Booking Holdings Inc. Common Stock · NASDAQ:BKNG
Booking Holdings Inc. Common Stock — Investor Presentation (April 2026)
37 slides from Booking Holdings Inc. Common Stock's investor presentation, April 2026
Slide 1: Investor Presentation April 2026
Confidential - Do not distribute Investor Presentation April 2026
Slide 2: Disclaimer
Disclaimer Disclosure Regarding Forward-Looking Statements This presentation contains forward-looking statements including regarding our outlook. These forward-looking statements reflect the views of Booking Holdings Inc.’s (the “Company” or “Booking Holdings”) management regarding current expectati
Slide 3: Investor Presentation Overview
Investor Presentation Overview Contents ● Booking Holdings Overview ● Long-Term Growth Algorithm ● Key Initiatives to Drive Growth ○ Travel Market Opportunity ○ Supply Base ○ Customer Value Proposition ○ Efficiencies and Reinvesting ○ The Connected Trip Vision ● Operating Performance and Financial R
Slide 4: Booking Holdings Overview
Overview Booking Holdings Overview Delivering on our Mission Make it easier for everyone to experience the world Making Connections We aim to connect and deliver value to our traveler and supplier customers (1) (2) Benefiting from Global Scale 220+ Countries / 40+ Languages / ~4.5M accommodations pr
Slide 5: Booking Holdings by the Numbers
Highlights Booking Holdings by the Numbers (1) (2) Revenue Adjusted EPS Figures in billions 12% CAGR 16% CAGR (2) 2025 Adj. EBITDA 2025 Free Cash 2025 Room Nights 2025 Revenue 2025 Adj. EBITDA Margin(2) Flow(2) 1.2B $26.9B $9.9B 37% $9.1B (+8% YoY) (+13% YoY) (+20% YoY) (+193bps YoY) (+15% YoY) (1)
Slide 6: Booking Holdings Long-Term Growth Algorithm
Algorithm Booking Holdings Long-Term Growth Algorithm Invest in the Business Build Differentiation ● Traveler Acquisition ● The Connected Trip ● Supply Growth & Diversification ● AI-Powered Offerings ● Artificial Intelligence (“AI”) ● Payments / FinTech ● The Connected Trip ● Loyalty Programs ● Paym
Slide 7: We Have Many Growth Drivers in the Near and Long Term
We Have Many Growth Drivers in the Near and Long Term Long-Term 6 Building the Connected Trip Vision Growth Initiatives 5 Driving Efficiencies and Reinvesting Near-Term 4 Enhancing Customer Value Proposition Growth Initiatives 3 Diversifying and Growing our Supply Base 2 Increasing Online Penetratio
Slide 8: Growing Travel Market and Increasing Online Penetration
1 2 Growing Travel Market and Increasing Online Penetration 8
Slide 9: Travel Market
Travel Market Total Global Travel Market is Accommodations is a Large a Large Opportunity Segment Within Travel We are focused on enhancing our position in the growing global accommodations market which Attractions continues to undergo a shift from offline to ~$300B Ground online travel Transportati
Slide 10: Diversifying and Growing our Supply Base
3 Diversifying and Growing our Supply Base 10
Slide 11: Our Marketplace Provides a Complete Offering of Accommodations
Accommodations Our Marketplace Provides a Complete Offering of Accommodations with Supply Growing YoY Ryokans Apartments Villas As of March 31, 2026, Booking.com had ~32 million reported listings (8.8 million are alternative accommodations or “AA”) and ~4.5 million properties (of which 4.0 million a
Slide 12: We Continue to Grow Our Alternative Accommodations
Accommodations We Continue to Grow Our Alternative Q1’25 Q1’26 Accommodations Booking.com ● Booking.com AA room nights AA RN Mix ~37% ~38% ~100bps YoY grew about 5.5% YoY in Q1 2026, about in line with our total room Booking.com night growth of 6% YoY AA Listings 8.1M 8.8M ~9% YoY ● We’re focused on
Slide 13: Potential to Grow Our Business with Existing Accommodation Partners
Accommodations Potential to Grow Our Business with Existing Accommodation Partners BKNG’s Room Nights as a % of Potentially Bookable Rooms with Existing Partners Reported Listings(1) ~32 million x Days in the Year 365 Annual Bookable Room Nights ~12 billion BKNG LTM 3/31/26 Room Nights ~1.3 billion
Slide 14: We Continue to Grow Our Flights Offering
Flights We Continue to Grow Our Flights ● 20.7M airline tickets booked in Q1’26 Offering ● Booking.com flight product live in over 55 countries(1) ● Airline tickets booked in 2025 were 68M (9.1x the amount of tickets booked in FY 2019) ● 1.9M airline tickets booked in Q1’19 ● In 2019, Booking.com la
Slide 15: Enhancing Customer Value Proposition
4 Enhancing Customer Value Proposition 15
Slide 16: Our Marketplace Model Provides Compelling Value to our Travelers and Suppliers
Customers Our Marketplace Model Provides Compelling Value to our Travelers and Suppliers Value we bring to Travelers Value we bring to Suppliers Great value proposition to our travelers, Access to loyal customer base with high mix leading customers to book directly on our of customers booking direct
Slide 17: Our Genius Loyalty Program Delivers Value to our Travelers & Suppliers
