Adjusted earnings per share increased 32% year-over-year, helped by a 5% lower average share count.
Adjusted EBITDA grew 28% year-over-year, driven by revenue outperformance and disciplined expense management.
Adjusted fixed operating expenses increased 11% year-over-year, impacted by performance-based compensation, cloud costs, and a legal settlement.
Alternative accommodations room nights grew 10%, outpacing core hotel business growth.
Booking Holdings reported strong Q2 2025 results with room nights reaching 309 million, an 8% year-over-year increase, exceeding prior expectations.
Free cash flow was $3.1 billion in the quarter, with ending cash and investments at $18.2 billion, up from $16.1 billion in Q1.
Gross bookings increased 13% year-over-year and revenue grew 16%, both above the high end of guidance.
Marketing expenses increased 10% year-over-year but were a source of leverage due to lower brand marketing and higher direct mix.
Share repurchases totaled $1.3 billion and dividends $300 million in the quarter.
Transformation program savings of $45 million were realized in-quarter, with $150 million expected in 2025 and total run rate savings of $350 million anticipated.
Dafinchi