Analyst Consensus ?
ConsensusBuy71 ratings
Bullish4664.8%
Neutral2535.2%
Bearish00.0%
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
Company context
Snapshot as of publicationBooking 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.14
Consensus $1
EPS surprise
+5.6%
Reported versus consensus
Reported revenue
$5.53B
Consensus $5.52B
Revenue surprise
+0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$173.92Current
$86.84Low
$195.6Average
$309.84High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BTIG | Buy | Buy | Maintain | Aug 27, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 24, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 10, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 5, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Aug 5, 2026 |
| UBS | Buy | Buy | Maintain | Aug 5, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Aug 5, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 5, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Aug 5, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 5, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | Aug 5, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 14, 2026 |
| TD Cowen | Buy | Buy | Maintain | Apr 29, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 29, 2026 |
| DA Davidson | Buy | Buy | Maintain | Apr 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 29, 2026 |
| Baird | Outperform | Outperform | Maintain | Apr 29, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 21, 2026 |
| Tigress Financial | Strong Buy | Strong Buy | Maintain | Apr 8, 2026 |
| Truist Securities | Buy | Buy | Maintain | Apr 6, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Apr 6, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Feb 24, 2026 |
| Susquehanna | Positive | Positive | Maintain | Feb 20, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Feb 4, 2026 |
| Citizens | Market Perform | Market Outperform | Downgrade | Feb 4, 2026 |
| B of A Securities | Buy | Neutral | Upgrade | Nov 24, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Apr 30, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Feb 24, 2025 |
| Mizuho | Outperform | Outperform | Maintain | Dec 19, 2024 |
| Goldman Sachs | Neutral | Neutral | Maintain | Nov 1, 2024 |
| Erste Group | Buy | Hold | Upgrade | Jun 14, 2024 |
| HSBC | Buy | Buy | Maintain | May 7, 2024 |
| Edward Jones | Hold | Buy | Downgrade | Feb 16, 2024 |
| Ascendiant Capital | Buy | Buy | Maintain | Dec 29, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 4, 2023 |
| Gordon Haskett | Hold | Buy | Downgrade | Jan 25, 2023 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Dec 7, 2022 |
| Stifel | Hold | Hold | Maintain | Aug 4, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Oct 12, 2021 |
| Needham | Buy | Buy | Maintain | Nov 6, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 8, 2020 |
| CFRA | Hold | Hold | Maintain | May 8, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Feb 27, 2020 |
| Consumer Edge Research | Overweight | Overweight | Maintain | Nov 18, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Nov 1, 2019 |
