Wall Street’s Ratings on Booking Stock Align With Our $257.28 Price Target

Quick Read

• Booking Holdings (BKNG) beat Q4 2025 earnings with adjusted EPS of $48.80 versus $48.04 estimate and revenue of $6.35 billion up 16.1% year over year, while merchant model revenue grew 27.4% year over year to $4.25 billion with Connected Trip transactions rising over 30% year over year.

• The company completed a 25-to-1 stock split effective April 2, 2026, and management guided for mid-teens adjusted EPS growth in 2026 with $21.8 billion in remaining buyback authorization and a 9.4% dividend increase to $10.50 per share.

• Booking trades 20% below its 52-week high of $232.20 despite generating $9.09 billion in free cash flow for full-year 2025 (up 15.1% year over year) and beating earnings in every 2025 quarter, creating a buying opportunity ahead of Q1 2026 earnings due April 28.

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Booking Holdings (NASDAQ: BKNG) trades at $184.56 as of writing, sitting 20% below its 52-week high of $232.20 and down 13.64% year to date. Our 24/7 Wall St. price target for Booking Holdings is $257.28, implying 39.4% upside over the next 12 months.

The 24/7 Wall St. model rates the stock buy. The model carries moderate confidence (0.5), reflecting meaningful macro uncertainty but strong fundamental support.

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With 30 buy or strong buy ratings and zero sell ratings from Wall Street analysts, the fundamental backdrop is compelling at current levels. The stock trades 20% below its 52-week high, with Wall Street consensus targets implying significant upside.

A Rough Start to 2026 Sets Up an Opportunity

Booking Holdings entered 2026 at $213.72 and fell to $165.61 in February 2026, driven by Q4 2025 guidance language and macro anxiety. The stock has since recovered, gaining 4.51% over the past week and 3.86% over the past month. Over one year, shares are up just 2.39%, well below business performance. The company completed a 25-to-1 stock split effective April 2, 2026, improving retail accessibility.

Q4 2025 results were strong: adjusted EPS of $48.80 against an estimate of $48.04, beating expectations by 1.58%. Revenue of $6.35 billion grew 16.1% year over year cleared the $6.14 billion consensus estimate by 3.49%. Free cash flow surged 119.53% year over year to $1.42 billion in the quarter. Despite the beat, shares fell 6.15% on earnings day before recovering.

The Bull Case

Booking Holdings’ growth rests on three engines. First, the merchant model transition accelerates, now representing majority revenue with structurally higher margins.

Second, Connected Trip gains traction: merchant revenues grew 27.4% year over year in Q4 2025 to $4.25 billion, flight tickets grew 44% year over year in Q2 2025, and Connected Trip transactions grew over 30% year over year, capturing more wallet share per traveler.

Third, the Transformation Program delivers cost savings with approximately $550 million in annual run-rate savings at the high end of target.

Management guided for mid-teens adjusted EPS growth in 2026 and holds $21.8 billion in remaining share buyback authorization.

The buyback program combined with a 9.4% dividend increase to $10.50 per share signals management conviction. The bull scenario points to $290.31, representing 57.3% total return from current levels.

What Could Go Wrong

The bear case centers on macro headwinds and execution risk. University of Michigan Consumer Sentiment sits at 56.6, below the 60 recessionary threshold, could dampen discretionary travel. Booking absorbed a $457 million KAYAK goodwill impairment in 2025 and $1.38 billion in foreign currency transaction losses on Euro-denominated debt.

These contributed to 2025 net income declining 8.13% year over year to $5.40 billion, despite strong operations. The company carries negative shareholders equity of $5.58 billion due to aggressive buybacks.

The net income decline and negative equity reflect non-cash FX remeasurement on Euro debt and deliberate capital returns, not distress. The company generated $9.09 billion in free cash flow for full-year 2025, up 15.1% year over year.

Verdict: Risk-Reward Ahead of Q1 Earnings

Our price target of $257.28 represents compelling risk-reward at current prices. Booking is one of the most cash-generative consumer technology businesses with durable travel demand, structurally improving margins, and a management team that beat earnings in every 2025 quarter.

The stock is down 13.64% year to date despite operational outperformance. Q1 2026 earnings are due April 28, 2026, and the company guided for mid-teens% adjusted EPS growth.

The model’s base case strengthens if consumer sentiment stabilizes and Q1 results confirm guidance. The bear case gains weight if macro deteriorates and management lowers full-year outlook. With moderate confidence and clear fundamentals, the 24/7 Wall St. price target points to meaningful upside for investors willing to hold through volatility.

These projections assume continued execution on merchant model transition, Connected Trip strategy, and AI investments. The stock is down 13.64% year to date, with Q1 2026 earnings due April 28, 2026. Significant upside or downside could result from macroeconomic shifts in global travel demand or competitive disruption from AI-native platforms.

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