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

Strategic priorities and growth drivers

• Focused on expanding in the U.S., alternative accommodations, Connected Trip, and other verticals, while advancing GenAI initiatives and diversifying customer acquisition channels.

• Achieved 10% U.S. growth, 52% growth in flights, 19% in alternative accommodations, and 45% in Connected Trip, with direct B2C mix in the mid-60% range.

• Committed to the 8% bookings growth, 8% revenue growth, and 15% EPS growth framework for 2025, emphasizing execution and efficiency.

• Sees significant opportunities for further share gains in the U.S. and Asia, leveraging strong positions outside China and targeted investments.

• Transformation program targets $400–$450 million in cost savings, with a disciplined approach to reinvestment and margin expansion.

U.S. and alternative accommodations performance

• U.S. growth in Q4 benefited from easier comps, post-election consumer activity, and booking window shifts, alongside strong brand and product investments.

• Alternative accommodations are outpacing traditional ones globally, with the U.S. seen as a major upside opportunity as the supply base matures.

• Investments focus on increasing brand familiarity, expanding supply from professional to individual hosts, and optimizing take rate structures.

• Quality of supply is expected to improve as growth shifts toward unique, individual properties.

Asia strategy and competitive positioning

• Asia remains a key growth region, with localization strategies through Agoda and targeted $170 million investment in 2025 to expand presence.

• Company is well positioned against both traditional and new competitors, leveraging local market adaptation and merchandising strategies.