Booking : First Quarter 2026 Quarterly Earnings Presentation

Published: 2026-04-28 17:53:49 ET BKNG

Published on 04/28/2026 at 05:53 pm EDT

Confidential - Do not distribute

Q1 2026 GAAP and Adjusted P&L

Q1 2026 Financial Summary

Trailing Twelve Months "TTM" Revenue

(in millions, except for EPS)

GAAP

YoY%

Adjusted(1)

YoY%

Revenue

$5,532

16%

$5,532

16%

Marketing Expenses

$2,068

16%

$2,068

16%

Sales and Other Expenses

$804

15%

$818

17%

Adjusted Fixed Operating Expenses

$1,324

14%

Other Income (Expense), Net

$194

($32)

10%

Adjusted EBITDA

$1,290

19%

Net Income

$1,083

225%

$902

10%

Diluted EPS

$1.36

239%

$1.14

14%

(figures in billions)

TTM Adjusted EBITDA(1) as a percentage of Revenue

35.3%

36.1%

36.8%

36.9%

36.6%

Refer to Appendix for reconciliation of Non-GAAP measures Adjusted Sales and Other Expenses, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share ("EPS"), Adjusted Fixed Operating Expenses, and Adjusted Other income (expense), Net. Revenue and Marketing Expenses are presented on a GAAP basis.

Note: Amounts may not total due to rounding. 3

NM = Not meaningful.

Q1 Room Nights Grew 6% and were Negatively Impacted by the Conflict in the Middle East

TTM Room Nights by Quarter

(figures in millions)

We estimate Room Night Growth excluding the impact of the conflict in the Middle East was about 8%(1)

Current Quarter Room Nights

Quarterly Room Night Growth YoY

Prior Three Quarters Room Nights

Following the onset of the conflict we saw an increase in cancellation rates and lower travel demand resulting in March room night growth of 1%

Room Night Growth by region(2):

Europe: up mid single digits

Asia: up high single digits

RoW: down low single digits

U.S.: up low teens

In the first quarter, our business was impacted by the ongoing situation in the Middle East, which led to elevated cancellations and a moderation in new bookings in March. The impact of the conflict was also felt outside the Middle East region as we saw changes in broader

travel patterns particularly in certain transit corridors such as the one between Europe and Asia. 4

Regional Room Nights are based on the region of the traveler and are approximations based on the information provided or available to us.

Key Highlights

Booking.com Alternative Accommodations

Direct Mix

TTM Business-to-Consumer ("B2C") direct mix(3) was in the mid 60%'s (similar to Q1 2025 TTM)

Mobile App Mix

Genius Mix Connected Trip

Q1 Alternative Accommodation ("AA") Room Nights grew about in line with total BKNG room night growth, with mix(1) increasing YoY to about 38%. Q1 AA listings up 9% YoY

TTM Mobile App mix(2) was in the high 50%'s (up from the mid 50%'s in Q1 2025 TTM)

Level 2 and Level 3 Genius member mix of Booking.com's TTM total Room Nights was in the high 50%'s (up from the mid 50%'s in Q1 2025 TTM)

Q1 Connected Transactions(4) grew in the high teens range YoY and represented a

low double digit % of Booking.com's total transactions

Represents Booking.com AA Room Nights as a percentage of Booking.com's total Room Nights. Q1'25 AA Room Nights mix was 37%.

Represents BKNG Room Nights booked via a mobile app as a percentage of BKNG total Room Nights over the last twelve months.

Represents BKNG Room Nights booked via a direct channel as a percentage of BKNG B2C Room Nights (excluding Business-to-Business room nights) over the last twelve months. The direct channel includes organic or unpaid search results, which is what we call

Search Engine Optimization. 5

Connected Transactions are transactions that are booked by the same traveler across more than one travel vertical that will be experienced within a few days of each other (+/- 3 days of the start or end date of other transactions).

Alternative Accommodations Room Night Growth at Booking.com Was About in Line With Total Room Night Growth in Q1 2026

Booking.com:

(figures in millions)

AA Listings 8.1 8.4 8.6 8.6 8.8

AA Listings Growth YoY

9% 8% 10% 8% 9%

Q1 2024 TTM

Mobile App Mix Continues to Steadily Increase Over Time

Q1 2025 TTM

Q1 2026 TTM

low

mid

high

Q1 Gross Bookings Grew 15% Driven by a Benefit From Changes in FX and Room Night Growth

Gross Bookings by Quarter

(figures in billions)

We estimate that the situation in the Middle East impacted gross booking growth similar to the impact observed in room night growth(1)

15%

Gross Bookings Growth YoY

13%

14%

16%

Gross Bookings growth of 15% was due to:

A positive impact from changes in FX of about 7 percentage points year-over-year

Room night growth of 6%

A positive impact from Constant Currency ("CC") ADRs up about 1%

Strong flight gross bookings driven by air ticket growth of 28%

ADR Growth Over Time

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

CC Gross Bookings growth was about 8%

CC Accomm. ADRs 1% (1%) 1% 1% 1%

CC Accomm. ADRs (excl. regional mix)

2% 0% 1% 1% 1%

(1) In the first quarter, our business was impacted by the ongoing situation in the Middle East, which led to elevated

cancellations and a moderation in new bookings in March. The impact of the conflict was also felt outside the Middle East region 8

as we saw changes in broader travel patterns particularly in certain transit corridors such as the one between Europe and Asia.

