JPM TECH SKETCH: ABNB/BKNG/EXPE Q2 Previews – RNPL vs. PNL, Strait Guidance?, Too Cheap?, AMZN Leo vs. SPCX, Media Q2 Previews (DIS, FOXA, LYV, NYT, etc.)

Research evidence excerpt

JPM TECH SKETCH: ABNB/BKNG/EXPE Q2 Previews – RNPL vs. PNL, Strait Guidance?, Too Cheap?, AMZN Leo vs. SPCX, Media Q2 Previews (DIS, FOXA, LYV, NYT, etc.)

Specialist Sales J P M O R G A N

28 July 2026

• A Note on Sponsored Listings: Brian finally acknowledged that Sponsored Listings could be added to the platform on the

Q425 earnings call: “One of the things that's been really clear with the, after the launch of ChatGPT was that traditional

search was going to become essentially conversational AI search. And that what we wanted to do is really design AI

search, really see how that works. And then if we are going to do sponsor listings, we design that ad unit in that form

factor.” He said little about it on the Q1 call. Will we get some sort of an update this call? Maybe, but I wouldn’t bet on it.

We need the AI Search function to blossom before we can really start talking about Sponsored Listings upside to Adj.

EBITDA (which can be considerable). All told, investors believe this is a 2027 story at best.

BKNG Q226 Earnings Preview – Can Management Get their

Guidance Strait?:

BKNG arguably put themselves into a quandary last quarter when they guided 2026 assuming that the Iran conflict would end by

June 30th. Unfortunately, that has not yet happened and thus investors are bracing for a dreaded full year Gross Bookings cut.

Does this really matter in the long-term? No. But it certainly matters to those who care about the next 2-3 quarters. After that,

investors hope that management will be back on the strait and narrow…

Check out Doug’s Internet Q226 Preview Deck on Page 20 for his BKNG Preview.

BKNG reports Q226 earnings on Tuesday August 4th after the close.

Q226 Earnings Expectations: