BKNG
Booking Holdings Inc.Evidence as of 2026-09-10The desk's Snapshot
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Overview · Booking Holdings Inc.
Booking Holdings Inc. provides travel and restaurant online reservation and related services worldwide. The company operates Booking.com, which offers online accommodation reservations; Rentalcars.com that provides online rental car reservation services; and Priceline, which offer online travel reservation services, and consumers hotel, flight, and rental car reservation services, as well as vacation packages, cruise…
Management team
- Ms. Debby Soo · Chief Executive Officer of OpenTableFind on LinkedIn
- Mr. Ewout Lucien Steenbergen · Executive VP & CFOFind on LinkedIn
- Mr. Daniel Stephen Hafner · Chief Executive Officer of KAYAKFind on LinkedIn
- Mr. Brett A. Keller · Chief Executive Officer of PricelineFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.7 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
Reported revenues were $ 9,008,000,000 for the three months ended 30 September 2025 (Q3 2025), $ 5,532,000,000 for the three months ended 31 March 2026 (Q1 2026), and $ 7,352,000,000 for the three months ended 30 June 2026 (Q2 2026). Operating income was $ 3,483,000,000, $ 1,270,000,000, and $ 2,500,000,000 in those same quarters, implying operating margins of approximately 38.7% (Q3 2025), 23.0% (Q1 2026), and 34.0% (Q2 2026).
Reported diluted share counts swing materially between periods: weighted average diluted shares were 32,558,000 (Q3 2025), 794,000,000 (Q1 2026), and 770,000,000 (Q2 2026); market-cap and model inputs use a shares snapshot of 751,380,500 as of 2026-07-27. Cash outflows for repurchases were $ 3,772,000,000 in Q1 2026, long-term debt rose from $ 15,398,000,000 as of 31 March 2026 to $ 18,180,000,000 as of 30 June 2026 while cash rose from $ 16,024,000,000 to $ 17,214,000,000, and stockholders’ equity is reported negative at -$ 8,724,000,000 (31 March 2026) and -$ 10,783,000,000 (30 June 2026).
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Reported revenues were $9,008,000,000 for the three months ended 30 September 2025, $5,532,000,000 for the three months ended 31 March 2026, and $7,352,000,000 for the three months ended 30 June 2026 (compare each quarter to its reported period).
XBRL companyfacts · 0001075531-25-000051Operating income (loss) was $3,483,000,000 for the three months ended 30 September 2025, $1,270,000,000 for the three months ended 31 March 2026, and $2,500,000,000 for the three months ended 30 June 2026; this implies operating margin of ~38.7% for the three months ended 30 September 2025, ~23.0% for the three months ended 31 March 2026, and ~34.0% for the three months ended 30 June 2026 (operating income divided by revenues for each reported quarter).
XBRL companyfacts · 0001075531-25-000051Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
In the 10-K filed 18 February 2026, management disclosed that "During fiscal year 2025, as a result of our annual goodwill impairment test, we recognized goodwill and intangible assets impairment charges."
10-K filed 2026-02-18The risk-factor diff added language in the 10-K filed 18 February 2026 highlighting that the company "uses Gen AI in our business, including for internal productivity purposes and in consumer- and partner-facing initiatives" and that such use "may increase risks related to harmful content, inaccuracies, bias or discrimination, intellectual property infringement or misappropriation, data privacy, cybersecurity, or other issues."
10-K filed 2026-02-18Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Beta vs SPY is 0.86 and correlation vs SPY is 0.29 as of 2026-09-09.
Moneyta signal set · 2026-09-09The security shows elevated volatility: 30-day annualized volatility is +40.9%, 90-day annualized volatility is +40.0%, and volatility versus its own history ranks in the 97th percentile of the 548-stock research universe as of 2026-09-09.
Moneyta signal set · 2026-09-09Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
The 13F report shows total institutional holdings of $50.8M for the reporting period ended 2026-03-31, with M&T Bank Corp reported at $50.0M, three total holders, three new positions, and a quarter-over-quarter value change of 2462.1%.
