Booking Holdings (BKNG) Q3 2024 earnings summary

Executive summary

• Third-quarter results exceeded expectations, with room nights, gross bookings, and revenue all surpassing prior guidance, driven by strong performance in Europe and Asia.

• Total revenues for Q3 2024 were $8.0B, up 9% year-over-year, with net income of $2.5B, nearly flat from Q3 2023.

• Adjusted EBITDA was $3.7B, up 12% year-over-year, and adjusted EPS grew 16% to $83.89, aided by a 6% reduction in average share count.

• Alternative accommodations and Connected Trip initiatives showed robust growth, with alternative accommodation room nights up 14% and Connected Trip transactions up over 40% year-over-year.

• AI and GenAI integration advanced across brands, improving customer experience, operational efficiency, and partner engagement.

Financial highlights

• Room nights booked reached 299 million, up 8.1% year-over-year.

• Revenue grew 9% year-over-year to $8 billion, and adjusted EBITDA margin was 45.8%, up from 44.7% a year ago.

• Adjusted net income exceeded $2.8 billion, up 9% year-over-year.

• Gross bookings increased 9%, outpacing room night growth due to higher flight bookings.

• Airline tickets booked rose 39%, and rental car days increased 16% year-over-year.

Outlook and guidance

• Fourth-quarter room night growth expected between 6% and 8%; gross bookings and revenue to grow 7% to 9%.

• Full-year gross bookings expected to rise about 8%, revenue just below 10%, and adjusted EBITDA to grow 13% to 14%.

• Adjusted EPS for the full year anticipated to grow in the high teens.

• A cash dividend of $8.75 per share was declared, payable December 31, 2024.