Added to YB: 2026-05-01
Pitch date: 2026-04-29
BKNG [neutral]
Booking Holdings Inc.
-3.45%
current return
Author Info
No bio for this author
Company Info
Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally.
Market Cap
$134.9B
Pitch Price
$174.38
Price Target
N/A
Dividend
N/A
EV/EBITDA
13.07
P/E
22.75
EV/Sales
4.98
Sector
Hotels, Restaurants and Leisure
Category
growth
Booking 1Q26 Earnings: The Stack Beneath the Trip
BKNG (earnings): Q1 rev $5.5B (+16%), EBITDA +19%, but Q2 room nights guided 2-4% vs prior 8% on Middle East conflict (cut FY rev to high single digits). Thesis: moving down travel stack to own execution layer (payments, service, fraud) vs just discovery. Connected Trip penetration still low-double-digits, merchant mix 72%. Key risk: if AI becomes interface routing demand while BKNG stays as utility infrastructure underneath, economics leak upward. Agoda AI cut service costs double-digit %. At $167, priced as travel co not infrastructure platform. Need Q2 to hit lowered guide & proof AI-agent CAC favorable to re-rate. Own w/ patience, add $155-160.
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