Core Insights - Booking Holdings reported strong second quarter 2025 results, exceeding expectations for adjusted earnings and revenue, with adjusted EPS of $55.40 against estimates of $50.32 and GAAP revenue of $6.8 billion versus an expected $6.55 billion [1][2] - Despite robust operating growth and strong cash generation, headline net income and GAAP EPS declined due to negative impacts from foreign currency changes and higher interest expenses [1] Financial Performance - Adjusted EPS (Non-GAAP) was $55.40, up 32% year-over-year from $41.90 [2] - GAAP EPS was $27.43, down 38% from $44.38 in Q2 2024 [2] - Revenue reached $6.8 billion, a 16% increase from $5.9 billion in Q2 2024 [2] - Adjusted EBITDA was $2.4 billion, reflecting a 26% increase from $1.9 billion year-over-year [2] - Free cash flow was $3.1 billion, up 30% from $2.38 billion in the previous year [2] Business Operations - Booking Holdings operates a comprehensive online travel platform with brands like Booking.com, Priceline, and KAYAK, serving over 220 countries and territories [3] - The company is focused on expanding brand presence, advancing AI technology, deepening partner relationships, ensuring regulatory compliance, and competing against rivals [4] Growth Metrics - Room nights booked increased by 8% to 309 million, while gross bookings rose 13% to $46.7 billion [5] - Flight bookings surged by 44%, indicating growth beyond traditional hotel bookings [5] - Connected Trip transactions grew over 30% year-over-year, representing a low double-digit percentage of total transactions [6][11] Margin and Cost Management - Adjusted EBITDA margin improved to 35.6%, up from 32.4% in Q2 2024, as revenue growth outpaced operating expenses [7] - Marketing expenses as a percentage of gross bookings were 4.6%, reflecting increased direct and loyalty channel bookings [7] Challenges and External Factors - GAAP net income margin dropped to 13.2% from 26.0% year-over-year, primarily due to unfavorable foreign currency swings and higher interest costs [8] - The company faced scrutiny regarding customer data and AI usage, alongside heightened competition in alternative accommodations [13] Future Outlook - Management projects room nights to grow between 3.5% and 5.5%, with gross bookings up 8% to 10%, and revenue rising 7% to 9% [14] - For FY2025, revenue is expected to grow at a high single-digit rate, with adjusted EBITDA anticipated to grow at a mid-teens percentage [14] - The company declared a quarterly dividend of $9.60 per share and completed $1.3 billion in share repurchases [15]

Core Insights - Booking Holdings (BKNG) reported Q2 2025 earnings of $55.4 per share, exceeding the Zacks Consensus Estimate by 8.82% and reflecting a 32.2% year-over-year increase [1] - Revenues reached $6.8 billion, surpassing the Zacks Consensus Estimate by 3.56%, marking a 16% year-over-year growth, with a 12% increase on a constant-currency basis [2] - Adjusted EBITDA rose 28% year over year to approximately $2.4 billion, exceeding guidance by 12 percentage points, with an adjusted EBITDA margin expansion of 330 basis points to 35.6% [12] Revenue Breakdown - Merchant revenues accounted for $4.46 billion (65.6% of total revenues), up 29.3% year over year [4] - Agency revenues were $2.04 billion (30.1% of total revenues), down 4.7% year over year [4] - Advertising & Other revenues totaled $297 million (4.4% of total revenues), increasing by 10.4% year over year [4] Operational Highlights - Room nights reached 309 million, a 7.7% year-over-year increase, driven by strong growth in Europe and Asia [5] - Alternative accommodations listings grew to approximately 8.4 million, an 8% year-over-year increase, with a 10% rise in alternative accommodation room nights [6] - Connected Trip transactions grew by 30% year over year, representing a low double-digit percentage of total transactions [7] Expense Management - Marketing expenses increased by 10.3% year over year, accounting for 4.6% of gross bookings, slightly lower than the previous year's 4.7% [8][9] - Sales and other expenses as a percentage of gross bookings remained at 1.9%, with efficiencies in customer service offsetting higher payment expenses [10] Financial Position - As of June 30, 2025, cash and investments totaled $18.2 billion, up from $16.1 billion at the end of Q1 2025, reflecting $3.1 billion in free cash flow [13] - Total debt decreased to $18.47 billion from $16.02 billion as of March 31, 2025 [13] Future Guidance - For Q3 2025, room night growth is expected between 3.5% and 5.5%, with gross bookings projected to grow 8-10% [15] - Full-year 2025 anticipates low double-digit growth in gross bookings and revenues, with adjusted EBITDA expected to increase in the mid-teens [16]

旅游网站Booking(BKNG.US)涨1.8%，报5691.57美元。消息面上，Booking第二季度营收同比增长16% 至68亿美元，好于市场预期的65.7亿美元；调整后每股盈利55.4美元，亦好于预期的50.22美元。期内总 预订额增长13%，达到467亿美元，超出分析师预期，客房预订间夜数增长7.7%。(格隆汇) ...

