Booking Holdings Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹170

Market cap₹1.3L Cr

P/E21.5

Updated29 May 2026

Read5 min read

What the Q2 FY26 call signalled

2 of 4 strong

RevenueRank 3

MarginRank 3

CapexYes

Order bookYes

Not discussed on this call: fundraise.

The short version

- The company maintains a long-term constant currency growth ambition of at least: - 8% gross bookings growth - 8% revenue growth - 15% adjusted EPS growth for future years (Page 7) - Despite current geopolitical challenges, full-year guidance for 2026 remains solid and at the high end of original projections (Page 7) - First quarter results show: - 15% year-over-year gross bookings growth - 16% revenue growth - 19% adjusted EBITDA increase - 14% adjusted EPS growth (Page 2) - Room nights expected to grow 5%–7% in guidance, with an estimated 3-point headwind from Middle East conflict factored in for Q2 (Pages 4 & 12) - Growth drivers include expansion in U.S. - Booking Holdings projects long-term constant currency growth ambitions of at least: - 8% gross bookings growth - 8% revenue growth - 15% adjusted EPS growth for future years (Page 7) - For fu

From Booking Holdings Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Rank 3

The company maintains a long-term constant currency growth ambition of at least:
- 8% gross bookings growth
- 8% revenue growth
- 15% adjusted EPS growth for future years (Page 7)
Despite current geopolitical challenges, full-year guidance for 2026 remains solid and at the high end of original projections (Page 7)
First quarter results show:
- 15% year-over-year gross bookings growth
- 16% revenue growth
- 19% adjusted EBITDA increase
- 14% adjusted EPS growth (Page 2)
Room nights expected to grow 5%–7% in guidance, with an estimated 3-point headwind from Middle East conflict factored in for Q2 (Pages 4 & 12)
Growth drivers include expansion in U.S. and Asia markets, advancement of Connected Trip vision, and AI-enabled product innovations (Pages 4 & 12)

Profitability & Margins

Booking Holdings projects long-term constant currency growth ambitions of at least:
- 8% gross bookings growth
- 8% revenue growth
- 15% adjusted EPS growth for future years (Page 7)
For full-year 2026 guidance (despite Middle East conflict impact):
- Gross bookings expected to increase high single digits to low double digits
- Revenue expected to grow high single digits
- Adjusted EBITDA to grow slightly faster than revenue with margin expansion of 0 to 25 basis points year-over-year
- Adjusted EPS to increase low to mid-teens (Page 6-7)
The company emphasizes disciplined cost management and protection of strategic investment spend to sustain near-term profitability and long-term innovation (Page 6)

See what Booking Holdings Inc. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

The company is making strategic investments in technology and innovation, particularly advancing the "Connected Trip" vision to offer integrated travel experiences.
There is a strong focus on accelerating innovation through generative AI (GenAI) capabilities to enhance traveler experiences and operational efficiency.
Targeted cost management actions are in place, including managing discretionary spend and recalibrating hiring, while protecting strategic investment spend.
Investments aim to build a more frictionless and integrated offering for travelers and partners.
Partnerships with leading AI organizations (OpenAI, Google, Anthropic, Amazon) help expand sources of demand and maintain technological leadership.
The company continues disciplined capital allocation, balancing share repurchases with funding organic and inorganic growth opportunities.

Fundraising & Capital Structure

The company has ample liquidity and a strong free cash flow profile as of the first quarter, with $16.5 billion in cash and investments.
There is no mention of any current or planned new fundraising through debt or equity in the disclosed quarters.
The company returned about $4 billion to shareholders in the quarter through share repurchases and dividends, indicating confidence in existing cash flow.
They continue to focus on disciplined capital structure optimization but have not indicated new debt or equity issuance.
Near-term financial discipline and strategic investment focus suggest no immediate fundraising plans.
Overall, the document does not disclose any current or future debt or equity fundraising activities.

See what Booking Holdings Inc. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Yes

The provided pages from the document do not explicitly mention "Current/ Expected Orderbook" or "Pending Orders" data. However, relevant operational and financial booking information includes: - First quarter gross bookings were $53.8 billion, growing 15% year-over-year. - Room nights in Q1 grew 6%, approximately 8% excluding Middle East conflict impact. - Total merchant gross bookings increased 24% year-over-year in Q1. - Connected Trip transactions grew in the high teens percentage, about 3x faster than Booking.com’s total transaction growth. - Impact from Middle East conflict reduced room night growth by approximately 2 percentage points. - March room night growth slowed to 1% due to cancellations and lower demand. - Strong growth trends in the U.S. (low teens growth in room nights) driven by domestic travel. - Alternative accommodation room nights at Booking.com grew in line with total room night growth. No specific data on current pending orders or orderbook backlog was disclosed.

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Frequently Asked Questions

What were Booking Holdings Inc. Q2 FY26 results?

What is Booking Holdings Inc. share price analysis?

Booking Holdings Inc. currently shows a below-average growth signal. The stock trades at a P/E of 21.5 with a market cap of $131,590. Investors should review the full earnings analysis for detailed insights.

Is Booking Holdings Inc. planning capital expenditure?

- The company is making strategic investments in technology and innovation, particularly advancing the "Connected Trip" vision to offer integrated travel experiences.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.