← Who reports today · Consumer Discretionary
BKNG · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A strong quarter with revenue up 8.1% and operating income up 11.1% on merchant-mix shift and cost discipline, while net income nearly doubled (+117.9%) mainly because a $962M FX loss on Euro debt in Q2 2025 flipped to a $159M gain this quarter, a non-operating swing that flatters the y/y comparison far more than underlying operating momentum.
Net Income
$1,950M
up 117.9% y/y
Total Revenue
$7,352M
up 8.1% y/y
Operating Income
$2,500M
up 11.1% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Merchant Revenue | $5,127 · +15.0% |
| Agency Revenue | $1,903 · -6.9% |
| Advertising & Other | $322 · +8.1% |
| Total Revenue | $7,352 · +8.1% |
| Marketing | $2,371 · +10.8% |
| Sales & Other | $942 · +4.8% |
| Personnel | $900 · +0.5% |
| G&A | $217 · +8.9% |
| Info Technology | $263 · +20.1% |
| D&A* | $129 · -18.3% |
| Transformation Costs | $30 · -19.3% |
| Operating Income | $2,500 · +11.1% · 34.0% margin |
| Net Financial & Other Income | $60 · n/m · Interest exp -$300, Int/div income $201, Other inc/exp $159 |
| Pre-Tax Income | $2,560 · +131.9% |
| Income Tax | $610 · +191.9% |
| Net Income | $1,950 · +117.9% · $2.53 diluted EPS |
Verdict: a strong quarter with revenue up 8.1% and operating income up 11.1% on merchant-mix shift and cost discipline, while net income nearly doubled (+117.9%) mainly because a $962M FX loss on Euro debt in Q2 2025 flipped to a $159M gain this quarter, a non-operating swing that flatters the y/y comparison far more than underlying operating momentum.
6M operating cash flow $6,934M (+6.9%); $7.8B of buybacks in 6M2026 with $14.5B remaining authorization; quarterly dividend raised to $0.42/share; room nights +5.3% y/y, gross bookings +9.0% y/y.
Source and notation
* marks non-cash / ≈ estimated. Source: Booking Holdings press release / 10-Q (SEC EDGAR).
Open as an image: BKNG, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “BKNG Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/bkng/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/bkng/q2-2026"><img src="https://whoreportstoday.com/t/bkng/q2-2026/sankey.png" alt="BKNG Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/bkng/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/bkng/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/bkng/q2-2026">BKNG Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Net income growth (+117.9%) is heavily distorted by a non-operating FX swing: $195M gain vs $961M loss on Euro-denominated debt remeasurement year-over-year, embedded in 'Other income (expense), net'.
- Effective tax rate rose to 23.8% from 18.9%, driven by higher unrecognized tax benefits and a valuation allowance on U.S. federal interest expense carryforwards, partly offsetting the FX-driven profit boost.
- Merchant revenue (+15.0%) continues to displace agency revenue (-6.9%) as Booking.com shifts business mix toward merchant bookings (73% of gross bookings vs 69% a year ago), which raises sales/personnel costs but boosts topline.
- Marketing expense (+10.8%) grew faster than revenue, pressuring margins as SEO traffic declines and paid channel investment increases; G&A benefited from an $89M litigation settlement gain in Q1 partly reflected in H1 figures.
- Middle East conflict continued to weigh on room night growth (5.3% vs 6% in Q1) and rental car days (-6.5%), though flight tickets grew 3.7% on higher ticket prices.
- Transformation Program savings run-rate raised to ~$650M annually, with transformation costs of $30M this quarter, down 19.3% y/y as restructuring costs taper.
What distorts the picture in this report and what to watch beyond the headlines.
BKNG — Booking Holdings operates online travel reservation platforms such as Booking.com, Priceline, and Expedia.
It provides services for booking accommodations, flights, car rentals, and activities, headquartered in Norwalk, Connecticut, USA.
More reports: CCL · Q3 FY2026 · CMG · Q3 2026 · CVNA · Q3 2026 · DASH · Q3 2026 · DECK · Q2 FY2027 · DHI · Q3 FY2026 · DPZ · Q3 FY2026 · DRI · Q1 FY2027 · EBAY · Q3 2026 · EXPE · Q2 2026 · all reports