Booking Holdings Inc. is a global provider of online travel and restaurant reservation services, operating through major brands like Booking.com, Priceline, Agoda, KAYAK, and OpenTable. The company facilitates online travel purchases for accommodations, flights, rental cars, and activities, aiming to simplify the travel experience for consumers worldwide.
It also offers restaurant reservation and management services.
Recent News
Loading news...
Earnings call: Q1 2026 2026
Intel
Free
Apr 30, 2026Confident
● Full transcript on file
Glenn D. Fogel (President and Chief Executive Officer), Ewout Steenbergen (Executive Vice President and Chief Financial Officer), David Goulden (Executive Vice President, Chief Corporate Development Officer), Kevin M. Howard (Vice President, Investor Relations)
Key metrics
For Q1 2026, Booking Holdings reported revenue of approximately $5.53 billion, an increase of about 16% year over year.[3][5] Operating income reached roughly $1.39 billion, up 27% year over year, reflecting significant operating leverage as expenses grew slower than revenue.[3] Adjusted EBITDA was about $1.3 billion, growing 19% and exceeding the
Forward guidance
Management guided to continued double-digit revenue growth for the remainder of 2026, while reiterating its multi‑year target for substantial operating leverage driven by cost discipline and technology efficiencies.[3][9] They emphasized that the transformation and efficiency programs are on track to deliver $500–550 million of in‑year savings in 2
Notable Q&A
In one notable Q&A exchange, analysts pressed management on the potential impact of geopolitical tensions in the Middle East on European and global travel demand; Glenn Fogel responded that the conflict created roughly a 2‑percentage‑point headwind to revenue but that underlying demand trends remain
Surprise items
Adjusted EBITDA and operating income exceeded the high end of management’s own guidance range, suggesting stronger‑than‑anticipated operating leverage at this early stage of the 2026 efficiency program.[3] Management also framed AI as a clear net margin tailwind and disclosed early, quantifiable cos
Q4 2025 (Feb 22, 2026) · Optimistic
Fundamentals
Signal
52-week high / low
$231.80 / $150.14
Forward P/E
14.2×
Trailing 23.1×
Dividend
$1.61 / share
Yield 0.91%
Analysts covering
35
Avg target $224.38
Beta
1.07
vs. S&P 500
Short interest
3.9%
Float shorted
Buy
81%
Hold
19%
Sell
0%
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$26,917 million
13.4% YoY
Operating margin
32.8%
Net income
$5,404 million
Free cash flow
$9,087 million
Dividend / share
$9.60
Total debt
$18,736 million
Cash: $17,203 million
Earnings quality:HIGH
Recurring revenue:96%
Cash conversion:1.7x
Non-recurring items: Goodwill and intangible assets impairment of $457 million, Transformation costs of $205 million, primarily employee termination benefits and professional fees, Loss on early extinguishment of debt of $25 million
Confidence 5.8 / 10 · 100% model agreement ·
Scheduled Jun 07, 2026
BKNG trades at ~22x TTM P/E with a compelling 13.5x forward P/E — optically cheap relative to peers — but management cut full-year 2026 guidance in early May citing Middle East conflict impact through at least June 2026, macro pressure, and rising competition, creating a near-term demand overhang. The stock is already down ~21% YTD and sits 29% below its 52-week high, suggesting the bad news is partially priced, but no clear re-rating catalyst exists in the next 5 trading days with the next earnings event still weeks away.
Strongest bull case
The 35% analyst consensus is squarely bullish with a $224 price target implying ~35% upside from current levels, and Q1 2026 results beat on both EPS (+3.64% surprise) and revenue, with FY2026 consensus EPS of $10.44 implying 14.5% growth — the forward multiple of ~13.5x is genuinely cheap for a platform business of this quality if guidance proves conservative.
Strongest bear case
Management explicitly warned Middle East conflict impacts bookings through at least June 2026 — the next 5 trading days fall squarely in that warned window — creating real risk of negative newsflow on summer booking trends, while fresh European regulatory scrutiny and a newly added ~$2.65B in senior notes increase financial risk just as guidance has been cut.
What the market may be missing
The stock went ex-dividend on June 5, 2026 (just 2 days ago), removing a near-term income-seeking buyer catalyst; combined with the stock's -2.1% return vs. the S&P's +4.6% over the past month, there is active relative-performance selling pressure from institutional holders managing travel-sector exposure — the post-ex-div technical overhang may persist through the 5-day window even absent fresh negative news.
