{"schemaVersion":1,"research":true,"symbol":"bkng","name":"Booking Holdings","topic":"moat","path":"/stock/bkng/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:07:32.392Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Booking Holdings has a narrow moat from its recognized brands, extensive accommodation marketplace, and demonstrated repeat direct demand. Supply growth, Genius participation, and rising app usage support an existing advantage, but do not establish strong switching costs or unrestricted pricing power. Dependence on paid distribution, low entry barriers, and actual regulatory restrictions limit durability. Connected Trip has demonstrated adoption, while its longer-term loyalty and efficiency benefits remain partly prospective.","advantages":[{"mechanism":"intangible_assets","claim":"Recognized travel brands and an established base of repeat direct customers provide a current distribution advantage. Genius participation and repeat app bookings support customer preference, rather than contractual lock-in.","durability":"App room-night mix increased through June 2026, and higher-tier Genius travelers contributed disproportionately to bookings in 2025. These results support persistence, but total direct room-night mix was unchanged in the comparable March periods.","risks":"A substantial majority of marketing spending remains performance-based, primarily involving Google and other channels. Loyalty incentives reduce revenue. AI-mediated discovery and actual security-related reputational harm could weaken customer preference.","invalidation":"Sustained declines in repeat direct bookings and higher-tier Genius engagement, accompanied by declining total direct booking mix and rising acquisition spending relative to bookings, would undermine the brand-led distribution advantage.","competitors":["Google","Airbnb","Vrbo","Expedia"],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]},{"mechanism":"network_effects","claim":"A large accommodation marketplace offers travelers broad selection and gives partners access to international demand. Growth from approximately 3.4 million properties in 2023 to 4.4 million in 2025, alongside booking growth, supports a modest two-sided marketplace advantage. The incremental network effect is inferred; partner benefits are partly management assertions.","durability":"The supplied multiyear supply expansion and continued room-night growth support an established marketplace. Exclusivity, partner dependence, and the strength of incremental network effects are not demonstrated.","risks":"Entry barriers are explicitly low, accommodation alternatives compete directly, and suppliers can distribute through direct channels. Regulatory interventions constrain commercial practices. Connected Trip adoption does not yet demonstrate a stronger durable network effect.","invalidation":"Persistent contraction in active bookable supply, loss of booking demand despite stable travel markets, or partner departures following commission and parity changes without offsetting customer growth would invalidate the marketplace reinforcement thesis.","competitors":["Airbnb","Vrbo","Expedia","Google"],"evidenceIds":["e11","e12","e13","e14","e15","e16"],"counterEvidenceIds":["e17","e18","e19","e20","e21"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A / established brands","excerpt":"We have established widely-used and recognized brands through marketing and promotional campaigns."},{"id":"e2","sourceId":"filing-2","location":"MD&A / trailing-twelve-month mobile app room-night mix","excerpt":"The mix of our room nights booked on our mobile apps over the trailing twelve months ended June 30, 2026, was a high-fifties percentage, up from a mid-fifties percentage over the trailing twelve months ended June 30, 2025."},{"id":"e3","sourceId":"filing-2","location":"MD&A / repeat direct app bookings","excerpt":"The significant majority of room nights booked on our mobile apps are direct, and we continue to see favorable repeat direct booking behavior from consumers in our mobile apps, which allow us more opportunities to engage directly with them."},{"id":"e4","sourceId":"filing-3","location":"Proxy / 2025 Genius active base and room-night contribution","excerpt":"Last year, Level 2 and Level 3 Genius travelers represented over 30% of our active base and accounted for a high-50% share of room nights, up from 2024."},{"id":"e5","sourceId":"filing-3","location":"Proxy / higher-tier Genius booking behavior","excerpt":"These travelers book more frequently, book further in advance, and return more consistently."},{"id":"e6","sourceId":"filing-6","location":"MD&A / total direct room-night mix","excerpt":"The mix of total room nights booked by consumers coming directly to our platforms was a mid-fifties percentage over the trailing twelve months ended March 31, 2026 and March 31, 2025, respectively."},{"id":"e7","sourceId":"filing-2","location":"MD&A / performance marketing and Google dependence","excerpt":"Our performance marketing expenses, which represent a substantial majority of our marketing expenses, are primarily related to the use of online search engines (primarily Google), affiliate marketing (i.e., business-to-business or \"B2B\"), meta search, and social media channels to generate bookings through our platforms."