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 Inc. Common Stock

In the latest trading session, Booking Holdings (BKNG) closed at $5,569.70, marking a +1.16% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.21%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, added 0.45%.
Heading into today, shares of the online booking service had gained 1.85% over the past month, lagging the Retail-Wholesale sector's gain of 5.92% and the S&P 500's gain of 3.07%.
Market participants will be closely following the financial results of Booking Holdings in its upcoming release. The company's upcoming EPS is projected at $95.56, signifying a 13.91% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $8.71 billion, showing a 9.01% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $220.74 per share and revenue of $26.36 billion, which would represent changes of +17.98% and +11.03%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Booking Holdings. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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, 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. The Zacks Consensus EPS estimate remained stagnant within the past month. 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 24.94. This signifies a premium in comparison to the average Forward P/E of 18.51 for its industry.
Also, we should mention that BKNG has a PEG ratio of 1.59. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Internet - Commerce industry held an average PEG ratio of 1.56.
The Internet - Commerce industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 97, this industry ranks in the top 40% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming 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) Beats Stock Market Upswing: What Investors Need to Know

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Centene Corp (Symbol: CNC), where a total of 67,536 contracts have traded so far, representing approximately 6.8 million underlying shares. That amounts to about 53.6% of CNC's average daily trading volume over the past month of 12.6 million shares. Especially high volume was seen for the $28 strike put option expiring September 12, 2025, with 14,288 contracts trading so far today, representing approximately 1.4 million underlying shares of CNC. Below is a chart showing CNC's trailing twelve month trading history, with the $28 strike highlighted in orange:
Booking Holdings Inc (Symbol: BKNG) saw options trading volume of 743 contracts, representing approximately 74,300 underlying shares or approximately 42.3% of BKNG's average daily trading volume over the past month, of 175,680 shares. Especially high volume was seen for the $5400 strike put option expiring September 05, 2025, with 28 contracts trading so far today, representing approximately 2,800 underlying shares of BKNG. Below is a chart showing BKNG's trailing twelve month trading history, with the $5400 strike highlighted in orange:
And Eli Lilly (Symbol: LLY) saw options trading volume of 27,929 contracts, representing approximately 2.8 million underlying shares or approximately 41.7% of LLY's average daily trading volume over the past month, of 6.7 million shares. Particularly high volume was seen for the $750 strike call option expiring September 05, 2025, with 2,121 contracts trading so far today, representing approximately 212,100 underlying shares of LLY. Below is a chart showing LLY's trailing twelve month trading history, with the $750 strike highlighted in orange:
For the various different available expirations for CNC options, BKNG options, or LLY options, visit StockOptionsChannel.com.
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Institutional Holders of CWC
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Thursday Option Activity: CNC, BKNG, LLY

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Invesco QQQ (Symbol: QQQ) where we have detected an approximate $2.3 billion dollar outflow -- that's a 0.6% decrease week over week (from 645,150,000 to 641,200,000). Among the largest underlying components of QQQ, in trading today Texas Instruments Inc. (Symbol: TXN) is off about 5.3%, Booking Holdings Inc (Symbol: BKNG) is off about 1.2%, and Applovin Corp (Symbol: APP) is up by about 0.8%. For a complete list of holdings, visit the QQQ Holdings page » The chart below shows the one year price performance of QQQ, versus its 200 day moving average:
Looking at the chart above, QQQ's low point in its 52 week range is $402.39 per share, with $583.3199 as the 52 week high point — that compares with a last trade of $570.51. 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.
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Institutional Holders of KXIN
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

