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BKNG

Booking Holdings Inc. Common StClose $164.94EOD only
Max Pain
$170.00
Next expiry Jun 18, 2026
Expected Move
±$6.40
3.9% from close
Price Gap
+5.06
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
0.83
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 12, 2026 close
End-of-day snapshot

This page reflects BKNG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 12, 2026 close
BKNG Earnings Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from June 11, 2026. A newer earnings report is available for June 12, 2026.

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Earnings Verdict

BKNG has 100% beat rate; earnings 48 days out. Elevated IV with 7d move 5.7% vs 1d 2.1%.

Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.9% from MP; +0.5 VIX 19
Most important: High implied move and max pain pinning near $170.
🛡️Put OI wall at $140 provides floor support.
⚡Elevated IV crush potential; theta sellers may profit.
📈Historical beat rate 100% but small sample.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,264 (14.4% below spot)

Earnings Overview

Next earnings: 2026-07-29 (48 days)explicit

Expected moves:

  • 2026-06-12 (1d): ±$3.38 (2.1%)
  • 2026-06-18 (7d): ±$9.40 (5.7%)
  • 2026-06-26 (15d): ±$5.90 (3.6%)

IV Setup

Term structure: 7d IV at 5.7% elevated vs 1d 2.1%.

Crush estimate: Post-earnings crush likely >50%.

Skew: Put skew elevated; put OI wall at $140.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Actual avg 3.1% vs expected 2.5%.

Directional bias: 3 of 5 quarters moved higher.

Key Levels

1$140.00 gamma flip
2EM guardrails: 2d $160.21/$166.96; 1w $154.19/$172.99
3Max pain pins: $165 (2026-06-12); $170 (2026-06-18); $170 (2026-06-26)

Flow Highlights

Large put trade BKNG 2026-06-18 $222 Put, 566 vol vs 200 OI, IV 118%.

Bearish bet or hedge on drop below $222 by June 18.

Large long-dated call: 2027-03-19 $154.80 Call, 706 vol vs 276 OI, IV 62.8%.

Bullish long-term outlook or volatility sale.

Strategies

Call Calendar
Sell 2026-06-18 $165.00 call / buy 2026-07-17 $165.00 call
Debit: $4.84-$5.91
Max loss: $5.91
Max gain: Variable
BE: Path-dependent
Trigger: Monitor IV term structure; exit if stock deviates significantly.
Steep term structure and elevated near-term IV; benefits if stock stays near $165.
Outperforms: Sells high-IV front leg, buys lower-IV back leg, profits from IV crush.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-06-18 $162.00 put + sell $165.00 call
Credit: $7.09-$8.66
Max loss: Unlimited
Max gain: $8.66
BE: 153.34 / 173.66
Trigger: Set stop-loss; watch for gamma risk near expiration. Liquidity warning: Liquidity constraints: short_put: Wide spread (85%).
Elevated IV and max pain pinning; but unlimited risk and low liquidity.
Outperforms: Sells out-of-the-money put and call to collect premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Long straddle
Buy 2026-06-18 $164.00 put + buy $164.00 call
Debit: $8.46-$10.34
Max loss: $10.34
Max gain: Unlimited
BE: 153.66 / 174.34
High IV, 100% beat rate, implied move >5% vs typical 2%.
Outperforms: Buy straddle before BKNG earnings to capture large move.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!Earnings 48 days away; IV may expand further.
!Max pain pinning near $170 creates gamma risk.
!Put skew suggests downside hedging.

What to Watch

?Spot vs $170 max pain for June 18 expiry.
?Volume at $165 and $175 for directional bias.
?Large bullish call spreads for earnings speculation.
How to Use These Reports
This earnings reflects the market close on June 11, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.