Booking Holdings Inc. · BKNG · FY2026 Q1 · Calendar Q2 2026

Booking Holdings Beats Q1 Estimates on Strong Travel Demand, Lowers Guidance

Booking Holdings delivered a solid Q1 FY2026 beat, with EPS of $1.14 (est. $1.08) and revenue of $5.53B (est. $5.52B), driven by 15% gross bookings growth and 19% adjusted EBITDA growth. U.S. domestic travel accelerated for the fourth straight quarter with low-teen room-night growth, while Asia grew at high single digits. A 2-percentage-point drag from the Middle East conflict held underlying room-night growth to 6% (8% ex-conflict). Despite the beat, management lowered Q2 and full-year guidance, reflecting continued geopolitical uncertainty. The market reaction was muted (+0.35% abnormal move) with subsequent drift of -2.4%. AI initiatives (Penny, natural-language search, OpenTable concierge) showed early conversion gains, and the company repurchased a record $3.6B in shares during the quarter.

Reported After market closeNASDAQConsumer Cyclical $144.74B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.14 Consensus $1.08
EPS surprise +5.6% Reported versus consensus
Reported revenue $5.53B Consensus $5.52B
Revenue surprise +0.2% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +0.3% Event window
SPY move -0.0% Same window
Abnormal move +0.4% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift -2.4% Up to 20 sessions
BKNGSPY benchmark

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Why did BKNG rise 0.3% after beating EPS estimates in FY2026 Q1?What changed in BKNG's guidance and outlook in FY2026 Q1?Give me the bull and bear case for BKNG after FY2026 Q1 earnings.

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What changed

Q1 FY2026 results exceeded consensus on both lines. EPS came in at $1.14 versus a $1.08 estimate (+5.6% surprise), and revenue reached $5.53B versus $5.52B expected (+0.2% surprise). Gross bookings grew 15% and adjusted EBITDA grew 19%. Room nights grew 6% YoY, or approximately 8% excluding the estimated 2-point Middle East conflict drag. U.S. domestic room-night growth hit low-teens for the fourth consecutive quarter of acceleration. Despite these results, guidance was lowered for Q2 (room-night growth expected at 2-4%) and full year (high single-digit to low double-digit gross bookings growth). The stock saw a modest positive reaction (+0.35% abnormal move) but subsequently drifted -2.4% over the following sessions.

Guidance delta

Management lowered guidance for Q2 and the full year. Q2 room-night growth is now expected at 2-4%, and FY gross bookings growth is projected at high single-digit to low double-digit. The lowered outlook reflects the continued impact of the Middle East conflict on travel demand and broader macro uncertainty. The guidance sentiment was characterized as lowered despite the confident management tone and strong Q1 execution.

Key takeaways

  • Q1 beat: EPS $1.14 vs $1.08 est, revenue $5.53B vs $5.52B est, gross bookings up 15%, adjusted EBITDA up 19%.
  • Middle East conflict reduced room-night growth by roughly 2 points; underlying growth would have been about 8% YoY.
  • U.S. domestic travel accelerated for the fourth straight quarter with low-teen room-night growth.
  • Guidance lowered for Q2 (room nights 2-4%) and full year (gross bookings high single-digit to low double-digit).
  • Record $3.6B share repurchases in Q1, the highest quarterly total in company history.
  • AI initiatives (Penny, natural-language search, OpenTable concierge) showing early conversion and cost-efficiency gains.

Management priorities

  • Accelerate Connected Trip features and deepen cross-vertical integration.
  • Strengthen and broaden the Genius loyalty program through 2026-27.
  • Scale AI capabilities (Penny, natural-language search, OpenTable concierge) across brands.
  • Continue targeted U.S. market investments to capture share.
  • Maintain disciplined capital allocation with ongoing share buybacks and transformation-driven cost efficiencies.

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Earnings History

Estimate Beat Miss Match
BKNG EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $14.09 Q1 '24 actual $20.39, beat Q2 '24 estimate $38.37 Q2 '24 actual $41.90, beat Q3 '24 estimate $77.52 Q3 '24 actual $83.89, beat Q2 '25 estimate $2.01 Q2 '25 actual $2.22, beat Q3 '25 estimate $3.83 Q3 '25 actual $3.98, beat Q4 '25 estimate $1.95 Q4 '25 actual $1.95, match Q1 '26 estimate $1.08 Q1 '26 actual $1.14, beat Q2 '26 estimate $2.43 Q2 '26 actual $2.54, beat Q3 '26 estimate $4.49 Q4 '26 estimate $2.33 Q1 '27 estimate $1.43
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Analyst Consensus ?

ConsensusBuy71 ratings
Bullish4664.8%
Neutral2535.2%
Bearish00.0%

Analyst 52W Price Targets

$153.14Current
$86.84Low
$196.84Average
$309.84High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
BTIG Buy BuyMaintainOct 22, 2026
Cantor Fitzgerald Neutral NeutralMaintainOct 12, 2026
Wells Fargo Equal Weight Equal WeightMaintainOct 7, 2026
Truist Securities Buy BuyMaintainSep 30, 2026
Evercore ISI Group Outperform OutperformMaintainAug 24, 2026
Show 66 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $153.14. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BTIGJake Fuller$250$162.79 +63.2%Oct 22, 2026
Melius ResearchAnalyst unavailable$225$162.6 +46.9%Oct 20, 2026
Wells FargoKen Gawrelski$190$157.63 +24.1%Oct 7, 2026
Truist FinancialGregory Miller$216$162.34 +41.0%Sep 30, 2026
Morgan StanleyMatthew Cost$230$171.32 +50.2%Sep 16, 2026
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Company context

Snapshot as of publication

Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The company manages a portfolio of well-known digital platforms. Among these, Booking.com specializes in online accommodation bookings, while Rentalcars.com is dedicated to facilitating vehicle rentals. Priceline offers a comprehensive range of online travel booking options, encompassing hotels, flights, rental cars, vacation packages, and cruises, alongside hotel distribution services. Agoda also provides online lodging reservations, further expanding into flights, ground transportation, and activity bookings.…

Historical context

All BKNG earnings
+0.8%FY2026 Q2 · Calendar Q3 2026-0.9%FY2025 Q3 · Calendar Q4 2025+0.4%FY2025 Q2 · Calendar Q3 2025

Consumer Cyclical peers this season

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TSCO Tractor Supply Company FY2026 Q3 · Calendar Q4 2026 +5.3% +6.2% Tractor Supply Q3: Pet and Digital Momentum Supports Margin Plan
PHM PulteGroup, Inc. FY2026 Q3 · Calendar Q4 2026 -4.5% +5.8% PulteGroup Holds Guidance as Buyer Traffic Slows

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-28T20:31:42.018173+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T20:31:42.015306+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-07-28. For educational purposes only; not investment advice.