Financial Data and Key Metrics Changes - Booking Holdings reported a strong quarter with adjusted EBITDA increasing by 28% year over year, driven by revenue outperformance and disciplined expense management [3][32] - Room nights reached 309 million, an 8% year over year increase, with gross bookings up 13% and revenue up 16%, both exceeding prior expectations [5][29] - Adjusted earnings per share grew 32% year over year, benefiting from a 5% lower average share count [32] Business Line Data and Key Metrics Changes - Alternative accommodations room nights grew by 10%, outpacing the core hotel business, with total listings reaching 8.4 million, an 8% increase year over year [8][25] - The Genius loyalty program saw over 30% of active travelers in higher tiers, contributing to a mid-50% share of total room nights booked [9][27] - Non-accommodation verticals showed strong growth, with flight tickets booked increasing by 44% and attractions ticket growth more than doubling year over year [12][27] Market Data and Key Metrics Changes - Asia experienced low double-digit room night growth, while the U.S. remained the slowest growing region, though growth improved slightly from the first quarter [10][22] - Europe saw high single-digit growth, and the Rest of World region also experienced high single-digit growth [22] - The U.S. market showed lower average daily rates (ADRs) and shorter lengths of stay, indicating cautious consumer spending [23] Company Strategy and Development Direction - The company is focused on expanding alternative accommodations, enhancing the Genius loyalty program, and developing AI capabilities to improve the travel experience [7][12] - The connected trip vision aims to provide a more personalized travel experience by integrating various travel services [11][82] - The company is investing in technology and partnerships to leverage AI for better service and operational efficiency [16][17] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term growth in the travel industry despite geopolitical and macroeconomic uncertainties [18][39] - The company expects third quarter room night growth to moderate, with guidance reflecting a cautious outlook due to tougher year-over-year comparisons [35][72] - Full-year guidance has been increased, with expectations for low double-digit growth in gross bookings and revenue [39] Other Important Information - The company generated approximately $3.1 billion in free cash flow during the quarter, with an ending cash and investments balance of $18.2 billion [34] - The transformation program is expected to yield approximately $350 million in annual run rate savings [33] Q&A Session Questions and Answers Question: Can you provide details on the performance of different markets in Asia? - Management expressed satisfaction with overall performance in Asia, highlighting that while they do not compete strongly in China, inbound travel to China remains beneficial [45][46] Question: What is the potential impact of large language models (LLMs) on the business? - Management sees LLMs as an exciting opportunity for improved service and efficiency, although it is still early to quantify their impact [48][50] Question: What initiatives are being taken to boost growth in the U.S. market? - The company is focusing on small initiatives across product, supply, and marketing to gradually gain market share in the U.S. [58][60] Question: What are the key investments needed for scaling the Connected Trip? - Management emphasized the importance of expanding inventory across all travel verticals and leveraging data for personalized customer experiences [82][90]

