$BKNG · Booking Holdings Inc.
Booking Holdings reported Q3 2026 results with revenue of $8.893B (down 1% YoY, reflecting a $900M FTC matter reduction), adjusted revenue of $9.8B (+9%), and adjusted EPS of $4.66 (+17% YoY). Gross bookings grew 10% to $54.5B on 7% room night growth. The company issued Q4 2026 guidance well below trend: room nights +1-3%, gross bookings +2-4%, adjusted revenue +0-2%, and adjusted EBITDA about flat, citing Middle East conflict disruptions and softening international travel demand.
- Room nights grew 7% YoY to 345M; gross bookings rose 10% to $54.5B.
- GAAP revenue declined 1% to $8.893B due to a $900M FTC matter reduction; adjusted revenue grew 9% to $9.8B.
- Adjusted EPS of $4.66 grew 17% YoY; GAAP EPS of $3.61 grew 7% YoY.
- Q4 guidance: room nights +1-3%, gross bookings +2-4%, adjusted revenue +0-2%, adjusted EBITDA about flat.
- Repurchased $2.1B in stock during Q3; $12.4B remaining authorization; declared $0.42/share dividend.
Extended-hours trading shows BKNG at $155.15, down 0.33% from the regular close of $155.67, despite the 17% adjusted EPS beat — the soft Q4 guidance (adjusted revenue +0-2%, adjusted EBITDA flat) is weighing on the after-hours reaction.
A 17% adjusted EPS beat paired with a sharp Q4 guidance cut creates a classic bull-bear battleground: strong execution and $12.4B in buyback firepower versus geopolitical headwinds that are already compressing forward growth to near-zero.
Booking's 7% room night growth and 10% gross bookings expansion signal resilient travel demand, but the sharp Q4 deceleration (room nights guided to just +1-3%) mirrors broader industry caution as geopolitical shocks and softening international trends weigh on the online travel sector.
Q4 guidance explicitly cites disruptions from the Middle East conflict — both direct travel impacts and indirect effects like elevated airfares — plus localized unrest in European cities and softening international travel trends. The $900M FTC matter revenue reduction and $100M accrued loss remain unresolved.