Booking Holdings reports Q2 2025 results with strong travel demand and profit growth

Overview

Booking Holdings delivered a strong second quarter of 2025, reflecting the ongoing recovery and growth in global travel demand. The company achieved double-digit revenue and profit growth, supported by robust room nights, expanding alternative accommodations, and continued momentum in flights and attractions.

CEO Glenn Fogel highlighted: “I am pleased to report a strong quarter that demonstrates the resilience of our business and the enduring appeal of global leisure travel. Our top-line trends saw solid improvement with room nights, gross bookings, and revenue all exceeding our prior expectations. This revenue outperformance, combined with our continued disciplined expense management, increased adjusted EBITDA 28% year-over-year.”

Q2 2025 vs. Q2 2024:

• Booking Holdings generated $6.80bn in revenue (+16% YoY), driven by resilient global travel trends and higher volumes in alternative accommodations.
• Gross bookings increased 13%, supported by an 8% increase in room nights and a 44% rise in flight bookings, partially offset by slightly lower ADRs in accommodations.
  • Room Nights reached 309m (+8% YoY), driven by demand in Europe and Asia.
  • Alternative Accommodations grew 10% YoY, with 8.4m listings, now accounting for 37% of Booking.com nights.
  • Flights and Attractions saw flight tickets rise 44%, while attractions bookings more than doubled YoY, advancing the Connected Trip vision.
  • Genius Loyalty Program continued to expand, with Level 2 and 3 members now representing over 30% of active travelers, driving more than half of total room nights.
  • Mobile and Direct Bookings rose to the mid-50% range for mobile and mid-60% for direct B2C bookings, improving marketing efficiency.
• GAAP net income was $895m (vs. $1.5bn in Q2 2024), and GAAP EPS was $27.43, reflecting ongoing efficiency initiatives and timing of transformation expenses.
• Adjusted net income was $1.81bn, and adjusted EPS grew to $55.40 (+32% YoY), benefiting from strong operating leverage and share repurchases.
• Adjusted EBITDA increased to $2.42bn (+28% YoY), surpassing guidance expectations.
• Free cash flow reached $3.1bn (+32% YoY), supporting $1.3bn in share repurchases and $300m in dividends.

Booking Holdings raised its full-year 2025 guidance, reflecting strong travel demand and improving operational efficiency. Gross bookings and revenue are expected to grow at low double digits, supported by Europe and Asia strength. Adjusted EBITDA is projected to grow in the mid-teens, with margins expanding by approximately 125 basis points. Adjusted EPS is expected to grow in the high teens, supported by operational leverage and continued share repurchases.

Booking Holdings (BKNG) showed signs of short-term consolidation after the earnings release. The stock remains in a long-term uptrend, trading above the 200-day SMA ($5,034.44) but slightly below the 50-day SMA ($5,567.31), which indicates weakening near-term momentum. The RSI at 41.22 signals that the stock is approaching oversold territory, suggesting the potential for a short-term rebound if support levels hold. Key support is around $5,034 and $5,300 while resistance stands at $5,600 and $5,800. Maintaining price action above the 200-day SMA would likely preserve the long-term bullish trend.

Author: Andreea-Roxana Danci