Booking Holdings (BKNG) · Internet & Travel
Booking Holdings Q2 2026 earnings: summary, key numbers & outlook
Results filed 4 Aug 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Booking Holdings reported Q2 2026 gross bookings of $51.0B (up 9%), revenue of $7.4B (up 8%), GAAP net income of $2.0B (up 118%) and GAAP EPS of $2.53 (up 131%).
Booking Holdings grew room nights 5% to 325M in the second quarter. Gross bookings rose 9% to $51.0B and revenue rose 8% to $7.4B, helped slightly by currency. GAAP net income more than doubled to $2.0B, mainly because last year's results carried large foreign-currency losses on Euro debt. Adjusted EPS of $2.54 rose 15%. Free cash flow was $3.6B, and the company bought back $3.7B of stock.
Management expects growth to slow in the third quarter, with room nights up 3% to 5% and revenue up 4% to 6%. For the full year it expects high single digit growth in gross bookings, revenue and Adjusted EBITDA. The main risk is the Middle East conflict, which is raising flight prices, cutting flight capacity on some routes and softening long-haul travel. Flight ticket growth has already slowed sharply to 3.7%.
Key numbers
- Revenue · GAAP
- $7.4B
- GAAP net income · GAAP
- $2.0B
- GAAP diluted EPS · GAAP
- $2.53
- Adjusted EPS · non-GAAP
- $2.54
- Operating income · GAAP
- $2.5B
- Net cash provided by operating activities · GAAP
- $3.7B
- Free cash flow · non-GAAP
- $3.6B
- Adjusted EBITDA · non-GAAP
- $2.6B
up 8% from a year ago
up 118% from a year ago
up 131% from a year ago
up 15% from a year ago
up 16% from a year ago
up 16% from a year ago
up 9% from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Room nights | 325M | up 5% from a year ago |
| Gross bookings | $51.0B | up 9% from a year ago |
| Alternative accommodation room nights at Booking.com | 4% | increased by 4% |
| Rental car days | $23.0M | down 6.5% from a year ago |
| Flight tickets | $17.0M | up 3.7% from a year ago |
Where each number comes from
- Revenue: “Gross Bookings $51.0B 9% Revenue $7.4B 8% GAAP Net Income $2.0B 118% Adjusted Net Income $2.0B 8% GAAP EPS $2.53 131%”
- GAAP net income: “Gross Bookings $51.0B 9% Revenue $7.4B 8% GAAP Net Income $2.0B 118% Adjusted Net Income $2.0B 8% GAAP EPS $2.53 131%”
- GAAP diluted EPS: “Gross Bookings $51.0B 9% Revenue $7.4B 8% GAAP Net Income $2.0B 118% Adjusted Net Income $2.0B 8% GAAP EPS $2.53 131%”
- Adjusted EPS: “GAAP EPS $2.53 131% Adjusted EPS $2.54 15% Adjusted EBITDA $2.6B 9% Net Cash Provided By Operating Activities $3.7B 16%”
- Operating income: “Total operating expenses 4,852 4,548 9,113 8,248 Operating income 2,500 2,250 3,771 3,312 Interest expense (300) (418) (553) (1,067)”
- Net cash provided by operating activities: “Net Cash Provided By Operating Activities $3.7B 16% Free Cash Flow $3.6B 16% (1) See note (d) in the Reconciliation of GAAP”
- Free cash flow: “Net Cash Provided By Operating Activities $3.7B 16% Free Cash Flow $3.6B 16% (1) See note (d) in the Reconciliation of GAAP”
- Adjusted EBITDA: “GAAP EPS $2.53 131% Adjusted EPS $2.54 15% Adjusted EBITDA $2.6B 9% Net Cash Provided By Operating Activities $3.7B 16%”
- Room nights: “Q2 2026 (#) (Δ Y/Y) Room Nights 325M 5% Gross Bookings $51.0B 9% Revenue $7.4B 8% GAAP Net Income $2.0B 118%”
- Gross bookings: “Q2 2026 (#) (Δ Y/Y) Room Nights 325M 5% Gross Bookings $51.0B 9% Revenue $7.4B 8% GAAP Net Income $2.0B 118%”
- Alternative accommodation room nights at Booking.com: “Alternative accommodation room nights at Booking.com increased by 4% ● CC ADRs increased by about 2%(1)”
- Rental car days: “Rental Car Days 22 23 17 22 24 23 18 21 23 Year/Year Growth (Decline) 10.0 % 16.2 % 12.1 % 7.7 % 9.0 % 2.1 % 4.2 % (4.9) % (6.5) %”
- Flight tickets: “Flight Tickets 11 13 14 16 16 17 18 21 17 Year/Year Growth 27.7 % 38.7 % 52.3 % 44.8 % 44.2 % 32.3 % 27.7 % 28.5 % 3.7 %”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $7.4B | +8.1% | +32.9% |
| Operating income | $2.5B | +11.1% | +96.7% |
| Net income | $1.9B | +117.9% | +80.1% |
| Diluted EPS | $2.53 | +130.0% | +86.0% |
| Free cash flow | $3.6B | +16.1% | +17.2% |
| Operating margin | 34.0% | +0.9 pts | +11.0 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue growth | third quarter of 2026 | 4% - 6% |
| Room nights growth | third quarter of 2026 | 3% - 5% |
| Gross bookings growth | third quarter of 2026 | 4% - 6% |
| Adjusted EBITDA growth | third quarter of 2026 | 4% - 6% |
Key takeaways
Gross bookings grew 9%, revenue 8%
Gross bookings rose 9% (approximately 8% on a constant currency basis) and revenue rose 8% (approximately 7% on a constant currency basis). Room nights grew 5% to 325M.
