Booking Holdings Inc Expect inline 2Q, lowering 3Q on ME and FX pressures; Buy

Research evidence excerpt

Booking Holdings Inc Expect inline 2Q, lowering 3Q on ME and FX pressures; Buy

avel and experiences, supporting record 2Q revenue growth

of 14%, while card spend within the Delta-Amex ecosystem has now grown double-

digits for seven consecutive quarters. Management also highlighted strengthening

industry pricing dynamics, with fare increases recovering fuel inflation at one of the

fastest rates in recent cycles. Delta believes current revenue momentum is

sustainable, supported by resilient consumer demand, industry capacity discipline,

and airfares that remain below cumulative inflation since COVID despite recent

increases. Read report by our airlines analysts, Andrew Didora: Delta Air Lines: Post

call thoughts as DAL reaffirms EPS outlook from earlier in year 13 July 2026

• According to United Airlines (UAL) management, demand trends remain robust

with no evidence of demand destruction despite higher fares. The company

highlighted broad-based strength across leisure, premium, and corporate travel.

Looking ahead, management outlook for the remainder of 2026 assumes demand

strength from Q2 is consistent in Q3 and in Q4, supported by strong booking curves,

particularly internationally. United noted that 4Q yields are currently tracking

materially ahead of 3Q booking trends, reflecting healthy pricing power and

continued strength in both corporate and premium demand. Read report by our

airlines analysts, Andrew Didora: United Airlines Holdings: 2Q26 first take: fuel is a

headwind but steady earnings power regardless of macro 15 July 2026

• According to Ryanair (RYA) management, summer demand remains healthy and

traffic growth is on track, but booking windows are shorter and consumers remain

cautious amid geopolitical uncertainty.