022 and -0.6% 3-yr returns (above peer average)

Earnings Returns History

Updated 11/6/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2026	9.8%
8/4/2026	6.6%	9.6%	2.7%
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%
...
SUMMARY STATS
# Positive	15	13	15
# Negative	10	11	9
Median Positive	3.0%	6.0%	9.7%
Median Negative	-4.3%	-3.3%	-6.9%
Max Positive	9.8%	13.5%	20.4%
Max Negative	-10.1%	-12.4%	-13.2%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2026	9.8%
8/4/2026	6.6%	9.6%	2.7%
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%
SUMMARY STATS
# Positive	15	13	15
# Negative	10	11	9
Median Positive	3.0%	6.0%	9.7%
Median Negative	-4.3%	-3.3%	-6.9%
Max Positive	9.8%	13.5%	20.4%
Max Negative	-10.1%	-12.4%	-13.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2026	11/03/2026	10-Q
06/30/2026	08/04/2026	10-Q
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

Collapse to Preview

Report Date	Filing Date	Filing
09/30/2026	11/03/2026	10-Q
06/30/2026	08/04/2026	10-Q
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

Recent Forward Guidance

Updated 11/4/2026

Latest: Q3 2026 Earnings Reported 11/3/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2026 Dividends	Reported		0.42
Q4 2026 Room Nights Growth	Reported	1.0%	2.0%	3.0%		-2.0%	Lower New	Guidance: 4.0% for Q3 2026
Q4 2026 Gross Bookings Growth	Reported	2.0%	3.0%	4.0%		-2.0%	Lower New	Guidance: 5.0% for Q3 2026
Q4 2026 Constant Currency Gross Bookings Growth	Reported	4.0%	5.0%	6.0%		-1.0%	Lower New	Guidance: 6.0% for Q3 2026
Q4 2026 Adjusted Revenue Growth	Reported	0.0%	1.0%	2.0%		-4.0%	Lower New	Guidance: 5.0% for Q3 2026
Q4 2026 Constant Currency Adjusted Revenue Growth	Reported	2.0%	3.0%	4.0%		-3.0%	Lower New	Guidance: 6.0% for Q3 2026
Q4 2026 Adjusted EBITDA Growth	Reported		0.0%			-5.0%	Lower New	Guidance: 5.0% for Q3 2026
2026 Gross Bookings Growth	Reported
2026 Constant Currency Gross Bookings Growth	Reported
2026 Adjusted Revenue Growth	Reported
2026 Constant Currency Adjusted Revenue Growth	Reported
2026 Adjusted EBITDA Growth	Reported
2026 Adjusted EPS Growth	Reported

Prior: Q2 2026 Earnings Reported 8/4/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2026 Room Nights Growth	Reported	3.0%	4.0%	5.0%		1.0%	Higher New	Guidance: 3.0% for Q2 2026
Q3 2026 Gross Bookings Growth	Reported	4.0%	5.0%	6.0%		0.0%	Same New	Guidance: 5.0% for Q2 2026
Q3 2026 Constant Currency Gross Bookings Growth	Reported	5.0%	6.0%	7.0%		3.0%	Higher New	Guidance: 3.0% for Q2 2026
Q3 2026 Revenue Growth	Reported	4.0%	5.0%	6.0%		0.0%	Same New	Guidance: 5.0% for Q2 2026
Q3 2026 Constant Currency Revenue Growth	Reported	5.0%	6.0%	7.0%		3.0%	Higher New	Guidance: 3.0% for Q2 2026
Q3 2026 Adjusted EBITDA Growth	Reported	4.0%	5.0%	6.0%		0.0%	Same New	Guidance: 5.0% for Q2 2026

