Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, and internationally. The company operates Booking.com, which offers online accommodation reservations; and Priceline, which provides online travel reservation services, as well as consumers hotel, flight, activity, rental car reservation, vacation packages, cruises, and hotel distribution services. It also operates Agoda that offers online accommodation reservation, flight, ground transportation, and activities reservation services. In addition, the company operates KAYAK, an online meta-search service that allows consumers to search and compare travel itineraries and prices; OpenTable for booking online restaurant reservations, as well as reservation management services to restaurants; and Rentalcars.com. Further, it offers travel-related insurance products and restaurant management services to consumers, travel service providers, and restaurants; and advertising services. The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018. Booking Holdings Inc. was founded in 1997 and is headquartered in Norwalk, Connecticut.

Booking Holdings appears to be a high-margin business with very strong operating efficiency, but with notable balance sheet and valuation constraints. TTM revenue is $5.53 billion and net income is $1.08 billion, confirming sustainable profitability, although revenue and EBITDA show quarter-to-quarter volatility. Gross margin at 100% and operating margin at 32.63% are strong figures, materially above industry medians, and they support the quality of the business. ROA of 21.14% and ROI of 61.50% also look very strong and indicate efficient use of assets and capital. At the same time, ROE and return on tangible equity are zero because of negative shareholders’ equity, which makes some classic capital efficiency metrics less informative and also signals balance sheet weakness. Shareholders’ equity is negative, and liabilities of $36.44 billion exceed assets of $27.72 billion, so financial stability looks worse than that of companies with a normal capital structure. Long-term debt of $15.40 billion, combined with a current ratio of 1.06 and a zero quick ratio, adds caution, despite a significant cash balance of $16.02 billion. The valuation picture is mixed: P/E of 24.09 is only moderately above the industry median, but P/S of 5.35 and P/FCF of 16.27 look somewhat expensive, especially given the weak liquidity and negative equity. P/B is formally uninformative because of negative shareholders’ equity, so it cannot be interpreted as clear undervaluation. Dividend yield of 0.25% remains symbolic and is not a meaningful valuation support factor. Over recent periods, profitability and margins have generally remained at high levels, but revenue and EBITDA have fluctuated noticeably, increasing valuation sensitivity to the demand cycle in the travel segment. Overall, the fundamentals support a quality premium to the market, but not strongly enough to justify an aggressive increase in the target price; due to expensive multiples and balance sheet risks, it is reasonable to slightly lower the valuation.

Booking Holdings Inc. Common Stock

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, значительно вырос. Рынок на стороне быков.

Strong index, significantly up. The market is on the bulls' side.

Сильный индекс, значительно вырос. Приток средств в лонги на высоком уровне.

Strong index, significantly up. Inflow of funds into longs at a high level.

Strong margins and high returns on assets are combined at BKNG with negative equity, weak liquidity, and expensive valuation multiples.