| Raymond James | Market Perform | Outperform | Downgrade | Oct 25, 2019 |
| Telsey Advisory Group | Market Perform | Outperform | Downgrade | Mar 19, 2019 |
| PiperJaffray | Neutral | Overweight | Downgrade | Feb 28, 2019 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Feb 28, 2019 |
| Argus | Buy | Hold | Upgrade | Mar 8, 2018 |
| MKM Partners | Neutral | Buy | Downgrade | Dec 7, 2017 |
| CLSA | Buy | Buy | Maintain | Dec 8, 2016 |
| Pacific Crest | Equal Weight | Sector Weight | Maintain | Nov 8, 2016 |
| Guggenheim | Neutral | Buy | Downgrade | May 4, 2016 |
| Moffett Nathanson | Buy | Buy | Maintain | Mar 8, 2016 |
| Redburn Partners | Buy | Buy | Maintain | Sep 4, 2015 |
| FBR Capital | Perform | Outperform | Downgrade | Dec 2, 2014 |
| Evercore Partners | Hold | Equal Weight | Maintain | Oct 10, 2014 |
| Macquarie | Outperform | Outperform | Maintain | Aug 12, 2014 |
| Buckingham Research | Neutral | Neutral | Maintain | Jun 27, 2014 |
| Oracle Investment Research | Buy | Strong Buy | Downgrade | Feb 20, 2014 |
| Monness Crespi Hardt | Buy | Buy | Maintain | Feb 19, 2014 |
| Monness, Crespi, Hardt | Buy | Neutral | Upgrade | Nov 8, 2013 |
| Janney Capital | Neutral | Neutral | Maintain | Sep 12, 2013 |
| Lazard | Buy | Buy | Maintain | May 29, 2013 |
| Ascendiant | Buy | Buy | Maintain | Jan 29, 2013 |
| Nomura | Buy | Buy | Maintain | Jan 25, 2013 |
| JG Capital | Overweight | Overweight | Maintain | Nov 20, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $173.92. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Richard Clarke | $188 | $210.48 | +8.1% | Aug 26, 2026 |
| Evercore ISI | Mark Mahaney | $270 | $214.39 | +55.2% | Aug 24, 2026 |
| Argus Research | Analyst unavailable | $245 | $210.21 | +40.9% | Aug 10, 2026 |
| Susquehanna | Shyam Patil | $240 | $207.02 | +38.0% | Aug 6, 2026 |
| D.A. Davidson | Tom White | $240 | $207.02 | +38.0% | Aug 6, 2026 |
| Truist Financial | Greg Miller | $242 | $205.1 | +39.1% | Aug 5, 2026 |
| Deutsche Bank | Analyst unavailable | $230 | $205.34 | +32.2% | Aug 5, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $220 | $205.66 | +26.5% | Aug 5, 2026 |
| Wedbush | Ygal Arounian | $247 | $207.99 | +42.0% | Aug 5, 2026 |
| Oppenheimer | Analyst unavailable | $240 | $194.27 | +38.0% | Aug 5, 2026 |
| Mizuho Securities | Analyst unavailable | $240 | $194.27 | +38.0% | Aug 5, 2026 |
| Robert W. Baird | Analyst unavailable | $230 | $194.27 | +32.2% | Aug 5, 2026 |
| Piper Sandler | Analyst unavailable | $215 | $194.27 | +23.6% | Aug 5, 2026 |
| Wells Fargo | Analyst unavailable | $220 | $194.27 | +26.5% | Aug 5, 2026 |
| BMO Capital | Brian Pitz | $250 | $194.27 | +43.7% | Aug 5, 2026 |
| Jefferies | Analyst unavailable | $234 | $194.27 | +34.5% | Aug 5, 2026 |
| Goldman Sachs | Eric Sheridan | $215 | $178.86 | +23.6% | Jul 20, 2026 |
| Argus Research | John Staszak | $210 | $174.18 | +20.7% | Jul 9, 2026 |
| Wells Fargo | Analyst unavailable | $214 | $182.41 | +23.0% | Jun 30, 2026 |
| D.A. Davidson | Analyst unavailable | $230 | $173.19 | +32.2% | Apr 29, 2026 |
