BKNG Morgan Stanley Nasdaq 2025

Call Details

• Call Title: Morgan Stanley TMT 2025 Conference - Booking Holdings Inc.
• Date: December 9, 2025 at 6:50 PM UTC
• Management Team:
  • Ewout Steenbergen (Chief Financial Officer)

Call Summary

Strategic Commentary

• Company framework targets 8% gross bookings growth, 8% revenue growth, and 15% EPS growth.
• Company has allocated $170 million to new growth initiatives focused on vertical expansion, advertising, OpenTable international expansion, Asia, and generative AI.
• Generative AI is described as a commercial opportunity for trip planning, voice interaction, in-product search, and operational cost reduction.
• Company emphasizes network effects across verticals and states it is growing flights, rental car days, and attractions faster than stand-alone category players.
• Company positions Asia as a strategic growth region and reports being the largest technology travel platform outside Mainland China.
• Company returns capital via dividends and buybacks governed by a price-sensitive 10b5-1 grid.

Market / Industry View

• Company expects travel demand to grow faster than GDP driven by rising discretionary income and continued offline-to-online migration.
• Company estimates more than 30% of the travel market remains offline and views agentic/AI interfaces as an accelerator of online adoption.
• Company expects multiple AI-driven distribution channels to emerge, reducing reliance on any single dominant search channel.
• Company reports it has outgrown the largest alternative accommodations player for 17 of the last 18 quarters and is approximately 70-plus percent of their size.
• Company reported Alternative Accommodations supply growth of 10% year-over-year in the most recent quarter.
• Company expects Alternative Accommodations to continue outgrowing Traditional Accommodations in the near term.