},{"id":"e8","sourceId":"filing-1","location":"Revenue recognition / incentives and loyalty points","excerpt":"The estimated value of the incentives granted and the loyalty points expected to be redeemed is generally recognized as a reduction of revenue at the time they are granted."},{"id":"e9","sourceId":"filing-1","location":"Risk factors / AI-driven changes to travel discovery","excerpt":"Gen AI and other new technologies could influence how consumers search for and book travel, diminish the relevance or competitiveness of our existing technology and service offerings, or require us to modify or adapt our services or infrastructure, any of which could adversely affect our results of operations and financial condition."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / realized fictitious-listing and account-takeover harm","excerpt":"For instance, we have incurred costs related to customer reimbursement and customer service, reputational harm, and lost revenue from fictitious listings and account takeovers."},{"id":"e11","sourceId":"filing-5","location":"Business / Booking.com property supply at December 2023","excerpt":"At December 31, 2023, Booking.com offered accommodation reservation services for approximately 3.4 million properties in over 220 countries and territories and in over 40 languages, consisting of over 475,000 hotels, motels, and resorts and over 2.9 million homes, apartments, and other unique places to stay."},{"id":"e12","sourceId":"filing-1","location":"Business / Booking.com property supply at December 2025","excerpt":"At December 31, 2025, Booking.com offered accommodation reservation services for approximately 4.4 million properties in over 220 countries and territories and in over 40 languages, consisting of approximately 500,000 hotels, motels, and resorts and approximately 3.9 million homes, apartments, and other unique places to stay."},{"id":"e13","sourceId":"filing-1","location":"Business / partner distribution benefits asserted by issuer","excerpt":"Partners also benefit from our trusted brands and marketing efforts, expertise in offering an excellent consumer experience, and ability to offer their inventory in markets and to consumers that they may otherwise be unable or unlikely to reach, for instance due to language or payments services we can offer on their behalf."},{"id":"e14","sourceId":"filing-3","location":"Proxy / 2025 room nights and growth","excerpt":"We booked more than 1.2 billion room nights, an increase of 8% year over year."},{"id":"e15","sourceId":"filing-2","location":"MD&A / second-quarter 2026 booking growth components","excerpt":"The year-over-year increase in total gross bookings for the three months ended June 30, 2026 was due to a 5% increase in room nights, approximately 2% higher constant currency ADRs, a positive impact from changes in foreign currency exchange rates of about 1%, and a positive impact from the growth in flight gross bookings."},{"id":"e16","sourceId":"filing-3","location":"Proxy / realized Connected Trip transaction adoption","excerpt":"In 2025, connected transactions, meaning trips that included bookings across more than one vertical, grew in the high 20% range and represented a low double digit percentage of Booking.com’s total transactions."},{"id":"e17","sourceId":"filing-1","location":"Risk factors / low entry barriers and competing distribution channels","excerpt":"Barriers to entry are low, and we compete with online travel companies (\"OTCs\"), travel service providers offering direct booking (such as airlines, hotels, and rental car companies), traditional travel agencies and operators, companies offering travel-related software, payments, or technology solutions, financial services and credit card companies, and global technology companies with significantly greater scale, data, and financial resources."},{"id":"e18","sourceId":"filing-1","location":"Risk factors / named accommodation competitors","excerpt":"The market for accommodations covers a wide range of property types including alternative accommodations and companies like Airbnb and Vrbo (owned by Expedia) compete directly with our accommodations businesses."},{"id":"e19","sourceId":"filing-2","location":"Contingencies / Swiss commission-reduction decision","excerpt":"In 2025, Booking.com received a negative decision ordering a reduction of its average commission level for hotels located in Switzerland, which Booking.com disagrees with and has appealed."},{"id":"e20","sourceId":"filing-2","location":"Contingencies / suspension and conditional duration of Swiss order","excerpt":"The Swiss PSO order is suspended pending the outcome of the appeal, and the ordered reduction in commissions would only be effective for a three-year period after a negative final judgment."},{"id":"e21","sourceId":"filing-2","location":"Contingencies / actual commitments concerning prices, rankings, and discounts","excerpt":"For example, the Company has previously made voluntary commitments related to showing prices inclusive of all mandatory taxes and charges, providing information about the effect of money earned on search result rankings, and adjusting how discounts and statements concerning popularity or availability are shown."