<p><strong>Booking Holdings</strong>（BKNG 0.42%），以其全球在线旅游品牌组合而闻名，于 2025 年 7 月 29 日发布了 2025 年第二季度的财报。最大新闻是：该公司在调整后的收益（非 GAAP）和收入（GAAP）方面均超出预期，报告调整后每股收益（EPS）为 55.40 美元，预期为 50.32 美元，而 GAAP 收入为 68 亿美元，预期为 65.5 亿美元。尽管调整后的利润和收入较去年大幅增长，但净收入和 GAAP EPS 下降，反映出外汇变动和更高利息支出的重大负面影响。总体而言，这是一个运营增长强劲和现金生成良好的季度，但由于外部金融因素导致报告的盈利能力受到显著压力。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$55.40</td>
<td>$50.32</td>
<td>$41.90</td>
<td>32 %</td>
</tr>
<tr>
<td>每股收益（GAAP）</td>
<td>$27.43</td>
<td></td>
<td>$44.38</td>
<td>(38 %)</td>
</tr>
<tr>
<td>收入</td>
<td>$68 亿美元</td>
<td>$65.5 亿美元</td>
<td>$59 亿美元</td>
<td>16 %</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润（EBITDA）</td>
<td>$24 亿美元</td>
<td></td>
<td>$19 亿美元</td>
<td>26 %</td>
</tr>
<tr>
<td>自由现金流</td>
<td>$31 亿美元</td>
<td></td>
<td>$23.8 亿美元</td>
<td>30 %</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的季度分析师预估。</p>
<h2>Booking Holdings 的业务及其关注点</h2>
<p>Booking Holdings 运营着一个广泛的在线旅游平台，涵盖了如 Booking.com、Priceline、Agoda、KAYAK（旅游搜索）和 OpenTable（餐厅预订）等品牌。通过这些服务，它使全球用户能够预订住宿、航班、租车、景点和餐饮。其组合覆盖超过 220 个国家和地区，使其成为全球旅游和酒店业的重要参与者。</p>
<p>目前，该公司专注于五个方面：扩大品牌影响力，推动人工智能和技术以实现更紧密的旅行体验，加深与旅游服务合作伙伴的关系，保持对不断变化的法规的合规性，以及与传统和在线优先竞争对手竞争。成功的关键在于增加直接预订，整合基于 AI 的旅行功能，以及维持有吸引力的库存和忠诚度产品，如 Genius 计划。</p>
<h2>季度亮点：增长、利润率和战略</h2>
<p>该期间在关键运营类别中实现了显著增长。预订的房晚数量增长了 8%，达到 3.09 亿，毛预订额达到 467 亿美元，增长了 13%。值得注意的是，航班预订激增 44%，突显出超越传统酒店预订的势头。替代住宿的房晚也继续以低双位数的速度增长。</p>
<p>“连接旅行” 计划整合了住宿、航班、租车和景点到一个行程中，取得了更多进展。连接旅行交易占 Booking.com 总交易的低双位数百分比，同比增长超过 30%。公司的直接渠道组合，即通过其自有平台而非第三方进行的预订，在过去四个季度中占房晚的中五十个百分点。</p>
<p>在运营方面，调整后的利润率有所改善。调整后 EBITDA 利润率上升至 35.6%，高于 2024 年第二季度的 32.4%，因为收入增长超过了运营费用。市场营销费用占毛预订的比例为 4.6%，反映出更多的预订来自直接和忠诚度渠道。自由现金流（非 GAAP）大幅上升，得益于强劲的基础需求和谨慎的费用控制。</p>
<p>然而，GAAP 净收入大幅下降，净收入利润率从去年的 26.0% 降至 13.2%。主要原因是外汇波动不利，特别是以欧元计价的债务损失达到 9.61 亿美元，而去年同期则有盈利，以及与可转换债务相关的更高利息成本。这些因素对根据美国会计规则报告的底线收益造成了压力。</p>
<h2>产品、技术和合作伙伴关系</h2>
<p>公司的主要品牌，包括 Booking.com、Priceline、Agoda、KAYAK（旅游搜索）和 OpenTable（餐厅预订），都为扩大其影响力做出了贡献。Booking.com 的替代住宿列表同比增长了 9%。由于用户对应用程序和 Genius 忠诚度计划的采用，直接预订继续占据越来越高的房晚份额，其更高的层级现在占活跃旅行者的 30% 以上。</p>
<p>在技术方面，各品牌继续投资于生成式人工智能（AI）。公司推出了新的 AI 驱动的旅行规划工具和对话代理，如 “KAYAK.ai” 和 Priceline 的 “Penny”，旨在简化旅行者的规划和预订。管理层报告称，连接旅行交易现在占 Booking.com 交易的低双位数百分比，同比增长超过 30%。通过 AI 整合多种旅行服务是其产品战略的核心部分。</p>
<p>合作伙伴关系扩大了库存和供应商参与，包括更多的替代住宿和航班列表，以及新的合作，如 OpenTable 与 Uber 的整合。Genius 忠诚度计划使供应商能够接触到高度参与的客户，支持更高的直接预订率和频率。</p>
<p>管理层表示，客户数据的使用、AI 的应用以及全球运营的性质正在受到持续审查。领导层承认竞争加剧，尤其是在替代住宿领域，但指出公司在过去 17 个季度中有 16 个季度的增长超过了主要竞争对手。</p>
<h2>前景及下一步关注事项</h2>
<p>展望下一个时期，管理层预计客房夜数将增长 3.5% 至 5.5%，总预订量将增长 8% 至 10%，收入将增长 7% 至 9%。调整后的息税折旧摊销前利润（EBITDA）预计在 39 亿美元至 40 亿美元之间。对于 2025 财年，公司预计收入将以高个位数的速度增长，调整后的 EBITDA 将以中十位数的百分比增长，客房夜数预计将以低至中个位数的范围增长。</p>
