Booking Holdings Inc Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mark Mahaney - Evercore ISI - Analyst : Okay, Can I throw two questions by, please. First, on Asia, you gave, Glenn, a couple of product details or vertical details, but would you also give us a little bit of color on some of the many different markets in Asia and are there particular ones that are performing well for you? And then Ewout, I think at the conference -- investor conference at the end of May, you asked about the potential impact of LOMs and you posited that it's potential that they actually can help the business and that they could be -- create a diversification of traffic sources. And I just want you to follow up on that. Is there anything that you're already seeing in that that suggest that? Or is it just a reasonable hypothesis for the long term? Thank you very much.

Question: Mark Mahaney - Evercore ISI - Analyst : Thanks for all the extra color, Glenn and Ewout.

Question: Brian Nowak - Morgan Stanley - Analyst : My questions. I have two. The first one is on the US. Maybe can you just talk to us about some of the growth initiatives you have internally to really sort of catapult the growth in the US to be durably faster going forward. Then the second thing, Glenn, I know we've talked a lot about GenAI and GenAI assistance over the last few years. Walk us through sort of in your mind, the biggest one or two technological hurdles and have to be cleared in order to make sort of scalable GenAI assistance that can be deployed to hundreds of millions of people in (inaudible) REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 29, 2025 / 8:30PM, BKNG.OQ - Q2 2025 Booking Holdings Inc Earnings Call

Question: Brian Nowak - Morgan Stanley - Analyst : Great, thank you, both. Thanks for calling the chat.

Question: Doug Anmuth - JP Morgan - Analyst : Thanks for taking the questions, Glenn, Ewout about two. Just for sounds like you're more encouraged certainly on the backdrop and you mentioned the tougher August and September comps and some tougher macro and geopolitical headwinds. Are there any other factors that we should be thinking about for 3Q that might be keeping the outlook in check there? And then just on alternative accommodations, room growth, looks like a little bit of diesel. Do you feel like that's a broader industry trend? Or is there something else more specific going on? Thanks.

Question: Doug Anmuth - JP Morgan - Analyst : Great. Thank you both.

Question: Eric Sheridan - Goldman Sachs Group Inc - Analyst : Thanks so much for taking the question. I appreciate the stats on Connected Trip and how that continues to scale. Can you talk a little bit about what some of the key investments are that are still left to sort of building scale on the inventory side behind Connected Trip. And give us a little bit of color on how broadly that is marketed in terms of owning more of the overall basket size of travel and how that go-to-market approach might evolve over the long term. Thanks so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 29, 2025 / 8:30PM, BKNG.OQ - Q2 2025 Booking Holdings Inc Earnings Call

Question: Eric Sheridan - Goldman Sachs Group Inc - Analyst : Thank you.

Question: Kevin Kopelman - TD Cowen - Analyst : Great. Thanks so much. Looking at the US, you noted some softening of metrics like booking window length of stay. Can you comment on any trends you've seen in US behavior, if any, as you move further away from what seem like peak macro concerns in April? And then could you also comment on what you're seeing in those kinds of macro sensitive metrics from our Europe and APAC customers? Thanks.

Question: Kevin Kopelman - TD Cowen - Analyst : Thanks, Ewout.

Question: Justin Post - Bank of America - Analyst : Great. Just would like to think a little bit about Q4 and what's implied in your guidance. But can you just remind us of what happened last year, why it was so strong? And how you're thinking about forward holiday bookings at this point? And then I know advertising was one of your initiatives for growth this year. Just maybe give us an update on how that's going and how you think about the advertising opportunity from here. Thank you.

Question: Justin Post - Bank of America - Analyst : Great, thank you.

Question: Ronald Josey - Citi - Analyst : Great, thanks for sneaking me in here. I just -- two, one is a follow-up, Glenn, you mentioned with natural language now live on booking. Talk to us a little bit more just about conversion rates that you're seeing from this new tool? Are you seeing better conversion rates, repeat usage and things along those lines? And then Ewout, maybe a quick follow-up to Justin's comment on investments but just on the OpEx side, given the rise in direct bookings, Genius adoption and usage and mobile, just longer term, talk to us how you see the P&L evolving just given direct is a larger part and you could see some leverage continued leverage in sales and marketing. Thank you.

Question: Ronald Josey - Citi - Analyst : Thank you, Glenn. Thank you, Ewout.