Total Revenue

+8% (from $4,415M to $4,762M)

Total revenue increased by 8% driven by higher volumes in international markets and strong growth in merchant revenues, which benefited from the ongoing strategic shift from agency transactions; this builds on last period’s base where revenue growth was more modest. " "

Merchant Revenues

+22% (from $2,388M to $2,918M)

Merchant revenues surged by 22% as Booking Holdings further accelerated its shift from agency to merchant models, capitalizing on growing booking volumes and enhanced digital offerings compared to the lower base in Q1 2024. " "

Agency Revenues

-11% (declined to $1,564M)

Agency revenues dropped by roughly 11% as the company intentionally shifted its focus toward higher-margin merchant transactions, thereby reducing reliance on the agency model that generated higher revenues in Q1 2024. " "

Advertising/Other Revenues

Modest increase to $280M

Advertising and other revenues experienced a mild uplift driven by incremental gains in digital advertising at Booking.com and OpenTable, reflecting steady performance compared to the modest output in Q1 2024. " "

U.S. Revenue

+5% (from $557M to $586M)

U.S. revenue grew by 5% due to stable domestic travel demand and gradual market improvements over Q1 2024, although the growth remained moderate relative to international segments. " "

Outside U.S. Revenue

+25% (from $3,339M to $4,176M)

Outside U.S. revenue rose dramatically by 25%, reflecting strong performance in international markets, which built upon previous gains and was further bolstered by a sharply increased contribution from the Netherlands segment. " "

Netherlands Revenue

+550%+ (from $519M to $3,600M)

Netherlands revenue soared by over 550% driven by a significant boost in merchant bookings and favorable reclassification of revenue streams, a stark contrast to the modest figures observed in Q1 2024. " "

"Other" Category Revenue

Sharp decline (from $2,820M to $576M)

The 'Other' revenue category collapsed sharply, likely due to reclassification or a reduction in specific service revenues, marking a notable departure from the previous period’s high base. " "

Operating Income

+34% (from $791M to $1,062M)

Operating income increased by 34% as higher total revenues, particularly from merchant channels, combined with controlled operating expenses led to better margins than the Q1 2024 period. " "

Net Income

-57% (from $776M to $333M)

Net income declined by 57% largely due to a dramatic rise in interest expense (from $219M to $649M) and other non-operating adjustments, counteracting the operational improvements seen in higher revenues and operating income compared to Q1 2024. " "

EPS

Declined from $22.69 to $10.14

EPS dropped sharply as the significant decline in net income, influenced by increased financing costs, adversely impacted the per-share earnings, contrasting with the stronger performance metrics from the previous year. " "

Operating Cash Flow

+21% (from $2,704M to $3,283M)

Operating cash flow improved by 21% due to higher net income and favorable adjustments in non-cash items and working capital management, building on the improvements established in Q1 2024. " "

Net Cash Used in Financing Activities

Worsened from –$784M to –$3,967M

Net cash used in financing activities expanded dramatically due to increased outflows from higher common stock repurchases and debt repayments, compared to the net cash provided in Q1 2024. " "

Cash and Cash Equivalents

Essentially flat ($15,578M)

Cash and cash equivalents remained stable as operating cash inflows were largely offset by substantial financing outflows, maintaining a steady cash balance compared to Q1 2024. " "

Long-term Debt

Increased (from $13,438M to $15,369M)

Long-term debt grew by roughly $1.9 billion reflecting new debt issuance and ongoing financing activities required to support the company’s growth strategy, compared to lower debt levels in Q1 2024. " "

Total Liabilities

Increased (from $31,780M to $33,303M)

Total liabilities increased by about $1.5 billion driven by higher long-term debt and a rise in deferred merchant bookings, accentuating an elevated leverage profile relative to Q1 2024. " "

Room Night Growth

Q2 2025

no prior guidance

4% to 6% "

no prior guidance

Gross Bookings Growth

Q2 2025

no prior guidance

10% to 12% "

no prior guidance

Revenue Growth

Q2 2025

no prior guidance

10% to 12% "

no prior guidance

Adjusted EBITDA

Q2 2025

no prior guidance

$2.15B to $2.2B, with 16% year‑over‑year growth "

no prior guidance

Constant Currency Accommodation ADRs

Q2 2025

no prior guidance

flat year‑over‑year "

no prior guidance

FX Impact

Q2 2025

no prior guidance

about 4 percentage points positive impact "

no prior guidance

Gross Bookings and Revenue Growth

FY 2025

Targeting at least 8% growth for gross bookings and revenue "

Expected constant currency growth of mid‑ to high single digits "

no change

Adjusted EPS Growth

FY 2025

15% growth for adjusted EPS "

Expected constant currency growth of low to mid‑teens "

no change

Adjusted EBITDA Growth

FY 2025

Increase in low double digits "

Expected constant currency growth of high single digits to low double digits "

lowered

Adjusted EBITDA Margins

FY 2025

Expansion slightly below 100 basis points "

Expansion by 50 to 100 basis points "

no change

FX Impact

FY 2025

no prior guidance

Positively impact full‑year reported growth rates by about 2 percentage points "

no prior guidance

Targeted Reinvestments

FY 2025

no prior guidance

Planned reinvestments of about $170 million "

no prior guidance

Strategic AI Integration and Investment

Across Q2–Q4 2024, the company consistently emphasized integrating generative AI across platforms, developing AI-powered tools, and forming strategic partnerships. " " "

In Q1 2025, they continue to highlight deep integration of AI across platforms with expanded features (smart filters, AI review summaries, KAYAK.ai) and multiple high-profile AI partnerships. " " "

Consistent focus with a deepening sentiment—the narrative becomes even more robust and expansive with new integrations and partnerships, reinforcing its strategic importance for future growth.

