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Booking Holdings
(NASDAQ:BKNG)
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Rating:75Outperform
Price Target:
$233.00
▲(31.30% Upside)
Action:Reiterated
Date:08/07/26
BKNG scores well overall due to strong profitability and free-cash-flow generation and a positive technical trend (price above major moving averages with bullish MACD). The score is held back primarily by balance-sheet risk (negative equity and higher debt) and only middling valuation support (P/E ~25 and low dividend yield), while the latest earnings call reinforces a solid outlook with manageable, largely external near-term headwinds.
Positive Factors
Strong cash generation
Sustained, large free cash flow provides durable flexibility to fund buybacks, reinvestment, and debt servicing. High cash conversion (FCF nearly equals net income) supports operational resilience and capital returns even if top-line softens, underpinning long-term shareholder optionality.
Negative Factors
Weak capital structure
Elevated debt combined with negative equity reduces financial flexibility and raises refinancing and covenant risk if macro or cash flow conditions deteriorate. Leverage constrains strategic optionality and increases sensitivity to interest rates despite strong cash flow generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, large free cash flow provides durable flexibility to fund buybacks, reinvestment, and debt servicing. High cash conversion (FCF nearly equals net income) supports operational resilience and capital returns even if top-line softens, underpinning long-term shareholder optionality.
Read all positive factors
Booking Holdings Key Performance Indicators (KPIs)
Any
Travel Bookings
Tracks the total number of travel reservations made, indicating consumer demand and market share within the travel industry.
Tracks the total number of travel reservations made, indicating consumer demand and market share within the travel industry.
Data provided by:
The Fly
The FlyBooking Holdings (BKNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$149.47B
Dividend Yield0.83%
Average Volume (3M)7.27M
Price to Earnings (P/E)25.3
Beta (1Y)1.08
Revenue Growth14.95%
EPS Growth17.45%
CountryUS
Employees24,300
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)9.06
Shares Outstanding774,878,400
10 Day Avg. Volume5,299,087
30 Day Avg. Volume7,273,960
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$234.38Price Target Upside32.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering27
EPS Forecast (FY)10.46
Revenue Forecast (FY)$29.27B
Booking Holdings Business Overview & Revenue Model
Company Description
Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The company manages a portfolio of well-known digital platforms. Among these, Booking.com specializes in online accommodation bookings, while Rent...
How the Company Makes Money
Booking Holdings primarily makes money by earning fees and commissions when travelers book travel services through its platforms, with accommodations historically representing the largest revenue contributor. Key revenue streams include: (1) Agenc...
Booking Holdings Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial highlights: outperformance versus guidance across key metrics, double-digit adjusted EPS growth, strong free cash flow and aggressive capital returns, steady progress on Connected Trip and AI-driven efficiency gains, and an increased transformation savings target. The primary headwinds were external and largely exogenous (Middle East conflict driving airline disruption and cancellations), some slower growth in flights and rental cars, modestly higher marketing spend, and early-stage top-line benefits from AI and new referral channels. Overall, the positives—including margin expansion, robust cash generation, increased cost-savings guidance, and sustained demand in domestic and regional travel—outweigh the challenges, which are mostly external and near-term.Positive Updates
Exceeded Guidance Across Key Metrics
Room nights, gross bookings, revenue and adjusted EBITDA all exceeded the high end of guidance for Q2 2026.
Negative Updates
Middle East Conflict Impact on Long-Haul Travel
Indirect impacts from the Middle East conflict pressured long-haul international travel via elevated flight prices and reduced capacity. Elevated cancellations in March negatively affected Q2 revenue growth versus gross bookings.
Read all updates
Q2-2026 Updates
Positive
Negative
Exceeded Guidance Across Key Metrics
Room nights, gross bookings, revenue and adjusted EBITDA all exceeded the high end of guidance for Q2 2026.