Wednesday, July 29, 2026
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Linde plc (LIN), Booking Holdings Inc. (BKNG) and General Dynamics Corp. (GD). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Investors Await Fed Decision Today
Today's Featured Research Reports
Linde’s shares have outperformed the Zacks Chemical - Specialty industry over the past six months (+12.5% vs. +5.6%). The company is a leading industrial gas supplier serving energy, healthcare, manufacturing, metals and electronics markets through long-term contracts with minimum purchase commitments that support stable cash flows during downturns.
LIN’s project backlog, led by long-term Sale of Gas projects, supports cash flow visibility and capital returns. Management also expects margin expansion to continue in 2026 through pricing, productivity, automation and disciplined capital allocation. First-quarter 2026 results showed EPS growth, higher pricing and project start-ups, while guidance assumes no economic improvement.
However, EMEA volumes remain weak due to softer industrial, chemicals and energy demand, Middle East disruptions and uncertain European policy. The Neutral view balances resilient execution with muted industrial recovery and regional risk.
(You can read the full research report on Linde here >>>)
Shares of Booking Holdings have outperformed the Zacks Internet - Commerce industry over the past six months (+0.3% vs. -6.5%). The company benefits from a broad global footprint supported by leading travel brands, providing strong geographic diversification and revenue stability. Its scalable platform, resilient travel demand and ability to drive both booking volumes and monetization support sustained growth.
The “Connected Trip” strategy enhances customer engagement by integrating accommodations, flights, cars and packages into a seamless experience, increasing platform stickiness and traveler spending. A strong balance sheet and robust cash generation reinforce financial strength.
However, it remains highly exposed to fluctuations in global travel demand and geopolitical disruptions. Dependence on third-party platforms for traffic creates distribution and customer acquisition risks, while intense competition from online travel companies continues to challenge growth.
(You can read the full research report on Booking Holdings here >>>)
General Dynamics’ shares have outperformed the Zacks Aerospace - Defense industry over the past six months (+12.8% vs. -2%). The company had an impressive backlog of $130.84 billion at the end of the first quarter of 2026. Apart from its well-established domestic market, the company enjoys a significant overseas opportunity with order potential from Poland, the Czech Republic, the United Kingdom, Romania, Denmark, Germany, Spain, Austria, Canada and Switzerland.
Significant awards won by General Dynamics in the last reported quarter included a $15.4 billion contract for continued design and support work on the Columbia-class submarines program.
However, a lingering component shortage issue in the aerospace sector is likely to hurt General Dynamics’ operational results. A shortage of labor in the aerospace defense industry might affect the company’s delivery schedule.
(You can read the full research report on General Dynamics here >>>)
Other noteworthy reports we are featuring today include Comfort Systems USA, Inc. (FIX), TE Connectivity plc (TEL) and Celestica Inc. (CLS).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
TE Connectivity (TEL) Rides on Strong Industrial Solutions Growth
Per the Zacks analyst, TE Connectivity is benefiting from strong growth in the Industrial Solutions segment driven by strong momentum in Digital Data Networks.
Celestica (CLS) Rides on Solid AI Traction and Growing Profitability
Per the Zacks analyst, solid demand for 800G switch products driven by the growing usage of high bandwidth-intensive AI applications will likely drive Celestica's top line.
ATI Benefits from Cost Reduction Measures and Robust Demand
Per the Zacks analyst, structural cost reductions through footprint optimization, productivity and supply-chain improvement paired with strong momentum in key sectors boost ATI's outlook.
Tenet (THC) to Gain From Same-Facility Growth Despite Payer Mix
Per the Zacks analyst, strong same-facility revenue growth and disciplined expense management will drive Tenet Healthcare's performance. However, an unfavorable payer mix remains a concern.
Solventum (SOLV) Gains on Broad Healthcare Demand Amid Headwinds
Per the Zacks analyst, Solventum benefits from broad healthcare demand, innovation and cost initiatives. However, tariffs, SKU rationalization and 3M supply costs remain concerns.
CRISPR Therapeutics' (CRSP) Casgevy Uptake Shows Momentum
The Zacks Analyst is encouraged by sales of CRISPR Therapeutics' Casgevy, which is gaining momentum over time. The company expects significant growth in the therapy's sales throughout 2026.
Expansion Strategies Aid Federated (FHI) Growth, Rising Costs Ail
Per the Zacks Analyst, focus on acquiring money market assets will drive Federated's revenues and asset under management AUM. Yet, rising costs might limit the company's bottom-line growth.
New Upgrades
Growing Public Demand & Shareholder Efforts Aid Comfort Systems (FIX)
Per the Zacks analyst, Comfort Systems is benefiting from robust technology infrastructure demand and modular capacity. Also, a stable balance sheet and shareholder value are added benefits.
Strong Infrastructure Spending & Backlog Growth Aid MasTec (MTZ)
Per the Zacks analyst, MasTec benefits from robust infrastructure spending, record backlog growth and healthy end-market demand. Also, data center, and grid modernization opportunities bode well.
Vita Coco (COCO) Benefits From Core Brand Demand & Category Expansion
Per the Zacks analyst, Vita Coco's core brand benefits from household penetration, usage frequency and category expansion. Pricing, lower ocean freight and operating leverage are acting as positives.
New Downgrades
Commodity Price Volatility & Execution Risks Weigh on EQT's Outlook
Per the Zacks analyst, exposure to natural gas price volatility pressures EQT's earnings and cash flow. Moreover, any delays in executing key growth projects could pose risks to its long-term growth.
Rising Expenses & Weak Liquidity Position Hurt Rollins (ROL)
Per the Zacks analyst, spending on customer base and salesforce expansion raises operating expenses, cutting down margins. A current ratio less than 1 does not bode well with investors.
Rising Fuel Costs & Operating Expenses Ail Copart (CPRT)
Per the Zacks analyst, Copart continues to face higher fuel costs across its towing and logistics network, which is likely to weigh on its profitability. Rising operating costs are also concerning.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Research Reports for Linde, Booking Holdings & General Dynamics

