Booking Holdings (BKNG) Goldman Sachs Communacopia + Technology Conference 2026 summary

Opening remarks and business evolution

• Forward-looking statements are based on August 2026 assumptions and subject to risks and uncertainties.

• The business has evolved from a transactional platform to a sophisticated, highly engaging marketplace.

• Two-thirds of traffic now comes directly, with a growing Genius loyalty program and expanded verticals like flights, attractions, and rental cars.

Market dynamics and demand trends

• Travel demand showed resilience despite geopolitical events, with a strong rebound in bookings after initial caution due to the Middle East conflict.

• Shift observed toward intra-regional and domestic travel, especially in Europe and Asia, due to higher airline ticket prices.

• The U.S. emerged as the strongest travel market in Q2, with broad-based strength across customer segments.

Alternative accommodations and supply growth

• Alternative accommodations are a key growth driver, with strong positions in Europe and Asia and significant opportunity in the U.S.

• Listings grew 8% year-over-year to 9.1 million, signaling future room night growth.