BKNG · Full Picture

Booking Holdings Inc. — the full picture

Earnings window · 2026-07-14 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Capital Return Program · Buybacks & dividendsPriority 93
    -41.5% cash; 3 sources (news, press_release, sec_filing); 3 forward row(s); structured_verified
    Total remaining stock repurchase authorization as of June 30, 2026: $14.5 billion.
  2. Liquidity and Debt Position · Debt, leverage & refinancingPriority 78
    -21.5% liability; 2 forward row(s); quote_verified
    Our revolving credit facility extends a revolving line of credit up to $2 billion to us and as of June 30, 2026 we are in compliance with the maximum leverage ratio covenant under the facility.
  3. Operating Cash Flow Trends · Cash flow generationPriority 75
    +24.5% net_income (realized); 2 sources (press_release, sec_filing); structured_verified
    Net income for the six months ended June 30, 2026 was $3.0 billion and for the six months ended June 30, 2025 was $1.2 billion.
  4. Operating Expense Trends · Operating expenses (SG&A)Priority 73
    +7.5% operating_income; 3 sources (news, press_release, sec_filing); 1 forward row(s); quote_verified
    Booking raised its expected annual savings from its Transformation Program to $650 million by the end of 2027.
  5. Net Income and Profitability · Operating income & profitabilityPriority 68
    +14.7% net_income (realized); quote_verified
    Net income rose 118% to $2 billion in Q2 2026.
  6. Operating Income and Margins · Operating income & profitabilityPriority 68
    +44.5% net_income (realized); quote_verified
    GAAP Net income Q2 2026: $2.0B, growth 118% compared to the second quarter of 2025.
  7. Revenue Performance and Mix · Revenue growth & mixPriority 67
    +7.5% revenue (realized); 3 sources (news, press_release, sec_filing); structured_verified
    Three months ended June 30, 2026 — Merchant revenues: $5,127 million; Agency revenues: $1,903 million; Advertising and other revenues: $322 million; Total revenues: $7,352 million.
  8. Transformation Program Savings · Strategic & business-model shiftsPriority 64
    +4.4% operating_income; 1 forward row(s); quote_verified
    Increased expected annual run-rate savings through the Transformation Program to approximately $650 million, expected to be realized by the end of 2027.
  9. Income Tax Rate Changes · TaxPriority 63
    2 sources (press_release, sec_filing); 1 forward row(s); quote_verified
    Income tax expense for the three months ended June 30, 2026: $610 million (compared with $209 million in Q2 2025).
  10. Guidance / Outlook · Guidance & outlookPriority 60
    +2.5% operating_income; 2 sources (news, press_release); 3 forward row(s); quote_verified
    Q3 2026 guidance: Adjusted EBITDA Growth 4% - 6% year-over-year.
  11. Liquidity and Debt Position · UnclassifiedPriority 56
    quote_verified
    The Company repaid $1,000 million on maturity of debt and issued long-term debt proceeds of $2,975 million in the six months ended June 30, 2026; payments for repurchase of common stock were $7,758 million.
  12. Headcount / Restructuring · Restructuring & impairmentPriority 54
    +0.7% operating_income; 2 sources (news, sec_filing); 1 forward row(s); quote_verified
    The Transformation Program resulted in approximately $250 million in savings in 2025 and enabled approximately $550 million in annual run-rate savings as of the end of 2025; expected annual run-rate savings were increased to approximately $650 million with majority of incremental savings expected to be realized in 2027.

Threads by pillar

Revenue & Demand Priority 79 · 4 threads

Costs & Margins Priority 83 · 5 threads

Capital & Balance Sheet Priority 97 · 4 threads

Strategy & Portfolio Priority 64 · 1 thread

Guidance & Outlook Priority 60 · 1 thread

Macro & Market Conditions Priority 66 · 5 threads

Unclassified Priority 71 · 4 threads

Expected impact by metric

metricforward netforward grossrealized
cash-41.5%+41.5%+2.4%
liability-21.5%+21.5%-20.9%
operating_income+15.1%+15.1%-3.0%
revenue+2.5%+2.5%+7.5%
margin——+14.0%
net_income——+83.7%