Key Points
Airbnb maintains a unique market position with a vast network of 5.5 million hosts and deep brand recognition.
Booking Holdings continues to dominate the broader travel market through its massive scale and diversified multi-brand ecosystem.
Which travel giant is the better fit for your portfolio in the current market environment?
As global travel evolves, investors are weighing the unique peer-to-peer model of Airbnb (NASDAQ:ABNB) against the diversified scale of Booking (NASDAQ:BKNG). Which one offers the better path for your capital?
Airbnb transformed the industry by making home-sharing a global standard, focusing on community and unique experiences. Booking operates as a titan of the travel sector, managing a massive portfolio of brands including Booking.com and Priceline. This comparison evaluates their financial health and market position to help you decide.
The case for Airbnb
Airbnb operates a two-sided global marketplace that has become a staple of travel and tourism stocks for many investors. The company connects over 5.5 million hosts with guests across 150,000 cities, relying on a vast network of third-party payment providers to facilitate global transactions. A recent office acquisition in Manhattan for nearly $81.5 million signals its continued commitment to maintaining a robust operational infrastructure.
In FY 2025, revenue reached nearly $12.2 billion, representing roughly 10.3% year-over-year growth. The company reported a net income of close to $2.5 billion, resulting in a net margin of approximately 20.5%. This reflects a slight decrease from the net margin of nearly 23.9% achieved during the previous fiscal year.
As of its December 2025 balance sheet, the debt-to-equity ratio was nearly 0.3x, measuring total debt against shareholder equity, and the current ratio was roughly 1.4x. Free cash flow reached close to $4.6 billion in FY 2025, which represents cash from operations after subtracting capital expenditures.
The case for Booking
Booking employs a multi-brand strategy through platforms like Booking.com, Priceline, and Agoda to capture a wide range of travelers globally. The company announced a strategic partnership in June 2026 with The Trade Desk to enhance its data-driven advertising capabilities across its ecosystem. This expansive network supported approximately 1.2 billion room nights booked in 2025.
In FY 2025, revenue reached nearly $26.9 billion, representing growth of roughly 13.4% over the previous year. The company generated a net income of close to $5.4 billion during this period. This performance resulted in a net margin of approximately 20.1%, which demonstrates consistent profitability even at its massive scale.
As of the December 2025 balance sheet, the debt-to-equity ratio was nearly -3.5x, indicating that total liabilities exceed shareholder equity. The current ratio, which compares short-term assets to short-term liabilities, was approximately 1.3x. Free cash flow for FY 2025 was close to $9.1 billion, reflecting the significant cash available for the business after accounting for capital expenditures.
Risk profile comparison
Regulatory headwinds in New York City and upcoming European Union regulations create significant compliance challenges for Airbnb. The rise of generative artificial intelligence tools from competitors could also lead to higher customer acquisition costs if the platform is disintermediated. Additionally, the company carries debt obligations like its 2026 Notes that require disciplined financial management to maintain liquidity.
Competition from Alphabet and other tech platforms remains a primary risk as they may prioritize their own travel products over external links. Compliance with the Digital Markets Act adds operational costs and regulatory scrutiny to the multi-brand platform strategy used by Booking. Furthermore, global travel demand remains highly sensitive to economic volatility and geopolitical tensions, which can impact bookings abruptly.
Valuation comparison
While Airbnb carries a higher Forward P/E and P/S ratio, Booking offers a more modest valuation for investors seeking exposure to the travel industry.
Metric
Airbnb
Booking
Forward P/E
30.0x
19.3x
P/S ratio
7.4x
5.8x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with Airbnb. Booking Holdings is a formidable business that operates across more than 200 countries, continues to beat earnings estimates, and is returning enormous amounts of cash to shareholders. For investors who want steady, profitable exposure to global travel, it checks a lot of boxes.
But the stock has had a rough year, weighed down by geopolitical headwinds and a more cautious revenue outlook than investors expected. Although these aren't permanent problems, they're creating a cloud over the near-term story.
Airbnb, by contrast, is firing on all cylinders. Revenue growth is accelerating while bookings are climbing. Management just raised its full-year outlook after a strong quarter. And I like that the company is expanding into experiences, hotels, and AI-driven features that could really broaden what the platform offers travelers. Partnering with Delta is another creative move that brings in new users through a loyalty channel Booking doesn't have.
Airbnb has a younger, more focused platform with a sharper growth trajectory right now. For a long-term investor, that's the more exciting travel bet.
Should you buy stock in Airbnb right now?
Before you buy stock in Airbnb, consider this:
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Sara Appino has positions in Airbnb. The Motley Fool has positions in and recommends Airbnb, Alphabet, Booking Holdings, and The Trade Desk. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Airbnb vs. Booking: Which Consumer Stock Is a Better Buy in 2026?