Glenn Fogel is listed as a speaker at the Fortune Brainstorm Tech conference alongside other tech leaders. The event focuses on technology innovations and business operations. Specific topics for Fogel's session are not detailed in available informat
ConferenceMay 20, 2026
J.P. Morgan 2026 Global Technology, Media and Communications Conference Source ↗
Mr. Glenn D. Fogel (CEO) · Boston
Glenn Fogel will participate in a fireside chat discussing Booking Holdings' strategies and innovations. The event will be available via live audio cast and replay online. It provides insights into the company's future direction in technology, media,
CEO letter to shareholders
Signal
No shareholder letter on file for BKNG
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Executive compensation
Signal
Name
Title
Total compensation
Glenn D. Fogel
President and Chief Executive Officer
$35,418,102
Ewout Steenbergen
Executive Vice President and Chief Financial Officer
$11,727,842
Peter J. Millones
Executive Vice President and General Counsel
$10,685,609
Paulo Pisano
Chief Human Resources Officer
$7,309,323
Source: DEF 14A proxy statement · 2026-04-21
Governance
Pro
Dual-class shares:No
Poison pill:No
Clawback policy:Yes
Stock ownership req.:Yes
Shareholder proposals
Avoid Brand Damage due to Corporate Political Spending
AGAINST
Pending
Stockholder Resolution Regarding Business Operations in Illegal Settlements
unsecured, with equal and ratable security if other Indebtedness is secured beyond Permitted Liens
Bond€500,000,000
3.125% Senior Notes Due 2031
Matures 2031-12-31 · Filed 2025-05-09
Fixed
unsecured, with equal and ratable security if certain non-permitted liens are created
Bond€500,000,000
4.500% Senior Notes due 2046
Matures 2046-05-09 · Filed 2025-05-09
Fixed
unsecured
09857L BK3XS3070032365307003236
Bond€700,000,000
3.875% Senior Notes Due 2045
Matures · Filed 2024-11-21
Fixed
Unsecured, with negative pledge covenant (Notes to be secured equally and ratably if other Indebtedness is secured, subject to certain thresholds and Permitted Liens)
35 additional agreements on file
Financial covenants
Limitation on Liens
does not at such time exceed the greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of incurrence of the Lien and (ii) $3.0 billion
aggregate amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries secured by Liens other than Permitted Liens and the Attributable Debt associated with all Sale/Leaseback Transactions
4.500% Senior Notes Due 2046
Limitation on Sale/Leaseback Transactions
does not exceed the greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of the Sale/Leaseback Transaction and (ii) $3.0 billion
aggregate amount of all Attributable Debt associated with Sale/Leaseback Transactions not otherwise permitted by the preceding paragraph that is outstanding at such time, together with the aggregate amount of all outstanding Indebtedness secured by Liens permitted under the second paragraph of Section 4.06
4.500% Senior Notes Due 2046
Limitation on Sale and Leaseback Transactions
does not exceed the greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of the Sale/Leaseback Transaction and (ii) $3.0 billion
Aggregate amount of all Attributable Debt associated with Sale/Leaseback Transactions not otherwise permitted by the preceding paragraph that is outstanding at such time, together with the aggregate amount of all outstanding Indebtedness secured by Liens permitted under the second paragraph of Section 4.06
3.875% Senior Notes Due 2045
Limitation on Liens
does not at such time exceed the greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of incurrence of the Lien and (ii) $3.0 billion.
the sum of (a) the aggregate amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries secured by Liens other than Permitted Liens and (b) the Attributable Debt associated with all Sale/Leaseback Transactions of the Company and its Restricted Subsidiaries permitted by the last paragraph under Section 4.07
3.250% Senior Notes Due 2032
Limitation on Sale and Leaseback Transactions
does not exceed the greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of the Sale/Leaseback Transaction and (ii) $3.0 billion.
the aggregate amount of all Attributable Debt associated with Sale/Leaseback Transactions not otherwise permitted by the preceding paragraph that is outstanding at such time, together with the aggregate amount of all outstanding Indebtedness secured by Liens permitted under the second paragraph of Section 4.06
3.250% Senior Notes Due 2032
Limitation on Liens
≤ greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of incurrence of the Lien and (ii) $3.0 billion
Sum of (a) aggregate amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries secured by Liens other than Permitted Liens and (b) Attributable Debt associated with all Sale/Leaseback Transactions of the Company and its Restricted Subsidiaries permitted by the last paragraph under Section 4.07
3.625% Senior Notes Due 2032
Limitation on Sale and Leaseback Transactions
≤ greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of the Sale/Leaseback Transaction and (ii) $3.0 billion
Aggregate amount of all Attributable Debt associated with Sale/Leaseback Transactions not otherwise permitted by the preceding paragraph that is outstanding at such time, together with the aggregate amount of all outstanding Indebtedness secured by Liens permitted under the second paragraph of Section 4.06
3.625% Senior Notes Due 2032
Maximum Leverage Ratio
≤ 4.00 to 1.00
Consolidated Total Indebtedness to Consolidated EBITDA
CREDIT AGREEMENT
17 additional covenants on file
CUSIP identifiers (1 on file)
741503AY2
Cross-default risk
19 agreements contain cross-default provisions — a covenant breach on one facility may trigger default on others.