QQQ, TXN, BKNG, APP: ETF Outflow Alert

A month has gone by since the last earnings report for Wayfair (W). Shares have added about 5.4% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Wayfair due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Wayfair Inc. before we dive into how investors and analysts have reacted as of late.
Wayfair's Q2 Earnings Beat Estimates, Revenues Rise Y/Y
Wayfair reported second-quarter 2025 non-GAAP earnings of 87 cents per share, beating the Zacks Consensus Estimate by 141.67%. The company had reported a profit of 47 cents per share in the year-ago quarter.
Net revenues of $3.3 billion beat the consensus mark by 4.25%. The top line increased by a mere $156 million year over year, driven by a steady performance in the U.S. segment.
Last Twelve Months (LTM) net revenues per active customer increased 5.9% year over year to $572, which beat the Zacks Consensus Estimate by 8.13%.
Further, the active customer base declined. The metric decreased 4.5% year over year to 21 million and missed the consensus mark by 4.7%.
Wayfair’s Q2 in Details
Net revenues in the United States (87.8% of total net revenues) increased 5.3% year over year to $2.9 billion. The figure beat the Zacks Consensus Estimate by 3.88%.
International net revenues (12.2% of total net revenues) increased 3.1% year over year to $399 million. The number missed the consensus mark by 12.11%.
Orders per customer for the quarter were 1.86, up from 1.85 reported in the year-ago quarter. The figure beat the Zacks Consensus Estimate by 4.03%.
The average order value increased from $313 to $328 year over year, beating the consensus mark by 1.4%.
The total number of delivered orders in the reported quarter was 10 million, which remained the same year over year.
Repeat customers placed 8.1 million orders (80.7% of total orders delivered) in the second quarter, down 1.2% year over year.
Additionally, 62.9% of total delivered orders were placed through mobile devices in the reported quarter compared with 63.7% in the year-ago quarter.
Operating Results of Wayfair
Wayfair's second-quarter gross margin was 30.1% compared with 30.2% in the year-ago quarter. This was driven primarily by the company's marketplace model advantages and strategic reinvestments.
Adjusted EBITDA was $205 million, up from $163 million in the year-ago quarter, representing a 6.3% margin.
Customer service and merchant fees remained stable year over year at 121 million and represented 3.6% of net revenue.
Advertising expenses increased 1.9% year over year to $372 million. Selling, operations, technology and general and administrative expenses decreased 4.9% year over year to $465 million.
Wayfair achieved a GAAP operating income of $17 million in the reported quarter compared with an operating loss of $35 million in the year-ago quarter.
Balance Sheet & Cash Flow of Wayfair
As of June 30, 2025, cash, cash equivalents, and short-term investments were $1.4 billion, unchanged from March 31, 2025.
Long-term debt was $2.9 billion as of June 30, 2025.
In the second quarter, net cash provided by operations amounted to $177 million compared with $96 million cash used in operations during the previous quarter.
Wayfair reported a free cash flow of $230 million in the second quarter.
Q3 2025 Guidance
Wayfair anticipates revenue growth in the low to mid-single digit range year-over-year for the third quarter, incorporating approximately 100 basis points of headwind from the German market exit. Gross margin is projected to be positioned at the lower end of the 30-31% target range. Adjusted EBITDA margin is expected to fall within the 5-6% range for the third quarter of 2025.
Customer service and merchant fees are forecast to remain just under 4% of net revenue. Advertising expenses are expected to represent 11-12% of net revenue. Selling, operations, technology, and general and administrative costs are projected to be between $360 and $370 million.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates revision.
The consensus estimate has shifted 52.73% due to these changes.
VGM Scores
At this time, Wayfair has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Wayfair has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry Player
Wayfair is part of the Zacks Internet - Commerce industry. Over the past month, Booking Holdings (BKNG), a stock from the same industry, has gained 0.9%. The company reported its results for the quarter ended June 2025 more than a month ago.
Booking Holdings reported revenues of $6.8 billion in the last reported quarter, representing a year-over-year change of +16%. EPS of $55.40 for the same period compares with $41.90 a year ago.
For the current quarter, Booking Holdings is expected to post earnings of $95.56 per share, indicating a change of +13.9% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Booking Holdings. Also, the stock has a VGM Score of B.
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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.

Why Is Wayfair (W) Up 5.4% Since Last Earnings Report?

Looking at the universe of stocks we cover at Dividend Channel, on 9/5/25, Strategic Education Inc (Symbol: STRA), Booking Holdings Inc (Symbol: BKNG), and TEGNA Inc (Symbol: TGNA) will all trade ex-dividend for their respective upcoming dividends. Strategic Education Inc will pay its quarterly dividend of $0.60 on 9/15/25, Booking Holdings Inc will pay its quarterly dividend of $9.60 on 9/30/25, and TEGNA Inc will pay its quarterly dividend of $0.125 on 10/1/25. As a percentage of STRA's recent stock price of $82.65, this dividend works out to approximately 0.73%, so look for shares of Strategic Education Inc to trade 0.73% lower — all else being equal — when STRA shares open for trading on 9/5/25. Similarly, investors should look for BKNG to open 0.17% lower in price and for TGNA to open 0.59% lower, all else being equal.
Below are dividend history charts for STRA, BKNG, and TGNA, showing historical dividends prior to the most recent ones declared.
Strategic Education Inc (Symbol: STRA):
Booking Holdings Inc (Symbol: BKNG):
TEGNA Inc (Symbol: TGNA):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 2.90% for Strategic Education Inc, 0.70% for Booking Holdings Inc, and 2.36% for TEGNA Inc.
In Wednesday trading, Strategic Education Inc shares are currently up about 1.6%, Booking Holdings Inc shares are off about 1.7%, and TEGNA Inc shares are down about 0.1% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
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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.