13F holdings · 3 filers · as of 2026-03-31As of 2026-09-02, Booking Holdings appears as a position in multiple large ETFs, including IWF at 0.55% of that fund, VOO at 0.33% of that fund, SCHB at 0.32% of that fund, SCHX at 0.31% of that fund, and IVV at 0.21% of that fund.
ETF constituents · market dataReads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Headlines at finance.yahoo.com and a syndicated copy at stockstory.org reported a share decline after the European General Court upheld an EU antitrust decision blocking Booking's planned €1.63 billion acquisition of ETraveli Group, and cited an intra-session fall of about 4.8%.
News · finance.yahoo.com · 2026-09-10Multiple outlets are running valuation- and performance-focused pieces (examples: gurufocus.com published two separate valuation/decline posts, and fool.com ran an article framing Booking as a travel stock idea tied to consumer spending themes).
News · gurufocus.com · 2026-09-09Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
Peter J. Millones (Executive VP, General Counsel) reported multiple open-market sales totaling approximately "$10.306M" (aggregate of nine sales: "$1.9M", "$2.5M", "$543k", "$1.8M", "$1.0M", "$1.1M", "$766k", "$614k", "$83k") on 2026-08-17, and each sale is reported as made under a 10b5-1 plan (stated on the filing).
Form 4 · MILLONES PETER J (EXECUTIVE VP, GENERAL COUNSEL) · $1.9M sold · 2026-08-17Paulo Pisano (Chief Human Resources Officer) reported a sale of "$610k" for "3000" shares on 2026-08-31 under a 10b5-1 plan (stated on the filing).
Form 4 · Pisano Paulo (CHIEF HUMAN RESOURCES OFFICER) · $610k sold · 2026-08-31Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The model reports an implied free cash flow (FCF) growth rate of -3.91% (implied_growth = -0.0391) that today's price would support under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closeTrailing twelve‑month price-to-FFO/FCF is 11.47 (price_to_fcf = 11.47) and the model shows FCF ttm of $11,645,000,000 and FCF per share of $15.1234.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
The evidence set includes multiple company-specific metrics that together support a favorable operational and valuation read: recent quarterly revenues and high operating margins (fundamentals-0, fundamentals-1) coincide with large share repurchases (fundamentals-3) and very strong trailing cash‑flow and earnings multiples (valuation-1, valuation-2). Market signals such as an unusually high trailing dividend yield (market-4) and continued inclusion in major passive ETFs (ownership-1) indicate the security remains institutionally visible even amid elevated headline volatility. These points together counterbalance several negative filings and news items by showing that core cash generation and capital return activity are material and reflected in conservative valuation metrics. While regulatory, AI, goodwill-impairment disclosures, and insider Form 4 activity are relevant risks, many of those items are either one-time/accounting events or generic platform/sector risks (filings-0, filings-2, filings-3, insider-0 through insider-3) and do not erase the magnitude of reported FCF, margins, and repurchases shown in the filings.
Chair's verdict, claim by claim
Fragility · computed, not argued
diversified0.29
34 surviving claims rest on 18 distinct sources; the heaviest analyst carries 18% of them, and 98% of what the desk raised survived the debate.
The read rests on a moderate breadth of sources but a relatively small number of distinct origins, and one analyst contributes nearly a fifth of surviving claims — that raises some concentration risk in how the desk reached its conclusions. The very high survival rate through debate implies the set is internally consistent but may also reflect limited adversarial culling; treat the bundle as informative yet somewhat fragile to a few countervailing pieces of evidence (filings or material market events).
Peer context · computed, not argued
12-1 momentum ranks 4th of 5 in Travel Services (as of 2026-09-09).
90-day volatility ranks 5th of 5 in Travel Services (as of 2026-09-09).
dividend yield ranks 1st of 5 in Travel Services (as of 2026-09-09).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
9 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.0 to the score
8 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−1.2 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−0.1 to the score
3 holdings records· 2 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.3 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
4 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot−1.0 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on BKNG Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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