| EXPE |
Report |
Gross Bookings (Q2'26) |
BEAT |
pred ~$33.4B vs. cons $33.0B |
MEDIUM |
| EXPE |
Report |
Revenue (Q2'26) |
BEAT |
pred ~$4.23B vs. cons $4.18B |
MEDIUM |
| EXPE |
Report |
Adjusted EBITDA (Q2'26) |
BEAT |
pred ~$1.07B vs. cons $1.04B |
MEDIUM |
| EXPE |
Guide |
FY26 Revenue guidance |
UNCHANGED |
guide ~$15.85-15.95B vs. cons ~$15.87B (FY2026) |
MEDIUM |
| EXPE |
Guide |
FY26 Adjusted EBITDA margin expansion |
LOWER |
guide ~100-110bps vs. cons ~115bps (FY2026) |
MEDIUM |
| EXPE |
Guide |
Q3'26 Gross Bookings growth (implied guide/commentary) |
LOWER |
guide ~5-7% growth vs. cons ~8% growth (Q3 2026) |
LOW |
| EXPE |
Return |
Day-1 residual (stock − beta × S&P 500) |
-6.0% |
— |
MEDIUM |
| EXPE |
Return |
5-day cumulative residual |
-8.5% (FOLLOW-THROUGH) |
Stock ran up ~20% into the print and trades above avg Street target, so a Q2 beat consistent with the top of guidance is largely priced in. Reiterating (not raising) FY26 bookings/revenue and margin-expansion guidance amid an escalated Iran-war/oil-shock backdrop (doubled jet fuel, Gulf airspace closures, Lufthansa/IAG guide cuts) and Booking Holdings' own Q3 deceleration signal implies an implicit trim to H2 estimates. Sell-side will likely walk down H2/FY26 bookings, revenue and margin numbers over the following days as they reconcile the reiterated range against Q2's beat-the-run-rate, producing continued downward drift beyond the initial print reaction rather than a snap-back, though the $5B buyback authorization provides a partial floor limiting further downside. |
MEDIUM |