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Booking Holdings
(NASDAQ:BKNG)
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Rating:66Neutral
Price Target:
$196.00
▲(2.08% Upside)
Action:Reiterated
Date:06/03/26
BKNG scores in the mid-60s primarily due to strong profitability and large free cash flow, tempered by elevated leverage and negative equity. Earnings-call guidance remains constructive despite geopolitical headwinds, while technical indicators are mixed with a weaker intermediate-term trend. Valuation appears reasonable but not a strong catalyst at the current P/E and low dividend yield.
Positive Factors
High Profitability
Booking’s sustained high EBIT (~31%) and ~20% net margins with multi-billion-dollar net income reflect durable operating leverage and pricing power across its global platforms. Strong margins support reinvestment in product, cover fixed costs in down cycles, and underpin long-term cash generation and shareholder returns.
Negative Factors
Elevated Leverage & Negative Equity
High absolute debt and a negative equity position materially reduce financial flexibility. In a prolonged downturn or tighter credit markets, leverage increases refinancing and covenant risks, constrains M&A and capital-return choices, and limits the firm’s ability to absorb shocks despite solid cash flow.
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Positive Factors
Negative Factors
High Profitability
Booking’s sustained high EBIT (~31%) and ~20% net margins with multi-billion-dollar net income reflect durable operating leverage and pricing power across its global platforms. Strong margins support reinvestment in product, cover fixed costs in down cycles, and underpin long-term cash generation and shareholder returns.
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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
$135.05B
Dividend Yield0.71%
Average Volume (3M)8.24M
Price to Earnings (P/E)23.0
Beta (1Y)1.10
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. Volume7,762,261
30 Day Avg. Volume8,239,616
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 Cap1.01
Enterprise Value/Revenue4.91
Enterprise Value/Gross Profit4.91
Enterprise Value/Ebitda14.29
Forecast
1Y Price Target
$221.14Price Target Upside15.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering25
EPS Forecast (FY)10.44
Revenue Forecast (FY)$29.39B
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:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 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.
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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
168.24
Positive
170.52
Positive
187.17
Negative
Market Momentum
3.20
Positive
51.49
Neutral
34.03
Neutral
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 175.00, above the 50-day MA of 168.24, and above the 200-day MA of 187.17, indicating a neutral trend. The MACD of 3.20 indicates Positive momentum. The RSI at 51.49 is Neutral, neither overbought nor oversold. The STOCH value of 34.03 is Neutral, 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 | $86.16B | 35.65 | 31.24% | ― | 13.18% | 2.35% | |
74 Outperform | $31.24B | 22.33 | 147.58% | 0.56% | 10.01% | 33.63% | |
73 Outperform | $27.66B | 5.82 | 21.02% | 0.39% | 19.28% | 87.04% | |
66 Neutral | $135.05B | 23.02 | -95.80% | 0.71% | 14.95% | 17.45% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $5.40B | 116.76 | -38.21% | ― | 6.71% | -41.74% | |
57 Neutral | $1.54B | 95.21 | 2.86% | ― | 2.03% | -64.68% |
* Consumer Cyclical Sector Average
BKNG
Booking Holdings
175.52
-51.25
-22.60%
TCOM
Trip.com Group Sponsored ADR
41.43
-20.49
-33.09%
EXPE
Expedia
267.78
85.57
46.97%
MMYT
Makemytrip
58.02
-32.84
-36.14%
TRIP
TripAdvisor
13.33
-4.67
-25.94%
ABNB
Airbnb
146.89
11.54
8.53%
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.