The market expects eBay (EBAY) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 5. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on theearnings call it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus Estimate
This e-commerce company is expected to post quarterly earnings of $1.51 per share in its upcoming report, which represents a year-over-year change of +10.2%.
Revenues are expected to be $3.02 billion, up 10.5% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has been revised 0.29% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for eBay?
For eBay, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.42%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that eBay will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that eBay would post earnings of $1.58 per share when it actually produced earnings of $1.66, delivering a surprise of +5.06%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
eBay doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected Results
Among the stocks in the Zacks Internet - Commerce industry, Booking Holdings (BKNG), is soon expected to post earnings of $2.46 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +10.8%. This quarter's revenue is expected to be $7.19 billion, up 5.8% from the year-ago quarter.
The consensus EPS estimate for Booking Holdings has been revised 0.1% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -1.74%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Booking Holdings will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Should You Invest in eBay Inc. (EBAY)?
Before you invest in eBay Inc. (EBAY), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

eBay (EBAY) Reports Next Week: Wall Street Expects Earnings Growth

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the State Street Consumer Discretionary Select Sector SPDR ETF (Symbol: XLY) where we have detected an approximate $288.2 million dollar outflow -- that's a 1.3% decrease week over week (from 195,556,504 to 192,956,504). Among the largest underlying components of XLY, in trading today Booking Holdings Inc (Symbol: BKNG) is up about 4.8%, Starbucks Corp. (Symbol: SBUX) is up about 1.9%, and Lowe's Companies Inc (Symbol: LOW) is higher by about 3.7%. For a complete list of holdings, visit the XLY Holdings page » The chart below shows the one year price performance of XLY, versus its 200 day moving average:
Looking at the chart above, XLY's low point in its 52 week range is $105.19 per share, with $125.01 as the 52 week high point — that compares with a last trade of $111.95. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further XLY Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: XLY, BKNG, SBUX, LOW

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Prologis Inc (Symbol: PLD) has taken over the #81 spot from Booking Holdings Inc (Symbol: BKNG), according to The Online Investor.
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of Prologis Inc (Symbol: PLD), the market cap is now $137.64 billion, versus Booking Holdings Inc (Symbol: BKNG) at $137.51 billion.
Below is a chart of Prologis Inc versus Booking Holdings Inc plotting their respective size rank within the S&P 500 over time (PLD plotted in blue; BKNG plotted in green):
Below is a three month price history chart comparing the stock performance of PLD vs. BKNG:
Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform their larger rivals). So a company's market cap, especially in relation to other companies, carries great importance, and for this reason we at The Online Investor find value to putting together these rankings daily.
Examine the full PLD market cap history vs. the full BKNG market cap history.
At the closing bell, PLD is down about 0.2%, while BKNG is up about 5.3% on the day Monday.
Further PLD Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prologis Takes Over #81 Spot From Booking Holdings

