Booking HoldingsBKNG

01Booking.com had approximately 4.7 million total properties on its website at June 30, 2026, an increase from approximately 4.3 million at June 30, 2025 Over 4.1 million alternative accommodation properties and over 500,000 hotels, motels, and resorts were listed at June 30, 2026 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 June 30, 2026 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

02The shift toward mobile-app bookings locks travelers into Booking's ecosystem through app installation, stored preferences, and payment credentials, raising switching costs. Holding direct mix steady despite SEO declines indicates the installed app base offsets Google's channel erosion.

03The Transformation Program resulted in approximately $250 million in savings in 2025 and, as of the end of 2025, enabled approximately $550 million in annual run-rate savings Expected annual run-rate savings increased to approximately $650 million; the majority of incremental savings above $550 million to be realized in 2027 Restructuring costs and accelerated investments are estimated to be, in the aggregate, less than one times the expected annual run-rate savings Sales and other expenses as a percentage of total revenues decreased for the three months ended June 30, 2026 primarily due to efficiencies in third-party customer service costs

04At June 30, 2026, we had $17.7 billion in cash, cash equivalents, and investments At June 30, 2026, we had a total remaining authorization of $14.5 billion related to the share repurchase program Net cash used in financing activities for the six months ended June 30, 2026 resulted principally from the repurchase of common stock of $7.8 billion Net income of $3.0 billion for the six months ended June 30, 2026