Ex-Dividend Reminder: Strategic Education, Booking Holdings and TEGNA

Tuesday, September 2, 2025
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 NVIDIA Corp. (NVDA), Chevron Corp. (CVX) and Booking Holdings Inc. (BKNG), as well as two micro-cap stocks EVI Industries, Inc. (EVI) and AMCON Distributing Co. (DIT). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
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 >>> Gearing Up for Jobs Week: What to Expect
Today's Featured Research Reports
NVIDIA’s shares have outperformed the Zacks Semiconductor - General industry over the past year (+59.2% vs. +55.3%). The company is benefiting from strong growth of artificial intelligence (AI) and high-performance accelerated computing. The growing demand for generative AI and large language models using graphic processing units (GPUs) based on NVIDIA’s Hopper and Blackwell architectures is aiding data center revenues.
The continued ramp-up of Ada RTX GPU workstations in the ProViz end market, following the normalization of channel inventory, is acting as a tailwind. Collaborations with more than 320 automakers and tier-one suppliers are likely to advance its presence in the autonomous vehicle space.
However, a limited supply of Blackwell GPUs may hinder its ability to meet demand. Rising costs associated with the production of more complex AI systems will hurt margins. The U.S.-China tech war and rising competition from AMD remain major concerns.
(You can read the full research report on NVIDIA here >>>)
Shares of Chevron have outperformed the Zacks Oil and Gas - Integrated - International industry over the year-to-date period (+14.6% vs. +11.3%). The company is strengthened by its strategic acquisition of Hess, which boosts long-term production and free cash flow.
Chevron also demonstrates strong operational performance with record production from its U.S. Permian Basin assets and significant projected growth from its GoA and Tengiz projects. A robust financial structure, a high investment-grade rating, and an attractive dividend yield further support Chevron's stability. However, several factors temper this positive outlook. Upstream earnings fell despite record production, primarily due to lower oil prices.
Meanwhile, geopolitical complexities in international operations add a layer of risk. Furthermore, the stock's high valuation relative to its peers suggests limited near-term upside. Given these conflicting positive and negative points, a neutral stance is advised.
(You can read the full research report on Chevron here >>>)
Booking’s shares have outperformed the Zacks Internet - Commerce industry over the past year (+46.6% vs. +36.6%). The company is benefiting from a favorable travel demand environment, owing to the growing demand for global leisure travel demand. Substantial improvement in its booking trends remains a major tailwind. Solid momentum in booked room nights is contributing well to the gross bookings’ growth.
Strong growth in rental car and airline ticket units is a major positive. Strong momentum across the merchant, and advertising and other businesses are key growth drivers for BKNG. The growing alternative accommodation business and flight capabilities are tailwinds for the company.
However, sluggishness in its agency business due to the declining trend in agency bookings is a major headwind. Rising macroeconomic and geopolitical tensions are concerning for the company’s prospects.
(You can read the full research report on Booking here >>>)
Shares of EVI Industries have outperformed the Zacks Industrial Services industry over the past year (+84.6% vs. +19%). This microcap company with a market capitalization of $353.93 million has made a recent acquisition in Girbau North America and expected to be is a pivotal growth driver, adding $75 million in revenue and $7 million in operating income in 2024. The deal strengthens EVI's OEM ties and expands its North American reach.
EVI’s consistent growth — 31% CAGR in revenues since 2016 — reflects a disciplined buy-and-build strategy and decentralized integration model. Acquisitions like Haiges Machinery and O'Dell Equipment support Midwest expansion. EVI’s broad, recurring revenue mix, scalable infrastructure, and strong tailwinds from institutional and eco-conscious demand reinforce long-term potential.
However, risks include cash flow volatility from rising receivables, higher SG&A undermining margins, and regulatory exposure to hazardous chemicals. EVI shares are up 70% YTD but remain undervalued, trading at 1.01X EV/sales, well below industry averages.