Financial Performance - Total revenues increased by approximately 16% in Q2 2025 compared to Q2 2024, with a 12% increase on a constant currency basis[122] - Total revenues increased year-over-year by 16% and 13% for the three and six months ended June 30, 2025, respectively, with a constant currency increase of approximately 12% and 11%, respectively[174] - Total gross bookings increased year-over-year by 13% and 10% for the three and six months ended June 30, 2025, respectively, with a constant currency increase of approximately 9% for both periods[174] - Total gross bookings increased by 12.8% to $46.736 billion for the three months ended June 30, 2025, and by 9.9% to $93.406 billion for the six months ended June 30, 2025 compared to 2024[132] - Merchant gross bookings rose by 25.1% to $32.305 billion for the three months ended June 30, 2025, and by 23.0% to $63.474 billion for the six months ended June 30, 2025 compared to 2024[132] - Room nights reserved increased by 7.7% to 309 million for the three months ended June 30, 2025, and by 7.4% to 627 million for the six months ended June 30, 2025 compared to the same periods in 2024[131] Expenses - Marketing expenses in Q2 2025 were $2.1 billion, up 10% from Q2 2024, reflecting increased travel demand and marketing investments[113] - Marketing expenses increased by 10.3% to $2.139 billion for the three months ended June 30, 2025, and by 10.3% to $3.916 billion for the six months ended June 30, 2025 compared to 2024[140] - Personnel expenses increased by 11.0% to $896 million for the three months ended June 30, 2025, while decreasing by 2.7% to $1.589 billion for the six months ended June 30, 2025 compared to 2024[143] - General and administrative expenses surged by 77.6% to $199 million for the three months ended June 30, 2025, and by 14.6% to $341 million for the six months ended June 30, 2025 compared to 2024[144] - Interest expense rose significantly to $418 million for the three months ended June 30, 2025, a 58.6% increase from $264 million in 2024[148] - Depreciation and amortization expenses increased to $158 million for the three months ended June 30, 2025, up 10.9% from $142 million in 2024[146] Market Trends - Global room nights increased by 9% year-over-year in 2024, with an 8% increase in Q2 2025 compared to Q2 2024, driven by strong demand in Europe and Asia[104] - The mix of total gross bookings generated on a merchant basis increased to 69% in Q2 2025 from 62% in Q2 2024, enhancing payment flexibility for consumers[112] - The mix of room nights booked for alternative accommodation properties was approximately 37% in Q2 2025, up from 36% in Q2 2024[116] - Flight gross bookings increased by 33% and 31% year-over-year for the three and six months ended June 30, 2025, respectively[135] Regulatory and Compliance - The company continues to face regulatory scrutiny, particularly in the EU, which may lead to increased compliance costs and operational challenges[121] - The company has exposure to several types of market risk, including changes in interest rates and foreign currency exchange rates[172] - The company designates certain portions of Euro-denominated debt as a hedge against foreign currency exposure related to net investments in Euro functional currency subsidiaries[174] - The company plans to continue monitoring and managing its exposure to market risks as outlined in its Annual Report on Form 10-K[172] Cash and Investments - Cash, cash equivalents, and investments totaled $18.2 billion as of June 30, 2025, with approximately $13.7 billion held by international subsidiaries[153] - Deferred merchant bookings amounted to $9.1 billion at June 30, 2025, reflecting cash payments received in advance[154] - Net cash provided by operating activities for the six months ended June 30, 2025, was $6.484 billion, an increase from $5.229 billion in 2024[166] - The company had a remaining share repurchase authorization of $24.6 billion as of June 30, 2025, following a program to repurchase up to $20 billion of common stock[158] Future Outlook - The Transformation Program is expected to deliver annual run rate savings of $400 to $450 million over the next three years, with $50 million in savings realized in the first half of 2025[119] - The company expects to provide further updates on its financial performance and market strategies in future reports[171] - The company anticipates that fluctuations in foreign currency exchange rates will continue to impact its financial results[174] - A hypothetical 100 basis point (1.0%) decrease in interest rates would have resulted in an increase of approximately $1.2 billion in the estimated fair value of outstanding debt as of June 30, 2025[173] - A hypothetical 10% decrease in the fair values of investments in equity securities would have resulted in a loss of approximately $55 million before tax recognized in net income[175] - The company performed its annual goodwill impairment test as of September 30, 2024, concluding no impairment of goodwill[126] - The company experienced a shift from agency to merchant bookings, impacting revenue streams and overall financial performance[132]

