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BOOKING HOLDINGS Q2 2026 Earnings Presentation August 4 , 2026
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2 Disclaimer 2 Disclosure Regarding Forward-Looking Statements This presentation contains forward-looking statements including regarding our outlook. These forward-looking statements reflect the views of Booking Holdings Inc.’s (the “Company” or “Booking Holdings”) management regarding current expectations and projections about future events and conditions and are based on currently available information and current foreign currency exchange rates. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict such as: ● the conflict in the Middle East; ● adverse changes in market conditions for travel services; ● the effects of competition; ● the Company's ability to successfully manage growth and expand its global business; ● adverse changes in third-party relationships; ● the Company’s ability to respond to and keep up with rapid technological or other market changes; ● the Company’s performance marketing efficiency and the effectiveness of its marketing efforts; ● the development and use of generative AI; ● the Company's ability to attract and retain qualified personnel; ● impacts of impairments and changes in accounting estimates; ● operational and technological infrastructure risks; ● information security, cybersecurity, and data privacy risks; ● IT systems-related failures or security breaches; ● risks related to exposure to additional tax liabilities and maintaining tax benefits; ● legal and regulatory risks; ● risks associated with the facilitation of payments; ● fluctuations in foreign currency exchange rates and other risks associated with doing business in multiple currencies and jurisdictions; ● risks of increased debt levels and stock price volatility; and ● success of investments and acquisitions, including integration of acquired businesses. For a detailed discussion of these and other factors that could cause the Company's actual results to differ materially from those described in this presentation, refer to the Company's most recent Annual Report on Form 10-K, any current reports on Form 8-K, and any subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”). Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation may contain industry market data, industry forecasts, and other statistical information. Such information has been obtained from publicly available information, industry publications and other third-party sources, and the Company makes no representations as to the accuracy of such information. The Company has not independently verified any such information. Certain information in this presentation is based upon management forecasts and reflects prevailing conditions and management's views as of this date, all of which are subject to change. Although the Company believes the information contained herein is accurate in all material respects, the Company does not make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of the information contained in this presentation. The Company expressly disclaims any and all liability relating to or resulting from the use of this presentation. In addition, the information contained in this presentation is as of the date hereof. This presentation has been prepared solely for informational purposes and the recipient should not construe the contents of this presentation as legal, tax, accounting, or investment advice or a recommendation. The recipient should consult its own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, the recipient confirms that it is not relying upon the information to make any decision. This presentation does not purport to be all-inclusive or to contain all of the information that the recipient may require. We use the Investor Relations page of our website (ir.bookingholdings.com) to disclose material information for purposes of the SEC’s Regulation Fair Disclosure. We encourage our investors to monitor this website in addition to our other public announcements and SEC filings as information posted on that page could be deemed to be material information. We will be posting our prepared remarks and a summary earnings presentation to the Investor Relations page of our website after the conclusion of the earnings call. Non-GAAP Financial Measures: While the Company reports financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this presentation includes certain Non-GAAP measures, including Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, Adjusted Net Income, and Adjusted Net Income per Diluted Common Share (Adjusted EPS), which are not presented in accordance with GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP . The Company also uses information on (i) the impact of the adjustments required to compute Adjusted Net income and Adjusted EBITDA on line items reported in the Company's consolidated statements of operations, as applicable, and (ii) Adjusted fixed operating expenses, which is Total operating expenses, as reported in the Company's consolidated statements of operations, adjusted to exclude (a) certain operating expenses which are generally more likely to vary based on changes in business volumes and (b) amounts which are excluded in the computation of Adjusted EBITDA. The Company uses non-GAAP financial measures for financial and operational decision-making and as a basis to evaluate performance and set targets for employee compensation programs. The Company believes that these non-GAAP financial measures are useful for analysts and investors to evaluate the Company's ongoing operating performance because they facilitate comparison of the Company's results for the current period and projected next-period results to those of prior periods and to those of its competitors (though other companies may calculate similar non-GAAP financial measures differently from those calculated by the Company). These non-GAAP financial measures, in particular Adjusted Net income, Adjusted EBITDA, and Free cash flow, are not intended to represent funds available for Booking Holdings' discretionary use and are not intended to represent or to be used as a substitute for Operating income, Net income, or Net cash provided by operating activities as measured under GAAP . The items excluded from these non-GAAP measures, but included in the calculation of their closest GAAP equivalent, are significant components of the Company's consolidated statements of operations and cash flows and must be considered in performing a comprehensive assessment of overall financial performance. For a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, Adjusted Net Income, and Adjusted EPS to the comparable GAAP measures, see the Appendix. We evaluate certain operating and financial measures on both an as-reported and constant currency basis. We calculate constant currency measures based on the predominant transactional currency in each country, converting our current-year period results in currencies other than U.S. Dollars using the corresponding prior-year period monthly average exchange rates. We are not able to provide a reconciliation between forward-looking Adjusted EBITDA and GAAP Net income because we cannot predict certain components of such reconciliation without unreasonable effort as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would result in a large range of projected values that would not be meaningful to investors. See Item 10(e)(1)(i)(B) of SEC Regulation S-K.