},{"id":"e22","sourceId":"filing-2","location":"Unaudited consolidated statements of operations / first-half and second-quarter comparisons","excerpt":"UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Merchant revenues $ 5,127 $ 4,457 $ 8,825 $ 7,375 Agency revenues 1,903 2,044 3,431 3,608 Advertising and other revenues 322 297 628 577 Total revenues 7,352 6,798 12,884 11,560 Operating expenses: Marketing expenses 2,371 2,139 4,439 3,916 Sales and other expenses 942 899 1,746 1,601 Personnel, including stock-based compensation of $140, $154, $281, and $296, respectively 900 896 1,793 1,589 General and administrative 217 199 317 341 Information technology 263 219 503 419 Depreciation and amortization 129 158 260 312 Transformation costs 30 38 55 70 Total operating expenses 4,852 4,548 9,113 8,248 Operating income 2,500 2,250 3,771 3,312 Interest expense (300) (418) (553) (1,067) Interest and dividend income 201 234 388 475 Other income (expense), net 159 (962) 353 (1,220) Income before income taxes 2,560 1,104 3,959 1,500 Income tax expense 610 209 926 272 Net income $ 1,950 $ 895 $ 3,033 $ 1,228 Net income applicable to common stockholders per basic common share $ 2.54 $ 1.10 $ 3.89 $ 1.50 Weighted-average number of basic common shares outstanding 768 812 779 817 Net income applicable to common stockholders per diluted common share $ 2.53 $ 1.10 $ 3.88 $ 1.50 Weighted-average number of diluted common shares outstanding 770 815 782 821 See Notes to Unaudited Consolidated Financial Statements."},{"id":"e23","sourceId":"filing-5","location":"MD&A / realized 2022 revenue-to-gross-bookings decline","excerpt":"Total revenues as a percentage of gross bookings was 14.1% in 2022, down from 14.3% in 2021 due to investments in merchandising and an increase in the mix of airline ticket gross bookings, partially offset by increased revenues from facilitating payments."},{"id":"e24","sourceId":"filing-2","location":"MD&A / payment revenues versus incremental variable expenses","excerpt":"Over the trailing twelve months ended June 30, 2026, the incremental revenues from facilitating payments were greater than the associated incremental variable expenses."},{"id":"e25","sourceId":"filing-1","location":"Revenue recognition / contractual commission or margin consideration","excerpt":"These contracts include payment terms and establish the consideration to which the Company is entitled, which includes either a commission or a margin on the travel transaction."},{"id":"e26","sourceId":"filing-3","location":"Proxy / 2025 operating cash flow and free cash flow","excerpt":"We generated approximately $9.4 billion in net cash provided by operating activities and approximately $9.1 billion in free cash flow."},{"id":"e27","sourceId":"filing-3","location":"Proxy / cumulative capital returns and net share-count reduction","excerpt":"Since restarting our repurchase program in 2022, we have returned more than 100% of our free cash flow to stockholders and reduced our share count by 22%, after accounting for shares issued for employee equity compensation."},{"id":"e28","sourceId":"filing-2","location":"Statements of stockholders' deficit / actual 2026 repurchases, dividends, and equity compensation","excerpt":"6 Booking Holdings Inc. UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (In millions) Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shares Amount Shares Amount Three Months Ended June 30, 2026 Balance, March 31, 2026 1,618 $ 13 (838) $ (58,337) $ 8,490 $ 41,420 $ (310) $ (8,724) Net income — — — — — 1,950 — 1,950 Other comprehensive loss, net of tax — — — — — — (38) (38) Exercise of stock options and vesting of restricted stock units and performance share units — — — — 1 — — 1 Stock-based compensation — — — — 144 — — 144 Repurchase of common stock — — (22) (3,792) — — — (3,792) Dividends — — — — — (324) — (324) Balance, June 30, 2026 1,618 $ 13 (860) $ (62,129) $ 8,635 $ 43,046 $ (348) $ (10,783) Six Months Ended June 30, 2026 Balance, December 31, 2025 1,613 $ 13 (816) $ (54,315) $ 8,344 $ 40,670 $ (290) $ (5,578) Net income — — — — — 3,033 — 3,033 Other comprehensive loss, net of tax — — — — — — (58) (58) Exercise of stock options and vesting of restricted stock units and performance share units 5 — — — 1 — — 1 Stock-based compensation — — — — 290 — — 290 Repurchase of common stock — — (44) (7,814) — — — (7,814) Dividends — — — — — (657) — (657) Balance, June 30, 2026 1,618 $ 13 (860) $ (62,129) $ 8,635 $ 43,046 $ (348) $ (10,783) 7 Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Shares Amount Shares Amount Total Three Months Ended June 30, 2025 Balance, March 31, 2025 1,613 $ 13 (795) $ (50,131) $ 7,854 $ 36,539 $ (387) $ (6,112) Net income — — — — — 895 — 895 Other comprehensive income, net of tax — — — — — — 84 84 Exercise of stock options and vesting of restricted stock units and performance share units — — — — 2 — — 2 Stock-based compensation — — — — 160 — — 160 