Q1 2026 Earnings Reported 4/28/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 Room Nights Growth	Reported	2.0%	3.0%	4.0%		-3.0%	Lower New	Guidance: 6.0% for Q1 2026
Q2 2026 Gross Bookings Growth	Reported	4.0%	5.0%	6.0%		-10.0%	Lower New	Guidance: 15.0% for Q1 2026
Q2 2026 Constant Currency Gross Bookings Growth	Reported	2.0%	3.0%	4.0%		-5.0%	Lower New	Guidance: 8.0% for Q1 2026
Q2 2026 Revenue Growth	Reported	4.0%	5.0%	6.0%		-10.0%	Lower New	Guidance: 15.0% for Q1 2026
Q2 2026 Constant Currency Revenue Growth	Reported	2.0%	3.0%	4.0%		-5.0%	Lower New	Guidance: 8.0% for Q1 2026
Q2 2026 Adjusted EBITDA Growth	Reported	4.0%	5.0%	6.0%		-7.0%	Lower New	Guidance: 12.0% for Q1 2026
2026 Gross Bookings Growth	Reported	8.0%	9.5%	11.0%
2026 Constant Currency Gross Bookings Growth	Reported	8.0%	8.5%	9.0%
2026 Revenue Growth	Reported	8.0%	8.5%	9.0%
2026 Constant Currency Revenue Growth	Reported	6.0%	7.5%	9.0%
2026 Adjusted EPS Growth	Reported	12.0%	13.5%	15.0%

Q4 2025 Earnings Reported 2/18/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Room Nights Growth	Reported	5.0%	6.0%	7.0%		1.0%	Higher New	Actual: 5.0% for Q4 2025
Q1 2026 Gross Bookings Growth	Reported	14.0%	15.0%	16.0%		3.0%	Higher New	Actual: 12.0% for Q4 2025
Q1 2026 Constant Currency Gross Bookings Growth	Reported	7.0%	8.0%	9.0%
Q1 2026 Revenue Growth	Reported	14.0%	15.0%	16.0%		4.0%	Higher New	Actual: 11.0% for Q4 2025
Q1 2026 Constant Currency Revenue Growth	Reported	7.0%	8.0%	9.0%
Q1 2026 Adjusted EBITDA Growth	Reported	10.0%	12.0%	14.0%