<p>尽管需求在七月份保持稳定，管理层仍警告称，由于公司将面临去年旅行季节的强劲表现，年同比增长率可能会放缓。美国消费者也出现谨慎迹象，平均入住时长和预订行为略有变化。宏观经济和地缘政治风险——包括货币波动和利率风险——也仍然是需要关注的领域。公司的董事会宣布每股派发季度股息 9.60 美元，并完成了 13 亿美元的股票回购。</p>
<p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

BKNG

<p>Booking Holdings (BKNG) 报告第二季度每股收益（EPS）增长 32%，达到 55.40 美元，超出预期的 50.32 美元。收入也超出预期，达到 68 亿美元，同比增长 16%。尽管运营增长强劲，但由于外汇影响和更高的利息支出，GAAP 每股收益降至 27.43 美元。公司专注于扩大品牌影响力并将人工智能整合到其服务中。展望未来，管理层预计房间夜数将增长 3.5% 至 5.5%，收入将在下一个周期内增长 7% 至 9%</p>

<p><strong>Booking Holdings</strong>(BKNG 0.42%), known for its global portfolio of online travel brands, released second quarter 2025 results on July 29, 2025. The biggest news: the company outperformed expectations for both adjusted earnings (non-GAAP) and revenue (GAAP), reporting adjusted earnings per share (EPS) of $55.40 against estimates of $50.32, and GAAP revenue of $6.8 billion versus an expected $6.55 billion. While adjusted profit and revenue were up strongly from the prior year, headline net income and GAAP EPS dropped, reflecting large negative impacts from foreign currency changes and higher interest expenses. Overall, it was a quarter of robust operating growth and strong cash generation, but with notable pressure on reported profitability caused by external financial factors.</p>
<div class="lb-trans"><p><strong>Booking Holdings</strong>（BKNG 0.42%），以其全球在线旅游品牌组合而闻名，于 2025 年 7 月 29 日发布了 2025 年第二季度的财报。最大新闻是：该公司在调整后的收益（非 GAAP）和收入（GAAP）方面均超出预期，报告调整后每股收益（EPS）为 55.40 美元，预期为 50.32 美元，而 GAAP 收入为 68 亿美元，预期为 65.5 亿美元。尽管调整后的利润和收入较去年大幅增长，但净收入和 GAAP EPS 下降，反映出外汇变动和更高利息支出的重大负面影响。总体而言，这是一个运营增长强劲和现金生成良好的季度，但由于外部金融因素导致报告的盈利能力受到显著压力。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$55.40</td>
<td>$50.32</td>
<td>$41.90</td>
<td>32 %</td>
</tr>
<tr>
<td>EPS (GAAP)</td>
<td>$27.43</td>
<td></td>
<td>$44.38</td>
<td>(38 %)</td>
</tr>
<tr>
<td>Revenue</td>
<td>$6.8 billion</td>
<td>$6.55 billion</td>
<td>$5.9 billion</td>
<td>16 %</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$2.4 billion</td>
<td></td>
<td>$1.9 billion</td>
<td>26 %</td>
</tr>
<tr>
<td>Free Cash Flow</td>
<td>$3.1 billion</td>
<td></td>
<td>$2.38 billion</td>
<td>30 %</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$55.40</td>
<td>$50.32</td>
<td>$41.90</td>
<td>32 %</td>
</tr>
<tr>
<td>每股收益（GAAP）</td>
<td>$27.43</td>
<td></td>
<td>$44.38</td>
<td>(38 %)</td>
</tr>
<tr>
<td>收入</td>
<td>$68 亿美元</td>
<td>$65.5 亿美元</td>
<td>$59 亿美元</td>
<td>16 %</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润（EBITDA）</td>
<td>$24 亿美元</td>
<td></td>
<td>$19 亿美元</td>
<td>26 %</td>
</tr>
<tr>
<td>自由现金流</td>
<td>$31 亿美元</td>
<td></td>
<td>$23.8 亿美元</td>
<td>30 %</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：FactSet 提供的季度分析师预估。</p>
