Fiscal year ends DecLast earnings: Apr 28, 2026Est. next earnings: Jul 28, 2026
Latest Score
7.0/ 10
-2.0vs prior
4-Period Change
+1.0
vs Q1 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
0%
All quarters
7.0out of 10Positive
Sentiment · FY2026 Q1
Q4 '24Q1 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base8Base 8GAAP revenue YoY +16.2% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for BKNG — online travel agency with no structural GAAP distortion.+EPS0EPS 0GAAP EPS YoY +237.64% vs revenue YoY +16.17%, GAAP spread +221.47 percentage points (way outside +5 percentage points). Operating income cross-check: operating income YoY +19.68%, operating income spread +3.51 percentage points (inside ±5 percentage points). GAAP outside, operating income inside — divergence is non-operating (prior-year Q1 GAAP EPS was $0.40 vs current $1.36, likely driven by below-the-line items such as investment gains, tax effects, or share count changes). Per symmetric cross-check: OI wins. operating income spread +3.51 percentage points → EPS adjustment = 0.+Guidance-1Guidance -1FY2026 full-year guidance lowered at the midpoint due to Middle East conflict impact (assumed through end of June with recovery in H2). High end of gross bookings and adjusted EPS ranges maintained at prior levels. Qualitative modest trim — no specific prior/new midpoint dollar figures given, only directional ranges. Lowered <3% qualitatively.=Final7
How this score was built
Base8Base 8GAAP revenue YoY +16.2% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for BKNG — online travel agency with no structural GAAP distortion.+
Macro Signals
→Consumer Spending↑AI & Tech↑FX
Booking Holdings posted Q1 FY2026 revenue up 16.2% with strong growth despite a 2pp room night headwind from the Middle East conflict. U.S. room night growth accelerated to low teens for the fourth consecutive quarter, Connected Trip transactions grew high teens, and GenAI capabilities advanced. However, full-year guidance was lowered at midpoint due to geopolitical risk, earning a -1 adjustment. Record $3.6 billion in share repurchases were executed in Q1.
Key Themes7
positive📊 company
Strong Revenue Growth Of 16% Despite Middle East Headwinds
Revenue of $5.5 billion grew 16% year-over-year, with gross bookings of $53.8 billion up 15%. Adjusted EBITDA of approximately $1.3 billion increased 19%, demonstrating operating leverage.
Revenue GrowthMargin
negative🌍 macro
Middle East Conflict Creating 2pp Room Night Headwind
The Middle East conflict impacted room night and gross bookings growth by approximately 2 percentage points in Q1, with March room night growth slowing to 1% due to elevated cancellations and reduced bookings.
you talked about strengthening Genius this year. Can you just maybe talk to us a little bit how you think about ways in which you want to strengthen the Genius program
EPS 0GAAP EPS YoY +237.64% vs revenue YoY +16.17%, GAAP spread +221.47 percentage points (way outside +5 percentage points). Operating income cross-check: operating income YoY +19.68%, operating income spread +3.51 percentage points (inside ±5 percentage points). GAAP outside, operating income inside — divergence is non-operating (prior-year Q1 GAAP EPS was $0.40 vs current $1.36, likely driven by below-the-line items such as investment gains, tax effects, or share count changes). Per symmetric cross-check: OI wins. operating income spread +3.51 percentage points → EPS adjustment = 0.
+
Guidance-1Guidance -1FY2026 full-year guidance lowered at the midpoint due to Middle East conflict impact (assumed through end of June with recovery in H2). High end of gross bookings and adjusted EPS ranges maintained at prior levels. Qualitative modest trim — no specific prior/new midpoint dollar figures given, only directional ranges. Lowered <3% qualitatively.
=
Final7
U.S. Room Night Growth Accelerates To Low Teens For 4th Quarter
U.S. room night growth accelerated for the fourth consecutive quarter to the low teens, driven primarily by strong domestic demand and double-digit growth in the direct channel at Booking.com.
Geographic ExpansionDemand
positive📊 company
Connected Trip Transactions Growing High Teens
Connected transactions grew in the high teens range and represented a low double-digit percentage of Booking.com's total transactions. Airline tickets increased 28% and attractions tickets about 25%.
Product LaunchInnovation & R&D
positive📊 company
GenAI Capabilities Advancing Across All Brands
Penny at Priceline showing noticeable conversion uplift in early testing. Booking.com rolling out AI-driven natural language search and smart filters globally. Agoda achieved double-digit reduction in customer service cost per booking via AI.
Cloud & AIInnovation & R&D
positive📊 company
Record $3.6B Share Repurchases In Q1
Completed record $3.6 billion in share repurchases in Q1, the highest quarterly amount in company history. Since 2014, share count reduced by over 40% at an average price of $93 per share.
Capital Allocation
negative🌍 macro
Full-Year Guidance Lowered At Midpoint Due To Geopolitical Risk
Guidance ranges lowered at the midpoint due to Middle East conflict, though high end of gross bookings and adjusted EPS ranges remains in line with prior expectations. Q2 room night growth guided 2% to 4% with approximately 3pp of conflict headwind.
could you just clarify for the second quarter, how large you expect the impact to be there kind of on a like-for-like versus that 200 basis points you saw in the first quarter
I was just going to follow up on the cautiousness, if you were seeing any broader kind of cautiousness behavior among your consumers outside of the region
Norwegian Cruise Line delivered a first quarter that beat its own guidance, with net yield down 1%, Adjusted Net Cruise Cost Ex Fuel of $168 declining 1%, and Adjusted EBITDA of $533 million all ahead of plan, yet the story was the sharply lowered full-year outlook: net yields now expected to decline 3%-5% and adjusted EPS cut to $1