Key Points
Amazon currently operates at a vastly higher revenue scale than Booking, maintaining a massive financial advantage across the entire observed period.
Over roughly the last eight quarters, Amazon demonstrated generally positive quarter-over-quarter trajectories, while Booking experienced alternating periods of sharp revenue expansion and contraction.
Investors should watch whether these differing quarter-over-quarter volatility patterns persist or if the revenue gap between the two companies fundamentally shifts over time.
Amazon: Sustaining Broad Revenue Scale
Amazon (NASDAQ:AMZN) primarily generates revenue by selling diverse consumer goods online, operating physical retail stores, and providing cloud computing solutions to global enterprise clients.
It introduced Amazon Supply Chain Services to open its internal logistics network to third-party businesses in May 2026, and it reported a 17% net income margin for the quarter ended March 31, 2026.
Booking: Navigating Cyclical Travel Revenue
Booking (NASDAQ:BKNG) mainly earns revenue by facilitating online travel accommodations, flight bookings, car rentals, and restaurant reservations across its multiple digital platforms for individual consumers.
It integrated new artificial intelligence booking tools into its platforms in mid-2026 while simultaneously managing workforce reductions, and it generated a 23% EBIT margin for the quarter ended March 31, 2026.
Why Revenue Matters for Retail Investors
Revenue represents the total amount of money a company brings in from selling its goods or services before any expenses are deducted, and it matters because it serves as the foundational indicator of customer demand and overall business growth.
Quarterly Revenue for Amazon and Booking
Quarter (Period End)
Amazon Revenue
Booking Revenue
Q2 2024 (June 2024)
$148.0 billion
$5.9 billion
Q3 2024 (Sept. 2024)
$158.9 billion
$8.0 billion
Q4 2024 (Dec. 2024)
$187.8 billion
$5.5 billion
Q1 2025 (March 2025)
$155.7 billion
$4.8 billion
Q2 2025 (June 2025)
$167.7 billion
$6.8 billion
Q3 2025 (Sept. 2025)
$180.2 billion
$9.0 billion
Q4 2025 (Dec. 2025)
$213.4 billion
$6.3 billion
Q1 2026 (March 2026)
$181.5 billion
$5.5 billion
Data source: Company filings. Data as of July 24, 2026.
Foolish Take
Examining the revenue trends for Amazon and Booking Holdings reveal the quirks in their businesses. The fourth quarter is the largest in terms of sales for the former, thanks to the winter holiday shopping season, while the latter sees its biggest revenue quarter during the summer travel time.
Both are seeing a trend of strong sales expansion. Amazon’s $181.5 billion in its most recent quarter was a 17% year-over-year increase. Booking’s $5.5 billion represented 16% year-over-year growth.
While revenue trends indicate healthy businesses, Booking warned the U.S. conflict with Iran is expected to hurt sales just as the 2026 travel season is ramping up. This caused the company’s stock to drop to a 52-week low of $150.14 in May. The dip creates a buy opportunity.
Amazon’s share price fell from its 52-week high of $278.56 reached in May due to its massive capital expenditures to provide the tech infrastructure needed to grow its artificial intelligence business. Its spending caused Q1 free cash flow to plunge 95% year over year, but the expense is helping to fuel its AWS cloud computing division’s revenue growth, which rose 28% year over year in Q1. Its share price drop also presents investors with an opportunity to pick up shares.
Should you buy stock in Amazon right now?
Before you buy stock in Amazon, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Amazon wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $377,990!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,269,518!*
Now, it’s worth noting Stock Advisor’s total average return is 896% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 25, 2026.
Robert Izquierdo has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Booking Holdings. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Amazon vs. Booking: Comparing Revenue Trends Between a Retail Giant and a Travel Titan