</div><h2>What Booking Holdings Does and Where It Focuses</h2>
<div class="lb-trans"><h2>Booking Holdings 的业务及其关注点</h2>
</div><p>Booking Holdings operates an extensive online travel platform spanning brands like Booking.com, Priceline, Agoda, KAYAK (travel search), and OpenTable (restaurant reservations). Through these services, it enables users worldwide to book accommodations, flights, car rentals, attractions, and dining. Over 220 countries and territories are served across its portfolio, making it a major player in global travel and hospitality.</p>
<div class="lb-trans"><p>Booking Holdings 运营着一个广泛的在线旅游平台，涵盖了如 Booking.com、Priceline、Agoda、KAYAK（旅游搜索）和 OpenTable（餐厅预订）等品牌。通过这些服务，它使全球用户能够预订住宿、航班、租车、景点和餐饮。其组合覆盖超过 220 个国家和地区，使其成为全球旅游和酒店业的重要参与者。</p>
</div><p>Currently, the company is focused on five fronts: expanding its brand presence, advancing artificial intelligence and technology for a more connected travel experience, deepening relationships with travel service partners, maintaining compliance with evolving regulations, and competing against both traditional and online-first rivals. Success hinges on growing direct bookings, integrating AI-driven trip features, and maintaining an attractive inventory and loyalty offerings such as the Genius program.</p>
<div class="lb-trans"><p>目前，该公司专注于五个方面：扩大品牌影响力，推动人工智能和技术以实现更紧密的旅行体验，加深与旅游服务合作伙伴的关系，保持对不断变化的法规的合规性，以及与传统和在线优先竞争对手竞争。成功的关键在于增加直接预订，整合基于 AI 的旅行功能，以及维持有吸引力的库存和忠诚度产品，如 Genius 计划。</p>
</div><h2>Quarter Highlights: Growth, Margins, and Strategy</h2>
<div class="lb-trans"><h2>季度亮点：增长、利润率和战略</h2>
</div><p>The period saw notable growth in key operating categories. Room nights booked climbed 8% to 309 million, and gross bookings reached $46.7 billion, an increase of 13%. Notably, flights surged 44%, underscoring the momentum in expanding beyond traditional hotel bookings. Alternative accommodation nights also continued to grow at a low double-digit rate.</p>
<div class="lb-trans"><p>该期间在关键运营类别中实现了显著增长。预订的房晚数量增长了 8%，达到 3.09 亿，毛预订额达到 467 亿美元，增长了 13%。值得注意的是，航班预订激增 44%，突显出超越传统酒店预订的势头。替代住宿的房晚也继续以低双位数的速度增长。</p>
</div><p>The Connected Trip initiative, which integrates accommodations, flights, car rentals, and attractions into a single itinerary, made more advances. Connected Trip transactions represented a low double-digit percentage of Booking.com’s total transactions, and grew over 30% year-over-year. The company’s direct channel mix, representing bookings through its own platforms rather than third parties, reached the mid-fifties as a percentage of room nights over the trailing four quarters.</p>