Repurchase of common stock — — (7) (1,371) — — — (1,371) Dividends — — — — — (315) — (315) Balance, June 30, 2025 1,613 $ 13 (802) $ (51,502) $ 8,016 $ 37,119 $ (303) $ (6,657) Six Months Ended June 30, 2025 Balance, December 31, 2024 1,607 $ 12 (783) $ (47,877) $ 7,695 $ 36,525 $ (375) $ (4,020) Net income — — — — — 1,228 — 1,228 Other comprehensive income, net of tax — — — — — — 72 72 Exercise of stock options and vesting of restricted stock units and performance share units 6 1 — — 14 — — 15 Stock-based compensation — — — — 307 — — 307 Repurchase of common stock — — (19) (3,625) — — — (3,625) Dividends — — — — — (634) — (634) Balance, June 30, 2025 1,613 $ 13 (802) $ (51,502) $ 8,016 $ 37,119 $ (303) $ (6,657) See Notes to Unaudited Consolidated Financial Statements."},{"id":"e29","sourceId":"filing-2","location":"Cash flow analysis / first-half 2026 operating cash generation and working capital","excerpt":"Six Months Ended June 30, (In millions) 2026 2025 Net cash provided by operating activities $ 6,934 $ 6,484 Net cash used in investing activities (196) (179) Net cash used in financing activities (6,220) (5,764) 30 Net cash provided by operating activities for the six months ended June 30, 2026 resulted from net income of $3.0 billion, a favorable net impact from adjustments for non-cash and other items of $510 million, and a favorable net change in working capital and other assets and liabilities of $3.4 billion."},{"id":"e30","sourceId":"filing-1","location":"Acquisition note / prohibited Etraveli acquisition and paid termination fee","excerpt":"In September 2023, the European Commission announced its decision to prohibit the acquisition and consequently a termination fee of $90 million was paid by the Company in October 2023 and is recorded in \"General and administrative\" expenses in the Consolidated Statement of Operations for the year ended December 31, 2023."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation / approved 2025 PSU grants and three-year terms","excerpt":"57 EXECUTIVE COMPENSATION How We Make Compensation Decisions EXECUTIVE COMPENSATION Performance Share Units In 2025 the T&C Committee approved grants of PSUs with three‑year targets and performance periods, an rTSR modifier, and TSR governor."},{"id":"e32","sourceId":"filing-3","location":"Executive compensation / absolute TSR payout governor","excerpt":"This is the primary driver behind the TSR governor, which caps the PSU vesting factor at target unless absolute TSR is positive over the three‑year period of the award."},{"id":"e33","sourceId":"filing-3","location":"Executive compensation / realized annual and cumulative dilution","excerpt":"We are proud that in 2025, our stock‑based compensation resulted in approximately 0.4% of stockholder dilution and during the last 5 years, resulted in less than 3% of cumulative dilution."},{"id":"e34","sourceId":"filing-3","location":"Non-GAAP disclosures / adjusted EBITDA in incentive awards","excerpt":"As discussed in this proxy statement, we use Adjusted EBITDA (calculated as described in this proxy statement) as a key performance measure under our annual cash incentive bonus plan and long-term equity incentive awards, as they pertain to the named executive officers."},{"id":"e35","sourceId":"filing-3","location":"Non-GAAP disclosures / exclusion of competition-fine adjustments","excerpt":"(b)Adjustments related to the fine imposed by the Spanish competition authority are recorded in General and administrative expenses and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA."},{"id":"e36","sourceId":"filing-3","location":"Corporate governance / independent board committees","excerpt":"Independent Board Committees. Each of the Audit Committee, Cybersecurity Subcommittee, CG Committee, and T&C Committee is comprised entirely of independent directors."},{"id":"e37","sourceId":"filing-3","location":"Corporate governance / related-person transaction review policy","excerpt":"Certain Relationships and Related Person Transactions Review and Approval or Ratification of Related Person Transactions Pursuant to a written policy, the Audit Committee reviews all relationships and transactions in which we participate and in which any related person has a direct or indirect material interest and the transaction involves or is expected to involve payments of $120,000 or more in the aggregate per fiscal year."},{"id":"e38","sourceId":"filing-1","location":"Internal controls / management effectiveness conclusion at December 2025","excerpt":"Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2025."},{"id":"e39","sourceId":"filing-1","location":"Internal controls / independent auditor attestation disclosure","excerpt":"Our independent registered public accounting firm also attested to and reported on the effectiveness of internal control over financial reporting."},{"id":"e40","sourceId":"filing-2","location":"Contingencies / investigations with realized fines","excerpt":"Some investigations have resulted in fines and the Company could incur additional fines and/or be restricted in certain of its business practices in the future."