Booking Tops Estimates on Adjusted EPS of $4.66 and Adjusted Revenue of $9.79 Billion

Booking Holdings Inc. (Nasdaq: BKNG) reported third-quarter adjusted revenue of $9.79 billion, above the $9.54 billion analysts expected, and adjusted earnings per share of $4.66, above the $4.50 consensus estimate, in an 8-K filed Tuesday, Nov. 3, 2026. Total revenue, as reported, was $8.89 billion, down 1% from a year earlier, after a $900 million reduction tied to an FTC matter. Adjusted revenue, which excludes that item, rose 9%.

On a GAAP basis, diluted EPS was $3.61, up 7% from the third quarter of 2025. Net income was $2.7 billion, down 1%. The company also accrued a $100 million loss related to the FTC matter. Adjusted EBITDA rose 9% to $4.6 billion, and its margin held at 47.0%.

Volumes and bookings

Room nights grew 7% to 345 million. Gross bookings rose 10% to $54.5 billion, or about 11% on a constant currency basis. Alternative accommodation room nights at Booking.com increased 7%, and constant currency average daily rates rose about 3%.

Marketing expense was 4.8% of gross bookings, up from 4.7% a year earlier. Total operating expenses fell 1%, and adjusted fixed operating expenses grew 6%.

Outlook and capital returns

For the fourth quarter, the company guided to room nights growth of 1% to 3%, gross bookings growth of 2% to 4%, adjusted revenue growth of 0% to 2%, and adjusted EBITDA roughly flat. For full-year 2026, it guided to adjusted EPS growth in the low to mid-teens. The company said global travel demand moderated toward the end of the quarter and that its guidance assumes the direct and indirect effects of the Middle East conflict persist through year end.

Analysts expected fourth-quarter EPS of $2.30 on revenue of $6.79 billion, and full-year EPS of $10.46 on revenue of $29.26 billion.

The board declared a fourth-quarter cash dividend of $0.42 per share, payable Dec. 31, 2026, to holders of record on Dec. 11. Booking repurchased $2.1 billion of common stock in the quarter and had $12.4 billion of authorization remaining as of Sept. 30.