Q2 2026 global room nights grew 5.3% YoY to 325 million (vs. 6% growth in Q1), a sequential slowdown the company attributes to the ongoing Middle East conflict; direct in-region impacts largely normalized in June, but indirect effects persisted through elevated flight prices, reduced international route capacity, and decreased long-haul demand, while domestic and short-haul European travel remained healthy. Total gross bookings rose 9% to $51.0 billion, and constant-currency ADRs were approximately 2% higher year-over-year, driven by Europe and the U.S.
The Transformation Program, launched in Q4 2024, was upgraded in expected annual run-rate savings from approximately $550 million (enabled at end-2025) to approximately $650 million, with the majority of the incremental ~$100 million expected to be realized in 2027. Q2 2026 transformation costs were $30 million (vs. $38 million in Q2 2025), and the company expects restructuring costs and accelerated investments to be largely incurred by end of 2027, estimated at less than one times the expected annual run-rate savings.
The ongoing shift from agency to merchant bookings at Booking.com accelerated: merchant gross bookings grew 14.5% YoY to $37.0 billion while agency declined 3.3%, lifting the merchant share of total gross bookings to 73% in Q2 2026 from 69% a year earlier. The company notes this mix shift adds merchant-related personnel, payment-processing, and chargeback expenses that pressure operating margins even as incremental payment-facilitation revenues exceed associated variable costs over the trailing twelve months. Concurrently, the 'Connected Trip' AI-powered strategy expanded mobile app room-night mix to the high-fifties (from mid-fifties a year prior), with the company flagging that a greater share of lower-margin non-accommodation services under this vision could compress overall operating margins over time.
In July 2026 (subsequent to quarter-end), FTC staff informed Priceline that they intend to recommend the FTC file a complaint against Priceline and a business-to-business affiliate partner alleging unfair or deceptive practices related to disclosures, fees, customer support, and billing. Priceline disputes the FTC's position and stated it remains in discussions to resolve the matter; the filing cautions the matter could result in commitments to change business practices, damages, or penalties. Separately, in April 2026 Booking.com detected and remediated unauthorized third-party access to certain guests' booking information and notified relevant data protection authorities.
Booking.com expanded its total property inventory to approximately 4.7 million properties at June 30, 2026, up from approximately 4.3 million a year earlier, including over 4.1 million alternative accommodation properties (homes, apartments, unique stays) and over 500,000 hotels, motels, and resorts. Alternative accommodation represented approximately 37% of Booking.com room nights in Q2 2026, in line with the prior-year quarter, though the company notes lower growth in the Middle East segment and warns that continued alternative-accommodation expansion carries higher customer-service and partner-related costs that could reduce profit margins.
(Filed on April 28, 2026)
+16.2%
100.0%
$16B
Middle East conflict materially impacted Q1 demand: room nights grew 6% YoY to 338M (vs. 8% growth in 2025); management estimates the conflict reduced room-night growth by ~2 pp and that ex-conflict growth would have been ~8%. Increased cancellations and slower new bookings in March affected Europe-Asia travel corridors and diminished performance-marketing ROI, as paid-channel bookings were subsequently canceled. Total gross bookings still rose 15.2% to $53.8B, with a ~7% FX benefit.
Merchant mix shift continued: merchant gross bookings grew 24.3% to $38.7B while agency declined 3.1% to $15.0B, lifting the merchant share of total gross bookings to 72% (from 67% a year prior) due to the ongoing agency-to-merchant transition at Booking.com. Flight gross bookings grew 25% on expanded offerings at Booking.com and Agoda; total revenues rose 16.2% to $5.5B (~6% FX benefit).
Transformation Program progress: the organizational restructuring begun in Q4 2024 delivered ~$250M in 2025 savings and enabled ~$550M in annual run-rate savings by end-2025. The company expects to fully realize the run-rate savings by end-2026, with remaining restructuring and accelerated-investment costs (estimated at less than one times the annual run-rate savings) largely incurred by year-end. Q1 2026 transformation costs were $25M, down from $32M in the prior-year quarter.
Connected Trip and platform growth: the AI-powered 'Connected Trip' strategy (personalized planning, booking, payment, in-trip experience, and a cross-trip loyalty program) continues; mobile-app room-night mix over the trailing twelve months rose to the high-fifties percentage (from mid-fifties a year earlier), with the significant majority of mobile bookings direct. Booking.com property inventory grew to ~4.5M total properties (from ~4.1M), including ~4.0M alternative-accommodation listings; alternative-accommodation room-night mix was ~38% (vs. ~37% prior year).
Regulatory and data-security developments: in April 2026 the Italian Competition Authority opened a new investigation into Booking.com practices; the Spanish CNMC fine (liability of $476M at Q1-end) remains suspended pending appeal; the French DGCCRF ordered Agoda to change certain practices by October 2026. Separately, in April 2026 Booking.com detected unauthorized third-party access to certain guests' booking information and OpenTable made a preliminary notification after a restaurant partner accessed diner data without authorization; both matters are under investigation.
(Filed on February 18, 2026)
+16.0%
100.0%
$17.2B
Q4 2025: Global room nights increased 9% year-over-year, with the company citing healthy travel demand across all major regions. (Annual context: full-year 2025 room nights reached a record 1,235 million, up 8% YoY, aided by a longer booking window versus 2024. Total gross bookings grew 12.4% to $186.1 billion on a reported basis, or ~10% on constant currency.)