<div class="lb-trans"><p>“连接旅行” 计划整合了住宿、航班、租车和景点到一个行程中，取得了更多进展。连接旅行交易占 Booking.com 总交易的低双位数百分比，同比增长超过 30%。公司的直接渠道组合，即通过其自有平台而非第三方进行的预订，在过去四个季度中占房晚的中五十个百分点。</p>
</div><p>Operationally, margins improved in adjusted results. Adjusted EBITDA margin rose to 35.6%, up from 32.4% in Q2 2024, as revenue growth outpaced operating expenses. Marketing expenses as a percentage of gross bookings was 4.6%, reflecting more bookings coming through direct and loyalty channels. Free cash flow (non-GAAP) saw a substantial rise, powered by strong underlying demand and careful expense control.</p>
<div class="lb-trans"><p>在运营方面，调整后的利润率有所改善。调整后 EBITDA 利润率上升至 35.6%，高于 2024 年第二季度的 32.4%，因为收入增长超过了运营费用。市场营销费用占毛预订的比例为 4.6%，反映出更多的预订来自直接和忠诚度渠道。自由现金流（非 GAAP）大幅上升，得益于强劲的基础需求和谨慎的费用控制。</p>
</div><p>However, GAAP net income dropped sharply, with the net income margin down to 13.2 % from 26.0 % last year. The primary drivers were unfavorable foreign currency swings—particularly losses on euro-denominated debt totaling $961 million, compared to a gain in the year-ago period—and higher interest costs tied to convertible debt. These factors weigh on bottom-line earnings as reported under U.S. accounting rules.</p>
<div class="lb-trans"><p>然而，GAAP 净收入大幅下降，净收入利润率从去年的 26.0% 降至 13.2%。主要原因是外汇波动不利，特别是以欧元计价的债务损失达到 9.61 亿美元，而去年同期则有盈利，以及与可转换债务相关的更高利息成本。这些因素对根据美国会计规则报告的底线收益造成了压力。</p>
</div><h2>Product, Technology, and Partnerships</h2>
<div class="lb-trans"><h2>产品、技术和合作伙伴关系</h2>
</div><p>The company’s major brands, including Booking.com, Priceline, Agoda, KAYAK (travel search), and OpenTable (restaurant reservations), all contributed to expanding its reach. Booking.com expanded its alternative accommodation listings by 9% year-over-year. Direct bookings continued to make up an increasing share of room nights thanks to user adoption of apps and the Genius loyalty program, whose higher tiers now represent over 30% of active travelers.</p>
<div class="lb-trans"><p>公司的主要品牌，包括 Booking.com、Priceline、Agoda、KAYAK（旅游搜索）和 OpenTable（餐厅预订），都为扩大其影响力做出了贡献。Booking.com 的替代住宿列表同比增长了 9%。由于用户对应用程序和 Genius 忠诚度计划的采用，直接预订继续占据越来越高的房晚份额，其更高的层级现在占活跃旅行者的 30% 以上。</p>
</div><p>On the technology side, investment in generative artificial intelligence (AI) continues across the brands. The company has released new AI-powered trip planners and conversational agents, such as “KAYAK.ai” and “Penny” for Priceline, designed to simplify planning and booking for travelers. Management reported Connected Trip transactions now make up a low double-digit percentage of Booking.com transactions and up over 30% year-over-year. Integrating multiple travel services through AI is a core part of its product strategy.</p>
