$BKNG —
Q2 guidance assumed travel environment stability through Q3;
Q3 guidance reflects "near-term disruptions" and calls the environment "mixed."
The quantified 300bps Middle East impact from last quarter is gone, replaced by unsized "indirect impacts." Booking·com's AI-powered discovery experience, once detailed with a promise of data updates, is never named again.
Google's agentic booking partnership, once volunteered with pride, goes unmentioned when DMA questions arise directly.
What held: the $650M transformation savings target stays on track for 2027, room nights beat guidance at 7% (guide was 3%-5%), and Connected Trip growth accelerated to almost 20%.
#TheGapReport