Insider Activity

Updated 10/16/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Pisano, Paulo	CHIEF HUMAN RESOURCES OFFICER	Direct	Sell	10162026	163.06	1,500	244,590	11,479,424	Form
2	Pisano, Paulo	CHIEF HUMAN RESOURCES OFFICER	Direct	Sell	9162026	173.02	1,500	259,530	12,440,138	Form
3	Pisano, Paulo	CHIEF HUMAN RESOURCES OFFICER	Direct	Sell	9012026	203.48	3,000	610,440	14,935,432	Form
4	Wittman, Vanessa Ames		Direct	Sell	8182026	211.00	375	79,125	3,404,063	Form
5	Millones, Peter J	EXECUTIVE VP, GENERAL COUNSEL	Direct	Sell	8182026	207.59	50,050	10,390,070	77,852,864	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Pisano, Paulo	CHIEF HUMAN RESOURCES OFFICER	Direct	Sell	10162026	163.06	1,500	244,590	11,479,424	Form
2	Pisano, Paulo	CHIEF HUMAN RESOURCES OFFICER	Direct	Sell	9162026	173.02	1,500	259,530	12,440,138	Form
3	Pisano, Paulo	CHIEF HUMAN RESOURCES OFFICER	Direct	Sell	9012026	203.48	3,000	610,440	14,935,432	Form
4	Wittman, Vanessa Ames		Direct	Sell	8182026	211.00	375	79,125	3,404,063	Form
5	Millones, Peter J	EXECUTIVE VP, GENERAL COUNSEL	Direct	Sell	8182026	207.59	50,050	10,390,070	77,852,864	Form
6	Steenbergen, Ewout L	CHIEF FINANCIAL OFFICER	Direct	Sell	8132026	211.03	20,000	4,220,516	12,618,078	Form
7	Mylod, Robert J JR		Annox Capital, LLC	Sell	8062026	206.70	1,000	206,700	3,100,500	Form
8	Wittman, Vanessa Ames		Direct	Sell	7292026	192.00	1,125	216,000	3,169,536	Form
9	Millones, Peter J	EXECUTIVE VP, GENERAL COUNSEL	Direct	Sell	5272026	163.67	62,500	10,229,456	69,572,577	Form
10	Wittman, Vanessa Ames		Direct	Sell	4212026	192.00	1,125	216,000	3,081,600	Form
11	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	4162026	185.36	16,726	3,100,294	55,268,868	Form
12	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	3172026	4292.10	669	2,871,413	54,063,261	Form
13	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	2182026	4149.75	452	1,875,688	76,948,864	Form
14	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	2182026	4093.72	550	2,251,544	77,760,146	Form
15	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	2182026	4043.49	10	40,435	78,989,577	Form
16	Mylod, Robert J JR		Annox Capital, LLC	Sell	2032026	5105.36	40	204,214	4,288,503	Form
17	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	1162026	5208.09	60	312,486	101,844,265	Form
18	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	1162026	5181.34	953	4,937,816	101,631,954	Form
19	Wittman, Vanessa Ames		Direct	Sell	1162026	5191.15	15	77,867	3,566,320	Form
20	Mylod, Robert J JR		Annox Capital, LLC	Sell	1052026	5290.38	40	211,615	4,655,536	Form
21	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	12162025	5464.94	442	2,415,502	112,402,826	Form
22	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	12162025	5414.53	571	3,091,695	113,759,213	Form
23	Wittman, Vanessa Ames		Direct	Sell	12162025	5362.00	15	80,430	3,764,124	Form
24	Mylod, Robert J JR		Annox Capital, LLC	Sell	12032025	5000.00	40	200,000	4,600,000	Form
25	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	11192025	5062.25	170	860,582	109,248,328	Form
26	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	11192025	5007.69	400	2,003,074	108,922,184	Form
27	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	11192025	4820.35	443	2,135,414	106,775,542	Form
28	Wittman, Vanessa Ames		Direct	Sell	11192025	5030.00	15	75,450	3,606,510	Form
29	Mylod, Robert J JR		Annox Capital, LLC	Sell	11102025	5000.00	40	200,000	4,800,000	Form
30	Pisano, Paulo	CHIEF HUMAN RESOURCES OFFICER	Direct	Sell	11102025	5000.00	200	1,000,000	7,570,000	Form
31	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	10162025	5254.04	388	2,038,568	118,709,788	Form
32	Fogel, Glenn D	CEO AND PRESIDENT	Direct	Sell	10162025	5141.53	625	3,213,454	118,162,552	Form
33	Wittman, Vanessa Ames		Direct	Sell	10162025	5291.98	15	79,380	3,873,729	Form

Investor Activity (13F)

