Booking Holdings Inc.
- Open
- 200.51
- Day high
- 203.25
- Day low
- 198.71
- Prev close
- 199.60
- Volume
- 535K
- Mkt cap
- $149.7B
- P/E (TTM)
- 22.0
- EPS (TTM)
- $9.06
- P/B
- -13.9
- P/S
- 5.3
- Yield
- 15.11%
- Per share
- $30.12
- ▼Insiders net selling -$16.9M over the last 3 months (0 open-market buys, 20 sales)
- 🏛Institutions accumulating (13F)
Booking Holdings Inc. (BKNG) is a Consumer Cyclical company listed on NASDAQ. The stock is down 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 20 sales (SEC Form 4). Drillr has 2 published research articles covering BKNG.
Booking Holdings Inc. (BKNG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 15 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BKNG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $2.43 | $2.54 | +4.5% | $7.4B | +2.2% |
| Apr 28, 2026 | $1.08 | $1.14 | +5.6% | $5.5B | +0.2% |
| Feb 18, 2026 | $48.69 | $48.80 | +0.2% | $6.3B | +3.4% |
| Jul 29, 2025 | $50.32 | $55.40 | +10.1% | $6.8B | +3.7% |
| Apr 29, 2025 | $17.34 | $24.81 | +43.1% | $4.8B | +3.6% |
| Feb 20, 2025 | $35.82 | $41.55 | +16.0% | $5.5B | +5.6% |
| Aug 1, 2024 | $38.73 | $41.90 | +8.2% | $5.9B | +0.8% |
| May 2, 2024 | $14.16 | $20.39 | +44.0% | $4.4B | +3.2% |
| Feb 22, 2024 | $29.68 | $32.00 | +7.8% | $4.8B | +1.1% |
| Nov 2, 2023 | $68.02 | $72.32 | +6.3% | $7.3B | +6.3% |
| Aug 3, 2023 | $28.90 | $37.62 | +30.2% | $5.5B | +4.6% |
| May 4, 2023 | $10.48 | $11.60 | +10.7% | $3.8B | -0.5% |
BKNG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 2, 2026 | MYLOD ROBERT J JRdirector | Sell | 1,000 | $200.00 |
| Sep 1, 2026 | Pisano Pauloofficer: CHIEF HUMAN RESOURCES OFFICER | Sell | 3,000 | $203.48 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 12,333 | $205.76 |
| Aug 18, 2026 | WITTMAN VANESSA AMESdirector | Sell | 375 | $211.00 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 3,632 | $211.03 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 8,660 | $208.05 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 5,019 | $208.73 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 5,174 | $210.00 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 9,325 | $204.91 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 2,890 | $212.32 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 390 | $212.88 |
| Aug 18, 2026 | MILLONES PETER Jofficer: EXECUTIVE VP, GENERAL COUNSEL | Sell | 2,627 | $206.58 |
| Aug 13, 2026 | Steenbergen Ewout Lofficer: CHIEF FINANCIAL OFFICER | Sell | 4,890 | $209.67 |
| Aug 13, 2026 | Steenbergen Ewout Lofficer: CHIEF FINANCIAL OFFICER | Sell | 860 | $208.65 |
| Aug 13, 2026 | Steenbergen Ewout Lofficer: CHIEF FINANCIAL OFFICER | Sell | 1,890 | $212.54 |
Source: BKNG SEC Form 4 filings, latest Sep 2, 2026. For informational purposes only — not investment advice.
See the full BKNG insider & 13F page →BKNG research & analysis
[BKNG] Booking Thesis 2026: Travel Volume Hits Record, Air Tickets Surge
Booking Holdings FY25 (Dec 31, 2025) at $26.92B revenue (+13.4%, +10% ex-FX). Merchant $17.76B (+25.5%, now 66% of total); Agency $7.97B (-6.5%); Advertising/Other $1.19B (+11%). Room nights 1.24B (+8%); air tickets 68M (+37%, nearly doubled in 2 years). Total gross bookings $186.1B (+12.4%). Net income ~$5.4B (-8% YoY). OCF $9.4B; FCF $9.09B (+15%). Capital return $7.6B (buyback $6.4B + div $1.2B). New $20B buyback authorization Q1 2025. Feb 2026 $10.50/share special dividend declared. 4-for-1 stock split effective March 28, 2026. Post-split PT range $210-$260, consensus Buy.
