BKNG Morgan Stanley TMT 2026

Call Details

• Call Title: Morgan Stanley TMT 2026 Conference - Booking Holdings
• Date: 2026-03-04T08:01:00Z
• Management Team:
  • Ewout Steenbergen (Chief Financial Officer)

Call Summary

Strategic Commentary

• The company uses an '8-8-15' medium-term framework targeting 8% gross bookings and revenue growth and 15% EPS growth from a medium-term perspective.
• Results for 2025 on a constant currency basis were reported as '10-10-18', which exceeded the stated medium-term framework.
• Guidance issued for 2026 was summarized as '9-9-15', implying a 100 basis-point acceleration in top-line growth versus the baseline framework while targeting similar EPS growth.
• A reinvestment program funded from transformation savings was scaled from $170 million in 2025 to $700 million in 2026.
• The $700 million reinvestment is expected to generate approximately $400 million of incremental revenue in-year, with a net bottom-line impact of approximately $300 million after reinvestment effects.
• The transformation program delivered approximately $250 million of additional in-year savings that help self-fund reinvestment.
• Asia and the U.S. are highlighted as priority geographic growth engines, with targeted investments in localization in Asia and performance marketing and B2B in the U.S.

Market / Industry View

• Travel markets are characterized as growing faster than GDP and expected to remain a multi-year growth tailwind.
• Asia is identified as the fastest-growing region over the next decade and a primary investment area for expansion of localized brands like Agoda.
• The U.S. market is described as low single-digit growth overall, while the company achieved low double-digit growth in the U.S. in the second half of 2025.
• Europe is described as the largest and most mature region where the company achieved consistent high single-digit growth last year.
• Specific verticals are expanding faster than overall travel markets, with flights growing at roughly 30% last year and attractions growing around 80% last year.
• The alternative accommodations category is growing and remains an area with structural upside versus incumbent global peers.