| Piper Sandler | Analyst unavailable | $195 | $175.92 | +12.1% | Apr 29, 2026 |
| Evercore ISI | Analyst unavailable | $245 | $173.38 | +40.9% | Apr 29, 2026 |
| Oppenheimer | Jed Kelly | $215 | $173.38 | +23.6% | Apr 29, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $175 | $173.38 | +0.6% | Apr 29, 2026 |
| Robert W. Baird | Analyst unavailable | $215 | $173.38 | +23.6% | Apr 29, 2026 |
| Wells Fargo | Ken Gawrelski | $215 | $173.38 | +23.6% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $210 | $173.38 | +20.7% | Apr 29, 2026 |
| Evercore ISI | Mark Mahaney | $250 | $180.28 | +43.7% | Apr 27, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $180 | $180.28 | +3.5% | Apr 27, 2026 |
| Deutsche Bank | Benjamin Black | $210 | $192.02 | +20.7% | Apr 21, 2026 |
| Tigress Financial | Analyst unavailable | $260 | $181 | +49.5% | Apr 8, 2026 |
| Morgan Stanley | Brian Nowak | $220 | $154.83 | +26.5% | Feb 23, 2026 |
| Susquehanna | Analyst unavailable | $260 | $162.22 | +49.5% | Feb 20, 2026 |
| D.A. Davidson | Tom White | $240 | $158.44 | +38.0% | Feb 19, 2026 |
| Robert W. Baird | Analyst unavailable | $234 | $157.78 | +34.5% | Feb 19, 2026 |
| HSBC | Meredith Prichard Jensen | $309.84 | $158.44 | +78.2% | Feb 19, 2026 |
| Oppenheimer | Analyst unavailable | $240 | $170.8 | +38.0% | Feb 19, 2026 |
| BMO Capital | Analyst unavailable | $248 | $170.8 | +42.6% | Feb 19, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $179.8 | $170.8 | +3.4% | Feb 19, 2026 |
| UBS | Stephen Ju | $259.4 | $170.8 | +49.1% | Feb 19, 2026 |
| Piper Sandler | Thomas Champion | $200 | $170.8 | +15.0% | Feb 19, 2026 |
| Barclays | Analyst unavailable | $220 | $170.8 | +26.5% | Feb 19, 2026 |
| Gordon Haskett Capital Corporation | Robert Mollins | $217.6 | $169.48 | +25.1% | Feb 10, 2026 |
| Wedbush | Analyst unavailable | $220 | $177.63 | +26.5% | Feb 6, 2026 |
| UBS | Stephen Ju | $264.32 | $204.89 | +52.0% | Feb 3, 2026 |
| Goldman Sachs | Eric Sheridan | $236.8 | $206.05 | +36.2% | Jan 27, 2026 |
| Wells Fargo | Analyst unavailable | $238.16 | $217.8 | +36.9% | Jan 9, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $233.2 | $217.83 | +34.1% | Jan 8, 2026 |
| Argus Research | John Staszak | $256 | $211.92 | +47.2% | Jan 6, 2026 |
| Bernstein | Analyst unavailable | $216.28 | $214.69 | +24.4% | Jan 6, 2026 |
| BNP Paribas | Analyst unavailable | $244 | $193.44 | +40.3% | Nov 24, 2025 |
| BOCOM International Holdings Company | Analyst unavailable | $240 | $190.72 | +38.0% | Nov 24, 2025 |
| D.A. Davidson | Analyst unavailable | $264 | $209.68 | +51.8% | Oct 30, 2025 |
| Bernstein | Richard Clarke | $217.32 | $208.38 | +25.0% | Oct 30, 2025 |
| Wedbush | Analyst unavailable | $240 | $203.03 | +38.0% | Oct 29, 2025 |
| Cantor Fitzgerald | Deepak Mathivanan | $222 | $204.5 | +27.6% | Oct 29, 2025 |
| Mizuho Securities | Analyst unavailable | $240 | $204.5 | +38.0% | Oct 29, 2025 |
| UBS | Stephen Ju | $272.24 | $204.82 | +56.5% | Oct 29, 2025 |
| Truist Financial | Greg Miller | $232.4 | $204.15 | +33.6% | Oct 29, 2025 |
| Robert W. Baird | Analyst unavailable | $253 | $203.05 | +45.5% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $220.92 | $204.82 | +27.0% | Oct 29, 2025 |
