Booking Holdings vs Skyscanner

Booking Holdings to Webcast Third Quarter 2026 Financial Results on November 3

Booking Holdings announced it will webcast its third quarter 2026 financial results on November 3, 2026.

10-Q Financial Filing Analysis for Booking Holdings (2026-08-04)

Booking Holdings reported solid financial performance for the second quarter ended June 30, 2026, with total revenues rising 8.1% year-over-year to $7.35 billion, up from $6.80 billion in Q2 2025. Growth was anchored by a 15.0% expansion in merchant revenues to $5.13 billion, driven by Booking.com's ongoing strategic transition toward merchant models and Connected Trip offerings. Operating income expanded 11.1% to $2.50 billion, while net income surged to $1.95 billion ($2.53 per diluted share) from $895 million ($1.10 per diluted share) in the prior-year period, supported by lower net non-operating expenses and foreign currency remeasurement gains. Total gross bookings reached $50.96 billion (+9.0% YoY), reflecting 325 million room nights booked (+5.3% YoY).

• Q2 2026 total revenues rose 8.1% YoY to $7.35 billion, driven by a 14.5% increase in merchant gross bookings to $37.00 billion and 5.3% growth in room nights booked to 325 million.
• Operating income increased 11.1% YoY to $2.50 billion with an operating margin of 34.0%, while net income reached $1.95 billion ($2.53 diluted EPS).
• Active capital return continued with $3.79 billion spent on common stock repurchases during Q2 2026, leaving $14.5 billion in remaining repurchase authorization.

Booking Holdings Stock Is Not an AI Victim, Data Shows

Despite fears that AI chatbots would disrupt online travel agencies, Booking Holdings' stock is trading at a discount. The company continues to meet growth targets, with LLM traffic accounting for under 1% of room nights. Direct bookings are growing, and its payments and supply moat are defensible. The Q3 goodwill impairment at Kayak is cited, but the core business remains strong. Valuation at 15.3x forward earnings vs. 22.3x historical average suggests upside. The article argues the AI threat is overblown, as AI agents often hand off checkout to Booking.

• Booking Holdings trades at 15.3 times forward earnings vs. 10-year average of 22.3 times.
• Traffic from large language models remains below 1% of Booking's room nights.
• Booking recorded a $457 million goodwill impairment at Kayak due to rising customer acquisition costs.

Gen Z wants to go offline on vacation

A survey by Skyscanner reveals that nearly one in four Germans plans to spend their next vacation largely offline, with the desire strongest among Generation Z (27%). The survey, conducted with 2,000 adults, also found that more than one-third of participants are hindered from disconnecting due to fear of missing important news. Skyscanner's analysis shows increasing searches for digital detox destinations like Nuuk, Asturias, and Bishkek, with Bishkek up 385% year-over-year. The trend reflects a broader desire to feel more connected with nature and family when offline, as well as a response to digital exhaustion. Skyscanner's travel expert Tobias Peine comments on the growing relevance for Gen Z.

• 27% of Gen Z respondents plan to go offline on their next vacation.
• More than one-third of survey participants are hindered by fear of missing news.
• Searches for Bishkek as a digital detox destination increased by 385% year-over-year.