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3 3 (figures in billions) Q2 2026 Financial Summary Q2 2026 GAAP and Adjusted P&L TTM Adjusted EBITDA(1) as a percentage of Revenue 35.3% (in millions, except for EPS) GAAP YoY% Adjusted(1) YoY% Revenue $7,352 8% $7,352 8% Marketing Expenses $2,371 11% $2,371 11% Sales and Other Expenses $942 5% $942 5% Adjusted Fixed Operating Expenses NA NA $1,381 6% Other Income (Expense), Net $159 NM ($11) NM Adjusted EBITDA NA NA $2,648 9% Net Income $1,950 118% $1,958 8% Diluted EPS $2.53 131% $2.54 15% Trailing Twelve Months “TTM” Revenue 36.1% 36.8% 36.9% 36.7% 36.6% (1) Refer to Appendix for reconciliation of Non-GAAP measures Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share (“EPS”), Adjusted Fixed Operating Expenses, and Adjusted Other income (expense), Net. Revenue, Marketing Expenses, and Sales and Other Expenses are presented on a GAAP basis. Note: Amounts may not total due to rounding. NA = Not available. NM = Not meaningful.
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4 4 Quarterly Room Night Growth YoY Q2 Highlights Q2 Room Nights Grew 5% and were Negatively Impacted by the Conflict in the Middle East 4 TTM Room Nights by Quarter(1) (figures in millions) 7% 8% 8% 9% 5% Current Quarter Room Nights Prior Three Quarters Room Nights 6% ● The conflict in the Middle East continued to affect travel demand trends in Q2. While direct impacts on travel within the region largely normalized during June, there were continued indirect impacts, including softer long-haul international travel demand. ● Globally, domestic room nights grew high single digits, while international room nights increased slightly, reflecting continued pressure on long-haul travel ● Room night growth by region(2): ○ Europe: up mid single digits ○ Asia: up mid single digits ○ RoW: up mid single digits ○ U.S.: up high single digits (1) Amounts may not total due to rounding. (2) Regional Room Nights are based on the region of the traveler and are approximations based on the information provided or available to us.