Q1 Revenue Grew 16%, which Benefited from Payments Revenue

Revenue by Quarter

(figures in billions)

Revenue Growth YoY

We estimate that the situation in the Middle East impacted revenue growth slightly lower than the impact observed in room night growth(1)

Revenue growth benefited from higher payment revenues

CC Revenue growth was about 10%(2)

16%

13%

16%

Refer to Appendix for reconciliation of Non-GAAP measures. 9

Q1 Adjusted Fixed OpEx Grew 14% and Grew Slower than Revenue

Q1 Adjusted Fixed OpEx was up low single digits year-over-year after normalizing for changes in FX and one-time benefits in Q1 2025

Adjusted Fixed OpEx(1) by Quarter

Approximate Headcount at Quarter-End

(figures in billions)

Adjusted Fixed OpEx (Decline) Growth YoY Headcount Growth YoY

(3%)

11%

10%

14%

Refer to Appendix for reconciliation of Non-GAAP measures.

Q1 Adjusted EBITDA Grew Faster than Revenue

Q1 Adjusted EBITDA grew 19%, which was faster than revenue growth due to leverage in our Adjusted Fixed Operating Expenses

Adjusted EBITDA(1) by Quarter

Adjusted EPS(1) by Quarter

(figures in billions)

Adjusted EBITDA Growth YoY Adjusted EPS Growth YoY

21%

28%

15%

19%

22%

32%

19%

17%

14%

Refer to Appendix for reconciliation of Non-GAAP measures. EPS figures reflect the 25-for-1 stock split that took effect on April 2, 2026.

Q1's Capital Return of $4.0B Was the Highest Quarterly Amount in Company History

Q1 Free Cash Flow of $3.1 billion was down 2% year-over-year

TTM Free Cash Flow of $9.0 billion was up 6% year-over-year

Free Cash Flow(1) by Quarter

Capital Return by Quarter

(figures in billions) (figures in billions)

(2)

Free Cash Flow Growth (Decline) YoY Weighted Average Diluted Share Count (Decline) YoY

23%

32%

(40%)

120%

(2%)

(5%)

(4%)

(3%)

(4%)

Refer to Appendix for reconciliation of Non-GAAP measures.

Share repurchases only include repurchases that reduce our authorization and exclude repurchases related to employee tax withholding and excise taxes on share repurchases.

Reported YoY Growth(1)

Q2 2026 Guidance

We are assuming the direct and indirect impact from the conflict in the Middle East continues through the end of June. Specifically, our outlook accounts for continued fluctuations in travel demand across Middle Eastern inbound, outbound, and intra-region routes, as well as ongoing disruptions to major transit corridors, such as those between Europe and Asia.

We expect the impact of the situation in the Middle East will be higher in the second quarter than it was in the first quarter as the conflict spans the full quarter, though this is partially offset by our expectation that March had the highest concentration of cancellations which drove the first quarter marketing deleverage

Reported Gross Bookings, Revenue, and Adjusted EBITDA growth are expected to be positively impacted by about 2% from year-over-year changes in FX.

We are not able to provide a reconciliation between forward-looking Adjusted EBITDA and GAAP Net income as we cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP Net Income and predict certain components of such reconciliation as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would

result in a large range of projected values that would not be meaningful to investors. 13

Excludes certain costs expected to be incurred related to the previously disclosed Transformation Program.

FY 2026 Guidance

Reported YoY Growth(1)

High Single Digits to Low Double Digits

High Single Digits

Slightly Faster than Revenue

Low to Mid Teens

Reported Gross Bookings growth is expected to be positively impacted by about 2% from year-over-year changes in FX. Revenue growth is expected to be positively impacted by about 1.5% from year-over-year changes in FX. Adjusted EBITDA and Adjusted EPS growth is expected to be positively impacted by about 1% from year-over-year changes in FX.

Excludes certain costs expected to be incurred related to the previously disclosed Transformation Program.

Our planning assumption is that the

direct and indirect impact from the conflict in the Middle East continues through the end of June, followed by a recovery in bookings in the second half of the year