(You can read the full research report on EVI Industries here >>>)
AMCON Distributing’s shares have underperformed the Zacks Retail - Supermarkets industry over the past year (-14.1% vs. +27.1%). This microcap company with a market capitalization of $77.45 million has had its earnings softened. Q3 2025 net income fell 11.5% year over year, and margins compressed due to higher costs. Operating cash flow turned negative ($12.5 million). Declining cigarette volumes offset price gains, raising concerns over long-term demand and regulatory threats to tobacco products. Despite undervaluation (0.09x EV/sales), the stock has underperformed peers.
Nevertheless, AMCON is strengthening its competitive position through geographic expansion and strategic acquisitions. The addition of a Colorado City distribution center enhances service reach across underserved western markets, supporting national contracts and delivery efficiency.
Acquisitions like Arrowrock, Burklund, and Richmond Master have added over $135 million in revenues YTD and broadened the customer base. A diversified product mix — over 20,000 SKUs — reduces dependence on any single category.
(You can read the full research report on AMCON Distributing here >>>)
Other noteworthy reports we are featuring today include GSK plc (GSK), Energy Transfer LP (ET) and Keurig Dr Pepper Inc. (KDP).
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
GSK (GSK) Specialty Medicines Unit Strong; Vaccines Slowing Down
GSK is witnessing increased sales growth of the Specialty Medicines unit. However, slowing sales in the Vaccines unit concerns the Zacks analyst
Investments & Fee-Based Earnings Aid Energy Transfer (ET)
According to the Zacks analyst, Energy Transfer gains from higher fee-based earnings. To keep up with the projected rise in producer activity, it projects $5B in growth capital expenditures for 2025.
Market Share Gains Aid Keurig Dr Pepper's (KDP) Top Line
Per the Zacks analyst, market share gains for Keurig Dr Pepper's CSD portfolio, with strong contributions from Electrolit and C4, aided Q2 sales. Sales for 2025 are likely to improve mid-single-digit.
Broadridge (BR) Gains From Itiviti Buyout, Liquidity Low
Per the Zacks analyst, the Itiviti acquisition has boosted Broadridge's global technology and operations segment. Low liquidity is concerning.
HubSpot (HUBS) Rides on Solid Customer Growth, AI Focus
Per the Zacks analyst, steady multi hub adoption from enterprise customers will likely drive HubSpot's top line. AI integration across its entire product suite is driving user engagement.
Toll Brothers (TOL) Gains From Affluent Buyers, Margin Pressures Ail
Per the Zacks analysts, Toll Brothers benefits from luxury demand and affluent buyers. Elevated costs and weaker backlog remain challenges.
Blue Owl (OBDC) to Grow on Diversified Portfolio Amid High Costs
Per the Zacks analyst, Blue Owl's diversified portfolio will ensure its top-line growth. However, growing expenses are eating into its profit growth.
New Upgrades
Organic Growth & Strong Liquidity Aid Popular (BPOP)
Per the Zacks analyst, Popular benefits from robust loan and deposit growth, which strengthens its balance sheet. Further, a strong liquidity base supports consistent capital return plans.
Cost-Saving Actions & POS Growth Boost SMG's Prospects
Per the Zacks analyst, SMG's cost-saving actions will drive supply-chain efficiencies and margin expansion. Targeted marketing tools continue to boost POS units, supporting the U.S. consumer segment.
Diverse Products & Declining Costs to Aid LendingTree (TREE)
Per the Zacks analyst, rising Insurance segment revenues, efforts to diversify non-mortgage offerings and cost-containment initiatives will likely aid LendingTree financials.
New Downgrades
ProPetro (PUMP) Faces Execution Risk in New PROPWR Expansion
The Zacks analyst believes that delays and uncertain demand could hinder returns from ProPetro Holding's PROPWR investment, creating risk for its $170 million capex plan.
Weakness in Power Products Segment, High Debt Ail Honda (HMC)
Per the Zacks analyst, Honda's Power Products segment has been struggling with reduced demand, and this trend is expected to continue in fiscal 2026. The rising debt levels are also concerning.
Lower ASP Impedes Align Technology's (ALGN) Growth
The Zacks analyst worries about Align technology's lower Invisalign ASP caused by higher discounts and a continued product mix shift toward non-comprehensive products with lower list prices.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Analyst Reports for NVIDIA, Chevron & Booking

