🔹 Adj EPS: $24.81 (Est. $17.45) 🟢; UP +22% YoY
🔹 Revenue: $4.76B (Est. $4.59B) 🟢; UP +8% YoY
🔹 Gross Bookings: $46.7B (Est. $46.47B) 🟢; UP +7% YoY
🔹 Adj EBITDA: $1.09B (Est. $849.8M) 🟢; UP +21% YoY
🔹 Room Nights Booked: 319M (Est. 316.63M) 🟢; UP +7% YoY
Operating Metrics
🔹 Free Cash Flow: $3.2B; UP +23% YoY
🔹 Net Cash from Operating Activities: $3.3B; UP +21% YoY
🔹 Adjusted EBITDA Margin: 22.9% (vs. 20.3% in Q1 2024)
Marketing & Expense Metrics
🔹 Marketing Expense as % of Gross Bookings: 3.8% (vs. 3.7% YoY)
🔹 Adjusted Fixed Operating Expenses: $1.16B; DOWN -3% YoY
🔹 Total Operating Expenses: $3.7B; UP +2% YoY (below revenue growth)
Segment & Platform Highlights
🔹 Alternative Accommodation Room Nights at Booking:com: Grew double digits YoY
🔹 Constant Currency Average Daily Rates (ADRs): Increased 1%
🔹 Gross Agency Bookings: $15.5B; DOWN -13% YoY
Capital Returns
🔹 Dividend: $9.60/share declared; payable June 30, 2025
🔹 Share Repurchases: $1.8B in Q1; $25.9B authorization remaining
CEO Glenn Fogel's Commentary:
🔸 "We had a good start to 2025 with healthy room night and gross bookings growth, supported by our globally diversified business."
🔸 "While macro and geopolitical uncertainties persist, we continue to drive long-term value for partners and travelers through our strategic priorities."