Updated Nov 6, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Rothschild & Co Wealth Management UK Ltd	$723.8 Mil	11.1%	25	ADD +20.1%	13F
Prevatt Capital Ltd	$36.5 Mil	9.8%	11	ADD +18.9%	13F
RIT Capital Partners PLC	$36.6 Mil	9.8%	12	TRIM -9.4%	13F
Voyager Global Management LP	$252.6 Mil	8.6%	8	TRIM -7.7%	13F
Harvard Management Co Inc	$147.1 Mil	8.1%	17	Hold	13F
GUARDCAP ASSET MANAGEMENT Ltd	$137.5 Mil	7.9%	27	TRIM -45.5%	13F
BloombergSen Inc.	$65.0 Mil	7.3%	27	Hold	13F
Varenne Capital Partners	$27.1 Mil	6.7%	27	ADD +1000.9%	13F
L1 Capital International Pty Ltd	$99.6 Mil	5.9%	23	Hold	13F
Dorsey Asset Management, LLC	$69.2 Mil	5.5%	11	Hold	13F
Par Capital Management Inc	$179.2 Mil	5.2%	45	ADD +73.9%	13F
C Partners Holding GmbH	$16.2 Mil	5.1%	7	TRIM -27.7%	13F
Wedgewood Partners Inc	$23.2 Mil	4.8%	22	TRIM -5.2%	13F
HS Management Partners, LLC	$12.9 Mil	4.5%	24	TRIM -26.1%	13F
Longview Partners (Guernsey) LTD	$313.4 Mil	4.4%	25	TRIM -18.3%	13F
Local Pensions Partnership Investment Ltd	$184.3 Mil	4.0%	32	Hold	13F
Quantum Capital Management, LLC / NJ	$26.5 Mil	3.4%	34	TRIM -11.9%	13F
MayTech Global Investments, LLC	$26.2 Mil	3.2%	23	Hold	13F
Dundas Partners LLP	$38.3 Mil	3.1%	49	ADD +9.6%	13F
Benchstone Capital Management LP	$23.2 Mil	2.7%	38	ADD +155.3%	13F
Fernbridge Capital Management LP	$30.9 Mil	2.0%	17	TRIM -30.9%	13F
Bender Robert & Associates	$7.5 Mil	1.8%	45	Hold	13F
Atmos Capital Gestao de Recursos Ltda.	$9.8 Mil	1.7%	15	ADD +2585.0%	13F
DSM Capital Partners LLC	$96.0 Mil	1.7%	44	Hold	13F
Kensico Capital Management Corp	$82.4 Mil	1.7%	20	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Kensico Capital Management Corp	$82.4 Mil	1.7%	20	New	13F
Bowie Capital Management, LLC	$32.2 Mil	1.5%	29	New	13F
Atmos Capital Gestao de Recursos Ltda.	$9.8 Mil	1.7%	15	ADD +2585.0%	13F
Varenne Capital Partners	$27.1 Mil	6.7%	27	ADD +1000.9%	13F
Benchstone Capital Management LP	$23.2 Mil	2.7%	38	ADD +155.3%	13F
Metropolis Capital Ltd	$14.0 Mil	0.5%	16	ADD +82.0%	13F
Par Capital Management Inc	$179.2 Mil	5.2%	45	ADD +73.9%	13F
Rothschild & Co Wealth Management UK Ltd	$723.8 Mil	11.1%	25	ADD +20.1%	13F
Prevatt Capital Ltd	$36.5 Mil	9.8%	11	ADD +18.9%	13F
Dundas Partners LLP	$38.3 Mil	3.1%	49	ADD +9.6%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
Durable Capital Partners LP	$97.9 Mil	0.9%	40	Exited	Dec 31, 2025	13F
Aspen Grove Capital, LLC	$69.5 Mil	12.0%	204	Exited	Dec 31, 2025	13F
Crosslink Capital Inc	$19.9 Mil	1.5%	20	Exited	Dec 31, 2025	13F
Agave Capital Management Ltd	$16.1 Mil	2.7%	23	Exited	Dec 31, 2025	13F