Genius Our Genius Loyalty Program Delivers Value to our Travelers & Suppliers ● Our Genius loyalty program offers rewards such as pricing discounts, free room upgrades, free breakfasts, and priority customer service support ● Genius enables our supplier partners to capture incremental demand when th
Slide 18: Driving Efficiencies and Reinvesting
5 Driving Efficiencies and Reinvesting 18
Slide 19: An Increase in Direct Mix Since 2019 Has Helped Drive Marketing Leverage
Efficiencies An Increase in Direct Mix Since 2019 Has Helped Drive Marketing Leverage Marketing as a % of gross bookings has had leverage relative to 2019 as we have increased the mix of customers coming directly to our platforms while at the same time efficiently investing in marketing at attractiv
Slide 20: Driving Efficiencies in the Business to Create Capacity to Invest in Long-Term Growth
Efficiencies Driving Efficiencies in the Business to 2025 Adj. Fixed OpEx Leverage Create Capacity to YoY % Change Invest in Long-Term Growth ● We are focused on carefully managing our fixed expenses and driving operating leverage ● We aim to reinvest across our strategic initiatives in a discipline
Slide 21: Investing in Customer Acquisition
Investments Investing in Customer Acquisition Social Media Marketing Black Friday Promotions ● In 2025 we spent over $8B on Marketing as we saw opportunities to capture incremental demand at attractive ROIs in traditional marketing channels ● Starting in 2024, we increased our spend TV Advertising i
Slide 22: Investing in Underpenetrated Markets By Increasing Brand Awareness and Localizing Offerings
Investments Investing in Underpenetrated Markets By Increasing Brand Awareness and Localizing Offerings 2025 U.S. Asia Mix of Global A low double digits percentage About a quarter Room Nights(1) Room Night Up mid single digits Up low double digits Growth (YoY)(1) (1) Regional Room Nights are based o
Slide 23: Building the Connected Trip Vision
6 Building the Connected Trip Vision 23
Slide 24: The Connected Trip Vision
Connected Trip 1.2 billion room nights booked across BKNG brands in 2025 The Connected Trip Vision Accommodations 68 million flight tickets booked ● We continue to take steps toward our 60,000+ across BKNG long-term Connected Trip vision to make restaurants on Brands in 2025 the planning, booking, a
Slide 25: Payments is Foundational to the Connected Trip
Payments Payments is (1) Payments supports the following : Foundational to the Connected Trip Credit, Debit, and Global Payment Prepaid Cards Methods ● Payments offers customers a selection of local and mobile ● Visa ● PayPal payment methods ● Mastercard ● Apple Pay ● We have invested in the ability
Slide 26: Developing our Generative AI Capabilities
AI Developing our We believe that AI-powered offerings, like a travel vertical-specific agent, will play an important role in delivering a seamless and personalized Generative AI Connected Trip experience to travelers Capabilities We are well positioned to leverage and build highly sophisticated AI
Slide 27: Financials
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Slide 28: Attractive Top Line Growth
Attractive Top Line Growth Room Nights Revenue Figures in millions Figures in billions YoY % Change YoY % Change 9% 8% 8% 11% 13% 15% 28
Slide 29: Strong Profitability and Cash Flow
Strong Profitability and Cash Flow Adjusted Net Income(1) Adjusted EPS(1)(2) Figures in billions YoY % Change YoY % Change 15% 17% 16% 23% 22% 21% (1) (1) Adjusted EBITDA Free Cash Flow Figures in billions Figures in billions YoY % Change YoY % Change 17% 20% 19% 13% 15% 6% (1) Adjusted net income,
Slide 30: Strong Balance Sheet
Strong Balance Sheet Cash and Investments(1) Gross Debt(2) Figures in billions Figures in billions Net Cash and Investments(3) Gross Debt/Adjusted EBITDA(4) Figures in billions (1) Cash and investments includes cash and cash equivalents, short-term and long-term investments. (2) Gross debt represent
Slide 31: Approach to Capital Structure and Capital Allocation
Approach to Capital Structure and Capital Allocation ✔ We have strong investment grade credit ratings − Current ratings: A3 / A- (stable outlook / stable outlook) Debt Maturity Schedule(1) − Demonstrated strong free cash flow with low capital Figures in billions expenditures − Solid balance sheet wi
Slide 32: Appendix: Adjusted Financial Information
Appendix: Adjusted Financial Information 32
Slide 33: Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information 33
Slide 34: Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information 34
Slide 35: Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information 35
Slide 36: Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information 36
Slide 37: Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information 37
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