TTM Technologies Q1 2026: Financial Results and Future Outlook

Booking Holdings (BKNG) Q1 2026: What it implies about resilience of travel demand and backlog signals

1) Demand resilience shows up in “room nights” growth despite the Middle East disruption

Management framed the quarter as occurring in a “dynamic geopolitical environment,” emphasizing that while near-term travel volumes were impacted, “fundamental drivers of travel demand…do not change.” ¹ They reported 338 million room nights in Q1 2026, up 6% year-over-year and described results as “in line with…prior expectations.” ¹

They also quantified the disruption: the Middle East conflict reduced room night growth by ~2 percentage points. ² Consistent with that, they stated that excluding the conflict impact, room nights would have grown above the high end of guidance ranges, and specifically room night growth was 6% (~8% excluding the conflict). ²

Interpretation for backlog signals: While this is not the company explicitly disclosing “backlog” like airlines do, room nights and cancellation dynamics function as a real-time indicator of near-term booking behavior. The company’s ability to still deliver mid-single-digit growth (and high-single-digit/“~8%” normalized growth) after acknowledging elevated cancellations suggests demand has not structurally broken—more like a timing/region-specific shock. ²

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2) Backlog/cancellation dynamics: March weakness looked acute, but the company saw no broad demand retreat

On the demand signal path, the company stated the quarter experienced elevated cancellations and moderation in new bookings in March. ² They further detailed that the impact showed up in March room night growth of 1%, following “an increase in cancellation rates and lower travel demand” immediately after onset. ²

They estimated conflict impact on March growth as ~6 percentage points, split roughly evenly between reduced bookings and increased cancellations—with cancellations historically peaking in the first month after a conflict begins. ³

Interpretation for backlog signals: This pattern—cancellations concentrated early, with a moderation in new bookings—reads like “booking window disruption” rather than a wholesale collapse of underlying demand. That matters because if backlog were evaporating structurally, you would expect more persistent softness beyond the acute period. Instead, management repeatedly emphasized resilience of demand fundamentals and described continuing strength outside specific affected corridors/areas. ¹⁴

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3) Where the resilience is strongest: outside the Middle East pocket, markets remained healthy

Management explicitly said that outside highlighted conflict impacts, global travel demand remained healthy, and they noted intra-European travel up high single digits, intra-Asia travel up low double digits, and U.S. growth low teens. ⁴

They also reported by region:

• Europe up mid-single digits (including conflict impacts). ³
• Asia up high single digits with intra-Asia demand up low double digits. ³
• Rest of World (includes the Middle East) down low single digits. ³

Interpretation for backlog signals: The regional segregation of growth suggests that cancellation/booking disruption is not evenly distributed—consistent with selective backlog risk rather than economy-wide retrenchment. If backlog were deteriorating broadly, you’d typically see weaker trends across otherwise resilient geographies rather than a “pocket” downshift in Rest of World. ³⁴

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4) Booking “quality” and mix signals: direct-channel resilience and improving booking-window stability

The company highlighted resilience in its direct mix: B2C direct mix held steady in the mid-60% range over the past four quarters. ³ They also said their direct channel in the U.S. accelerated, and U.S. room night growth accelerated for the fourth consecutive quarter to the low teens, driven primarily by strong domestic demand. ⁵

They further addressed recent market signals in the U.S.: the booking window is now stable, ADRs are flat, and trips are still slightly shorter, implying normalization after prior weakness. ⁴ They noted this is “more positive and optimistic than…for a long period of time,” while also cautioning it’s “too early to draw any conclusions” on some more recent signals. ⁴

Interpretation for backlog signals: Stable booking windows and flat ADRs are practical proxies for backlog quality—customers are still booking within a stable cadence, and pricing is not collapsing in the lower end. That typically indicates backlog is not being “pulled forward then fully reversed” at scale. ⁴

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5) Operating results reinforce resilience: bookings growth and profitability remained strong

Despite geopolitical noise, performance metrics came in strong:

• Gross bookings were $53.8 billion, up 15% year-over-year. ⁶
• Revenue was $5.5 billion, up 16% year-over-year. ⁶
• Adjusted EBITDA was ~ $1.3 billion, up 19% year-over-year. ⁶
• Adjusted EPS was $1.14, up 14% year-over-year. ⁶

Management also reported that impact on room night and gross bookings growth from the conflict was ~2 percentage points, and excluding this impact, they believed room nights would have been up ~8%. ⁶

Interpretation for backlog signals: Strong realized gross bookings and earnings power in Q1, even with acknowledged cancellation pressure in March, suggests the booking engine still produced ample demand and revenue conversion. ⁶²

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6) Management guidance: expects ongoing headwinds through early-mid 2026, but also anticipates recovery—consistent with “resilient, not broken” backlog

For Q2, management assumed conflict impacts continue and provided specific growth ranges:

• Second quarter room night growth expected between 2% and 4%, with gross bookings, revenue, and adjusted EBITDA each growing between 4% and 6%. ⁷
• They expected impact higher in Q2 than in Q1, with March cancellations as a key driver of Q1 marketing deleverage. ⁷

For the full year, they assumed conflict impacts continue through end of June and then a recovery in the second half. ⁷ They also stated full-year guidance remains “solid” from a range perspective, with gross bookings and EPS at the high end still in line with original guidance. ⁸

Interpretation for backlog signals: Guidance that explicitly expects recovery after June is a backlog/timing statement: it implies that near-term booking/cancellation distortions are time-bounded rather than reflecting permanent demand impairment. At the same time, they do not assume demand fully normalizes immediately—room night growth is guided to 2%–4% in Q2, reflecting still-constrained booking activity and/or pricing/cancellation effects. ⁷⁸

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Bottom line

Booking Holdings’ Q1 2026 report indicates travel demand resilience manifested as continued growth in room nights and gross bookings even while management acknowledged elevated cancellations and March booking moderation concentrated around the Middle East shock. ²⁶³

“Backlog signals,” viewed through room-night growth persistence, stable booking windows/flat ADRs in the U.S. low-end segment, and resilient direct-channel mix, point to demand being disrupted in timing and region rather than structurally collapsing. ⁴³ Management’s guidance further supports this: it anticipates continued but time-bounded headwinds through Q2 and assumes recovery in the second half of 2026. ⁷⁸