Booking Holdings (BKNG) official guidance

On a reported basis, our full year expectation is for gross bookings, revenue, and adjusted EBITDA to each be up high single digits and for adjusted EPS to be up low to mid-teens.

We currently expect third quarter room nights to increase between 3% and 5% and for gross bookings, revenue, and adjusted EBITDA to each increase between 4% and 6%.

On a reported basis, our full year expectation is for gross bookings, revenue, and adjusted EBITDA to each be up high single digits and for adjusted EPS to be up low to mid-teens.

On a reported basis, our full year expectation is for gross bookings, revenue, and adjusted EBITDA to each be up high single digits and for adjusted EPS to be up low to mid-teens.

We currently expect third quarter room nights to increase between 3% and 5% and for gross bookings, revenue, and adjusted EBITDA to each increase between 4% and 6%.

On a reported basis, our full year expectation is for gross bookings, revenue, and adjusted EBITDA to each be up high single digits and for adjusted EPS to be up low to mid-teens.

We currently expect third quarter room nights to increase between 3% and 5% and for gross bookings, revenue, and adjusted EBITDA to each increase between 4% and 6%.

We currently expect third quarter room nights to increase between 3% and 5% and for gross bookings, revenue, and adjusted EBITDA to each increase between 4% and 6%.

We expect the approximately $100 million of incremental annual run rate savings to be realized primarily in 2027.

As we continue to execute on the transformation program, we identified additional opportunities, increasing our expected annual run rate savings from approximately $550 million to approximately $650 million.

Constant Currency Gross Bookings Growth 5% - 7% High Single Digits

Constant Currency Gross Bookings Growth 5% - 7%

Constant Currency Revenue Growth (1) 5% - 7% Mid to High Single Digits

Constant Currency Revenue Growth (1) 5% - 7%

We currently expect second quarter room night growth to be between 2% and 4% and for gross bookings, revenue, and adjusted EBITDA to each grow between 4% and 6%.

Adjusted EBITDA to grow slightly faster than revenue, and adjusted EBITDA margins to expand between 0 and 25 basis points year-over-year.

We currently expect second quarter room night growth to be between 2% and 4% and for gross bookings, revenue, and adjusted EBITDA to each grow between 4% and 6%.

We currently expect second quarter room night growth to be between 2% and 4% and for gross bookings, revenue, and adjusted EBITDA to each grow between 4% and 6%.

We currently expect second quarter room night growth to be between 2% and 4% and for gross bookings, revenue, and adjusted EBITDA to each grow between 4% and 6%.

To support these targets, we aim to grow revenue faster than both marketing and adjusted fixed operating expenses while maintaining sales and other expenses as a flat percentage of gross bookings year-over-year.

We remain firmly on track to deliver our previously stated goal of $500 million-$550 million of in-year savings from our transformation program for 2026.

Constant Currency Gross Bookings Growth 2% - 4%

Constant Currency Revenue Growth (1) 2% - 4%

We expect constant currency accommodation ADRs to be about in line with last year.

We expect first quarter adjusted EBITDA growth to be between 10% and 14%.

This framework supports a constant currency-adjusted EPS growth trajectory in line with our long-term growth ambition of 15%.

We expect first quarter gross bookings to increase between 14% and 16%, including more than 1 percentage point of positive impact from higher flight ticket and other verticals growth.

We expect these initiatives to contribute approximately $400 million in incremental revenue in 2026, resulting in a net impact of about $300 million to adjusted EBITDA for the year.

We expect these initiatives to contribute approximately $400 million in incremental revenue in 2026, resulting in a net impact of about $300 million to adjusted EBITDA for the year.

With the capacity created by these savings and efficiencies, we are reinvesting about $700 million above our baseline investments in 2026 into areas such as progressing our GenAI capabilities, advancing our Connected Trip vision, growing in Asia and the U.S., growing our advertising business, OpenTable's international expansion, and expanding our Fintech and loyalty offerings.

We expect first quarter revenue growth to be between 14% and 16%, similar to gross bookings, as higher payment revenues are offset by increasing flights mix.

We currently expect first quarter room night growth to be between 5% and 7%.

We estimate the aggregate transformation costs will be less than 1x the ultimate annual run rate savings.

We exited 2025, having enabled approximately $550 million in annual run rate savings through our transformation program, meeting the high end of our previous guidance. We expect to deliver these run rate savings by the end of 2026.

