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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mark Mahaney | Evercore ISI | 10 (10%) |
| Kevin Kopelman | TD Cowen | 8 (13%) |
| Justin Post | Bank of America | 8 (0%) |
| Brian Nowak | Morgan Stanley | 7 (14%) |
| Ron Josey | Citigroup | 7 (0%) |
| Lee Horowitz | Deutsche Bank | 6 (17%) |
| Doug Anmuth | JPMorgan | 5 (20%) |
| Eric Sheridan | Goldman Sachs | 4 (0%) |
| Ken Gawrelski | Wells Fargo | 3 (0%) |
| Trevor Young | Barclays | 2 (50%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 1 | 10 (10%) |
| Bank of America | 1 | 8 (0%) |
| TD Cowen | 1 | 8 (13%) |
| Citigroup | 1 |
| 7 (0%) |
| Morgan Stanley | 1 | 7 (14%) |
| Deutsche Bank | 1 | 6 (17%) |
| JPMorgan | 1 | 5 (20%) |
| Goldman Sachs | 1 | 4 (0%) |
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. Record $3.6 billion in share repurchases were executed in Q1.
Competitive Dynamics | Cloud & AI | Demand | Margin | Innovation & R&D | Geographic Expansion | Revenue Growth | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 1 | 3 | 2 | 1 | 2 | 1 |
| 2025Q1 | 8 | 3 | 3 | 3 | 1 | 1 | 1 | 2 |
| 2025Q2 | 2 | 3 | 3 | 1 | 3 | 2 | 2 | 1 |
| 2025Q3 | 6 | 5 | 1 | 1 | 1 | 2 | 1 | 1 |
| 2025Q4 | 4 | 2 | 2 | 1 | 1 | |||
| 2026Q1 | 2 | 4 | 5 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 4 | 8 | 2 | 6 | 4 | 2 |
| Cloud & AI | 4 | 3 | 3 | 5 | 2 | 4 |
| Demand | 1 | 3 | 3 | 1 | 5 | |
| Margin | 3 | 3 | 1 | 1 | 2 | |
| Innovation & R&D | 2 | 1 | 3 | 1 | 1 | 2 |
| Geographic Expansion | 1 | 1 | 2 | 2 | 1 | |
| Revenue Growth | 2 | 1 | 2 | 1 | 1 | |
| Product Launch | 1 | 2 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.47B | +14.4% | $1.28 | +408.8% | 100.0% | 31.6% | 19.5% | $645M |
| FY2025 Q1 | $4.76B | +7.9% | $0.40 | -55.0% | 100.0% | 22.3% | 7.0% | $3.16B |
| FY2025 Q2 | $6.80B | +16.0% | $1.10 | -38.2% | 100.0% | 33.1% | 13.2% | $3.14B |
| FY2025 Q3 | $9.01B | +12.7% | $3.38 | +13.5% | 100.0% | 43.7% | 30.5% | $1.37B |
| FY2025 Q4 | $6.35B | +16.0% | $1.75 | +36.9% | 100.0% | 32.0% | 22.5% | $1.42B |
| FY2026 Q1 | $5.53B | +16.2% | $1.36 | +237.6% | 100.0% | 23.0% | 19.6% | $3.11B |
| FY2026 Q2 | $7.35B | +8.1% | $2.53 | +130.6% | 100.0% | 34.0% | 26.5% | $3.64B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What BKNG and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“our conversion rate is significantly lower than, say, Booking.com.”
Airbnb's CEO benchmarks its own conversion rate as significantly lower than Booking.com's, an implicit read-through on Booking's stronger checkout conversion.
“across channels such as KakaoTalk in Korea, LINE in Thailand and Taiwan and through WhatsApp in India”
Booking cites WhatsApp as a messaging distribution channel where it is seeing encouraging traction in India, a read-through on Meta's platform as a commerce/distribution surface.
“maybe you saw the Claude Live advertisement recently where we were right upfront there. Really pleased on that.”
Booking cites its prominent placement in Anthropic's Claude Live launch as evidence its AI-platform partnerships are already generating favorable demand positioning.
“Our relationships with companies such as OpenAI, Google, Anthropic and Amazon, combined with our disciplined approach, positions us well to capture these emerging opportunities”
Booking names OpenAI among the frontier AI companies it partners with to capture demand as travelers shift discovery to LLMs.
“Our relationships with companies such as OpenAI, Google, Anthropic and Amazon, combined with our disciplined approach, positions us well to capture these emerging opportunities”
Booking names Amazon among the frontier AI companies it partners with to source emerging travel-discovery demand, positioning Amazon as an AI/demand partner.
“given the experiences we've been able to deal with at Google and how well that has helped create our company to where we are now”
Booking frames its long-standing performance-marketing relationship with Google as a template for how emerging AI demand platforms could benefit Booking, implying Google remains a major and productive demand channel.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BKNG Booking Holdings | 7 | +16.2% | |
| ABNB Airbnb | 9 | +17.9% | |
| EXPE Expedia Group | 7 | +14.7% | |
| NCLH Norwegian Cruise Line Holdings | 6 | +9.6% | |
| RCL Royal Caribbean Group | 6 | +11.3% |