BKNG · 10-Q · 2026Q2

Booking Holdings Inc.

Filed 2026-08-04 · Other · View original filing on EDGAR

Ranked Events

• Capital Return ProgramImportance 93 · Surprise 82
  Booking Holdings repurchased $7.8 billion of common stock during the first six months of 2026, compared with $3.7 billion in the prior-year period. The company had $14.5 billion remaining under its Board-authorized…
• Headcount / RestructuringImportance 83 · Surprise 82
  Booking Holdings continued its Transformation Program, launched in the fourth quarter of 2024, to improve operating expense efficiency and redirect resources toward traveler and partner offerings. The program generated…
• Income Tax Rate ChangesImportance 77 · Surprise 82
  The effective income-tax rate increased to 23.8% in the second quarter of 2026 from 18.9% in the second quarter of 2025. For the first six months, the effective tax rate rose to 23.4% from 18.1%, while income-tax…
• Operating Expense TrendsImportance 54 · Surprise 40
  Marketing expense increased 10.8% year over year to $2.371 billion in the second quarter and 13.4% to $4.439 billion for the first six months of 2026. Marketing expense was 32.2% of revenue in the quarter versus 31.5%…
• Operating Cash Flow TrendsImportance 49 · Surprise 32
  Net cash provided by operating activities increased to $6.934 billion for the six months ended June 30, 2026 from $6.484 billion in the prior-year period. The 2026 operating cash flow included $3.0 billion of net…
• Liquidity and Debt PositionImportance 49 · Surprise 6
  Cash, cash equivalents, and investments totaled $17.7 billion at June 30, 2026, including approximately $14.7 billion held by international subsidiaries. Deferred merchant bookings were $10.1 billion, consisting…
• EU Digital RegulationImportance 44 · Surprise 60
  The European Commission has designated Booking Holdings as a gatekeeper under the Digital Markets Act and Booking.com as a Very Large Online Platform under the Digital Services Act. These designations subject the…
• Revenue Performance and MixImportance 43 · Surprise 32
  Second-quarter 2026 total revenue increased 8.1% year over year to $7.352 billion, while six-month revenue increased 11.5% to $12.884 billion. Second-quarter merchant revenue rose 15.0% to $5.127 billion and six-month…
• Interest Rate EnvironmentImportance 40 · Surprise 56
  Interest and dividend income decreased year-over-year in the second quarter and first six months of 2026 primarily because of lower interest rates. Interest expense also declined materially, by 28.2% in the quarter and…
• Middle East Conflict ImpactImportance 39 · Surprise 50
  The Middle East conflict slowed global room-night growth to 5% year-over-year in the second quarter of 2026 from 6% in the first quarter. Although direct travel impacts within the region largely normalized during June,…
• Distribution ChannelsImportance 37 · Surprise 32
  Direct and mobile distribution remain important growth channels, with the significant majority of mobile-app room nights booked directly and direct room nights representing a mid-fifties percentage of total room…
• Gross Margin DriversImportance 37 · Surprise 32
  Merchant gross bookings represented 73% of company-wide gross bookings in the second quarter of 2026, up from 69% in the second quarter of 2025 because Booking.com continued moving from agency to merchant bookings. The…
• Digital Services Tax RegulationImportance 32 · Surprise 24
  Several jurisdictions, particularly in the European Union, have adopted or are considering digital services taxes on revenue from digital advertising or online platforms even without a local physical presence.…
• AI Adoption and Connected TripImportance 31 · Surprise 42
  Booking Holdings is executing a long-term strategy to create an AI-powered traveler experience through its Connected Trip vision. The initiative integrates personalized travel planning, booking, payment, and in-trip…
• Products and TechnologyImportance 31 · Surprise 42
  Booking Holdings is developing an AI-powered Connected Trip experience across Booking.com, Priceline, Agoda, KAYAK, and OpenTable. The strategy is intended to personalize travel planning, booking, payment, and in-trip…
• Market Demand TrendsImportance 31 · Surprise 32
  Global room nights increased 5% year-over-year in the second quarter of 2026, compared with 6% growth in the first quarter, driven by growth across key regions. Constant-currency global ADRs increased approximately 2%,…
• Competition and Pricing PressureImportance 26 · Surprise 24
  Price remains a primary determinant of travel-booking decisions, and discounting and couponing are particularly prevalent in Asia. Competitors may accept little or no profit, or sell travel services at a loss, to gain…
• FX / Currency ImpactImportance 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,…

Revenue by Product (in millions)