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5 55 Key Highlights Booking.com Alternative Accommodations Mobile App Mix B2C Direct Mix Genius Mix Connected Trip TTM Business-to-Consumer (“B2C”) direct mix(3) was in the mid 60%’s (similar to Q2 2025 TTM) Transformation Program Identified additional opportunities, increasing our expected annual run-rate savings from ~$550 million to ~$650 million Q2 Alternative Accommodation (“AA”) room nights were impacted in part by the Middle East conflict, with mix(1) in line with Q2 2025 at ~37%. Q2 AA listings up 8% YoY. TTM Mobile App mix(2) was in the high 50%’s (up from the mid 50%’s in Q2 2025 TTM) Level 2 and Level 3 Genius member mix of Booking.com’s TTM total Room Nights was in the high 50%’s (up from the mid 50%’s in Q2 2025 TTM) Q2 Connected Transactions(4) grew in the low double digits range YoY and represented a low double digit % of Booking.com’s total transactions (1) Represents Booking.com AA Room Nights as a percentage of Booking.com’s total Room Nights. Q2’25 AA Room Nights mix was ~37%. (2) Represents BKNG Room Nights booked via a mobile app as a percentage of BKNG total Room Nights over the last twelve months. (3) Represents BKNG Room Nights booked via a direct channel as a percentage of BKNG B2C Room Nights (excluding Business-to-Business room nights) over the last twelve months. The direct channel includes organic or unpaid search results, which is what we call Search Engine Optimization. (4) Connected Transactions are transactions that are booked by the same traveler across more than one travel vertical that will be experienced within a few days of each other (+/- 3 days of the start or end date of other transactions).
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6 66 Alternative Accommodations Room Night Growth at Booking.com Was Slightly Below Total Room Night Growth in Q2 2026 Booking.com: (figures in millions) AA Listings 8.1 8.4 8.6 8.6 8.8 9.1 AA Listings Growth YoY 9% 8% 10% 8% 9% 8%
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7 low 50%’s 7 Mobile App Mix Continues to Steadily Increase Over Time Q2 2024 TTM mid 50%’s high 50%’s Q2 2025 TTM Q2 2026 TTM
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8 Q2 Gross Bookings Grew 9% Driven by Room Night Growth and a Benefit From Constant Currency ADRs 8 Q2 Highlights 8 Gross Bookings Growth YoY (figures in billions) Gross Bookings by Quarter ADR Growth Over Time Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 CC Accomm. ADRs 1% (1%) 1% 1% 1% 2% CC Accomm. ADRs (excl. regional mix) 2% 0% 1% 1% 1% 2% 7% 13% 14% 16% 9% 15% ● Gross Bookings growth of 9% was due to: ○ Room night growth of 5% ○ A positive impact from Constant Currency (“CC”) ADRs up about 2% ○ A positive impact from changes in FX of about 1 percentage point year-over-year ○ A positive contribution from flights and other verticals ● CC Gross Bookings growth was about 8%
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9 Q2 Revenue Grew 8%, which Benefited from Payments Revenue 9 Q2 Highlights 9 Revenue Growth YoY (figures in billions) Revenue by Quarter 8% 16% 13% 16% 8% 16% (1) Refer to Appendix for reconciliation of Non-GAAP measures. ● Revenue growth was lower than gross bookings growth primarily due to elevated cancellations in March, which impacted revenue in the second quarter ● Revenue growth benefited from higher payment revenues ● CC Revenue growth was about 7%(1)
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10 10 (figures in billions) Q2 Adjusted Fixed OpEx Grew 6% and Grew Slower than Revenue Approximate Headcount at Quarter-EndAdjusted Fixed OpEx(1) by Quarter Adjusted Fixed OpEx (Decline) Growth YoY Headcount Growth YoY (1) Refer to Appendix for reconciliation of Non-GAAP measures. (3%) 6%11% 10% 10% 2% 3%3% 2% 0% 14% 2%
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11 ● Q2 Adjusted EBITDA grew 9%, faster than revenue due to leverage across our Adjusted Fixed Operating Expenses and Sales & Other Expenses (1) Refer to Appendix for reconciliation of Non-GAAP measures. 11 Adjusted EPS(1) by QuarterAdjusted EBITDA(1) by Quarter Adjusted EBITDA Growth YoY (figures in billions) Adjusted EPS Growth YoY 21% 19%28% 15% 19% 22% 15%32% 19% 17% 9% 14% Q2 Adjusted EBITDA Grew Faster than Revenue
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12 12 ● Q2 Free Cash Flow of $3.6 billion was up 16% year-over-year ● TTM Free Cash Flow of $9.5 billion was up 3% year-over-year (figures in billions) Capital Return by Quarter(2) (figures in billions) Free Cash Flow(1) by Quarter Free Cash Flow Growth (Decline) YoY Weighted Average Diluted Share Count (Decline) YoY (1) Refer to Appendix for reconciliation of Non-GAAP measures. (2) Amounts may not total due to rounding. (3) Share repurchases only include repurchases that reduce our authorization and exclude repurchases related to employee tax withholding and excise taxes on share repurchases. Q2’s Capital Return of $4.1B Was the Highest Quarterly Amount in Company History 23% (2%)32% (40%) 120% (5%) (4%)(5%) (4%) (3%) (6%) 16% (3)
