Booking Holdings (BKNG)
NASDAQ:BKNG
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Booking Holdings
(NASDAQ:BKNG)
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Rating:62Neutral
Price Target:
$178.00
▼(-7.30% Downside)
Action:Reiterated
Date:05/08/26
BKNG scores above average on strong profitability and substantial cash generation, supported by a generally positive earnings outlook despite near-term geopolitical headwinds. The score is held back by significant balance-sheet risk (negative equity, high debt) and currently weak technical momentum, while valuation appears somewhat expensive relative to earnings and the dividend yield is modest.
Positive Factors
Strong cash generation
Consistent, multi-billion free cash flow provides durable financial flexibility: it funds capex, AI/product investment, and sizable capital returns while cushioning operational volatility. Strong cash conversion supports strategic reinvestment and debt service even if growth moderates.
Negative Factors
Elevated leverage & negative equity
High absolute debt and negative equity reduce financial flexibility and raise refinancing and covenant risk if travel weakens. This leverage profile limits optionality for big M&A or heavy reinvestment and increases sensitivity to rate or credit-market stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, multi-billion free cash flow provides durable financial flexibility: it funds capex, AI/product investment, and sizable capital returns while cushioning operational volatility. Strong cash conversion supports strategic reinvestment and debt service even if growth moderates.
Read all positive factors
Booking Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business segments, revealing which areas are driving growth and where there may be potential risks or opportunities.
Breaks down revenue across different business segments, revealing which areas are driving growth and where there may be potential risks or opportunities.
Data provided by:
The Fly
The FlyBooking Holdings (BKNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$131.59B
Dividend Yield0.71%
Average Volume (3M)7.50M
Price to Earnings (P/E)21.5
Beta (1Y)1.14
Revenue Growth14.95%
EPS Growth17.45%
CountryUS
Employees24,500
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)7.63
Shares Outstanding774,878,400
10 Day Avg. Volume7,391,736
30 Day Avg. Volume7,500,720
Financial Highlights & Ratios
PEG Ratio-6.65
Price to Book (P/B)-31.16
Price to Sales (P/S)6.46
P/FCF Ratio19.12
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue4.86
Enterprise Value/Gross Profit4.86
Enterprise Value/Ebitda14.14
Forecast
1Y Price Target
$221.44Price Target Upside15.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering28
EPS Forecast (FY)10.46
Revenue Forecast (FY)$29.44B
Booking Holdings Business Overview & Revenue Model
Company Description
Booking Holdings Inc. provides travel and restaurant online reservation and related services worldwide. The company operates Booking.com, which offers online accommodation reservations; Rentalcars.com that provides online rental car reservation se...
How the Company Makes Money
Booking Holdings primarily makes money by earning fees and commissions on travel transactions facilitated through its platforms, with accommodations historically representing the largest portion of its business. For lodging reservations, it genera...
Booking Holdings Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial performance: robust top-line growth, strong adjusted EBITDA expansion, record share repurchases, progress on Connected Trip and AI initiatives, and continued U.S. and Asia momentum. However, material near-term headwinds from the Middle East conflict (elevated cancellations, transit disruptions), some marketing deleverage, and guidance uncertainty temper the outlook. On balance the company demonstrated resilience and clear strategic progress while actively managing costs and capital allocation amid geopolitical volatility.Positive Updates
Strong Room Night Growth Despite Headwinds
Booked 338 million room nights in Q1, up 6% year-over-year (estimated ~8% ex-Middle East conflict impact of ~2 percentage points). U.S. room-night growth accelerated to the low teens for the fourth consecutive quarter; Asia room-night growth in the high single digits with intra-Asia travel in the low double digits.
Negative Updates
Middle East Conflict Impact
Management estimates the Middle East conflict reduced room-night and gross-bookings growth by ~2 percentage points in Q1 and assumed ~3 percentage points of headwind in Q2 guidance. March room-night growth slowed to 1% with an estimated ~6 percentage-point impact that month driven equally by reduced bookings and elevated cancellations.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Room Night Growth Despite Headwinds
Booked 338 million room nights in Q1, up 6% year-over-year (estimated ~8% ex-Middle East conflict impact of ~2 percentage points). U.S. room-night growth accelerated to the low teens for the fourth consecutive quarter; Asia room-night growth in the high single digits with intra-Asia travel in the low double digits.