Q2 2025 Financial Performance - Revenue reached $6798 million, a 16% year-over-year increase[18] - Adjusted EBITDA was $2423 million, up 28% year-over-year[18] - Net Income was $895 million, a 41% year-over-year decrease[18] - Diluted EPS was $2743, a 38% year-over-year decrease[18] - Adjusted EPS was $5540, up 32% year-over-year[18] Key Operational Metrics - Room Night Growth exceeded guidance expectations, with Europe, Asia, RoW, and the U.S showing growth[29] - Alternative Accommodation Room Nights grew 10% year-over-year, representing 37% of Bookingcom's total Room Nights[30] - Mobile App mix reached the mid-50% range, up from the low-50% range in Q2 2024 TTM[30] - Business-to-Consumer direct mix was in the mid-60% range, up from the low-60% range in Q2 2024 TTM[30] Guidance - Q3 2025 Room Nights are expected to grow by 35% to 55% year-over-year[82] - Q3 2025 Gross Bookings are expected to grow by 8% to 10% year-over-year[82] - Q3 2025 Revenue is expected to grow by 7% to 9% year-over-year[82]

Core Insights - Booking reported second-quarter revenue of $6.8 billion, exceeding analyst expectations of $6.55 billion [1] Financial Performance - The company's revenue for the second quarter reached $6.8 billion, which represents a significant increase compared to analyst forecasts [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 29, 2025 Booking Holdings Inc. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation) Delaware 1-36691 06-1528493 (Commission File Number) (IRS Employer Identification No.) 800 Connecticut Avenue Norwalk Connecticut 06854 (Address of principal ...

Core Viewpoint - Yantai City has introduced a comprehensive set of 25 policy measures aimed at accelerating the stable development of the real estate market, focusing on land supply, project development, financial support, housing subsidies, revitalization of existing stock, market regulation, and administrative services [2][3]. Group 1: Land Supply Optimization - Adjustments in land price calculations are allowed to encourage developers to enhance product quality without incurring losses due to increased costs [3]. - Strategies to revitalize idle land include using special bonds for acquisition, reclaiming land unused for over two years, allowing land swaps, and exploring land ticket trials [3]. Group 2: Project Development Support - Flexibility in land use is permitted, allowing commercial land to be converted to residential use and reducing commercial ratios in mixed-use developments [4]. - New land parcels will require simultaneous infrastructure development, addressing issues like school placements to improve project delivery quality [4]. - Support for high-quality residential projects includes lowering pre-sale thresholds and allowing flexible execution of assembly ratios [4]. Group 3: Enhancing Housing Affordability - The calculation of floor area ratio (FAR) has been optimized, with balconies up to 2 meters deep counted at 50%, increasing usable space [5]. - Developers are encouraged to price balconies at half their area during sales [6]. Group 4: Financial Support - A "white list" for financing real estate companies has been established to ensure liquidity for quality firms [7]. - The down payment for second homes using public funds has been reduced to 20%, with interest rates for first-time buyers lowered to 2.6% [7]. - New loan products targeting young buyers include low down payments and combined mortgage and renovation loans [7]. Group 5: Housing Subsidies - Tax reductions for first-time homebuyers and incentives for selling old homes to buy new ones are introduced, significantly lowering transaction costs [8]. - Talent housing subsidies are available, with significant financial support for qualified individuals [8]. Group 6: Revitalization of Existing Stock - State-owned enterprises are allowed to reduce prices to accelerate inventory turnover, and idle properties can be converted into rental apartments [9]. - Support for the renovation of old neighborhoods includes allowing the use of land for public service facilities [9]. Group 7: Market Regulation - Transparency in sales is mandated, requiring disclosure of both usable and total area, as well as detailed pricing information [10]. - Property management companies are involved early in the construction process to ensure service quality [11]. Group 8: Administrative Services - An integrated approach to administrative services is promoted to enhance efficiency and reduce burdens on enterprises [12].

