Booking Holdings (BKNG) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Growth framework and financial outlook

• Targets medium-term top-line and revenue growth of 8% and EPS growth of 15%, with 2026 guidance raised to 9% top-line and 15% EPS growth on a constant currency basis.

• Achieved 10% top-line and 18% EPS growth in 2025, exceeding targets.

• Growth driven by global travel market expansion, especially in Asia and the U.S., and reinvestment of transformation savings.

• Strategic investments in Asia and U.S. markets, with double-digit U.S. growth and strong performance in flights and attractions.

• Large buyback programs and operational leverage support mid-teens EPS growth.

Regional strategies and market execution

• Asia strategy centers on localization through Agoda and expanding payment options, positioning for rapid market growth.

• U.S. growth fueled by optimized performance marketing, B2B partnerships, and increasing direct channel bookings since mid-2025.

• Alternative accommodations in the U.S. are growing faster than overall listings, with investments in supply and host experience.

• European business maintains high single-digit growth, leveraging app-centric, all-in-one trip planning and loyalty programs.

• Direct mix is strong in core markets, with Agoda also showing higher-than-expected direct engagement.

Marketing, technology, and agentic tools

• Marketing spend exceeds $8 billion annually, with social media now a significant and growing channel alongside Google.

• ROI and incrementality are key criteria for marketing investments, with social spend up 13% year-over-year.

• LLMs and agentic tools are being developed internally to enhance the direct customer experience and maintain loyalty.

• Agentic tools aim to provide seamless, personalized, end-to-end travel experiences, integrating pre-trip, in-trip, and post-trip services.

• Internal AI tools, such as Penny and AI concierge, are already live on some platforms, with more advancements expected within a year.