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Booking Holdings

Booking Holdings (BKNG) Q2 2026 Earnings

Reported Aug 4, 2026 at 4:03 PM ET · SEC Source

Q2 26 EPS

$2.54

BEAT +4.20%

Est. $2.44

Q2 26 Revenue

$7.35B

BEAT +2.28%

Est. $7.19B

vs S&P Since Q2 26

+8.7%

BEATING MARKET

BKNG +9.5% vs S&P +0.8%

Market Reaction

Did BKNG Beat Earnings? Q2 2026 Results

Booking Holdings posted a stronger-than-expected second quarter, beating Wall Street on both revenue and profit for the fifth consecutive quarter as resilient global travel demand helped the online travel giant navigate a backdrop of geopolitical and… Read more Booking Holdings posted a stronger-than-expected second quarter, beating Wall Street on both revenue and profit for the fifth consecutive quarter as resilient global travel demand helped the online travel giant navigate a backdrop of geopolitical and macroeconomic uncertainty. Adjusted EPS of $2.54 came in 4.20% above the $2.44 consensus estimate, while revenue climbed 8.2% year-over-year to $7.35 billion, topping forecasts of $7.19 billion by 2.28%. The key structural driver behind the quarter's shape was the continued shift toward the merchant model, with merchant revenues rising 15% to $5.13 billion even as agency revenues declined 7% to $1.90 billion, reflecting an ongoing transformation in how Booking monetizes its platform. Gross bookings reached $51.00 billion, up 9% year-over-year, while free cash flow rose 16% to $3.64 billion. Looking ahead, management guided Q3 room night growth of 3% to 5% and full-year adjusted EPS growth in the low to mid-teens, noting that indirect impacts from the Middle East conflict are expected to persist but that travel demand entering the third quarter has remained healthy.

Key Takeaways

  • • Resilient global travel demand despite geopolitical and macroeconomic uncertainty
  • • Merchant model revenue growth of 15% driving total revenue mix shift
  • • Constant currency ADRs increased approximately 2%
  • • Room nights grew 5% to 325 million
  • • Gross bookings grew 9% to $51.0 billion
  • • Direct channel bookings remained at mid-fifties percentage of total room nights
  • • Adjusted EBITDA margin expanded to 36.0% from 35.6%

BKNG Forward Guidance & Outlook

For Q3 2026, Booking Holdings guides room night growth of 3%-5%, gross bookings growth of 4%-6% (5%-7% on constant currency), and revenue growth of 4%-6% (5%-7% on constant currency), with adjusted EBITDA growth of 4%-6%. Revenue growth includes a negative ~1% foreign currency impact in Q3. For full year 2026, the company expects high single-digit growth in gross bookings, revenue (mid to high single digits on constant currency), and adjusted EBITDA, with adjusted EPS growth in the low to mid-teens. The outlook assumes stability in the broader travel environment, with the indirect impacts of the Middle East conflict — including elevated flight prices, reduced capacity on certain routes, and softer long-haul international demand — persisting through Q3. Global travel demand has remained resilient so far in Q3, supported by healthy domestic travel trends.

24/7 Wall St

BKNG YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

BKNG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Despite continued geopolitical and macroeconomic uncertainty during the second quarter, the underlying desire to travel remained resilient, and we are pleased with our results, which reflect the strength of our global platform and the disciplined execution of our teams.”

— Glenn Fogel, Q2 2026 Earnings Press Release

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