New York, Feb 19, 2026, 11:12 EST — Regular session
- Booking Holdings tumbled roughly 7.5% in late morning action, following a choppy open.
- Management’s remarks on declining U.S. hotel rates and briefer guest stays drew investors’ attention.
- The company said it’s going ahead with a 25-for-1 stock split set for April 2, and is raising its quarterly dividend as well.
Booking Holdings (BKNG) was down roughly 7.5% to $3,949 late Thursday morning. Shares had earlier bounced between $4,291 and $3,885.61 during the session.
Booking offers a sharp lens into travel spending patterns, so this shift drew notice. U.S. pricing came under scrutiny; traders wasted no time selling on the slightest sign of weakness, profit beat or not.
Booking finished behind the rest of the travel group, which saw milder declines as the broader market hovered flat to a touch lower. Expedia dropped roughly 2.7%, Trip.com slipped nearly 1.4%, and Airbnb edged down 0.3%. The SPDR S&P 500 ETF posted a dip of just 0.1%.
Priceline and Booking.com’s parent beat expectations for the fourth quarter, posting adjusted earnings of $48.80 a share on $6.35 billion in revenue. The company flagged resilient international travel demand heading through 2026, but executives flagged “slightly lower average daily rates and a slightly shorter length of stay” in the U.S.—a signal that some customers remain cautious. The average daily rate, or ADR, tracks average revenue per occupied room each day. (Reuters)
Booking, in its earnings update, projected first-quarter room nights would climb 5% to 7%, with gross bookings up 14% to 16%. Currency swings, the company cautioned, can make headline growth look bigger than it is. (Gross bookings reflect the total value of booked travel across Booking’s platforms, after cancellations.) The board cleared a 25-for-1 stock split, set to go live April 2, and lifted the quarterly cash dividend to $10.50 a share, payable March 31 for shareholders on record as of March 6. “We are pleased to report strong results for 2025,” CEO Glenn Fogel said. He also pointed to Booking’s generative AI push and cost savings from its transformation program. (Q4 Capital Markets)
But judging by the market’s response, investors seemed to care less about the split details and more about the company’s commentary on U.S. travel and hotel pricing. A profit beat isn’t much consolation if room rates are slipping and guests aren’t staying as long.
Still, there’s a risk on the table. Should budget-conscious travelers continue to cut back or downgrade their plans, the first signs hit ADR and length of stay. That spillover can dent bookings and commissions, even if international appetite doesn’t waver.
Traders are set to keep an eye on the stock into next week, gauging if it finds its footing after Thursday’s earnings move—or if further selling pushes it toward the session’s low again.
Next up on the calendar: March 6, the dividend record date. After that, dividend payout lands March 31, with the stock split taking effect April 2. These are the near-term markers investors will be watching as Booking’s 2026 outlook faces another sentiment test.