Core Insights - Booking Holdings will release its second quarter 2025 financial results on July 29 at approximately 4:00 p.m. ET [1] - A conference call to discuss these results is scheduled for July 29 at 4:30 p.m. ET, which will be webcast and available for audio replay for seven days [2] Company Overview - Booking Holdings is the leading provider of online travel and related services, operating in over 220 countries and territories through five main consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable [2]

Group 1 - Multiple companies are scheduled to release their earnings reports throughout the week, indicating a busy earnings season [1] - On Monday, companies like 铿腾电子 are set to report their performance [1] - On Tuesday, Stellantis and AstraZeneca will release their earnings before the European market opens [1] Group 2 - Major U.S. companies such as Boeing, UnitedHealth, and Procter & Gamble are expected to report earnings before the U.S. market opens on Tuesday [1] - Following that, Visa, Booking, and Starbucks will report their earnings after the U.S. market closes on Tuesday [1] - On Wednesday, significant tech companies including Microsoft, Meta Platforms, Qualcomm, and Arm Holdings are scheduled to release their earnings after the U.S. market closes [1] Group 3 - Mastercard is set to report its earnings before the U.S. market opens on Thursday [1] - Apple, Amazon, MicroStrategy, Coinbase, and Coherent will report their earnings after the U.S. market closes on Thursday [1] - On Friday, ExxonMobil, Chevron, and Regeneron Pharmaceuticals are expected to release their earnings before the U.S. market opens [1]

Group 1: Earnings and Revenue Forecasts - Booking Holdings (BKNG) is expected to report quarterly earnings of $50.46 per share, reflecting a 20.4% increase year over year [1] - Analysts forecast revenues of $6.56 billion, indicating an 11.9% year-over-year growth [1] - The consensus EPS estimate has been adjusted upward by 0.4% over the past 30 days, showing analysts' reassessment of projections [1] Group 2: Key Revenue Metrics - 'Revenues- Agency' is expected to be $2.03 billion, a decrease of 5.4% from the prior-year quarter [3] - 'Revenues- Advertising and Other Revenues' is projected to reach $282.45 million, an increase of 5% year over year [4] - 'Revenues- Merchant' is anticipated to be $4.25 billion, reflecting a 23.3% increase compared to the previous year [4] Group 3: Gross Bookings and Units Sold - Total 'Gross Bookings' is projected at $46.23 billion, up from $41.40 billion year over year [4] - 'Gross Bookings - Agency' is expected to be $14.62 billion, down from $15.60 billion in the prior year [5] - 'Units Sold - Room Nights' is forecasted to reach 300.87 million, compared to 287.00 million in the same quarter last year [6] Group 4: Market Performance - Over the past month, shares of Booking Holdings have returned +4.6%, while the Zacks S&P 500 composite has changed +5.7% [7] - BKNG currently holds a Zacks Rank 1 (Strong Buy), suggesting potential outperformance in the near future [7]

Company Overview - Booking Holdings (BKNG) is expected to report a year-over-year increase in earnings driven by higher revenues for the quarter ended June 2025, with a consensus EPS estimate of $50.46, reflecting a +20.4% change [3][12] - Revenues are anticipated to reach $6.55 billion, marking an 11.7% increase from the same quarter last year [3] Earnings Expectations - The earnings report is scheduled for release on July 29, and the stock price may rise if the actual results exceed expectations, while a miss could lead to a decline [2] - The consensus EPS estimate has been revised 0.36% higher in the last 30 days, indicating a positive reassessment by analysts [4] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates a positive Earnings ESP of +1.85% for Booking Holdings, suggesting a likelihood of beating the consensus EPS estimate [12] - The company currently holds a Zacks Rank of 2 (Buy), which enhances the predictive power of the positive Earnings ESP [12][10] Historical Performance - Booking Holdings has a strong track record, having beaten consensus EPS estimates in the last four quarters, including a notable surprise of +43.83% in the most recent quarter [13][14] Industry Context - In comparison, another player in the Zacks Internet - Commerce industry, Beyond (BYON), is expected to report a loss per share of $0.37, with revenues projected to decline by 34.3% year-over-year [18] - Beyond has an Earnings ESP of +16.78% and a Zacks Rank of 3 (Hold), indicating a potential to beat consensus EPS estimates, although it has only surpassed estimates twice in the last four quarters [19]