Booking Holdings Inc.

Overview Key strengths Key risks Material scale with good brand awareness. Weakening global economic growth prospects could slow revenue growth. Significant financial resources with a sizeable cash position. Aggressive shareholder return activity could deplete cash surplus. Leading market position globally, particularly in Europe. Booking reported total revenue growth of 11.7% for the 12 months ended Sept. 30, 2024, reflecting better-than-expected leisure travel demand in Europe and strong gross bookings trends overall. Leisure travel demand has remained resilient throughout 2024, and the company modestly revised its full-year 2024 gross bookings, total revenue, and total EBITDA guidance upward following outperformance in the third quarter of the year. Management expects full-year gross bookings growth of about 8% this year, and we believe absent

...We expect Booking Holdings Inc. will continue to generate solid results through 2026 on resilient travel demand. Booking reported total revenue growth of 11.7% for the 12 months ended Sept. 30, 2024, reflecting better-than-expected leisure travel demand in Europe and strong gross bookings trends overall. Leisure travel demand has remained resilient throughout 2024, and the company modestly revised its full-year 2024 gross bookings, total revenue, and total EBITDA guidance upward following outperformance in the third quarter of the year. Management expects full-year gross bookings growth of about 8% this year, and we believe absent a global economic downturn that the company's investment in strategic initiatives should support high single digit percent gross bookings and revenue growth over the next two years. These initiatives include expanding its connected trip capabilities and merchant offering, investing in AI, growing alternative accommodations, and enhancing the loyalty program. The...

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