Online Travel Q2‘26 Preview: Analyzing the Industry Debates & Estimates

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Online Travel Q2‘26 Preview: Analyzing the Industry Debates & Estimates

Equity Research

19 July 2026 | 6:39PM EDT

AMERICAS TECHNOLOGY: INTERNET

Online Travel Q2’26 Preview: Analyzing the Industry Debates &

Estimates

As we head into Q2‘26 Online Travel earnings, we frame key industry debates, Eric Sheridan

+1(917)343-8683 |

refresh our operating estimates for industry data and channel checks and eric.sheridan@gs.com

Goldman Sachs & Co. LLC

update our 12-month price targets for names under coverage. We see a few key

Aarshiya Sachdevathemes that have driven recent investor conversations and are likely to remain the +1(212)855-6184 |

focus of debates going into and out of the upcoming season: aarshiya.sachdeva@gs.comGoldman Sachs & Co. LLC

n 1) Summer travel demand remains healthy and stable globally, with booking

trends improving in June, outperforming relative to investor expectations

entering the quarter despite heightened geopolitical volatility and

macroeconomic uncertainty impacting specific travel corridors;

n 2) Pricing trends continue to shift upward at the upper end of the travel

market, reflecting a continued bifurcation of travel demand (K-shaped

economy) where spend per trip is increasing despite consumers finding travel

less affordable;

n 3) The FIFA World Cup in North America is driving positive short-term rental

demand and robust pricing power in host cities, though with highly

fragmented impacts as supply growth outpaces demand in several regions and

displaces typical seasonal travelers in larger US cities;

n 4) Generative AI adoption continues to scale, with rising utilization of

agentic tools in the trip planning stage, though actual bookings within these

tools remain limited as travel companies focus on building brand loyalty and

consumer trust; &