| KeyBanc | Sergio Segura | $265.2 | $204.82 | +52.5% | Oct 29, 2025 |
| Morgan Stanley | Brian Nowak | $246 | $204.82 | +41.4% | Oct 29, 2025 |
| Barclays | Analyst unavailable | $250 | $204.82 | +43.7% | Oct 29, 2025 |
| Truist Financial | Analyst unavailable | $230 | $205.85 | +32.2% | Oct 27, 2025 |
| KeyBanc | Analyst unavailable | $258 | $209.22 | +48.3% | Oct 22, 2025 |
| Cantor Fitzgerald | Deepak Mathivanan | $223.6 | $210.82 | +28.6% | Oct 22, 2025 |
| Wells Fargo | Analyst unavailable | $217.72 | $216.72 | +25.2% | Oct 6, 2025 |
| Mizuho Securities | Analyst unavailable | $239 | $218.19 | +37.4% | Sep 29, 2025 |
| BMO Capital | Analyst unavailable | $240 | $224.52 | +38.0% | Jul 30, 2025 |
| Morgan Stanley | Analyst unavailable | $226 | $224.52 | +29.9% | Jul 30, 2025 |
| UBS | Analyst unavailable | $222.28 | $195.6 | +27.8% | Apr 28, 2025 |
| Cantor Fitzgerald | Deepak Mathivanan | $173.2 | $181.63 | -0.4% | Apr 16, 2025 |
| BTIG | Jake Fuller | $220 | $171.36 | +26.5% | Apr 4, 2025 |
| Truist Financial | Greg Miller | $188 | $194.91 | +8.1% | Nov 6, 2024 |
| RBC Capital | Brad Erickson | $210 | $189.96 | +20.7% | Nov 1, 2024 |
| Susquehanna | Shyam Patil | $220 | $189.96 | +26.5% | Nov 1, 2024 |
| Piper Sandler | Thomas Champion | $196 | $178.56 | +12.7% | Oct 31, 2024 |
| Evercore ISI | Mark Mahaney | $212 | $178.56 | +21.9% | Oct 31, 2024 |
| Barclays | Trevor Young | $204 | $178.56 | +17.3% | Oct 31, 2024 |
| Piper Sandler | Ross Sandler | $204 | $178.56 | +17.3% | Oct 31, 2024 |
| JMP Securities | Nicholas Jones | $200 | $171.91 | +15.0% | Oct 15, 2024 |
| Wells Fargo | Ken Gawrelski | $166.92 | $166.79 | -4.0% | Oct 8, 2024 |
| Barclays | Trevor Young | $180 | $166.79 | +3.5% | Oct 8, 2024 |
| Morgan Stanley | Brian Nowak | $168 | $151.48 | -3.4% | Sep 5, 2024 |
| Jefferies | John Colantuoni | $168 | $152.55 | -3.4% | Sep 4, 2024 |
| Jefferies | John Colantuoni | $174 | $135.34 | +0.0% | Aug 5, 2024 |
| Wedbush | Scott Devitt | $156 | $137.78 | -10.3% | Aug 2, 2024 |
| Oppenheimer | Jed Kelly | $184 | $156.38 | +5.8% | Jul 22, 2024 |
| Barclays | Trevor Young | $172 | $159.6 | -1.1% | Jul 11, 2024 |
| Argus Research | John Staszak | $184.6 | $159.6 | +6.1% | Jul 10, 2024 |
| Argus Research | John Staszak | $173.68 | $152.37 | -0.1% | Jun 4, 2024 |
| Oppenheimer | Jed Kelly | $168 | $143.27 | -3.4% | May 3, 2024 |
| Evercore ISI | Mark Mahaney | $180 | $138.92 | +3.5% | May 3, 2024 |
| B.Riley Financial | Naved Khan | $176 | $142.64 | +1.2% | Apr 3, 2024 |
| Seaport Global | Aaron Kessler | $175.2 | $153.86 | +0.7% | Feb 22, 2024 |
| BOCOM International Holdings Company | Aaron Kessler | $175.2 | $147.81 | +0.7% | Feb 20, 2024 |
| Wedbush | Scott Devitt | $194.4 | $5,112.68 | +11.8% | Dec 27, 2023 |
| Wedbush | Scott Devitt | $122.4 | $108.03 | -29.6% | Jun 6, 2023 |
| Morgan Stanley | Analyst unavailable | $92 | $78.91 | -47.1% | Aug 23, 2022 |
| Deutsche Bank | Lee Horowitz | $91.2 | $85.79 | -47.6% | Aug 18, 2022 |
| Wells Fargo | Analyst unavailable | $92 | $84.84 | -47.1% | Aug 15, 2022 |
