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Booking Holdings
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Latest analysis
Updated Aug 4, 2026
Booking Holdings Q2 2026: Revenue +8% to $7.4B with margin expansion, but room night growth decelerates to 5% amid Middle East demand overhang
Booking Holdings delivered Q2 2026 revenue of $7.4 billion (+8% year-over-year) and Adjusted EBITDA of $2.6 billion (+9%), with net income more than doubling to $1.95 billion on favorable FX remeasurement. The underlying growth story is decelerating: room night growth slowed to 5% in Q2 from 5.9% in Q1, and flight ticket growth collapsed to 3.7% from 28.5% a quarter prior, signaling meaningful softening in non-accommodation travel verticals. The Transformation Program savings target was raised to approximately $650 million in annual run-rate savings by end of 2027, providing incremental margin firepower even as direct channel mix held flat at a mid-fifties percentage of room nights.
Tone: mixedRevenue
$26.9B
BKNG 10-K · FY 2025
Employees
24,300
Revenue FY2024
$23.7B
Headquarters
Norwalk, CT
Profile
BKNG 10-K Item 1 · Feb 18, 2026Booking Holdings is the world's largest online travel platform, operating five consumer-facing brands — Booking.com, Priceline, Agoda, KAYAK, and OpenTable — that collectively enable accommodation, flight, ground transportation, attraction, and restaurant reservations globally. The company generates revenue through merchant transactions, agency commissions, and advertising, serving travelers and travel service providers across more than 220 countries and territories. Its long-term strategy centers on the 'Connected Trip,' an AI-powered, end-to-end travel planning and booking experience integrated with a payments platform and loyalty programs.
Read filing description ↓ Collapse description ↑
We derive substantially all of our revenues from providing online travel reservation services, which facilitate online travel purchases by travelers from travel service providers (which we generally refer to as 'consumers' and 'partners,' respectively). We also earn revenues from payment facilitation, advertising, restaurant reservation and management services, travel-related insurance offerings, and other services. For the year ended December 31, 2025, we had revenues of $26.9 billion, which we classify as 'merchant' revenues, 'agency' revenues, and 'advertising and other' revenues. Merchant revenues are derived from transactions where we facilitate payments from travelers for the services provided, generally at the time of booking. Agency revenues are derived from travel-related transactions where we do not facilitate payments from travelers for the services provided, and consist almost entirely of travel reservation commissions from Booking.com's accommodation reservations. Advertising and other revenues are derived primarily from revenues earned by KAYAK for sending referrals to partners and for advertising placements, revenues earned by OpenTable for its restaurant reservation services and subscription fees for restaurant management services, and revenues earned by our other brands for advertising placements on their platforms. We believe that global travel bookings will generally continue to grow while shifting from traditional offline methods to online channels. We are executing against our long-term strategy to create an ideal AI-powered traveler experience, offering our customers relevant options and suggestions at the times and in the language they want them, making trips booked with us seamless, easy, and valuable. We refer to this as the 'Connected Trip.'
Primary products
- Booking.com
- Priceline
- Agoda
- KAYAK
- OpenTable
- Connected Trip
Business segments
End markets
Geographies
Named competitors
“Booking.com is the world's leading brand for booking online accommodation reservations, based on room nights booked, with operations worldwide and headquarters in the Netherlands.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $23.7 billion in 2024 to $26.9 billion in 2025, driven primarily by continued growth in merchant revenues as more bookings shifted from agency to merchant basis, alongside healthy travel demand in Europe and Asia.
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