Expedia and Booking report strong Q2, with Expedia offering better valuation and both recommended as buys.

Expedia Group and Booking Holdings, leaders in the global online travel market, reported strong Q2 results with improved efficiency and raised guidance. Expedia offers a more attractive valuation with an 11.8% free cash flow yield and a forward P/E under 10, compared to Booking's 6.6% yield. Both companies are recommended as buy investments, with a suggested portfolio split favoring Expedia 60% and Booking 40%, while keeping an eye on geopolitical and AI-related risks.