$4 Gas: VLO, MPC, XOM Margin Boom — While Ford and Costco Take the Hit
U.S. gasoline at $4/gallon boosts refiners like VLO, MPC, and XOM via fat margins, while hurting Ford, Booking, and even Costco through curbed spending. Valero tops conviction for pure-play exposure at attractive multiples.
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Booking Holdings Inc. company profile
Overview
Booking Holdings Inc. (NASDAQ:BKNG) is a global online travel services company founded in 1997 and headquartered in Norwalk, Connecticut. Originally established as Priceline.com, the company transformed from a "name your own price" bidding platform into the world's largest online travel booking platform through strategic acquisitions. The company changed its name to Booking Holdings in 2018 to reflect its flagship Booking.com brand, which dominates the global accommodation booking market. Today, Booking Holdings operates a portfolio of travel brands serving millions of travelers worldwide and facilitating billions of dollars in travel bookings annually.
Business
Booking Holdings operates in the online travel agency (OTA) industry, which serves as an intermediary between travelers and travel service providers like hotels, airlines, and car rental companies. The company's core business revolves around connecting travelers with accommodation and travel services through digital platforms that aggregate inventory from thousands of providers worldwide. The company operates through several major brands, each targeting different market segments: 1. Booking.com represents the largest revenue segment, accounting for approximately 85-90% of total bookings. This platform specializes in accommodation reservations, offering over 31 million listings worldwide including traditional hotels and alternative accommodations like vacation rentals, apartments, and unique stays. Booking.com operates on both agency and merchant models, where it either earns commissions from property partners or processes payments directly. 2. Priceline focuses primarily on the North American market, offering hotel, flight, and car rental services. It operates both opaque booking services (where travelers don't know the specific hotel until after booking) and traditional transparent booking options. 3. Agoda targets the Asian market specifically, providing accommodation and flight booking services with strong presence in Southeast Asia and other Asian markets. 4. KAYAK functions as a travel search engine and price comparison platform, allowing users to compare prices across multiple travel sites before booking. It generates revenue through advertising and referral fees. 5. Rentalcars.com specializes in car rental reservations globally, connecting travelers with rental car companies worldwide. 6. OpenTable operates in the restaurant reservation space, allowing diners to book tables online while providing management software to restaurants. The company has been expanding beyond traditional hotel bookings into what it calls "alternative accommodations" (vacation rentals, apartments, homes), which now represent approximately 35% of total room nights booked. Additionally, the company is pursuing a "Connected Trip" vision, aiming to become a comprehensive travel platform that handles all aspects of a traveler's journey from flights to accommodations to activities.
Revenue model
Booking Holdings generates revenue primarily through commission-based and merchant business models. In the traditional agency model, the company earns commissions from travel service providers (typically 10-25% for hotels) when customers complete their stays or use services. In the merchant model, which now represents about 59% of gross bookings, Booking Holdings purchases inventory from providers at wholesale rates and sells it to consumers at retail prices, keeping the difference as revenue. The company's paying customers are primarily the travel service providers - hotels, airlines, car rental companies, and restaurants - who pay commissions or provide wholesale rates to access Booking Holdings' massive customer base. End consumers typically don't pay booking fees, making the platforms attractive to travelers while the providers bear the cost of customer acquisition. Several factors influence the company's margins and profitability. Positive margin drivers include the shift toward merchant bookings which typically offer higher margins, the growth of alternative accommodations which often carry higher commission rates, increasing mobile app usage which reduces customer acquisition costs, and the expansion of the Genius loyalty program which drives direct bookings and reduces marketing expenses. Margin pressures come from intense competition in digital marketing channels driving up customer acquisition costs, regulatory scrutiny in various markets that could limit pricing flexibility, the need for continuous technology investment to maintain competitive advantages, and potential economic downturns that could reduce travel demand. The company's marketing expenses, which represent its largest cost category at around 40-45% of revenue, are particularly sensitive to competition and market conditions. The business benefits from strong network effects - more travelers attract more accommodation providers and vice versa - and significant scale advantages in technology development and marketing efficiency. However, the company faces ongoing pressure to invest heavily in performance marketing across Google, Facebook, and other digital channels to maintain its market position.
