Booking Holdings beats expectations with strong Q2 growth

Company reports double-digit gains in bookings and revenue, driven by European and Asian markets

Booking Holdings exceeded expectations in Q2 2025, reporting solid growth in bookings, revenue, and its connected trip strategy, fueled by strong performance in Europe, Asia, and the U.S. The company raised its full-year guidance, citing steady travel demand and increased contributions from artificial intelligence initiatives.

Key takeaways

• Robust growth across regions: Room nights increased 8% to 309 million, with Europe up high single digits, Asia up low double digits, and the U.S. showing modest growth.
• Financial performance: Gross bookings reached $46.7 billion (up 13%), revenue rose to $6.8 billion (up 16%), and adjusted EBITDA climbed 28% year-over-year.
• Connected trip momentum: Multi-vertical bookings on Booking.com grew over 30% year-over-year, with flights up 44%, reflecting growing customer loyalty.
• AI-driven innovation: New AI initiatives, including Priceline’s AI assistant Penny and Kayak.AI, are enhancing personalization and engagement, supported by collaborations with OpenAI, Microsoft, and Amazon.
• Transformation savings: The restructuring program delivered $45 million in Q2 savings, with $350 million in annual run-rate savings expected; organizational changes, including potential layoffs, are under consultation.
• Raised outlook: Booking increased its full-year 2025 guidance, citing steady demand trends and improved visibility for the third quarter, its historically strongest revenue period.

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