Stony Point Capital LLC	$15.9 Mil	1.2%	31	Exited	Dec 31, 2025	13F
Firetrail Investments PTY LTD	$11.9 Mil	3.9%	29	Exited	Dec 31, 2025	13F
Rovida Investment Management Ltd	$5.4 Mil	0.7%	17	Exited	Dec 31, 2025	13F
CTC LLC	$18.6 Mil	1.5%	25	TRIM -55.5%	Mar 31, 2026	13F
Lone Pine Capital LLC	$10.1 Mil	0.1%	36	TRIM -48.1%	Mar 31, 2026	13F
GUARDCAP ASSET MANAGEMENT Ltd	$137.5 Mil	7.9%	27	TRIM -45.5%	Mar 31, 2026	13F
Fernbridge Capital Management LP	$30.9 Mil	2.0%	17	TRIM -30.9%	Mar 31, 2026	13F
C Partners Holding GmbH	$16.2 Mil	5.1%	7	TRIM -27.7%	Mar 31, 2026	13F
HS Management Partners, LLC	$12.9 Mil	4.5%	24	TRIM -26.1%	Mar 31, 2026	13F
Longview Partners (Guernsey) LTD	$313.4 Mil	4.4%	25	TRIM -18.3%	Mar 31, 2026	13F
Quantum Capital Management, LLC / NJ	$26.5 Mil	3.4%	34	TRIM -11.9%	Mar 31, 2026	13F
RIT Capital Partners PLC	$36.6 Mil	9.8%	12	TRIM -9.4%	Mar 31, 2026	13F
Troy Asset Management Ltd	$32.1 Mil	1.0%	30	TRIM -7.9%	Mar 31, 2026	13F
Voyager Global Management LP	$252.6 Mil	8.6%	8	TRIM -7.7%	Mar 31, 2026	13F
Wedgewood Partners Inc	$23.2 Mil	4.8%	22	TRIM -5.2%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Rothschild & Co Wealth Management UK Ltd	$723.8 Mil	11.1%	25	ADD +20.1%	13F
Longview Partners (Guernsey) LTD	$313.4 Mil	4.4%	25	TRIM -18.3%	13F
Voyager Global Management LP	$252.6 Mil	8.6%	8	TRIM -7.7%	13F
Local Pensions Partnership Investment Ltd	$184.3 Mil	4.0%	32	Hold	13F
Par Capital Management Inc	$179.2 Mil	5.2%	45	ADD +73.9%	13F
Harvard Management Co Inc	$147.1 Mil	8.1%	17	Hold	13F
GUARDCAP ASSET MANAGEMENT Ltd	$137.5 Mil	7.9%	27	TRIM -45.5%	13F
L1 Capital International Pty Ltd	$99.6 Mil	5.9%	23	Hold	13F
DSM Capital Partners LLC	$96.0 Mil	1.7%	44	Hold	13F
Kensico Capital Management Corp	$82.4 Mil	1.7%	20	New	13F
Dorsey Asset Management, LLC	$69.2 Mil	5.5%	11	Hold	13F
BloombergSen Inc.	$65.0 Mil	7.3%	27	Hold	13F
Sanders Capital, LLC	$50.4 Mil	0.1%	44	Hold	13F
Dundas Partners LLP	$38.3 Mil	3.1%	49	ADD +9.6%	13F
RIT Capital Partners PLC	$36.6 Mil	9.8%	12	TRIM -9.4%	13F
Prevatt Capital Ltd	$36.5 Mil	9.8%	11	ADD +18.9%	13F
Bowie Capital Management, LLC	$32.2 Mil	1.5%	29	New	13F
Troy Asset Management Ltd	$32.1 Mil	1.0%	30	TRIM -7.9%	13F
Fernbridge Capital Management LP	$30.9 Mil	2.0%	17	TRIM -30.9%	13F
Varenne Capital Partners	$27.1 Mil	6.7%	27	ADD +1000.9%	13F
Quantum Capital Management, LLC / NJ	$26.5 Mil	3.4%	34	TRIM -11.9%	13F
MayTech Global Investments, LLC	$26.2 Mil	3.2%	23	Hold	13F
Wedgewood Partners Inc	$23.2 Mil	4.8%	22	TRIM -5.2%	13F
Benchstone Capital Management LP	$23.2 Mil	2.7%	38	ADD +155.3%	13F
CTC LLC	$18.6 Mil	1.5%	25	TRIM -55.5%	13F

