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Research Alert: Bkng: Q1 Beat Overshadowed By Lower Full-year Growth Expectations

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

BKNG reported EPS of $1.14, up 14% and beating the $1.09 consensus, while revenue grew 16% to $5.5B, meeting consensus. Adjusted net income margin declined 80 bps to 16.4% due to strategic U.S. investments and Middle East conflict headwinds, though gross bookings expanded 15% to $53.8B. The quarter reinforced BKNG's competitive positioning with continued market share gains and margin expansion despite geopolitical disruption. Management reduced full-year guidance to high-single-digit to low-double-digit gross bookings growth and high-single-digit revenue growth, with Q2 expecting 2%-4% room night growth. The company returned $3.6B through repurchases and declared a $0.42 dividend, while implementing a 25-for-1 stock split effective April 2, 2026. We view the guidance reduction as prudent given near-term uncertainty, though the key question remains whether this reflects temporary geopolitical disruption or more structural travel demand softness.

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