Booking Holdings: When Narratives Do Not Match Reality

Miguel Daban965 FollowersFollow5ShareSavePlay(11min)Comments(2)SummaryBooking Holdings delivered a double beat in annual results, with robust FCF growth and strong capital allocation via buybacks and a pending 25:1 stock split.BKNG’s Merchant segment is rapidly gaining share, driving negative working capital and reinforcing its payment processing moat against AI disruption.Operational excellence is evidenced by recurring cost savings, deep supplier integrations, and increasing direct app bookings, supporting resilience against competitive and technological threats. Kenneth Cheung/iStock Unreleased via Getty Images This is the fourth time I have written about Booking Holdings (BKNG). Last February 18th, they presented their annual results for the year 2026, in which they made a double beat, and the board made a This article was written byMiguel Daban965 FollowersFollowQuality Growth Investor. I have the simplest of tastes, I only like the best. Here I will analyze the companies in my investment universe. I am looking for the best businesses in the world in order to create a long term portfolio that can outperform the market.Analyst’s Disclosure: I/we have a beneficial long position in the shares of BKNG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.