Booking Holdings Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.60%.
Did BKNG Beat Earnings? Q1 2026 Results
Booking Holdings kicked off 2026 on solid footing, posting first-quarter adjusted EPS of $1.14, beating the $1.08 consensus estimate by 5.67% and extending the company's streak of consensus EPS beats to four consecutive quarters. Revenue climbed 16.2% year-over-year to $5.53 billion, edging past the $5.52 billion estimate, as merchant revenues emerged as the clearest growth engine, rising 27% to $3.70 billion and reflecting the company's deepening shift toward the higher-engagement merchant model. Gross bookings reached $53.80 billion, up 15%, while room nights grew 6% to 338 million, a figure management noted was held back roughly 2 percentage points by the ongoing Middle East conflict. <a href="https://247wallst.com/investing/2026/04/20/wall-streets-ratings-on-booking-stock-align-with-our-257-28-price-target/">Analyst sentiment around the stock</a> has remained constructive heading into the print, though the road ahead carries some caution; Q2 2026 guidance calls for room night growth of just 2%-4%, with the conflict's impact assumed to persist through June before an anticipated second-half recovery supports the company's full-year low-to-mid-teens adjusted EPS growth target.
- Merchant revenue model shift driving 24.3% gross bookings growth in merchant channel
- Room night growth of 6% despite ~2 percentage point headwind from Middle East conflict
- Airline tickets unit growth of 28.5% year-over-year
- Alternative accommodation room nights at Booking.com increased 5.5%
- Constant currency ADRs increased approximately 1%
- Favorable foreign currency impact contributing approximately 6 percentage points to reported revenue growth
- Net income margin expanded to 19.6% from 7.0% driven by favorable FX on Euro-denominated debt and absence of convertible note charges
“Despite headwinds associated with the Middle East conflict, we are pleased to report a solid start to 2026, with Adjusted EBITDA growth of 19% (net income growth of 225%), alongside 15% growth in gross bookings and 16% revenue growth.”
Booking Holdings CEO, on the earnings call
Forward Guidance & Outlook
For Q2 2026, the company guides room night growth of 2%-4%, gross bookings growth of 4%-6%, revenue growth of 4%-6% (2%-4% constant currency, with ~2% FX benefit), and adjusted EBITDA growth of 4%-6%. For full year 2026, guidance calls for high single-digit to low double-digit gross bookings growth, high single-digit revenue growth (mid-to-high single-digit constant currency), adjusted EBITDA growth slightly faster than revenue growth, and low-to-mid-teens adjusted EPS growth. Guidance assumes the Middle East conflict's direct and indirect impact continues through end of June, with recovery in the second half. Management noted that sustained disruption could introduce broader inflationary pressures including jet fuel price fluctuations and airline capacity reductions, but these extended impacts are not included in guidance assumptions.
BKNG YoY Financials
BKNG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.