In the latest trading session, Booking Holdings (BKNG) closed at $172.83, marking a -2.83% move from the previous day. The stock's change was less than the S&P 500's daily loss of 1.21%. At the same time, the Dow lost 0.97%, and the tech-heavy Nasdaq lost 2.15%.
Coming into today, shares of the online booking service had lost 1.87% in the past month. In that same time, the Retail-Wholesale sector gained 2.27%, while the S&P 500 gained 0.42%.
The investment community will be closely monitoring the performance of Booking Holdings in its forthcoming earnings report. The company is scheduled to release its earnings on August 4, 2026. The company's earnings per share (EPS) are projected to be $2.46, reflecting a 10.81% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.19 billion, up 5.71% from the year-ago period.
BKNG's full-year Zacks Consensus Estimates are calling for earnings of $10.45 per share and revenue of $29.4 billion. These results would represent year-over-year changes of +14.58% and +9.23%, respectively.
Investors should also pay attention to any latest changes in analyst estimates for Booking Holdings. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.09% upward. Booking Holdings is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Booking Holdings's current valuation metrics, including its Forward P/E ratio of 17.02. This indicates a premium in contrast to its industry's Forward P/E of 16.93.
Also, we should mention that BKNG has a PEG ratio of 1.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Internet - Commerce was holding an average PEG ratio of 1.11 at yesterday's closing price.
The Internet - Commerce industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 158, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Booking Holdings (BKNG) Falls More Steeply Than Broader Market: What Investors Need to Know

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the State Street Consumer Discretionary Select Sector SPDR ETF (Symbol: XLY) where we have detected an approximate $254.0 million dollar inflow -- that's a 1.1% increase week over week in outstanding units (from 193,356,504 to 195,556,504). Among the largest underlying components of XLY, in trading today Booking Holdings Inc (Symbol: BKNG) is off about 2%, Lowe's Companies Inc (Symbol: LOW) is down about 2.1%, and Starbucks Corp. (Symbol: SBUX) is higher by about 0.4%. For a complete list of holdings, visit the XLY Holdings page » The chart below shows the one year price performance of XLY, versus its 200 day moving average:
Looking at the chart above, XLY's low point in its 52 week range is $105.19 per share, with $125.01 as the 52 week high point — that compares with a last trade of $114.87. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further XLY Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable ETF Inflow Detected - XLY, BKNG, LOW, SBUX

Booking Holdings (BKNG) ended the recent trading session at $181.68, demonstrating a -1.59% change from the preceding day's closing price. This change lagged the S&P 500's daily loss of 1.01%. Elsewhere, the Dow lost 0.77%, while the tech-heavy Nasdaq lost 1.4%.
The stock of online booking service has risen by 7.47% in the past month, leading the Retail-Wholesale sector's gain of 0.78% and the S&P 500's gain of 0.32%.
The investment community will be closely monitoring the performance of Booking Holdings in its forthcoming earnings report. The company is scheduled to release its earnings on August 4, 2026. On that day, Booking Holdings is projected to report earnings of $2.47 per share, which would represent year-over-year growth of 11.26%. Alongside, our most recent consensus estimate is anticipating revenue of $7.19 billion, indicating a 5.71% upward movement from the same quarter last year.
BKNG's full-year Zacks Consensus Estimates are calling for earnings of $10.43 per share and revenue of $29.4 billion. These results would represent year-over-year changes of +14.36% and +9.23%, respectively.
It is also important to note the recent changes to analyst estimates for Booking Holdings. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.09% lower. As of now, Booking Holdings holds a Zacks Rank of #3 (Hold).
In terms of valuation, Booking Holdings is currently trading at a Forward P/E ratio of 17.7. Its industry sports an average Forward P/E of 17.3, so one might conclude that Booking Holdings is trading at a premium comparatively.
We can also see that BKNG currently has a PEG ratio of 1.1. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Internet - Commerce industry currently had an average PEG ratio of 1.1 as of yesterday's close.
The Internet - Commerce industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 170, this industry ranks in the bottom 31% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Here's Why Booking Holdings (BKNG) Fell More Than Broader Market

