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EarningsQ2 2026 Earnings Report
BKNG Q2 2026 EPS Results
Actual EPS$2.54
Consensus EPS$2.43
Beat/MissBeat by +$0.11
One Year Ago EPS$2.22
BKNG Q2 2026 Revenue Results
Actual Revenue$7.35B
Expected Revenue$7.20B
Beat/MissBeat by +$155.71M
YoY Revenue Growth+8.15%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
BKNG Upcoming Earnings
Booking Holdings's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
BKNG Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
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.Company Guidance
Exceeded Guidance Across Key Metrics
Room nights, gross bookings, revenue and adjusted EBITDA all exceeded the high end of guidance for Q2 2026.
Room Night Growth and Regional Strength
Room nights grew 5% year-over-year; domestic room nights grew high single digits globally. Regionally: Europe mid-single digits (domestic high single digits), Asia mid-single digits (domestic low double digits), U.S. high single digits, Rest of World mid-single digits (improved from Q1).
Gross Bookings and ADR Momentum
Total gross bookings increased 9% year-over-year (approximately 8% on constant currency), outpacing room night growth. Constant currency ADRs rose ~2% year-over-year, contributing to higher gross bookings.
Revenue, Adjusted EBITDA and EPS Growth
Revenue increased 8% year-over-year (7% constant currency). Adjusted EBITDA was approximately $2.6 billion, up 9% year-over-year with margin expansion of ~40 basis points. Adjusted EPS rose 15% year-over-year to $2.54, aided by a 6% reduction in average share count.
Strong Cash Generation and Capital Returns
Generated $3.6 billion of free cash flow in Q2; ending cash & investments of $17.7 billion (up $1.2 billion sequentially). Returned $4.1 billion to shareholders in the quarter, including $3.7 billion of share repurchases; repurchased $7.4 billion in H1 2026 at an average price of ~$173.
Connected Trip and Merchant Mix Progress
Connected Trip transactions grew in the low double digits and represented a low double-digit percentage of Booking.com's transactions, growing more than twice the rate of Booking.com's total transaction growth. Merchant gross bookings represented ~73% of total gross bookings, up ~4 percentage points year-over-year.
AI-driven Operational Efficiency
AI initiatives scaled (voice AI across majority of eligible inbound calls) and have reduced customer service cost per booking at a double-digit rate while maintaining high customer satisfaction. Internal AI adoption shows improving developer productivity and cost-aware model routing; AI spend remains a low single-digit percent of technology spend.
Attractions and Multi-vertical Engagement
Attraction ticket sales grew double digits and flight tickets grew 4% year-over-year despite airline capacity pressure. Higher-tier Genius members (Levels 2 & 3) represented >30% of active customers and accounted for a high 50% share of room nights (both up year-over-year), indicating stronger loyalty engagement.
Transformation Savings Upside
Expected annual run-rate savings from the transformation program increased from approximately $550 million to approximately $650 million (an incremental ~$100 million), with the incremental savings expected primarily in 2027; Q2 transformation costs were approximately $30 million (mostly excluded from adjusted results).
Prudent Near-term Outlook
Q3 guidance: room nights +3% to +5%; gross bookings, revenue and adjusted EBITDA each expected to increase +4% to +6%. Full-year expectation: gross bookings, revenue and adjusted EBITDA up high single digits; adjusted EPS up low- to mid-teens.
BKNG Earnings History
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