},{"id":"e41","sourceId":"filing-6","location":"MD&A / realized cancellation-related reduction in marketing returns","excerpt":"The impact of cancellation rates on ROIs was evident in the first quarter of 2026, as a notable portion of our spend occurred prior to the onset of the conflict in the Middle East, which resulted in diminished returns on performance marketing expenses as many bookings sourced through paid channels were subsequently canceled due to the conflict."},{"id":"e42","sourceId":"filing-2","location":"MD&A / cancellation normalization following March disruption","excerpt":"While the conflict in the Middle East continued to affect travel demand during the second quarter, cancellation rates normalized following the elevated levels in March 2026 immediately after the onset of the conflict."},{"id":"e43","sourceId":"filing-2","location":"MD&A / second-quarter accommodation ADR outcomes","excerpt":"In the second quarter of 2026, our global average daily rates (\"ADRs\") on a constant currency basis were approximately 2% higher than the prior year primarily driven by higher ADRs in Europe and the U.S."}],"changes":["Retain the previous narrow-moat verdict; the supplied evidence supports an existing brand and marketplace advantage without establishing strong switching costs.","Explicitly distinguish rising app mix from total direct booking mix, which remained in the mid-fifties percentage in the comparable March periods.","Add pricing and contractual constraints, including the Swiss commission decision, while recognizing that its implementation is suspended pending appeal.","Assess management using actual compensation terms, governance practices, cash generation, dilution, and capital returns disclosed in the supplied proxy and financial filings."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates, not retrieval or operating-period dates; the latest supplied filing is dated August 4, 2026.","Brand strength, partner benefits, loyalty behavior, and strategic achievements are primarily issuer disclosures. Operating results support a narrow advantage, but exceptional durability is not demonstrated.","Named competitors are limited to entities explicitly identified in competitive passages. Direct suppliers, local competitors, and AI-native competitors are otherwise described generically; compensation peers are not treated as established competitors.","No supplier exclusivity, quantified switching costs, cohort retention rates, or causal measurement of network effects is supplied.","Current platform commission-rate and comparable take-rate trends are missing. Accommodation ADR changes concern underlying travel prices and do not independently establish Booking's pricing power.","Actual executive ownership amounts and compliance with ownership guidelines are not supplied. Compensation design is assessable, but ownership alignment cannot be quantified.","The proxy's officer-exculpation amendment is a proposal with a draft certificate; the supplied passages do not establish its subsequent adoption.","Capital-return amounts use different definitions across disclosures. Repurchases and share counts in 2026 reflect the stock split; capital returns alone do not establish attractive repurchase valuations."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Multiyear supply expansion, substantial booking demand, repeat direct app use, and concentrated Genius engagement demonstrate an established marketplace and brand advantage. They do not establish exclusivity or an insurmountable network effect.","evidenceIds":["e2","e3","e4","e11","e12","e14"]},{"criterion":"durability","grade":2,"rationale":"Supply expansion and repeat demand support persistence, balanced against low entry barriers, paid-channel dependence, and actual restrictions on commercial practices. No exceptional long-term durability is demonstrated.","evidenceIds":["e3","e11","e12","e7","e17","e21"]},{"criterion":"customer_dependency","grade":2,"rationale":"Higher-tier Genius travelers book more frequently and return more consistently, and apps generate repeat direct demand. This demonstrates preference and engagement, but not necessity or substantial switching friction; suppliers also have direct distribution channels.","evidenceIds":["e3","e4","e5","e17"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Second-quarter 2026 room nights and first-half operating income grew despite travel disruption. Total direct mix was flat in the comparable March periods, while regulatory constraints and reduced marketing returns demonstrate vulnerabilities. Generic AI risks are possibilities, not realized displacement.","evidenceIds":["e15","e22","e6","e21","e41","e42","e9"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Observed monetization is mixed: revenue as a percentage of gross bookings fell from 14.3% to 14.1% in 2022 because of merchandising and mix, partly offset by payment revenues. More recent payment revenues exceeded incremental variable expenses, but current comparable commission trends are absent. The 2026 ADR increase is an underlying accommodation-price outcome, not proof of Booking setting higher fees.","evidenceIds":["e23","e24","e43"]},{"criterion":"retention","grade":3,"rationale":"Reported