<div class="lb-trans"><p>在技术方面，各品牌继续投资于生成式人工智能（AI）。公司推出了新的 AI 驱动的旅行规划工具和对话代理，如 “KAYAK.ai” 和 Priceline 的 “Penny”，旨在简化旅行者的规划和预订。管理层报告称，连接旅行交易现在占 Booking.com 交易的低双位数百分比，同比增长超过 30%。通过 AI 整合多种旅行服务是其产品战略的核心部分。</p>
</div><p>Partnerships have broadened inventory and supplier engagement, including more listings in alternative accommodations and flights, and new collaborations, such as OpenTable’s integration with Uber. The Genius loyalty program gives suppliers access to highly engaged customers, supporting higher direct booking rates and frequency.</p>
<div class="lb-trans"><p>合作伙伴关系扩大了库存和供应商参与，包括更多的替代住宿和航班列表，以及新的合作，如 OpenTable 与 Uber 的整合。Genius 忠诚度计划使供应商能够接触到高度参与的客户，支持更高的直接预订率和频率。</p>
</div><p>Management indicated ongoing scrutiny around customer data, the use of AI, and the global nature of operations. The leadership acknowledged heightened competition, especially in alternative accommodations, but pointed to the company’s record of outpacing growth by key rivals in this area for 16 of the last 17 quarters.</p>
<div class="lb-trans"><p>管理层表示，客户数据的使用、AI 的应用以及全球运营的性质正在受到持续审查。领导层承认竞争加剧，尤其是在替代住宿领域，但指出公司在过去 17 个季度中有 16 个季度的增长超过了主要竞争对手。</p>
</div><h2>Outlook and What to Watch Next</h2>
<div class="lb-trans"><h2>前景及下一步关注事项</h2>
</div><p>Looking to the next period, management projected room nights to grow between 3.5% and 5.5%, with gross bookings up 8% to 10%, and revenue rising 7 % to 9 %. Adjusted EBITDA is expected in the range of $3.9 billion to $4.0 billion. For FY2025, the company anticipates revenue to grow at a high single-digit rate and adjusted EBITDA to grow at a mid-teens percentage, with room nights expected to grow in the low to mid single-digit range.</p>
<div class="lb-trans"><p>展望下一个时期，管理层预计客房夜数将增长 3.5% 至 5.5%，总预订量将增长 8% 至 10%，收入将增长 7% 至 9%。调整后的息税折旧摊销前利润（EBITDA）预计在 39 亿美元至 40 亿美元之间。对于 2025 财年，公司预计收入将以高个位数的速度增长，调整后的 EBITDA 将以中十位数的百分比增长，客房夜数预计将以低至中个位数的范围增长。</p>
</div><p>While demand remained steady through July, management cautioned that year-over-year growth rates are likely to moderate as the company laps a very strong performance during last year’s travel season. There are also signs of cautiousness among U.S. consumers, with average length of stay and booking behavior shifting slightly. Macro and geopolitical risks—including currency fluctuations and interest rate exposure—also remain areas to watch. The company’s board declared a quarterly dividend of $9.60 per share, and $1.3 billion in share repurchases were completed.</p>
<div class="lb-trans"><p>尽管需求在七月份保持稳定，管理层仍警告称，由于公司将面临去年旅行季节的强劲表现，年同比增长率可能会放缓。美国消费者也出现谨慎迹象，平均入住时长和预订行为略有变化。宏观经济和地缘政治风险——包括货币波动和利率风险——也仍然是需要关注的领域。公司的董事会宣布每股派发季度股息 9.60 美元，并完成了 13 亿美元的股票回购。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

Booking (BKNG) 第二季度每股收益跃升 32%