Financial Performance & Market Trends - Booking Holdings exceeded second-quarter profit and revenue estimates, driven by international booking strength offsetting weaker US travel spending [1] - People are prioritizing travel spending, even amidst economic softness [2] - US faces a significant deficit in inbound travelers compared to 2019 levels, negatively impacting the US hotel industry and employment [3] - The strong US dollar is not the primary reason for the decline in international visitors; geopolitical factors and negative experiences at US entry points are likely contributing factors [6] - A two-speed economy is emerging, with lower-end hotels (two-star, three-star) and economy class air travel experiencing more softness [12][13] - Over 30% of Booking.com's customers are frequent travelers (Genius levels 2 and 3), generating mid-50% of accommodations revenue, making the company less vulnerable to economic downturns [13][14] Strategic Initiatives & Technology - Booking Holdings is actively addressing issues hindering international travel to the US by engaging with government officials and agencies [8] - The company is preparing for major upcoming events like the World Cup and Olympics in the US to capitalize on increased tourism [9] - Booking Holdings is a founding partner with OpenAI and collaborates with Microsoft and Amazon to integrate AI into its services [16][17] - The company views AI as a collaborative opportunity rather than a threat of disintermediation, emphasizing its established relationships and complex business model [18] - Over the past 25 years, despite constant claims of disintermediation, the company's stock has increased significantly [19][20]

格隆汇7月30日｜摩根大通将在线旅游服务商Booking Holdings目标价从6000美元上调至6250美元。 ...

智通财经7月30日电，摩根大通将在线旅游服务商Booking Holdings目标价从6000美元上调至6250美元。 ...

Core Insights - Booking Holdings is adapting to potential declines in Google-driven traffic by increasing investments in social media and promoting direct bookings, which now represent over 60% of its traffic [1][12] - U.S. consumer travel spending showed low single-digit growth in Q2, while Europe and Asia experienced stronger performance, with Asia being a key focus for long-term strategy [2][3][4] Financial Performance - In Q2, Booking reported a net income of $895 million ($27.43 per share), down 41% from $1.52 billion ($44.38 per share) a year earlier, while revenue increased by 16% to $6.8 billion [13] - Gross bookings reached $46.7 billion, reflecting a 13% increase, with room nights booked rising by 8% to 309 million [4][15] Regional Performance - The U.S. was the slowest-growing region for Booking, with growth in the low single digits, while Europe saw high single-digit growth and Asia experienced low double-digit growth [3][4] - Booking's two-brand strategy in Asia, utilizing Agoda.com and Booking.com, aims to enhance user experience and capitalize on the region's economic momentum [5] AI and Technology Initiatives - The company is heavily investing in generative and agentic AI across its brands, with initiatives like enhanced voice capabilities for Priceline's AI assistant and personalized products at Kayak [7][8] - Booking aims to develop an AI version of a human travel agent to provide tailored travel recommendations based on user data [9] Future Outlook - Booking anticipates revenue growth of 7% to 9% for Q3 and low double digits for the full year, with gross bookings expected to increase in the low double digits [14][15] - The company is focusing on increasing direct bookings and social media engagement, having spent 25% more on social media channels compared to the previous year [12]

格隆汇7月30日｜旅游网站Booking公布，第二季度营收同比增长16%至68亿美元，好于市场预期的65.7 亿美元；调整后每股盈利55.4美元，亦好于预期的50.22美元。美国以外地区的旅游活动蓬勃，抵消美国 市场疲态，有助业绩优于预期。期内总预订额增长13%，达到467亿美元，超出分析师预期，客房预订 间夜数增长7.7%。集团预期，第三季度营收同比升幅介乎7%至9%，客房预订间夜数同比升幅介乎3.5% 至5.5%。 ...

本文源自：金融界AI电报 北京时间周三早间，在线旅游公司Booking Holdings(BKNG.US)公布第二季度财报。数据显示，该公司 Q2营收同比增长16%，至68亿美元，好于市场预期的65.5亿美元;调整后每股收益同比增长32% ，达到 55.40美元，好于市场预期的50.38美元。 ...

Core Viewpoint - Booking Holdings reported strong Q2 results with revenue growth of 16% year-over-year, reaching $6.8 billion, exceeding market expectations of $6.55 billion [1] - The company provided a cautious outlook for Q3, citing economic and geopolitical uncertainties that may impact travel demand [1] Financial Performance - Q2 adjusted earnings per share increased by 32% to $55.40, surpassing the market forecast of $50.38 [1] - Total bookings for Q2 grew by 13% to $46.7 billion, exceeding analyst expectations, with a 7.7% increase in nights booked [1] - Air ticket sales surged by 44% during the same period [1] Future Outlook - Booking adjusted its full-year total bookings growth rate to "high single digits," an improvement from the "mid-high single digits" range provided in April [2] - The CEO highlighted strong growth in Europe and Asia, particularly in Asia where growth reached low double digits [2] - The CFO noted that lower average room rates in the U.S. and shorter stays indicate consumer caution in spending amid the current economic environment [2] Market Context - The report reflects mixed guidance from the U.S. travel industry, with Delta Airlines restoring performance guidance while American Airlines provided a more pessimistic outlook [1] - Despite the cautious outlook, travel demand trends have remained stable, aiding the company's improved full-year guidance [2] - Following the earnings report, Booking's stock fell by 1.87% in after-hours trading, although it has risen 13% year-to-date, outperforming the S&P 500's 8.3% increase [2]