Booking Holdings (BKNG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 16% year-over-year to $5.5 billion, with gross bookings up 15% to $53.8 billion and room nights up 6%, despite a 2 percentage point negative impact from the Middle East conflict.

• Net income surged 225% to $1.08 billion, with adjusted EBITDA up 19% to $1.3 billion and adjusted EPS up 14% to $1.14.

• U.S. room night growth accelerated to low teens, Asia saw high single-digit growth, and Europe posted mid-single-digit gains; Rest of World declined low single digits due to Middle East weakness.

• Alternative accommodation room nights accounted for 38% of Booking.com’s total, up 1 percentage point year-over-year, with listings up 9%.

• Record capital returns in Q1, with $3.6–$4.0 billion in share repurchases and a 25-for-1 stock split effective April 2, 2026.

Financial highlights

• Gross bookings: $53.8 billion, up 15% year-over-year (8% constant currency); revenue: $5.5 billion, up 16% (10% constant currency).

• Net income: $1.08 billion, up 225%; adjusted EBITDA: $1.3 billion, up 19%; adjusted EPS: $1.14, up 14%; diluted EPS: $1.36, up 239%.

• Merchant gross bookings rose 24% to 72% of total; agency gross bookings fell 3%.

• Airline tickets up 28%, attractions tickets up 25% year-over-year.

• Free cash flow was $3.1 billion, down 2% year-over-year; cash and investments at quarter-end totaled $16.5 billion.

Outlook and guidance

• Q2 2026 guidance: room nights up 2–4%, gross bookings, revenue, and adjusted EBITDA each up 4–6%.

• Full-year 2026: gross bookings and revenue expected to grow high single digits to low double digits; adjusted EBITDA and EPS to grow slightly faster than revenue.

• Guidance assumes Middle East conflict impacts persist through June, with recovery in H2 2026.

• Transformation Program expected to deliver $550 million in annual run-rate savings by end of 2026.

• FX expected to add 2 percentage points to gross bookings growth for the year.