Xavier risk radar
Pro
Covenant headroom
No financial covenants on file
Earnings quality
High quality (cash conversion 1.7x)
Risk trend
Risk increasing — Declines or disruptions in the travel industry due to economic, geopolitical, or
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Buy — targets stable
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jun 07, 2026
NEUTRAL
5.8/10
100%
BKNG trades at ~22x TTM P/E with a compelling 13.5x forward P/E — optically cheap relative to peers ...
$165.84
Sched.
May 31, 2026
NEUTRAL
5.8/10
100%
BKNG trades at a compelling forward P/E of ~13.6x with genuine fundamental quality — Q1 2026 revenue...
$167.43
Sched.
May 24, 2026
BULLISH
6.6/10
50%
BKNG is trading ~31% below its 52-week high and ~31% below the analyst consensus price target of $22...
$161.06
Sched.
May 17, 2026
NEUTRAL
6.1/10
75%
BKNG has already absorbed significant post-earnings selling pressure after cutting full-year 2026 gu...
$154.13
Sched.
May 10, 2026
BULLISH
6.4/10
50%
BKNG trades at a 29% discount to its 52-week high and at only 13.5x forward P/E — a compelling valua...
$165.93
Sched.
May 03, 2026
BULLISH
6.6/10
50%
BKNG just reported Q1 2026 beats on revenue ($5.53B, +16% YoY), EPS, and EBITDA, yet the stock has s...
$169.63
Sched.
Apr 12, 2026
BULLISH
6.9/10
75%
BKNG is trading roughly 25% below the analyst consensus price target of $232.65 following a 25-for-1...
$173.46
Sched.
Showing last 7 signals
BKNGBooking Holdings Inc.
Signal
FY2026 annual report (10-K filed 2026-02-18)
INCOME STATEMENT
?Revenue
$26,917 million13.4% YoY
Total sales from retail, e-commerce, restaurants, travel, and consumer products. Up 13.4% from last year.
?Operating income
$8,825 million
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 32.8%, meaning 33 cents of every dollar of revenue becomes operating profit.
?Net income
$5,404 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 19.6%. Note: results include non-recurring items (goodwill and intangible assets impairment of $457 million, transformation costs of $205 million, primarily employee termination benefits and professional fees) that may not repeat.
?Free cash flow
$9,087 million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$1.36
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$9.60
Cash paid to shareholders each year for every share they own. Consumer discretionary dividends tend to fluctuate with economic cycles and consumer spending.
BALANCE SHEET
?Total assets
$27.7B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes retail locations, brand value, inventory, and distribution networks.
?Cash & equivalents
$17,203 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$18,736 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $17,203 million in cash against this debt.
?Shares outstanding
32,639,000
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
CASH FLOW
?Operating cash flow
$3.2B
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Capital expenditure
$107M
Money spent on long-term assets — new stores, warehouses, delivery infrastructure, and technology. This is the cost of maintaining and growing the business.
?Free cash flow
$3.1B
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of a company's financial health.
?Depreciation & amortization
$131M
A non-cash expense that spreads the cost of retail locations, warehouses, and delivery fleet over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
HIGH
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Recurring revenue
96%
96% of revenue comes from repeat sources — ongoing contracts, subscriptions, or regular customer purchasing patterns rather than one-time sales. Higher recurring revenue means more predictable future earnings.
?Cash conversion
1.7x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 1.7x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
3 identified
One-time items that affect the bottom line but won't repeat: goodwill and intangible assets impairment of $457 million, transformation costs of $205 million, primarily employee termination benefits and professional fees, loss on early extinguishment of debt of $25 million. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Declines or disruptions in the travel industry due to economic, geopolitical, or other unpredictable events could significantly impact financial performance. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
?WACC
9.46%
Weighted Average Cost of Capital — the minimum return Booking Holdings Inc. must earn on its investments to satisfy both debt holders and shareholders. Computed from a 88.04% equity / 11.96% debt capital structure. If the company earns less than 9.46% on its invested capital, it is destroying shareholder value.
?Cost of equity
10.16%
The return shareholders demand for holding BKNG stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (1.07) × Equity Risk Premium (5.50%). A beta of 1.07 means BKNG is more volatile than the overall market.
?Cost of debt (after-tax)
4.26%
What Booking Holdings Inc. effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 22.59%.
?Capital structure
E: 88.04% / D: 11.96%
How Booking Holdings Inc. finances its operations — the split between equity (stock market value: $135.5B) and debt (total borrowings: $18.4B). More debt means more leverage — higher potential returns but higher risk.
?NOPAT
$7.0B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($9.0B) × (1 - Tax Rate 22.59%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jun 07, 2026.