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13 1313 Q3 2026 Guidance Room Nights Gross Bookings Revenue Adjusted EBITDA(2)(3) Reported YoY Growth(1) 3% to 5% 4% to 6% ● Global travel demand has remained resilient so far in the third quarter, supported by healthy domestic travel trends. As we look ahead, we remain mindful of the situation in the Middle East and continue to monitor the direct and indirect impacts on travel demand. ● Our guidance assumes stability in the broader travel environment in line with recent trends. It also assumes that the indirect impacts of the conflict—including elevated flight ticket prices, reduced flight capacity on certain routes, and softer long-haul international travel demand—persist through the third quarter. In terms of the direct impact of the conflict, we continue to assume some pressure on inbound travel to the Middle East, while travel demand from Middle East bookers remains largely normalized. 4% to 6% 4% to 6% (1) Reported Gross Bookings, Revenue, and Adjusted EBITDA growth are each expected to be negatively impacted by about 1% from year-over-year changes in FX. (2) We are not able to provide a reconciliation between forward-looking Adjusted EBITDA and GAAP Net income as we cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP Net Income and predict certain components of such reconciliation as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would result in a large range of projected values that would not be meaningful to investors. (3) Excludes certain costs expected to be incurred related to the previously disclosed Transformation Program. Refer to the "Disclosure Regarding Forward-Looking Statements" section of this presentation.
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14 Low to Mid Teens 1414 Gross Bookings Revenue Adjusted EBITDA(2)(3) Reported YoY Growth(1) FY 2026 Guidance Adjusted EPS(2)(3) High Single Digits High Single Digits High Single Digits (1) Reported Gross Bookings growth is expected to be positively impacted by about 1.5% from year-over-year changes in FX. Revenue growth is expected to be positively impacted by about 1.0% from year-over-year changes in FX. Adjusted EBITDA and Adjusted EPS growth are expected to be positively impacted by about 0.5% from year-over-year changes in FX. (2) We are not able to provide a reconciliation between forward-looking Adjusted EBITDA and GAAP Net income as we cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP Net Income and predict certain components of such reconciliation as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would result in a large range of projected values that would not be meaningful to investors. (3) Excludes certain costs expected to be incurred related to the previously disclosed Transformation Program. ● Global travel demand has remained resilient so far in the third quarter, supported by healthy domestic travel trends. As we look ahead, we remain mindful of the situation in the Middle East and continue to monitor the direct and indirect impacts on travel demand. ● Our guidance assumes stability in the broader travel environment in line with recent trends. It also assumes that the indirect impacts of the conflict—including elevated flight ticket prices, reduced flight capacity on certain routes, and softer long-haul international travel demand—persist through the third quarter. In terms of the direct impact of the conflict, we continue to assume some pressure on inbound travel to the Middle East, while travel demand from Middle East bookers remains largely normalized. Refer to the "Disclosure Regarding Forward-Looking Statements" section of this presentation.
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15 15 (figures in millions) Appendix: Reconciliation of GAAP to Non-GAAP Financial Information Note: Amounts may not total due to rounding.
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16 16 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information Note: Amounts may not total due to rounding. (figures in millions)
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17 17 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions, except per share data) Note: Amounts may not total due to rounding.
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18 18 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding.
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19 19 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
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20 20 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding. NM: Not meaningful.