Wall Street expects Booking Holdings to post $7.2 billion in Q2 revenue on the back of 17.5% average commissions and a merchant model that now controls 61% of total revenue. If you're an independent operator watching your cost of acquisition climb every quarter, this earnings call isn't about their stock price... it's about your margins.
Wall Street expects $5.52 billion in Q1 revenue from Booking Holdings, up 16% year-over-year, fueled by a merchant model that now controls 61% of total revenue. The question for hotel owners isn't whether the quarter beats estimates... it's how much of your margin moved to their balance sheet.
Glenn Fogel's routine share sale grabbed a headline, but the $700 million Booking is pouring into AI and its "Connected Trip" strategy in 2026 is what should keep every hotel operator up tonight thinking about who owns their guest relationship.
BTIG reiterates a $6,250 price target while the stock sits near a 52-week low at $3,864. The gap between analyst conviction and market behavior is the real story.