GAAP net income more than doubled, up 118%
Net income grew 118% to $2.0B, while Adjusted Net income grew only 8%. Last year's GAAP results included a $962 million other expense, mostly Euro debt remeasurement.
Flight tickets and rental cars slowed sharply
Flight tickets grew 3.7% after 28.5% in Q1 2026. Rental car days fell 6.5%.
Transformation savings target raised to $650 million
Management increased expected annual run-rate savings to approximately $650 million, to be realized by the end of 2027. Total operating expenses rose 7%, slower than the 8% revenue growth.
Third-quarter guidance points to slower growth
Q3 2026 guidance calls for room nights up 3% to 5% and revenue up 4% to 6%. Management cites the Middle East conflict, elevated flight prices and softer long-haul travel.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $5.5B * |
| Q1 2025 | $4.8B |
| Q2 2025 | $6.8B |
| Q3 2025 | $9.0B |
| Q4 2025 | $6.3B * |
| Q1 2026 | $5.5B |
| Q2 2026 | $7.4B |
| Q3 2026 | $8.9B |
Data
| Q1 2025 | $0.40 |
| Q2 2025 | $1.10 |
| Q3 2025 | $3.38 |
| Q1 2026 | $1.36 |
| Q2 2026 | $2.53 |
| Q3 2026 | $3.61 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 31.6% |
| Q1 2025 | 22.3% |
| Q2 2025 | 33.1% |
| Q3 2025 | 38.7% |
| Q4 2025 | 32.0% |
| Q1 2026 | 23.0% |
| Q2 2026 | 34.0% |
| Q3 2026 | 38.4% |
Data
| Q4 2024 | $645.0M |
| Q1 2025 | $3.2B |
| Q2 2025 | $3.1B |
| Q3 2025 | $1.4B |
| Q4 2025 | $1.4B |
| Q1 2026 | $3.1B |
| Q2 2026 | $3.6B |
| Q3 2026 | $1.1B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Booking Holdings' main Q2 2026 results?
Revenue was $7.4B (up 8%), gross bookings were $51.0B (up 9%) and room nights were 325M (up 5%). GAAP net income was $2.0B (up 118%) and GAAP EPS was $2.53.
Why did GAAP net income grow so much faster than Adjusted Net income?
GAAP net income rose 118% while Adjusted Net income rose 8%. The Q2 2025 GAAP base included foreign-currency losses on Euro-denominated debt of $961 million, which are excluded from the adjusted figures.
What is Booking's outlook for the third quarter of 2026?
Management guides to room nights growth of 3% to 5%, gross bookings growth of 4% to 6% and revenue growth of 4% to 6%. It also guides to Adjusted EBITDA growth of 4% to 6%.
What is the full-year 2026 guidance?
Management expects high single digit growth in gross bookings, revenue and Adjusted EBITDA. It expects Adjusted EPS growth of low to mid-teens.
How much cash did Booking return to shareholders?
It repurchased $3.7 billion of stock in Q2, with $14.5 billion of authorization remaining. The Board also declared a $0.42 per share dividend payable September 30, 2026.
Documents
SEC filing