Constant Currency Gross Bookings Growth 7% - 9%

Constant Currency Revenue Growth (1) 7% - 9%

Room Nights Growth 5% - 7% Gross Bookings Growth 14% - 16% Low Double Digits

We currently expect fourth quarter adjusted EBITDA to be between $2 billion and $2.1 billion, or about 14% growth at the high end.

On a reported basis for the full year, we now expect room nights to be up about 7%, gross bookings to be up about 11%-12%, revenue to be up about 12%, adjusted EBITDA to be up about 17%-18%, adjusted EBITDA margins to expand year-over-year by about 180 basis points, higher than our prior expectation of about 125 basis points, revenue to grow faster than both marketing and adjusted fixed operating expenses, sales and other expenses to grow similar to revenue, and adjusted EPS to be up slightly more than 20%.

We currently expect fourth quarter adjusted EBITDA margins to be slightly higher than last year, driven by leverage on adjusted fixed operating expenses.

On a reported basis for the full year, we now expect room nights to be up about 7%, gross bookings to be up about 11%-12%, revenue to be up about 12%, adjusted EBITDA to be up about 17%-18%, adjusted EBITDA margins to expand year-over-year by about 180 basis points, higher than our prior expectation of about 125 basis points, revenue to grow faster than both marketing and adjusted fixed operating expenses, sales and other expenses to grow similar to revenue, and adjusted EPS to be up slightly more than 20%.

On a reported basis for the full year, we now expect room nights to be up about 7%, gross bookings to be up about 11%-12%, revenue to be up about 12%, adjusted EBITDA to be up about 17%-18%, adjusted EBITDA margins to expand year-over-year by about 180 basis points, higher than our prior expectation of about 125 basis points, revenue to grow faster than both marketing and adjusted fixed operating expenses, sales and other expenses to grow similar to revenue, and adjusted EPS to be up slightly more than 20%.

On a reported basis for the full year, we now expect room nights to be up about 7%, gross bookings to be up about 11%-12%, revenue to be up about 12%, adjusted EBITDA to be up about 17%-18%, adjusted EBITDA margins to expand year-over-year by about 180 basis points, higher than our prior expectation of about 125 basis points, revenue to grow faster than both marketing and adjusted fixed operating expenses, sales and other expenses to grow similar to revenue, and adjusted EPS to be up slightly more than 20%.

We currently expect fourth quarter gross bookings to increase between 11% and 13%, including about 2% of positive impact from higher flight ticket growth.

On a reported basis for the full year, we now expect room nights to be up about 7%, gross bookings to be up about 11%-12%, revenue to be up about 12%, adjusted EBITDA to be up about 17%-18%, adjusted EBITDA margins to expand year-over-year by about 180 basis points, higher than our prior expectation of about 125 basis points, revenue to grow faster than both marketing and adjusted fixed operating expenses, sales and other expenses to grow similar to revenue, and adjusted EPS to be up slightly more than 20%.

We currently expect fourth quarter revenue growth to be between 10% and 12%, lower than the increase in gross bookings due to a higher mix of flight bookings.

On a reported basis for the full year, we now expect room nights to be up about 7%, gross bookings to be up about 11%-12%, revenue to be up about 12%, adjusted EBITDA to be up about 17%-18%, adjusted EBITDA margins to expand year-over-year by about 180 basis points, higher than our prior expectation of about 125 basis points, revenue to grow faster than both marketing and adjusted fixed operating expenses, sales and other expenses to grow similar to revenue, and adjusted EPS to be up slightly more than 20%.

We currently expect fourth quarter room night growth to be between 4% and 6%.

For the full program, we now expect to deliver about $500 million-$550 million in run-rate savings, and we estimate the aggregate transformation cost will be approximately one time the run-rate savings.

As a result, we now estimate in-year savings for 2025 will exceed $225 million, and we have enabled approximately $450 million in annual run rate savings, surpassing our prior expectations.

For the full program, we now expect to deliver about $500 million-$550 million in run-rate savings, and we estimate the aggregate transformation cost will be approximately one time the run-rate savings.

Adjusted EBITDA Growth (2)(3)(4) 8% - 14%

Constant Currency Gross Bookings Growth 6% - 8% About 8% - 9%

Constant Currency Gross Bookings Growth 6% - 8%

Constant Currency Revenue Growth (1) 5% - 7% About 9%

Constant Currency Revenue Growth (1) 5% - 7%