Transformation Program (initiated Q4 2024): As of end of 2025, the company had enabled approximately $550 million in annual run-rate savings and expects to fully realize these by end of 2026. Full-year 2025 Transformation costs were $205 million ($117M employee termination benefits, $82M professional fees). In Q3 2025 the company raised its ultimate run-rate savings target to $500-$550 million from $400-$450 million versus the 2024 expense base, citing stronger-than-expected early results. Total restructuring and accelerated investment costs are estimated at less than one times the annual run-rate savings, largely to be incurred by end of 2026.
Annual 2025 operational expansion: Booking.com's property base grew to approximately 4.4 million (from ~4.0 million at end 2024), comprising ~3.9 million alternative accommodations and ~500,000 hotels/motels/resorts; alternative accommodation room-night mix rose to ~36% from ~35%. Airline tickets grew 36.6% YoY to 68 million (the company cited 37% flight ticket growth in its Connected Trip discussion), and attraction tickets grew ~80% off a small base. The merchant-basis share of gross bookings rose to 70% from 63% in 2024, and mobile-app room-night mix increased to a mid-fifties percentage from a low-fifties percentage. Gen AI features (trip planners, AI assistants, price comparison tools, Smart Messenger for partners) were integrated across brands as part of the Connected Trip vision.
KAYAK impairment (recognized in Q3 2025, not Q4): The company recorded $457 million in total impairment charges for the three months ended September 30, 2025, consisting of $180 million in goodwill and $277 million in intangible assets (trade names and supply/distribution agreements). The impairment was driven by reduced forecasted cash flows for KAYAK's meta-search business reflecting expected increases in customer acquisition costs. KAYAK's adjusted goodwill carrying value was $203 million and fair values of trade names and supply/distribution agreements were $103 million and $76 million, respectively.
Post-Q4 events: In January 2026 the Board approved a 25-for-1 stock split effective April 2, 2026. In February 2026 the Board declared a $10.50 per share quarterly cash dividend payable March 31, 2026. Also in February 2026, the company announced favorable settlement agreements to resolve litigation matters in which it was a plaintiff, expecting a benefit of approximately $90 million in Q1 2026. During Q4 2025 the company repurchased 418,765 shares (including 416,024 under public programs) at an average price of $5,171-$5,216 per share, leaving $21.8 billion remaining authorization across its repurchase programs.
(Filed on October 28, 2025)
+12.7%
100.0%
$16.5B
Q3 2025 global room nights grew 8% year-over-year to 323 million (in line with Q2's 8% growth, faster than Q1's 7%), and total gross bookings rose 14.3% to $49.7 billion (~10% on a constant-currency basis). Flight gross bookings grew 30% YoY on expanded offerings at Booking.com and Agoda, and the merchant share of total gross bookings reached 72% (vs. 65% in Q3 2024) as the agency-to-merchant shift continued; agency gross bookings declined 7.6% YoY. Booking.com listed approximately 4.4 million properties at September 30, 2025, up from 3.9 million a year earlier, including roughly 3.9 million alternative-accommodation properties and 500,000 hotels; alternative accommodation represented ~36% of room nights vs. ~35% in the prior-year quarter.
The company recognized a $457 million impairment charge in Q3 2025 ($180 million goodwill, $277 million intangible assets) related to the KAYAK reporting unit, primarily driven by a reduction in forecasted cash flows reflecting KAYAK's meta-search business being impacted by expected increases in customer acquisition costs. This was the company's annual goodwill impairment test as of September 30, 2025; all other reporting units' fair values exceeded carrying values. KAYAK's adjusted goodwill carrying value was reduced to $203 million.
Under the Transformation Program (began Q4 2024), the company recorded $105 million in Q3 2025 costs ($79 million employee termination benefits, $24 million professional fees) and $175 million for the nine-month period. Citing stronger-than-expected early results (~$120 million in savings in the first nine months of 2025), the company raised its expected ultimate annual run-rate savings to $500-$550 million (from prior guidance of $400-$450 million) versus the 2024 expense base, with delivery targeted by end of 2027 (about half of savings expected after 2025). Total restructuring costs and accelerated investments are estimated at approximately one times the annual run-rate savings.
In the debt portfolio, the company issued three new nonconvertible senior notes in May 2025 (3.125% due 2031, 4.125% due 2038, 4.5% due 2046) for general corporate purposes including share repurchases and debt repayment. In August 2025, it paid $1.5 billion to redeem the 4.625% Senior Notes due April 2030 via the make-whole option (a $25 million early-extinguishment loss was recorded in Q3). The 0.75% Convertible Senior Notes matured in May 2025, with the company paying $1.9 billion in aggregate (principal plus a $1.1 billion conversion premium). Total outstanding debt principal was $17.1 billion at September 30, 2025.
Regulatory activity: the French DGCCRF issued a final order requiring Booking.com to change certain business practices by January 2026 (implementation discussions ongoing) and a draft decision to Agoda (response filed, discussions ongoing). The Polish Office of Competition and Consumer Protection investigation into Booking.com's identification of private vs. professional hosts was resolved through agreement in Q3 2025. New investigations were opened by the Hellenic Competition Commission (Greece, June 2025) and the Hungarian Competition Authority (August 2025) into Booking.com practices. The Spanish CNMC fine remains suspended pending appeal under a February 2025 court ruling, with a bank guarantee entered in April 2025; the recorded liability totaled approximately $914 million at September 30, 2025.
