Booking Holdings Inc. Common Stock · NASDAQ:BKNG
Booking Holdings Inc. Common Stock — Q2 2025 Earnings Presentation
20 slides from Booking Holdings Inc. Common Stock's earnings presentation, Jul 29, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation July 29, 2025
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” or “BKNG”) management regarding current
Slide 3: Q2 2025 Financial Summary
Q2 2025 Financial Summary Trailing Twelve Months “TTM” Revenue Q2 2025 GAAP and Adjusted P&L (figures in billions) (in millions, except for EPS) GAAP YoY% Adjusted(1) YoY% Revenue $6,798 16% $6,798 16% Marketing $2,139 10% $2,139 10% Expenses Sales and Other $899 10% $899 12% Expenses Adjusted Fixed
Slide 4: Q2 Highlights: Room Night Growth Exceeded Guidance
Q2 Room Night Growth Exceeded the High End of our Guidance Expectations Room Nights by Quarter Q2 Highlights (figures in millions) ✔ Room Night Growth (“RNG”) exceeded the high end of our guidance (1) ✔ Room Night Growth by region : − Europe: up high single digits − Asia: up low double digits − RoW:
Slide 5: Key Highlights
Key Highlights Booking.com Alternative Q2 Alternative Accommodation (“AA”) Room Nights grew 10% Accommodations YoY with mix increasing YoY to 37%. Q2 AA listings up 8% YoY (1) TTM Mobile App mix was in the mid 50%’s (up from the(2) Mobile App Mix low 50%’s in Q2 2024 TTM) (3) Direct Mix TTM Business
Slide 6: Alternative Accommodations Room Night Growth
Alternative Accommodations Room Night Growth at Booking.com Outpacing Total Growth Booking.com: (figures in millions) AA Listings 7.4 7.8 7.9 7.9 8.1 8.4 AA Listings Growth YoY 11% 11% 10% 8% 9% 8% 6
Slide 7: Mobile App Mix Continues to Steadily Increase Over Time
Mobile App Mix Continues to Steadily Increase Over Time Q2 2025 TTM mid Q2 2024 TTM Q2 2023 TTM low 50%’s high 50%’s 40%’s 7
Slide 8: Q2 Gross Bookings Growth Exceeded the High End of our Guidance
Q2 Gross Bookings Growth Exceeded the High End of our Guidance Gross Bookings by Quarter (figures in billions) Q2 Highlights ✔ Gross Bookings growth exceeded the high end of our guidance by one percentage point, driven by about two percentage points of benefit from higher room nights, partially offs
Slide 9: Q2 Revenue Growth Exceeded the High End of our Guidance Expectations
Q2 Revenue Growth Exceeded the High End of our Guidance Expectations Revenue by Quarter Q2 Highlights (figures in billions) ✔ Revenue growth exceeded the high end of our guidance by four percentage points, greater than gross bookings primarily due to higher revenues from facilitating payments and lo
Slide 10: Q2 Adjusted Fixed OpEx Grew 11% and Grew Slower than Revenue
Q2 Adjusted Fixed OpEx Grew 11% and Grew Slower than Revenue Adjusted Fixed OpEx(1) by Quarter Approximate Headcount at Quarter-End (figures in billions) Adjusted Fixed OpEx Growth (Decline) YoY Headcount Growth YoY 11% 5% 7% 9% (3%) 11% 7% 5% 3% 3% 2% 3% (1) Refer to Appendix for reconciliation of
Slide 11: Q2 Adjusted EBITDA Exceeded Expectations and Grew Faster than Revenue
Q2 Adjusted EBITDA Exceeded Expectations and Grew Faster than Revenue ● Q2 Adjusted EBITDA grew 28%, which was 12 percentage points faster than the high end of our guidance (1) (1) Adjusted EBITDA by Quarter Adjusted EPS by Quarter (figures in billions) Adjusted EBITDA Growth YoY Adjusted EPS Growth
Slide 12: Q2 Free Cash Flow and Capital Return
Q2 Free Cash Flow and Capital Return ● Q2 Free Cash Flow of $3.1 billion grew 32% YoY (1) Free Cash Flow by Quarter Capital Return by Quarter (figures in billions) (figures in billions) Q2 2025 TTM Free Cash Flow: $9.2 billion, +23% YoY (2) Free Cash Flow Growth (Decline) YoY Weighted Average Dilute
Slide 13: Q3 2025 Guidance
Q3 2025 Guidance Reported YoY Growth(1) ✔ Globally, we have seen steady travel demand trends in our business so far in the third quarter. However, we Room Nights 3.5% to 5.5% recognize that comparables with the prior year will be higher in August and September. Gross Bookings 8% to 10% ✔ We remain m
Slide 14: FY 2025 Guidance
FY 2025 Guidance Reported YoY Growth(1) ✔ While we recognize there is still elevated uncertainty in the macroeconomic and geopolitical environment, we are pleased to Gross Bookings Low Double Digits see that global travel demand trends continue to be steady so far in the third quarter Revenue Low Do
Slide 15: Appendix: Reconciliation of GAAP to Adjusted Financial Information
Appendix: Reconciliation of GAAP to Adjusted Financial Information (figures in millions) Note: Amounts may not total due to rounding. 15
Slide 16: Appendix: Reconciliation of GAAP to Adjusted Financial Information
Appendix: Reconciliation of GAAP to Adjusted Financial Information (figures in millions) Note: Amounts may not total due to rounding. 16
Slide 17: Appendix: Reconciliation of GAAP to Adjusted Financial Information
Appendix: Reconciliation of GAAP to Adjusted Financial Information (figures in millions, except share and per share data) Note: Amounts may not total due to rounding. Tax Act: U.S. Tax Cuts and Jobs Act enacted in December 2017. 17
Slide 18: Appendix: Reconciliation of GAAP to Adjusted Financial Information
Appendix: Reconciliation of GAAP to Adjusted Financial Information (figures in millions) Note: Amounts may not total due to rounding. 18
Slide 19: Appendix: Reconciliation of GAAP to Adjusted Financial Information
Appendix: Reconciliation of GAAP to Adjusted Financial Information 19
Slide 20: Appendix: Reconciliation of GAAP to Adjusted Financial Information
Appendix: Reconciliation of GAAP to Adjusted Financial Information (figures in millions) Note: Amounts may not total due to rounding. NM: Not meaningful. 20