Read all positive updates
Company Guidance
Booking guided that its planning assumes the direct and indirect impact from the Middle East conflict continues through the end of June (they estimate roughly a ~3‑point headwind in Q2), and for Q2 they expect room nights to grow 2–4% and gross bookings, revenue and adjusted EBITDA each to grow 4–6% (assuming recent FX, including EUR/USD $1.16, which they estimate will add ~2 percentage points to Q2 reported growth). For the full year 2026 the company expects gross bookings to be up high‑single‑digits to low‑double‑digits, revenue up high‑single‑digits, adjusted EBITDA to grow slightly faster than revenue with adjusted EBITDA margins expanding 0–25 basis points, and adjusted EPS to be up low‑to‑mid‑teens; they also estimate FX will boost full‑year reported growth by roughly +2 ppts (gross bookings), +1.5 ppts (revenue) and +1 ppt (adjusted EBITDA and adjusted EPS). Management reiterated that the Q2 guidance assumes impacts through June followed by a second‑half recovery and reaffirmed a longer‑term constant‑currency ambition of at least 8% gross bookings growth, 8% revenue growth and 15% adjusted EPS growth.Booking Holdings Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
38
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.69B | 26.92B | 23.74B | 21.36B | 17.09B | 10.96B |
| Gross Profit | 27.69B | 26.92B | 23.74B | 21.36B | 17.09B | 10.96B |
| EBITDA | 9.51B | 9.22B | 9.34B | 7.04B | 4.92B | 2.40B |
| Net Income | 6.15B | 5.40B | 5.88B | 4.29B | 3.06B | 1.17B |
Balance Sheet | ||||||
| Total Assets | 27.72B | 29.26B | 27.71B | 24.34B | 25.36B | 23.64B |
| Cash, Cash Equivalents and Short-Term Investments | 16.02B | 17.79B | 16.16B | 12.68B | 12.43B | 11.15B |
| Total Debt | 18.94B | 19.29B | 17.08B | 14.78B | 13.04B | 11.28B |
| Total Liabilities | 36.44B | 34.84B | 31.73B | 27.09B | 22.58B | 17.46B |
| Stockholders Equity | -8.72B | -5.58B | -4.02B | -2.74B | 2.78B | 6.18B |
Cash Flow | ||||||
| Free Cash Flow | 9.03B | 9.09B | 7.89B | 7.00B | 6.19B | 2.52B |
| Operating Cash Flow | 9.34B | 9.41B | 8.32B | 7.34B | 6.55B | 2.82B |
| Investing Cash Flow | -302.00M | -313.00M | 129.00M | 1.49B | -518.00M | -998.00M |
| Financing Cash Flow | -8.97B | -8.91B | -4.20B | -8.91B | -4.90B | -1.24B |
Booking Holdings Technical Analysis
Neutral
192.01
Price Trends
170.43
Negative
177.75
Negative
194.15
Negative
Market Momentum
-1.85
Negative
52.38
Neutral
90.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKNG, the sentiment is Neutral. The current price of 192.01 is above the 20-day moving average (MA) of 162.33, above the 50-day MA of 170.43, and below the 200-day MA of 194.15, indicating a neutral trend. The MACD of -1.85 indicates Negative momentum. The RSI at 52.38 is Neutral, neither overbought nor oversold. The STOCH value of 90.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BKNG.
Booking Holdings Risk Analysis
Booking Holdings disclosed 30 risk factors in its most recent earnings report. Booking Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Booking Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $81.06B | 31.67 | 31.24% | ― | 13.18% | 2.35% | |
67 Neutral | $27.31B | 18.49 | 147.58% | 0.56% | 10.01% | 33.63% | |
66 Neutral | $30.64B | 6.69 | 21.02% | 0.39% | 17.27% | 94.65% | |
62 Neutral | $131.59B | 21.49 | -95.80% | 0.71% | 14.95% | 17.45% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $4.49B | 87.62 | -38.21% | ― | 6.71% | -41.74% | |
52 Neutral | $1.19B | 67.63 | 2.86% | ― | 2.03% | -64.68% |
* Consumer Cyclical Sector Average
BKNG
Booking Holdings
167.43
-51.65
-23.58%
TCOM
Trip.com Group Sponsored ADR
47.43
-15.22
-24.29%
EXPE
Expedia
225.79
60.34
36.47%
MMYT
Makemytrip
46.74
-54.89
-54.01%
TRIP
TripAdvisor
11.18
-3.06
-21.49%
ABNB
Airbnb
133.31
4.31
3.34%
Booking Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Booking Holdings Prices $750 Million Senior Notes Offering
Positive
May 7, 2026
On May 7, 2026, Booking Holdings Inc. issued $750 million of 5.375% senior unsecured notes due May 7, 2036, under its existing indenture with U.S. Bank Trust Company as trustee, strengthening its long-term funding profile. The notes pay semi-annua...
Business Operations and StrategyRegulatory Filings and ComplianceStock Split
Booking Holdings enacts 25-for-1 stock split, ups shares
Positive
Apr 2, 2026
On April 2, 2026, Booking Holdings Inc. implemented a previously announced twenty-five-for-one forward stock split of its common stock by filing an amendment to its Restated Certificate of Incorporation with the Delaware Secretary of State. The mo...
Executive/Board Changes
Booking Holdings Appoints New Chief Accounting Officer
Positive
Apr 2, 2026
On April 2, 2026, Booking Holdings Inc. announced the appointment of Caroline Sullivan as Senior Vice President, Chief Accounting Officer and Controller, effective April 29, 2026, bringing extensive experience from Elevance Health, Moody’s, ...
Business Operations and StrategyExecutive/Board Changes
Booking Holdings Adds Kurt Sievers to Board of Directors
Positive
Apr 1, 2026
On April 1, 2026, Booking Holdings appointed Kurt Sievers, retired president and CEO of NXP Semiconductors, to its Board of Directors and its Corporate Governance Committee, bringing deep experience in technology, mobility and global consumer mark...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresStock Split
Booking Holdings Posts Strong 2025 Results, Plans Stock Split
Positive
Feb 18, 2026
Booking Holdings reported strong fourth-quarter and full-year 2025 results on February 18, 2026, with Q4 room nights up 9% and gross bookings and revenue each rising 16% year over year, while net income grew 34% and GAAP EPS 38%. For 2025, room ni...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.