A month has gone by since the last earnings report for Booking Holdings (BKNG). Shares have added about 0.1% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Booking Holdings due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Booking Holdings Inc. before we dive into how investors and analysts have reacted as of late.
Booking Holdings Q2 Earnings Beat Estimates, Revenues Grow Y/Y
Booking Holdings reported second-quarter 2025 earnings of $55.4 per share, beating the Zacks Consensus Estimate by 8.82%. The figure increased 32.2% year over year.
Revenues of $6.8 billion beat the Zacks Consensus Estimate by 3.56% and increased 16% year over year and about 12% on a constant-currency (cc) basis. The rally exceeded the high end of company guidance by 4 percentage points, driven by higher revenues from facilitating payments and lower merchandising spend. FX favorably impacted growth rates by roughly four percentage points.
Revenues as a percentage of gross bookings of 14.5% were up about 40 basis points year over year, fueled by the timing impact from the Easter calendar shift and higher revenues from payments.
In the second quarter of 2025, BKNG benefited from expanding alternative accommodations, enhancing Genius loyalty, advancing AI and Connected Trip initiatives, and driving superior traveler experiences and incremental demand for partners.
BKNG’s Q2 Top Line in Detail
Merchant revenues were $4.46 billion (65.6% of the total revenues), up 29.3% on a year-over-year basis. Agency revenues were $2.04 billion (30.1% of the total revenues), down 4.7% year over year.
Advertising & Other revenues were $297 million (4.4% of the total revenues), up 10.4% year over year.
Second-quarter room nights of 309 million, up 7.7% year over year, exceeded the high end of prior expectations, led by strong growth across Europe and Asia, with Asia posting low double-digit gains and supporting a positive long-term outlook.
For travelers, the company expanded its supply of alternative accommodations. At the end of the second quarter, there were approximately 8.4 million such listings on Booking.com, representing an 8% year-over-year increase. This growth enhanced traveler choice and drove a 10% year-over-year increase in alternative accommodation room nights for the second quarter, outpacing growth in the core hotel segment.
Booking Holdings saw Connected Trip transaction growth of 30% year over year in the second quarter, and these connected transactions represent a low double-digit percentage of Booking.com’s total transactions.
BKNG Q2 Operating Results
Marketing expense, which is a highly variable expense line, increased 10.3% year over year. Marketing expense as a percentage of gross bookings was 4.6% and was about in line with expectations. Marketing expense as a percentage of gross bookings was slightly lower than the 4.7% reported in the second quarter of 2024.
Marketing expense as a percentage of gross bookings provided leverage compared to the second quarter of 2024, driven by lower brand marketing expenses and a higher direct mix, partly offset by increased social media investment delivering strong incremental ROIs.
Second-quarter sales and other expenses as a percentage of gross bookings were 1.9%, in line with last year, despite an increasing merchant mix, as higher payment expenses were offset by increased efficiencies in customer service as well as lower transaction taxes and bad debt provisions.
Adjusted fixed operating expenses increased 11% year over year, or 7% on a constant currency basis. The year-over-year increase was caused by higher performance-based compensation accruals, increased cloud costs and a legal settlement in the second quarter.
Personnel expenses increased year over year by 11% in the second quarter, primarily due to an increase in salary expenses, as well as increases in bonus expense accruals.
Adjusted EBITDA rose 28% year over year to approximately $2.4???billion, exceeding the high end of guidance by 12 percentage points, driven largely by stronger revenue growth. Adjusted EBITDA margin expanded 330 basis points (bps) year over year to 35.6% in the reported quarter.
BKNG Q2 Balance Sheet
As of June 30, 2025, the company’s cash and investments totaled $18.2 billion, up from $16.1 billion as of March 31, 2025. The increase reflected $3.1???billion in quarterly free cash flow and $700???million in FX gains, partly offset by capital return activities, including $1.3???billion in share repurchases and $300???million in dividends.
Booking Holdings had $18.47 billion of total debt, down from $16.02 billion as of March 31, 2025.
Free cash flow was $3.1 billion compared with $3.2 billion reported in the previous quarter. Free cash flow in the second quarter benefited by over $800 million from changes in working capital, driven primarily by the seasonal increase in deferred merchant bookings balance.
Booking Holdings’ Q3 Guidance
For the third quarter of 2025, Room Night Growth is expected to be between 3.5% and 5.5%. Gross bookings are projected to grow 8-10%, with approximately 2 percentage points of the increase driven by stronger flight ticket demand.
Third-quarter revenue growth is expected to be between 7% and 9%.
The company expects third-quarter adjusted EBITDA between $3.9 billion and $4 billion, suggesting growth of 9% year over year at the high end.
For the full year of 2025, the company anticipates low double-digit growth in gross bookings and revenues.
Adjusted EBITDA is expected to increase in the mid-teens, with year-over-year margin expansion of roughly 125 basis points.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates revision.
VGM Scores
Currently, Booking Holdings has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. However, the stock has a score of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Booking Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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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) Up 0.1% Since Last Earnings Report: Can It Continue?

