Podcast Summary: Booking Holdings President & CEO Glenn Fogel Talks AI Competition, Global Travel

Podcast: Bloomberg Talks
Episode Guest: Glenn Fogel, President & CEO of Booking Holdings
Air Date: February 19, 2026

Episode Overview

This episode features an in-depth interview with Glenn Fogel, President and CEO of Booking Holdings, discussing the company’s latest earnings, the impact of AI on the travel industry, how Booking is adapting to technological change, and trends in global travel demand. The discussion is timely against a backdrop of broader market anxiety about AI’s potential to disrupt established digital businesses, including Booking Holdings.

Key Discussion Points & Insights

1. Strong Performance Amid Volatile Markets

Timestamp: 00:08–00:50

• Despite Booking Holdings reporting "stellar" numbers—with nearly $10 billion in adjusted EBITDA and over $8 billion returned to shareholders—their stock fell 8% post-earnings, reflecting market anxiety about the future impact of AI.
• Glenn Fogel stresses the underlying strength and resilience of the company:

  “The whole year has been, even though the world's been volatile and we've had all these economic [challenges], we still power through accelerating each quarter.” — [00:50, Glenn Fogel]

• Fogel maintains that nothing about company fundamentals or AI strategy should have surprised investors.

2. AI Competition: Why Big Tech Hasn’t Displaced Booking

Timestamp: 01:43–04:22

• Fogel addresses the fear that AI-powered assistants (like Gemini or ChatGPT) could make travel aggregators obsolete by handling bookings end-to-end.
• He points to Google’s previous failed attempt to enter the direct booking space as evidence of the complexity involved:

  “Google tried… this thing called 'book on Google' and then they pulled back from that. Why? Because this business is a lot more complex than one would think.” — [02:17, Glenn Fogel]

• Booking Holdings directly manages over 4 million global properties, requiring meticulous day-to-day coordination with property managers about pricing, inventory, promotions, and loyalty programs.
• The end-to-end experience—including flights, ground transportation, and attractions—plus trust in customer service and regulatory compliance, are competitive moats.
• Fogel frames AI as an enabler rather than a threat:

  “Stitching together with AI produces a much better thing. And then the customer service and the trust that it'll actually be done right. That's really complicated stuff that we do so well.” — [03:31, Glenn Fogel]

• He is skeptical that platform AIs can handle the regulatory hurdles, especially in Europe.

  “You tell me Gemini or ChatGPT are going to do this. Well, have fun with the merchant of record issues and regulations… I do not believe that's the way the world's going to work.” — [03:50, Glenn Fogel]

• Fogel suggests AI search/chat platforms will ultimately monetize through advertising, benefiting Booking through new marketing channels.

3. Adapting to the Next Era: Talent & Tech at Booking

Timestamp: 04:22–05:44

• Fogel draws on his 26 years at Booking, noting rapid technological change is nothing new.
• The challenge of hiring and building teams capable of leveraging AI is “no different now than in the past.”
• Booking has been using AI, especially machine learning, for over 12 years to optimize results for users.
• They are “not researchers doing the top end” or building frontier models, but rather applying the best available models commercially:

  “We're certainly not spending hundreds of billions of dollars to build out new models like some of the frontier players are. We're using those models…” — [05:27, Glenn Fogel]

4. The State of the Travel Consumer

Timestamp: 05:44–06:31

• Despite macroeconomic uncertainty, Fogel reports that demand, especially from higher-income travelers, remains robust.
• Customers continue to book not only vacations but also spend on experiences and supplementary travel services.
• The company remains optimistic, assuming no major shocks, that travelers will continue to “help explore the world” into 2026.
• Fogel underscores the company’s mission and current optimism:

  “It's a wonderful time right now for travel because [of]... using AI and all these new technologies.” — [06:17, Glenn Fogel]

Memorable Quotes

• “It's not like the world changed anything from what we said last night that would cause people to be more concerned about AI affecting our business, a positive for our business." — [00:50, Glenn Fogel]
• “This business is a lot more complex than one would think… It's not just the hotel, it's the flight, it's the ground transportation, it's attractions… That’s really complicated stuff that we do so well.” — [03:20–03:35, Glenn Fogel]
• “We're not researchers doing the top end… We're using those models, that doesn't require quite the same talent…” — [05:27, Glenn Fogel]

Timestamps for Important Segments

• 00:08: Recap of strong quarterly results and analyst reactions
• 00:50: Fogel on bookings' resilience and response to AI disruption concerns
• 02:01: Detailed answer on why booking platforms will remain vital despite AI assistants
• 04:22: Onboarding and AI talent at Booking Holdings
• 05:44: State of the travel consumer in 2026

Tone and Style

• Reassuring and pragmatic: Fogel repeatedly stresses that Booking’s complexity and customer trust cannot be easily replicated by generic AI platforms.
• Optimistic: Despite short-term market volatility, he remains confident about the industry’s future and Booking’s leading role in it.
• Candid: Willing to acknowledge technical challenges and the hype cycle around AI but grounds it in operational reality.

Conclusion:
The episode paints a portrait of Booking Holdings as an agile, persistent company, using AI to enhance—not undermine—its services. Glenn Fogel is unwavering in his conviction that, while AI will keep changing how travel is booked and experienced, deep operational knowledge and global infrastructure are not so easily "disrupted." For those interested in the intersection of travel, technology, and digital business models, this interview offers realistic, insightful commentary from a seasoned industry leader.