Read all positive updates
Company Guidance
For the third quarter Booking expects room nights to increase 3–5% year‑over‑year and for gross bookings, revenue and adjusted EBITDA each to grow 4–6% YoY, with guidance assuming euro/USD at $1.15 and that indirect impacts from the Middle East (elevated flight prices, reduced capacity and softer long‑haul demand) persist through Q3 — FX is expected to weigh on reported Q3 growth by about 1 percentage point for gross bookings and revenue. For the full year the company sees gross bookings, revenue and adjusted EBITDA up high single‑digits and adjusted EPS up low‑to‑mid‑teens (noting the Q3 drag is driven mainly by lower flight ticket growth while accommodation outlook is largely unchanged), and estimates FX will boost full‑year reported growth by ~1.5 percentage points for gross bookings and ~1.0 point for revenue.Booking Holdings Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
38
Negative
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.24B | 26.92B | 23.74B | 21.36B | 17.09B | 10.96B |
| Gross Profit | 28.24B | 26.92B | 23.74B | 21.36B | 17.09B | 10.96B |
| EBITDA | 10.79B | 9.22B | 9.34B | 7.04B | 4.92B | 2.40B |
| Net Income | 7.21B | 5.40B | 5.88B | 4.29B | 3.06B | 1.17B |
Balance Sheet | ||||||
| Total Assets | 29.68B | 29.26B | 27.71B | 24.34B | 25.36B | 23.64B |
| Cash, Cash Equivalents and Short-Term Investments | 17.21B | 17.79B | 16.16B | 12.68B | 12.43B | 11.15B |
| Total Debt | 20.69B | 19.29B | 17.08B | 14.78B | 13.04B | 11.28B |
| Total Liabilities | 40.47B | 34.84B | 31.73B | 27.09B | 22.58B | 17.46B |
| Stockholders Equity | -10.78B | -5.58B | -4.02B | -2.74B | 2.78B | 6.18B |
Cash Flow | ||||||
| Free Cash Flow | 9.54B | 9.09B | 7.89B | 7.00B | 6.19B | 2.52B |
| Operating Cash Flow | 9.86B | 9.41B | 8.32B | 7.34B | 6.55B | 2.82B |
| Investing Cash Flow | -330.00M | -313.00M | 129.00M | 1.49B | -518.00M | -998.00M |
| Financing Cash Flow | -9.37B | -8.91B | -4.20B | -8.91B | -4.90B | -1.24B |
Booking Holdings Technical Analysis
Positive
177.46
Price Trends
179.00
Positive
174.66
Positive
184.77
Positive
Market Momentum
8.08
Negative
73.15
Negative
89.70
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKNG, the sentiment is Positive. The current price of 177.46 is below the 20-day moving average (MA) of 188.80, below the 50-day MA of 179.00, and below the 200-day MA of 184.77, indicating a bullish trend. The MACD of 8.08 indicates Negative momentum. The RSI at 73.15 is Negative, neither overbought nor oversold. The STOCH value of 89.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $91.32B | 36.78 | 33.38% | ― | 13.18% | 2.35% | |
78 Outperform | $35.38B | 24.58 | 184.84% | 0.68% | 10.01% | 33.63% | |
75 Outperform | $149.47B | 25.30 | -96.70% | 0.91% | 14.95% | 17.45% | |
73 Outperform | $30.35B | 6.56 | 19.31% | ― | 19.28% | 87.04% | |
62 Neutral | $5.36B | 114.61 | -14.56% | ― | 6.71% | -41.74% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $1.65B | 101.18 | 0.76% | ― | 2.03% | -64.68% |
* Consumer Cyclical Sector Average
BKNG
Booking Holdings
214.42
1.65
0.78%
TCOM
Trip.com Group Sponsored ADR
46.14
-13.34
-22.43%
EXPE
Expedia
310.68
119.56
62.55%
MMYT
Makemytrip
60.01
-34.52
-36.52%
TRIP
TripAdvisor
10.78
-7.01
-39.40%
ABNB
Airbnb
178.07
59.77
50.52%
Booking Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Booking Holdings Shareholders Back Board, Pay and Auditor
Positive
Jun 2, 2026
Booking Holdings held its 2026 Annual Meeting of Stockholders virtually on June 2, 2026, at which shareholders re-elected all nominated directors to the board and approved an advisory vote on 2025 executive compensation. Investors also ratified De...
Private Placements and Financing
Booking Holdings Issues €1.9 Billion Senior Euro Notes
Neutral
May 11, 2026
On May 11, 2026, Booking Holdings Inc. executed officers’ certificates under its existing indenture to issue €1.9 billion of senior unsecured notes, comprising €600 million of 3.500% notes due 2030, €700 million of 4.000% n...
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...
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.