| Susquehanna | Analyst unavailable | $112 | $77.17 | -35.6% | Aug 5, 2022 |
| Deutsche Bank | Lee Horowitz | $92 | $78.66 | -47.1% | Aug 4, 2022 |
| Stifel Nicolaus | Analyst unavailable | $92 | $76.78 | -47.1% | Aug 4, 2022 |
| Mizuho Securities | Analyst unavailable | $92 | $75.8 | -47.1% | Aug 4, 2022 |
| UBS | Analyst unavailable | $91.4 | $75.97 | -47.4% | Aug 1, 2022 |
| Truist Financial | Naved Khan | $104 | $73.39 | -40.2% | Jul 26, 2022 |
| Gordon Haskett Capital Corporation | Robert Mollins | $98.96 | $73.54 | -43.1% | Jun 28, 2022 |
| JMP Securities | Nicholas Jones | $92 | $77.24 | -47.1% | Jun 27, 2022 |
| Morgan Stanley | Brian Nowak | $84 | $72.59 | -51.7% | Jun 23, 2022 |
| Morgan Stanley | Analyst unavailable | $84 | $75.59 | -51.7% | Jun 23, 2022 |
| Truist Financial | Naved Khan | $120 | $79.17 | -31.0% | Jun 14, 2022 |
| Mizuho Securities | James Lee | $110 | $80.94 | -36.8% | May 10, 2022 |
| Stifel Nicolaus | Scott Devitt | $104 | $84.13 | -40.2% | May 5, 2022 |
| Tigress Financial | Ivan Feinseth | $128.4 | $89.47 | -26.2% | Apr 25, 2022 |
| Citigroup | Analyst unavailable | $104 | $89.58 | -40.2% | Apr 20, 2022 |
| Evercore ISI | Mark Mahaney | $116 | $84.08 | -33.3% | Mar 3, 2022 |
| Susquehanna | Shyam Patil | $116 | $91.26 | -33.3% | Feb 26, 2022 |
| Mizuho Securities | James Lee | $118 | $91.8 | -32.2% | Feb 24, 2022 |
| Credit Suisse | Stephen Ju | $114 | $91.8 | -34.5% | Feb 24, 2022 |
| Barclays | Mario Lu | $106.8 | $91.8 | -38.6% | Feb 24, 2022 |
| RBC Capital | Brad Erickson | $108 | $91.8 | -37.9% | Feb 24, 2022 |
| J.P. Morgan | Doug Anmuth | $104 | $91.8 | -40.2% | Feb 24, 2022 |
| Piper Sandler | Thomas Champion | $97.6 | $91.8 | -43.9% | Feb 24, 2022 |
| UBS | Lloyd Walmsley | $111 | $91.8 | -36.2% | Feb 24, 2022 |
| Morgan Stanley | Brian Nowak | $112.8 | $91.8 | -35.1% | Feb 24, 2022 |
| Gordon Haskett Capital Corporation | Robert Mollins | $113.32 | $91.8 | -34.8% | Feb 24, 2022 |
| Loop Capital Markets | Daniel Adam | $86.84 | $91.8 | -50.1% | Feb 24, 2022 |
| JMP Securities | Andrew Boone | $110 | $91.8 | -36.8% | Feb 24, 2022 |
| Stifel Nicolaus | Scott Devitt | $106 | $98.79 | -39.1% | Feb 23, 2022 |
| Piper Sandler | Thomas Champion | $98.8 | $98.04 | -43.2% | Jan 14, 2022 |
| Wolfe Research | Deepak Mathivanan | $126.4 | $98.6 | -27.3% | Jan 4, 2022 |
| D.A. Davidson | Tom White | $92 | $87.28 | -47.1% | Nov 29, 2021 |
| Tigress Financial | Ivan Feinseth | $126 | $93.65 | -27.6% | Nov 23, 2021 |
| Argus Research | John Staszak | $122.4 | $102.79 | -29.6% | Nov 10, 2021 |
| Citigroup | James Hardiman | $96 | $97.48 | -44.8% | Nov 4, 2021 |
| Bank of America Securities | Justin Post | $124 | $97.48 | -28.7% | Nov 4, 2021 |
| Cowen & Co. | Kevin Kopelman | $118 | $98.59 | -32.2% | Oct 12, 2021 |
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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.
Related earnings events
Consumer CyclicalSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T20:31:42.018173+00:00
- 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 . For educational purposes only; not investment advice.