repeat direct app behavior, higher-tier Genius booking frequency, and their disproportionate room-night contribution provide strong engagement evidence. This assesses retention through disclosed booking behavior rather than a quantified cohort retention rate, and does not establish retention after fee increases.","evidenceIds":["e3","e4","e5","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 operating income rose faster than revenue, although second-quarter operating margin was slightly lower year over year. Positive payment contribution helps, while cancellations produced realized acquisition inefficiency. These mixed outcomes establish resilience without proving that pricing caused it.","evidenceIds":["e22","e24","e41","e42"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Contracts establish commission or margin consideration, but actual commitments constrain price presentation, discount claims, and ranking disclosures. Switzerland ordered lower hotel commissions; that order is suspended pending appeal, so no implemented commission reduction is assumed. Commercial freedom is materially constrained.","evidenceIds":["e25","e19","e20","e21"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Strong 2025 cash generation, net share-count reduction after compensation issuance, and limited dilution support discipline. However, cumulative returns exceeded free cash flow, first-half 2026 repurchases and dividends exceeded operating cash flow, and a failed acquisition incurred a paid termination fee. Working-capital inflows support part of recent cash generation, and repurchase value creation is unproven.","evidenceIds":["e26","e27","e28","e29","e30","e33"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Approved three-year PSU grants, relative TSR modification, an absolute TSR governor, and limited realized dilution demonstrate meaningful alignment. Adjusted EBITDA incentives exclude competition-fine adjustments, weakening accountability for some costs. Actual executive ownership amounts are missing.","evidenceIds":["e31","e32","e33","e34","e35"]},{"criterion":"execution","grade":3,"rationale":"Supply expansion, 2025 room-night growth, Connected Trip transaction adoption, rising app usage, and continued 2026 revenue and operating-income growth demonstrate execution. Attribution to management is partly indirect operating evidence; these results do not establish that every strategic investment has earned attractive returns.","evidenceIds":["e11","e12","e14","e16","e2","e22"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, related-person review procedures, and effective-control disclosures support functioning oversight. Realized competition fines and required practice changes provide contrary evidence on compliance outcomes. The auditor attestation is disclosed, but its full opinion is not supplied; proposed officer exculpation is not treated as adopted.","evidenceIds":["e36","e37","e38","e39","e40","e21"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"abd6ade1b32e77ca058f16da7ff44f6909bb459d9d0128128816bf747236dcb8","updatedAt":"2026-10-18T12:07:32.392Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm","publishedAt":"2026-02-18","sha256":"01a670119d7c197401ae31d5b75da802638516ee4bdf9e5e0a84ee22e6c4c7ac","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553126000037/bkng-20260630.htm","publishedAt":"2026-08-04","sha256":"07d052aee2d9f1948627ed28e7620978c55019978e015e2716de781ce385d282","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1075531/000130817926000310/bkng-20260420.htm","publishedAt":"2026-04-21","sha256":"879155bf0458a2aaf593ab95e888e2808b68137826edaa9661d0ce1abefafdbd","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553125000010/bkng-20241231.htm","publishedAt":"2025-02-20","sha256":"4b59201c793919b247c8e251b8606894c13ebb769e89bfb8347a22577f84cded","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553124000014/bkng-20231231.htm","publishedAt":"2024-02-22","sha256":"17cdd1d5941f2b804c34612deb975d65f8b5c34a8defd9f62d3e79452b6922e3","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553126000025/bkng-20260331.htm","publishedAt":"2026-04-28","sha256":"89bd45256237f4dc2e0f106d013c819a006d48f7bf3e662fbd5a900f25cb238f","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:8185111ba5bc265d28070864b72501871bd07c3930db3cec57b1f546cc1764cc","usage":{"input_tokens":92031,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4774,"reasoning_output_tokens":188},"basisSupplement":{"previousHash":"88e834332c631bc75e1c3cce2d7045c2e50e26afb5424ce28b1fcf340866e48e","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":22.77787917503194,"roic":32.21674598501086,"fcf_margin":22.960394232524184,"sbc_revenue":null},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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ROIIC requires a positive increase.","roa":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":27.311022700678677,"roic":383.8598225257355,"fcf_margin":32.7591855838989,"sbc_revenue":2.4806927217411654},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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