Alternative Accommodations Growth and U.S. Supply Challenges

In Q2–Q4 2024, alternative accommodations growth was a recurring theme (room night growth of 12–14% and strong listing increases) while U.S. supply challenges were discussed in Q2 and Q3; Q4 focused mainly on growth. " " "

Q1 2025 reports continued strong alternative accommodations growth (12% room night growth; listings at 8.1 million) along with persisting U.S. supply challenges such as moderated inbound travel and shorter stays. " "

Steady positive sentiment on alternative accommodations but persistent concerns on U.S. supply issues remain, showing continuity with minor fluctuations in emphasis between periods.

Connected Trip Ecosystem and Flight Bookings Expansion

Q2–Q4 2024 discussions detailed the connected trip vision, integration of multiple travel verticals, and flight expansion with robust growth figures (e.g. 38–52% Y/Y increase). " "

Q1 2025 emphasizes a continued strong push on the connected trip ecosystem—with enhanced AI-driven personalization, new marketplace developments, and flight bookings up by 45% Y/Y. " " "

Consistently optimistic with enhancement—the narrative remains positive and well-integrated, reinforcing the multi-vertical strategy while highlighting incremental progress via AI innovation.

U.S. Market Vulnerabilities and Platform Competitiveness

In Q2 and Q3 2024, U.S. market challenges were discussed (complexity for property managers, supply gaps, brand awareness issues) while Q4 2024 did not address it explicitly. " "

Q1 2025 revisits U.S. challenges, noting moderation in inbound travel, cautious consumer spending (shorter stays), and an ongoing need to boost competitiveness through strategic initiatives. " " "

Recurring concerns with evolving emphasis—the focus on U.S. vulnerabilities has re-emerged in Q1 2025, suggesting that while challenges persist, there is an evolving strategy to address them.

Marketing ROI and Cost Efficiency Pressures

Across Q2–Q4 2024, the company maintained steady discussions around achieving higher marketing ROIs, optimizing social media spend, and driving cost efficiencies through transformation programs. " " "

Q1 2025 continues this narrative, reporting positive incremental ROIs, disciplined marketing expense increases (10% Y/Y) and notable fixed operating expense reductions, reinforcing cost efficiency efforts. " " "

Stable and consistently positive—the focus remains on operational efficiency and effective marketing spend, with continuous improvements and clear cost-saving measures that support future scalability.

Genius Loyalty Program and Customer Engagement

Q2–Q4 2024 discussions repeatedly highlighted the growth of Genius tiers, broader program expansion (beyond accommodations), and improved direct booking engagement. " " "

Q1 2025 underscores continued growth with higher-tier Genius members representing over 30% of active travelers, driving higher direct bookings and mobile usage, further enhancing customer engagement. " " "

Steady, positive, and expanding—the program remains a core pillar for driving loyalty and engagement, with incremental improvements and wider applications across travel verticals.

Asia Market Expansion and Partnership Effectiveness

Q2–Q4 2024 featured robust discussions on Asia’s growth (mid-teens to double-digit room nights growth), the role of Agoda, and strategic operator partnerships. " " "

In Q1 2025, Asia is mentioned only in brief (notably room nights up by high single digits), with less emphasis on partnerships compared to previous periods. "

Reduced focus in the current period—while Asia remains important, Q1 2025 shows a relative de-emphasis, possibly indicating market consolidation or a shift in strategic focus away from expansion compared to previous quarters.

Macroeconomic and Geopolitical Risks Impacting Guidance

Earlier (Q2–Q4 2024) there was little to no specific discussion on these risks affecting guidance. " "

Q1 2025 explicitly addresses widening guidance ranges and uncertainty due to macroeconomic and geopolitical factors, reflecting a heightened emphasis on external risks. " "

Emergent and significant—this topic appears newly in Q1 2025 with a cautious tone, highlighting external uncertainties that could materially impact future performance.

Room Nights Growth Volatility and Demand Momentum

Q2–Q4 2024 consistently covered room nights growth with detailed regional breakdowns and volatility factors, while noting steady overall demand momentum. " " "

Q1 2025 shows room nights growing at about 7% Y/Y with regional variations and stable but cautious demand momentum amid evolving travel patterns, especially with changes in U.S. consumer behavior. " " "

Steady demand with expected volatility—the narrative suggests robust underlying demand despite regional fluctuations, and highlights the ongoing importance of understanding consumer trends.

Downturn Resilience and Market Share Gains

Q2 and Q3 2024 discussions addressed resilience and the ability to gain market share, particularly via alternative accommodations and strategic marketing investments; Q4 2024 did not explicitly mention these. " "

Q1 2025 offers detailed examples of resilience (e.g. alternative accommodations outperforming competitors) and emphasizes strategies to capture market share during downturns. " " "

Consistently positive with renewed emphasis—the theme of using downturns to gain share is reinforced in Q1 2025, underscoring a strategy that has been effective historically and remains central to future planning.