Booking Holdings Inc. Q4 2025 Earnings Call Summary

Fourth quarter room night growth of 9% exceeded expectations, fueled by resilient travel demand and strategic investments in the U.S. and Asia markets. Management attributed significant margin expansion to the Transformation Program, which achieved a $550 million annual run rate savings target by the end of 2025. The Connected Trip strategy continues to gain traction, with multi-vertical transactions growing in the high 20% range as flights serve as a critical customer acquisition funnel. The Genius ...