Booking Continues to See Resilient Travel Demand Into the Summer Bolstered by Its Network Advantage

While inflation and credit market concerns present potential risks to Booking's near-term travel demand, we see the company exhibiting solid financial health and a stout network advantage. We expect Booking's global online travel agency leadership position to increase over the next decade, driven by a healthy position in the Asia-Pacific, continued leadership in Europe, and an expanding presence in vacation rentals, restaurant bookings, experiences, flights, and payments, all of which are backed by leading marketing and technology scale.