New York, Feb 19, 2026, 17:45 (EST) — After-hours
- Booking Holdings shares fell about 6% on Thursday, touching $3,874.89 at the low.
- The online travel company posted fourth-quarter results and outlined 2026 targets a day earlier.
- Investors are weighing U.S. pricing signals, AI risk chatter and the impact of a planned stock split.
Booking Holdings Inc (BKNG.O) shares fell 6.2% on Thursday and were last at $4,007.45 after the bell, after swinging between $3,874.89 and $4,291.00.
The drop came a day after the online travel company beat Wall Street profit expectations and said it had approved a 25-to-1 stock split of its authorized shares. Executives also flagged slightly softer pricing and shorter stays in the U.S., language that tends to get read as a tell on discretionary spending. (Reuters)
Why it matters now: Booking is a high-priced, high-weight travel stock, and the market has been jumpy about where growth holds up — and where it cracks — as consumers turn picky again.
Booking said fourth-quarter room nights rose 9% from a year earlier, while gross bookings climbed 16% to $43.0 billion and revenue increased 16% to $6.3 billion. Chief executive Glenn Fogel said the company was “advancing our use of Generative AI,” pointing to savings from its transformation program as it leans into reinvestment. (Q4 Capital)
In its outlook, Booking forecast first-quarter gross bookings growth of 14% to 16% and room nights growth of 5% to 7%. The company also declared a $10.50-per-share cash dividend, lifted from $9.60, and said it repurchased $2.1 billion of stock in the quarter, with $21.8 billion still authorized. (Q4 Capital)
Average daily rate, or ADR, is the industry’s shorthand for the average revenue earned per occupied room per day. A softer ADR and shorter stays can mean travelers are trading down, trimming nights, or both.
The backdrop has not helped. Broader U.S. stocks ended lower on Thursday, with investors fretting that fast-moving AI tools could redraw winners and losers across industries. “The market is trying to grapple with what business lines are under threat … from AI,” said Keith Buchanan, a senior portfolio manager at GLOBALT Investments. Booking’s slide also came as some investors worried AI-powered alternatives could reshape how travel is searched and booked. (Reuters)
Travel peers were mixed: Expedia Group fell about 2%, while Airbnb and TripAdvisor were modestly higher.
A separate SEC filing showed CEO Glenn Fogel sold shares on Feb. 17 under a Rule 10b5-1 trading plan, in two Form 4 filings. (SEC)
But risks cut both ways. If U.S. price pressure spreads beyond budget and mid-scale travel and starts to hit premium trips, Booking’s growth math could look different fast. Competition and shifting traffic patterns — including the way AI changes search — add another layer of uncertainty.
Next up, traders have April 2 circled, when Booking has said the 25-to-1 split of its authorized shares will be effected.