BKNG Trade Sentinel

Stock Conviction

Constructive

CONVICTION RATIONALE

Conviction is constructive based on re-accelerating Q3 room night growth of 7% and a clear strategy to address AI disruption with new products like Vayo. The market appears to be looking through the lowered Q4 guidance. However, a recent revenue decline of -1.3% and margin pressure prevent a more aggressive stance until the growth trajectory is clarified.

STOCK ARCHETYPE

Transactional Marketplace

(Number of Bookings) x (Gross Booking Value per Booking) x (Effective Take Rate) Operating leverage from scaling transaction volume over a largely fixed cost base, and efficiency in performance marketing spend.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Can AI investments reinforce the network moat and power the 'Connected Trip'?

Evidence suggests the company is successfully pivoting to defend its franchise and capture more of the travel wallet.

Mechanism: Integrating AI like Vayo and expanding the 'Connected Trip' should increase direct bookings and loyalty, driving higher lifetime value. Connected Trip transactions are already growing three times faster than overall transactions.

Supporting Evidence:

Q3 room night growth accelerated to 7% year-over-year, up from 5% in Q2.
The Genius loyalty program's top tiers account for a high-50% share of room nights.
The company launched Vayo, a new AI travel agent, with a planned $100M investment.
Supply continues to grow, with properties on Booking.com increasing to 4.7 million.

PRIMARY RISK

Slowing growth and AI disintermediation.

A sharp deceleration, with latest-quarter revenue declining -1.3% and lowered Q4 guidance, suggests the core business is weakening as large technology firms enter the travel space with their own AI agents.

Mechanism: A continued decline in room night growth below the guided 1-3% range for Q4 would confirm the slowdown is structural.

Supporting Evidence:

Latest-quarter revenue declined -1.3% year-over-year, a sharp drop from 8% growth in Q2.
Q4 2026 guidance for room nights was lowered to 1% to 3% growth.
TTM operating margin compressed to 32.8% from 34.5% a year earlier.
Operating expenses grew 10.8% TTM, outpacing revenue growth of 8%.

Key KPI Watchlist

KPI	Status	Rationale
Room Nights	7% year-over-year growth in Q3 2026 - Accelerating	The 7% growth in the latest quarter marks a re-acceleration from 5% in Q2. Management commentary on the earnings call attributed this improvement to stronger international travel originating from Europe and Asia, while domestic travel remained stable.
Gross Bookings	10% year-over-year growth in Q3 2026 (11% on a constant currency basis) - Accelerating	The acceleration in constant currency growth to 11% in Q3 from a stable 8% in the first half of the year reflects both higher room night volume and a modest increase in pricing (Average Daily Rates).
Rental Car Days	23 million (Three Months Ended September 30, 2026)	Measures the volume of the car rental business, indicating demand for ground transportation services.
Flight Tickets	21 million (Three Months Ended September 30, 2026)	Measures the volume of the airline ticket business and is a key indicator of the expansion into non-accommodation verticals and the 'Connected Trip' strategy.

Core Investment Debate

AI Pivot vs. Cyclical Slowdown

BULL VIEW

Bulls believe the 11% post-earnings stock rally was right to focus on accelerating Q3 room night growth of 7% and the launch of AI agent Vayo as proof of a durable, innovative franchise.

CORE TENSION

Can the long-term promise of the AI-powered 'Connected Trip' offset the immediate reality of a -1.3% revenue decline and lowered Q4 guidance, which the market has so far ignored?

PREVAILING SENTIMENT

CAUTIOUSLY BULLISH

The latest evidence favors the bulls, as the market's strong positive reaction to earnings indicates a willingness to look past near-term headwinds and bet on the long-term AI strategy.

BEAR VIEW

Bears argue the -1.3% revenue decline and lowered Q4 guidance are the start of a structural slowdown, and the AI story is a narrative to mask fundamental weakness in a competitive market.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
December 31, 2026	Quarterly Dividend Payment Watch: A cash dividend of $0.42 per share of common stock is payable to stockholders of record as of December 11, 2026.
1/26/2027	Peer AI Initiatives Gaining Traction Watch: Updates from META on Muse user growth, engagement, and commerce transaction volume, indicating potential disintermediation.
2/10/2027	Negative Read-Through from Travel Peers Watch: Commentary from peers on Q4 travel demand trends and their outlook for Q1 2027.
2/16/2027	Earnings Miss on Lowered Guidance Watch: Whether reported Q4 results meet or miss the lowered guidance bar, and the outlook for Q1 2027.
No set date	Adverse Regulatory Action or Fines Watch: News of investigations, fines, or mandated business practice changes from regulators, particularly in the EU.