Key Points
Artificial intelligence has been and will continue to be the biggest driving force of the current bull market.
Analysts see upside of more than 25% for each of these ETFs over the next 12 months.
These Vanguard funds have low expense ratios.
Even after an incredible bull market run for the last 45 months, analysts still expect the S&P 500 index to keep climbing through 2026 and beyond. One of the biggest drivers of the current cycle has been artificial intelligence (AI), and analysts expect AI stocks to continue delivering phenomenal results for at least the next year, if not longer. A natural fit for most AI stocks is the tech sector, but a couple of other sectors could perform even better, based on analysts' estimates.
Investors looking to outperform could buy simple, low-cost exchange-traded funds (ETFs) from Vanguard, concentrating their portfolios in sectors most likely to outperform, according to Wall Street. Here are two to buy -- and what investors need to know about each.
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1. The Vanguard Communication Services ETF
Communication and media companies are expected to produce better returns for investors over the next 12 months than any other sector. The bottom-up price target for the sector, which aggregates individual stock price targets from each component of the sector index, was 32.4% higher than its level as of the end of June, according to data from FactSet Insight. The Vanguard Communication Services ETF (NYSEMKT: VOX) provides exposure to the sector with an expense ratio of just 0.09%, making it an effective way to invest in top communications companies.
When investors think of communication and media companies, they probably think of the top telecom and broadcast networks in the U.S. Sure enough, they have significant representation in the top 10 holdings of the fund. But two companies completely dominate the ETF, and that might surprise investors: Meta Platforms and Alphabet. Here are the top 10 holdings in the Vanguard fund:
Meta Platforms
Alphabet (Class A)
Alphabet (Class C)
Verizon
Disney
AT&T
Netflix
Comcast
T-Mobile
Warner Bros. Discovery
Meta and Alphabet account for roughly 44% of the portfolio. The two companies were reclassified from technology to communications stocks in 2018 when the sector was expanded and overhauled to include media companies as well. It makes sense, too. In the age of digital communications, Meta and Alphabet play extremely important roles.
However, that means the Vanguard Communication Services ETF is still very much an AI play. Meta and Alphabet are investing tens of billions of dollars every year to build computing capacity and develop leading-edge large language models. They also use their models in their own products, improving their advertising platforms.
Both are seeing strong momentum in their core digital advertising businesses. Alphabet's cloud platform is seeing solid revenue acceleration, and Meta could start selling access to its data centers in the future, providing a significant ancillary revenue source. While there are many great stocks in the ETF, investors should understand that the concentration in two companies is driving analysts' sector expectations.
2. The Vanguard Consumer Discretionary ETF
The consumer discretionary sector is full of companies that benefit when people are in a spending mood: retailers, travel companies, and automakers, among others. Despite consumer sentiment currently sitting near historical lows and inflation continuously weighing on spending power, analysts still expect strong results from the sector.
Investors can buy the Vanguard Consumer Discretionary ETF (NYSEMKT: VCR) to add the sector to their portfolio. It also charges just 0.09% of assets under management, making it one of the most cost-effective ways to add exposure to a segment poised to outperform, according to analysts.
Again, the index is concentrated in its top two holdings, but it contains several fantastic stocks to round out the top 10.
Amazon
Tesla
Home Depot
McDonald's
TJX Companies
Booking Holdings
Lowe's
Starbucks
Marriott
General Motors
Amazon and Tesla combine to account for nearly 40% of the fund -- AI is inescapable, since both companies present different ways to invest in the tech trend.
Amazon is the largest online retailer in the world, putting it firmly in the consumer discretionary sector. However, it's also the leading cloud computing company, and that's currently driving the stock price. Management is investing about $200 billion this year in building new data centers to serve its customers, and it holds a backlog of contracted revenue to support that huge construction. That should ensure it produces a strong return on its invested capital over the long run.
Tesla is investing heavily in developing AI for its robotaxi and humanoid robotics plans. An AI breakthrough in autonomous vehicles could allow it to scale up a robotaxi business extremely quickly, enabling existing Tesla vehicle owners to put their cars into the fleet. The potential for humanoid robots to replace human labor in some sectors could drive significant revenue potential. These are big bets, however, and there's significant risk in investing in the company.
If consumer sentiment improves, it could reduce the concentration of Amazon and Tesla in the ETF, but for now, the two are driving sector expectations.
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Adam Levy has positions in Alphabet, Amazon, Booking Holdings, Meta Platforms, Netflix, and Walt Disney. The Motley Fool has positions in and recommends Alphabet, Amazon, Booking Holdings, Home Depot, Meta Platforms, Netflix, Starbucks, TJX Companies, Tesla, Walt Disney, and Warner Bros. Discovery. The Motley Fool recommends Comcast, General Motors, Lowe's Companies, Marriott International, T-Mobile US, and Verizon Communications and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Booking Holdings Inc. Common Stock

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