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Victorias Secret & Co (Symbol: VSCO), where a total of 17,568 contracts have traded so far, representing approximately 1.8 million underlying shares. That amounts to about 58.9% of VSCO's average daily trading volume over the past month of 3.0 million shares. Particularly high volume was seen for the $20 strike call option expiring September 19, 2025, with 2,437 contracts trading so far today, representing approximately 243,700 underlying shares of VSCO. Below is a chart showing VSCO's trailing twelve month trading history, with the $20 strike highlighted in orange:
e.l.f. Beauty Inc (Symbol: ELF) options are showing a volume of 14,361 contracts thus far today. That number of contracts represents approximately 1.4 million underlying shares, working out to a sizeable 58.3% of ELF's average daily trading volume over the past month, of 2.5 million shares. Especially high volume was seen for the $115 strike put option expiring August 29, 2025, with 591 contracts trading so far today, representing approximately 59,100 underlying shares of ELF. Below is a chart showing ELF's trailing twelve month trading history, with the $115 strike highlighted in orange:
And Booking Holdings Inc (Symbol: BKNG) options are showing a volume of 1,149 contracts thus far today. That number of contracts represents approximately 114,900 underlying shares, working out to a sizeable 58.3% of BKNG's average daily trading volume over the past month, of 196,965 shares. Particularly high volume was seen for the $5700 strike call option expiring August 29, 2025, with 28 contracts trading so far today, representing approximately 2,800 underlying shares of BKNG. Below is a chart showing BKNG's trailing twelve month trading history, with the $5700 strike highlighted in orange:
For the various different available expirations for VSCO options, ELF options, or BKNG options, visit StockOptionsChannel.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.

Notable Wednesday Option Activity: VSCO, ELF, BKNG

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR Portfolio S&P 500 Growth ETF (Symbol: SPYG) where we have detected an approximate $392.5 million dollar inflow -- that's a 1.0% increase week over week in outstanding units (from 400,600,108 to 404,550,108). Among the largest underlying components of SPYG, in trading today ServiceNow Inc (Symbol: NOW) is down about 1.3%, Booking Holdings Inc (Symbol: BKNG) is up about 0.1%, and GE Vernova Inc (Symbol: GEV) is up by about 2.7%. For a complete list of holdings, visit the SPYG Holdings page » The chart below shows the one year price performance of SPYG, versus its 200 day moving average:
Looking at the chart above, SPYG's low point in its 52 week range is $68.65 per share, with $100.76 as the 52 week high point — that compares with a last trade of $99.58. 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 ».
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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.
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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.

SPYG, NOW, BKNG, GEV: ETF Inflow Alert

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Booking Holdings Inc (Symbol: BKNG), where a total of 1,058 contracts have traded so far, representing approximately 105,800 underlying shares. That amounts to about 51.3% of BKNG's average daily trading volume over the past month of 206,305 shares. Especially high volume was seen for the $5700 strike call option expiring August 22, 2025, with 120 contracts trading so far today, representing approximately 12,000 underlying shares of BKNG. Below is a chart showing BKNG's trailing twelve month trading history, with the $5700 strike highlighted in orange:
XP Inc - Class A (Symbol: XP) options are showing a volume of 23,182 contracts thus far today. That number of contracts represents approximately 2.3 million underlying shares, working out to a sizeable 49.9% of XP's average daily trading volume over the past month, of 4.6 million shares. Especially high volume was seen for the $18 strike call option expiring September 19, 2025, with 8,506 contracts trading so far today, representing approximately 850,600 underlying shares of XP. Below is a chart showing XP's trailing twelve month trading history, with the $18 strike highlighted in orange:
And Trump Media & Technology Group Corp (Symbol: DJT) options are showing a volume of 34,613 contracts thus far today. That number of contracts represents approximately 3.5 million underlying shares, working out to a sizeable 49.6% of DJT's average daily trading volume over the past month, of 7.0 million shares. Particularly high volume was seen for the $20 strike call option expiring August 29, 2025, with 3,242 contracts trading so far today, representing approximately 324,200 underlying shares of DJT. Below is a chart showing DJT's trailing twelve month trading history, with the $20 strike highlighted in orange:
For the various different available expirations for BKNG options, XP options, or DJT options, visit StockOptionsChannel.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.

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