Key Events in Last 6 Months

Date	Event	Stock Impact
2026-11-03	Q3 Earnings Beat, Guidance Lowered Details: The company reported Q3 earnings that beat estimates. However, guidance for Q4 was lowered for key metrics including Room Nights and Gross Bookings Growth.	+11.2% $153.75 -> $170.97
2026-10-14	New AI Travel Agent Launched Details: Booking Holdings announced a planned $100M investment in its new company Vayo, a personal AI travel agent.	+5.3% $157.51 -> $165.80
2026-09-07	Major Institutional Investment Disclosed Details: First Eagle Investment Management LLC disclosed purchasing a new stake valued at approximately $876.32 million during the second quarter.	-7.6% $194.66 -> $179.87
2026-08-04	Q2 Earnings Report Beat Details: The company reported Q2 results. The two-day stock reaction around the earnings call was 7.0% versus 2.0% for the S&P 500.	+7.4% $192.25 -> $206.52
2026-05-05	AI Booking Integration with Partners Details: Nextech3D.ai announced an AI-enabled hotel booking integration using inventory from Expedia, Priceline, and Booking.com to extend its event technology platform.	+1.7% $164.77 -> $167.49

Risk Management

Position Sizing

4% - 6%

NORMAL POSITION

Sizing is volatility-based: BKNG trades at roughly 34% annualized realized (three-month) volatility versus about 10% for the S&P 500 (3.4x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives

EXPE - Expedia

Direct OTA Competitor

Expedia offers pure-play exposure to the online travel agency model. While its operating margin of 17.4% is lower, its trailing-twelve-month revenue growth of 12% has recently outpaced Booking Holdings.

Core Thesis: A bet on a different execution strategy within the same industry, with a potentially different balance of growth and profitability.

META - Meta Platforms

Structural AI Threat/Partner

Meta provides exposure to the foundational AI models that could disrupt travel booking. Its 'Muse' personal agent is already live, with shopping as a key use case, representing a potential long-term threat or partnership opportunity.

Core Thesis: An investment in the underlying technology platform that could either disintermediate or enable the next generation of online travel.

How Is The Market Pricing BKNG?

Booking Holdings is a global travel toll road, leveraging its immense scale and network effects to build an integrated 'Connected Trip' ecosystem while navigating the disruptive potential of AI by investing in its own agentic capabilities.

The company is transitioning from a pure accommodations booking engine to a comprehensive travel platform. This 'Connected Trip' strategy, enabled by a shift to a merchant payment model and expansion into flights and other verticals, aims to capture more of the travel wallet and increase customer loyalty through its Genius program. While facing threats from new AI-powered competitors, the company is actively developing its own AI agents (Vayo, a recently discussed product) and leveraging AI to improve efficiency, betting that its direct relationships with millions of suppliers provide a durable moat.

What will confirm the thesis

Sustained growth in 'Connected Trip' transactions, continued market share gains in the U.S., successful scaling of new AI products like Vayo, and growth in direct bookings outpacing paid channels.

What will damage the thesis

Evidence of significant booking volume shifting to new AI-native travel agents or large tech platforms like Google and Meta, a sustained decline in marketing ROI, or major regulatory actions that limit its business model.

Noise: Real but irrelevant to thesis

Short-term fluctuations in quarterly room night growth due to specific geopolitical events or holiday timing; single-quarter marketing deleverage if tied to opportunistic investment.

Repricing Catalyst

The market's positive reaction to the Q3 2026 earnings report, where the stock jumped 11% despite the company lowering its Q4 guidance, suggesting investors are focused on strong underlying execution and the long-term AI strategy over near-term headwinds.

What BKNG Makes & Who Pays

TTM figures based on the twelve months through fiscal Q3 2026

BKNG Evolution: Price Return by Era

· Global Accommodations Aggregator (Agency Model)

The company built its scale primarily through its Booking.com brand, acting as an agent connecting travelers with a vast inventory of accommodations, especially independent hotels in Europe. The model was capital-light, earning commissions from hotels after a guest's stay.

Ongoing since circa 2024-2025 · The 'Connected Trip' and Merchant Model Shift

+56%

The company is strategically shifting from a pure agency model to a merchant model, where it handles payments directly. This shift is a key enabler for its 'Connected Trip' vision, which aims to seamlessly integrate multiple travel verticals (flights, cars, attractions) into a single, personalized itinerary, thereby increasing customer loyalty and share of wallet. This era is also marked by significant investment in AI to enhance the user experience and operational efficiency.