Competitive moat
Booking Holdings possesses a strong competitive moat built primarily on network effects, scale advantages, and brand recognition. The company's primary moat stems from its massive two-sided marketplace where millions of travelers attract accommodation providers, and extensive accommodation inventory attracts more travelers. This creates a virtuous cycle that becomes increasingly difficult for competitors to replicate at scale. The company's scale advantages are substantial, with over 31 million accommodation listings globally and processing billions in bookings annually. This scale enables superior technology investments, more efficient marketing spend, and stronger negotiating power with both suppliers and marketing channels. The company's data advantage is also significant, as it processes millions of searches and bookings daily, providing insights that improve user experience and operational efficiency. Brand strength particularly in the Booking.com brand, provides significant customer acquisition advantages. The brand has become synonymous with accommodation booking in many markets, reducing customer acquisition costs through direct traffic and repeat bookings. The Genius loyalty program further strengthens customer retention and reduces reliance on paid marketing channels. However, the moat faces several potential threats. Large technology companies like Google and Amazon could leverage their platforms and resources to compete directly in travel booking. The rise of artificial intelligence could potentially disintermediate traditional booking platforms if AI agents become sophisticated enough to handle complex travel planning and booking directly with suppliers. Additionally, major hotel chains continue to invest in direct booking capabilities to reduce their dependence on OTAs. The regulatory environment also poses risks, as governments in various markets have implemented or considered regulations limiting OTA practices, potentially weakening the company's negotiating position with suppliers. Despite these challenges, Booking Holdings' scale, network effects, and established market position create significant barriers to entry that should protect its competitive advantages in the medium term.
Risks & safety
Booking Holdings demonstrates a strong margin of safety with robust financial fundamentals and conservative capital structure. • Liquidity and Solvency: The company maintains exceptional liquidity with $16.2 billion in cash and short-term investments as of Q1 2025, providing substantial financial flexibility. Free cash flow generation is strong at $7.9 billion annually, indicating the business generates significant cash even after capital expenditures. • Debt Position: The company has negative shareholders' equity due to extensive share repurchase programs rather than operational losses, which is common for cash-rich companies returning capital to shareholders. The debt-to-equity ratio of -4.2x reflects this capital structure rather than financial distress. • Valuation Metrics: Trading at approximately 18x EV/EBITDA and 28x P/E ratio based on 2024 results, the valuation appears reasonable for a dominant market leader with strong growth prospects. The company's ability to generate 25%+ EBITDA margins and consistent free cash flow conversion supports current valuation levels. • Operational Resilience: The business demonstrated remarkable resilience during COVID-19, quickly adjusting costs and maintaining market share during the recovery. Current booking trends show healthy growth with room nights up 7-13% year-over-year across recent quarters. • Capital Allocation: Management has consistently returned capital to shareholders through buybacks and recently initiated a dividend, demonstrating confidence in long-term cash generation capabilities.
Recent development
Over the past few years, Booking Holdings has pursued several key strategic initiatives to transform from a traditional accommodation booking platform into a comprehensive travel ecosystem. The company's "Connected Trip" vision represents its most significant strategic pivot, aiming to capture a larger share of travelers' total trip spending by expanding beyond accommodations into flights, car rentals, restaurant bookings, and activities. The company has made substantial investments in artificial intelligence capabilities, launching AI-powered trip planning tools across its brands including Booking.com's AI Trip Planner and Priceline's Penny AI assistant. These tools represent a strategic response to potential AI disruption while leveraging the company's vast travel data to create more personalized booking experiences. Alternative accommodations expansion has been another major focus, with the company growing its vacation rental and unique stay inventory to over 8 million listings, representing approximately 35% of total room nights. This segment has shown consistent double-digit growth and typically generates higher commission rates than traditional hotels. The merchant model expansion has been significant, with merchant bookings now representing 59% of gross bookings compared to lower levels in previous years. This model provides higher margins and enables the Connected Trip vision by allowing Booking Holdings to process payments and coordinate multiple travel services. Geographic diversification efforts have intensified, particularly in Asia where the company sees substantial long-term growth potential. The region now represents 24% of global room nights, with management targeting continued expansion in this high-growth market. The company has also launched a transformation program targeting $400-450 million in annual cost savings through operational efficiency improvements, automation, and AI-driven productivity gains. This program reflects management's focus on maintaining competitive margins while investing in growth initiatives.
BKNG company profile · for informational purposes only — not investment advice.
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