BKNG · 10-Q · 2026Q2 · Full report

FX / Currency Impact

Booking Holdings Inc. · 2026-08-04 · Importance 10 · Surprise 6

Booking Holdings has substantial operations outside the United States and is principally exposed to movements in the Euro and British Pound Sterling against the U.S. dollar. Currency changes affect reported net assets, gross bookings, revenues, operating expenses, and net income, although similar currency exposure in revenues and expenses has limited the effect on operating margins. Second-quarter 2026 revenue growth included an approximately 1% benefit from foreign exchange, and the Company uses derivatives and Euro-denominated debt hedges to mitigate currency exposure.

Key facts

• We generally enter into derivative instruments to minimize the impact of foreign currency exchange rate fluctuations and may designate certain portions of the aggregate principal value of our Euro-denominated debt as a hedge of the foreign currency exposure of the net investment in certain Euro functional currency subsidiaries. source
• Since our expenses are generally denominated in foreign currencies on a basis similar to our revenues, our operating margins have not been significantly impacted by currency fluctuations. source