Booking Holdings (PCE1) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 06, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

23.43

Last Year’s EPS

21.04

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 27 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 18, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a strong set of financial and operational outcomes — above-guidance Q4 performance, double-digit top-line growth, substantial margin expansion, significant free cash flow and aggressive shareholder returns — alongside strategic progress in GenAI, Connected Trip, flights and payments. Management also highlighted disciplined cost savings via the Transformation Program and plans to self-fund sizeable reinvestments to drive future growth. Key near-term headwinds include opportunistic marketing deleverage in Q4, higher payment costs from a larger merchant mix, some U.S. ADR softness, and a planned reinvestment cadence that will modestly dampen 2026 EBITDA. Overall, the positives (robust growth, margin expansion, cash generation and strategic investment) substantially outweigh the manageable challenges reported.

Company Guidance

Booking Holdings guided that for full‑year 2026 it expects constant‑currency top‑line growth about 100 basis points above its 8% long‑term algorithm (i.e., roughly ~9%), with reported gross bookings and revenue up low double‑digits, adjusted EBITDA growing faster than revenue and adjusted EBITDA margins expanding by about 50 basis points, and adjusted EPS up in the mid‑teens (constant‑currency EPS growth in line with a ~15% target). The company assumes EUR/USD at $1.17 and expects FX to boost full‑year reported growth by ~2.5 p.p. for gross bookings, ~2 p.p. for revenue and ~1.5 p.p. for adjusted EBITDA and EPS; Q1 FX is expected to add ~7 p.p. to gross bookings/revenue and ~8 p.p. to adjusted EBITDA. Q1 2026 guidance is room nights +5–7%, gross bookings +14–16% (>1 p.p. from flights/other), revenue +14–16%, adjusted EBITDA +10–14% (~20% at the high end after normalizing a $53M prior‑year benefit), and Q1 accommodation ADRs roughly flat. The Transformation Program is expected to deliver $500–550M of in‑year savings in 2026 (run‑rate savings ~ $550M targeted by year‑end, aggregate costs <1x run rate), and the company plans ~ $700M of reinvestment above baseline that it says will drive ~$400M of incremental revenue and about $300M of net contribution to adjusted EBITDA, while keeping sales & other expenses as a percentage of gross bookings roughly flat.

Quarterly Room Night Growth Outperformed

Q4 room nights reached 285 million, up 9% year-over-year and exceeding the high end of guidance by ~3 percentage points, driven by healthy demand across major regions.

Strong Q4 Top-Line and Profitability

Fourth quarter gross bookings and revenue both increased 16% year-over-year; adjusted EBITDA was ~$2.2 billion, up 19% year-over-year; adjusted EPS grew 17% year-over-year.

Full-Year Revenue and EBITDA Expansion

Full year gross bookings grew 12% and revenue grew 13% year-over-year; adjusted EBITDA exceeded $9.9 billion, up 20% year-over-year, with adjusted EBITDA margin of 36.9% (up 193 basis points).

Transformation Program Delivered Meaningful Savings

Transformation Program enabled approximately $550 million in annual run-rate savings by year-end (met high end of prior guidance), delivered ~$250 million of in-year savings in 2025 and realized ~$130 million of in-quarter savings in Q4.

Strong Free Cash Flow and Capital Returns

Generated roughly $9.1 billion in free cash flow for the full year (up 15% vs. 2024); returned $8.2 billion to shareholders in 2025 (including $5.9 billion share repurchases and $1.2 billion dividends); share count down ~22% since restart of repurchases.

Connected Trip and Multi-Vertical Momentum

Connected Trip transactions grew in the high-20% range and comprised a low double-digit percentage of Booking.com's transactions; flights bookings reached ~68 million tickets (+37% year-over-year) representing $16.8 billion in gross bookings; attraction tickets grew nearly 80% year-over-year.

Merchant Mix and Payments Growth

Merchant gross bookings were $130 billion, up 25% year-over-year and represented ~70% of total gross bookings (up from ~63% in 2024); revenue as a percentage of gross bookings increased to 14.5% (from 14.3%), helped by higher payments revenue.

Loyalty and Direct Channel Strength

Genius Levels 2 and 3 accounted for a high-50% share of room nights in 2025 (up from mid-50% in 2024) and higher direct-booking rates; B2C direct mix remained mid-60% and mobile app mix rose to mid-50% of room nights.

Operational Leverage and Cost Discipline

Adjusted fixed operating expenses were up 7% year-over-year (about 4% in constant currency), which was ~6 percentage points lower than revenue growth, contributing to operating leverage and margin expansion.

Balance Sheet and Shareholder Actions

Q4 cash and investments $17.8 billion; Board approved a 9.4% increase to the quarterly dividend to $10.50 per share and a 25-for-1 stock split; management targets continued capital returns and investment-grade leverage (~2x through the cycle).

Booking Holdings (DE:PCE1) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:PCE1 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 06, 2026	2026 (Q1)	23.43 / -	21.042	―	―	―
Feb 18, 2026	2025 (Q4)	41.30 / 41.39	35.239	17.45% (+6.15)
Oct 28, 2025	2025 (Q3)	81.29 / 84.39	71.148	18.61% (+13.24)
Jul 29, 2025	2025 (Q2)	42.68 / 46.99	35.536	32.22% (+11.45)
Apr 29, 2025	2025 (Q1)	14.70 / 21.04	17.293	21.68% (+3.75)
Feb 20, 2025	2024 (Q4)	30.54 / 35.24	27.14	29.84% (+8.10)	―
Oct 30, 2024	2024 (Q3)	65.48 / 71.15	61.335	16.00% (+9.81)	―
Aug 01, 2024	2024 (Q2)	32.82 / 35.54	31.906	11.38% (+3.63)	―
May 02, 2024	2024 (Q1)	11.85 / 17.29	9.838	75.78% (+7.45)	―
Feb 22, 2024	2023 (Q4)	25.21 / 27.14	20.982	29.35% (+6.16)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:PCE1 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 18, 2026	€3603.00	€3352.00	-6.97%
Oct 28, 2025	€4467.49	€4432.55	-0.78%
Jul 29, 2025	€4859.32	€4901.17	+0.86%
Apr 29, 2025	€4249.20	€4282.02	+0.77%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.