Online travel agency Booking Holdings (NASDAQ:BKNG) will be reporting earnings tomorrow afternoon. Here’s what to expect.

Booking beat analysts’ revenue expectations by 4.6% last quarter, reporting revenues of $7.99 billion, up 8.9% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a decent beat of analysts’ number of room nights booked estimates. It reported 299 million nights booked, up 8.3% year on year.

Is Booking a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Booking’s revenue to grow 8.4% year on year to $5.19 billion, slowing from the 18.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $36.01 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Booking has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 3% on average.

Looking at Booking’s peers in the consumer internet segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Expedia delivered year-on-year revenue growth of 10.3%, beating analysts’ expectations by 3.5%, and Airbnb reported revenues up 11.8%, topping estimates by 2.5%. Expedia traded up 17.2% following the results while Airbnb was also up 14.6%.

Read our full analysis of Expedia’s results here and Airbnb’s results here.

There has been positive sentiment among investors in the consumer internet segment, with share prices up 7.5% on average over the last month. Booking is up 9.7% during the same time and is heading into earnings with an average analyst price target of $5,314 (compared to the current share price of $5,155).

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