Booking Holdings (BKNG) Investor presentation summary

Strategic vision and growth drivers

• Focused on making travel easier and more personal through the Connected Trip vision, leveraging AI and data to enhance user experience and supplier value.

• Growth driven by traveler acquisition, supply diversification, AI, payments/fintech, and localization.

• Near- and long-term growth initiatives include expanding supply, increasing online penetration, and building efficiencies.

• Large global travel market opportunity, with accommodations as a key segment and online penetration rising to 69% in 2024.

• Marketplace offers ~33 million listings and 4.7 million properties as of June 2026, with alternative accommodations growing faster than total room nights.

Financial performance and resources

• 2025 revenue reached $26.9B (+13% YoY), with 1.2B room nights (+8% YoY) and adjusted EBITDA of $9.9B (+20% YoY).

• Adjusted EBITDA margin was 37% in 2025, and free cash flow was $9.1B (+15% YoY).

• LTM June 2026 revenue was $28.2B, adjusted net income $7.7B, and free cash flow $10.4B.

• Strong balance sheet with $17.7B in cash/investments and $20.3B in gross debt as of June 2026; gross leverage maintained around 2x.

• Board declared a $0.42/share dividend for Q3 2026, a 9.4% increase YoY, with $14.5B remaining under share repurchase authorization.

Customer and supplier value proposition

• Direct B2C room nights in the mid-60% range, with mobile app bookings in the high-50% range.

• Genius loyalty program offers tiered discounts, upgrades, and priority support, with high participation and increased direct bookings.

• Suppliers benefit from access to a loyal customer base, integrated solutions, and AI-powered tools for onboarding and guest interaction.