Booking reported 2025 revenue of $26.9 billion and Q1 2026 revenue of $5.5 billion. The thesis depends on travel demand, room-night growth, marketing efficiency, cash conversion and balance-sheet discipline.
Booking: the travel marketplace has to keep converting demand into cash
NASDAQBKNGCoverage BootstrapBooking Holdings Inc.
Thesis summary
Booking reported 2025 revenue of $26.9 billion and Q1 2026 revenue of $5.5 billion. The thesis depends on travel demand, room-night growth, marketing efficiency, cash conversion and balance-sheet discipline.
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