
Booking Holdings trades at a discounted 16.25x P/E despite resilient execution and double-digit EPS growth amid industry headwinds. Q2 2026 saw room nights up 5%, gross bookings up 9%, and adjusted EPS up 15%, aided by aggressive buybacks and cost-cutting. AI agent disruption fears are likely overstated for now; Booking's direct and loyalty channels remain robust, with AI referrals under 1% of room nights.










