Q2 25 EPS
$55.40
BEAT +10.09%
Est. $50.32
Q2 25 Revenue
$6.80B
BEAT +3.85%
Est. $6.55B
vs S&P Since Q2 25
-110.5%
TRAILING MARKET
BKNG -96.9% vs S&P +13.6%
Market Reaction
Did BKNG Beat Earnings? Q2 2025 Results
Booking Holdings delivered a standout second quarter, posting adjusted EPS of $55.40 against a consensus estimate of $50.32, a beat of 10.09%, while revenue of $6.80 billion topped expectations by 3.85% and grew 16.0% year-over-year. The single most … Read more Booking Holdings delivered a standout second quarter, posting adjusted EPS of $55.40 against a consensus estimate of $50.32, a beat of 10.09%, while revenue of $6.80 billion topped expectations by 3.85% and grew 16.0% year-over-year. The single most material driver of that outperformance was a sharp mix shift toward merchant revenues, which climbed 29% to $4.46 billion as Booking.com accelerated its transition to payments-facilitated transactions, more than offsetting a 5% decline in agency revenues. Room nights reached 309 million, up 8% year-over-year, and Connected Trip transactions, where customers book across multiple travel verticals, grew more than 30%, with flight ticket bookings alone rising 44%. Those results heading into the print were widely anticipated to be strong, and the company did not disappoint. Looking ahead, Booking guided Q3 revenue growth of 7%-9% and full-year Adjusted EBITDA growth in the mid-teens, while acknowledging tougher prior-year comparisons and geopolitical uncertainty as potential headwinds to consumer travel spending.
Key Takeaways
- • Room nights grew 8% YoY to 309 million
- • Gross bookings grew 13% YoY (9% constant currency) to $46.7 billion
- • Connected Trip transactions reached low double-digit share of Booking.com total transactions, up over 30% YoY
- • Flight tickets sold grew 44% YoY to 16 million
- • Alternative accommodation room nights at Booking.com increased by a low double-digit percentage
- • Marketing expense as a percentage of gross bookings improved to 4.6% from 4.7%
- • Direct channel mix of room nights was a mid-fifties percentage over trailing four quarters, increasing YoY
- • Total operating expenses grew 14%, slower than 16% revenue growth
- • Adjusted EBITDA margin expanded to 35.6% from 32.4%
- • Rental car days grew 9% YoY to 24 million
BKNG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BKNG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report a strong second quarter with 8% room night growth and a double-digit increase in gross bookings and revenue, reflecting disciplined execution against our strategic initiatives.”
— Glenn Fogel, Q2 2025 Earnings Press Release
BKNG Earnings Trends
BKNG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BKNG EPS Trend
Earnings per share: estimate vs actual
BKNG Revenue Trend
Quarterly revenue: estimate vs actual
BKNG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.14 | — | $5.53B | +0.27% |
| Q4 25 BEAT FY | $48.04 | $48.80 | +1.58% | $6.35B | +3.49% |
| FY Full Year | $227.59 | $228.06 | +0.21% | $26.92B | +0.80% |
| Q3 25 BEAT | $95.92 | $99.50 | +3.74% | $9.01B | +3.15% |
| Q2 25 BEAT | $50.32 | $55.40 | +10.09% | $6.80B | +3.85% |
| Q1 25 BEAT | $17.57 | $24.81 | +41.23% | $4.76B | +3.75% |