Market Appears To Be Skeptical Of Core Thesis

Price structure is in a downtrend. Multiple SMA levels broken and declining. Thesis requires reclaiming 200D before any bull case is credible. Relative to SPY: Lagging the market on the 63D window, but 'relative strength' is beginning to stabilize; watch for inflection. Volume and momentum are clearly negative. OBV (on-balance volume) and volume character point to institutional exit. Earnings history is mildly supportive. The reaction or drift are positive but not both at full conviction.

① Structure

-4

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

-2

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

-5 / 12

1 Price Structure & Trend Potential Bottoming · Death Cross ▾

2 Momentum Mixed ▾

3 Relative Strength vs. SPY Recovering Relative Strength ▾

4 Institutional Footprint & Volume Mild Distribution ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Rising ▾

7 Earnings Reaction History Inconsistent ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	-4
② Vol / Mom	-2
③ Catalyst	+1

ℹ Bull Pillars: 1 · Bear Pillars: 2 · Combined Score: -5 → Market Appears To Be Skeptical Of Core Thesis

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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

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Core Cache Last Updated: 11/5/2026

Booking Holdings (BKNG)

Market Price (11/6/2026): $167.0 | Market Cap: $124.2 BilInvestor Relations ↗Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Booking Holdings (BKNG)

Market Price (11/6/2026): $167.0Market Cap: $124.2 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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About Booking Holdings (BKNG)

Glenn D. Fogel

Ewout Steenbergen

Peter J. Millones, Jr.

Paulo Pisano

1. Regulatory Scrutiny and Anti-Competitive Concerns

2. Disintermediation by AI and Direct Booking Trends

3. Macroeconomic and Geopolitical Sensitivity

Interactive Breakdown

Better Bets vs. Booking Holdings (BKNG)

INDUSTRY: Hotels, Resorts & Cruise Lines

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKNG: 10.9% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKNG: 10.9% | 13.7x)

Higher Rev Chg LTM (Value for BKNG: 8.0%)

Higher Rev Chg 3Y Avg (Value for BKNG: 10.9%)

Higher Op Mgn LTM (Value for BKNG: 32.8%)

Higher CFO/Rev LTM (Value for BKNG: 34.0%)

Higher FCF/Rev LTM (Value for BKNG: 32.8%)

Higher Total Yield (Value for BKNG: 6.7%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKNG: 10.9% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKNG: 10.9% | 13.7x)

Higher Rev Chg LTM (Value for BKNG: 8.0%)

Higher Rev Chg 3Y Avg (Value for BKNG: 10.9%)

Higher Op Mgn LTM (Value for BKNG: 32.8%)

Higher CFO/Rev LTM (Value for BKNG: 34.0%)

Higher FCF/Rev LTM (Value for BKNG: 32.8%)

Higher Total Yield (Value for BKNG: 6.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKNG: 10.9% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKNG: 10.9% | 13.7x)

Higher Rev Chg LTM (Value for BKNG: 8.0%)

Higher Rev Chg 3Y Avg (Value for BKNG: 10.9%)

Higher Op Mgn LTM (Value for BKNG: 32.8%)

Higher CFO/Rev LTM (Value for BKNG: 34.0%)

Higher FCF/Rev LTM (Value for BKNG: 32.8%)

Higher Total Yield (Value for BKNG: 6.7%)

Best Bets in Consumer Discretionary

P/EBIT (Value for BKNG: 12.2x)

P/E (Value for BKNG: 17.6x)

Rev Chg 3Y Avg (Value for BKNG: 10.9%)

Rev Chg LTM (Value for BKNG: 8.0%)

Rev Chg Q (Value for BKNG: -1.3%)

FCF/Rev 3Y Avg (Value for BKNG: 33.9%)

Peer Outperformance in Hotels, Resorts & Cruise Lines

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Market Price (11/6/2026): $167.0 | Market Cap: $124.2 BilInvestor Relations Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Market Price (11/6/2026): $167.0
Market Cap: $124.2 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines