Booking Holdings (BKNG) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered double-digit growth in gross bookings and revenue, surpassing guidance, with robust demand across all major regions, especially the U.S. and Asia, and strong performance in alternative accommodations.

• Strategic initiatives advanced in AI, loyalty programs (Genius), Connected Trip, and B2B, driving deeper customer engagement and partner value.

• Alternative accommodations and mobile/direct B2C channels continued to gain share, with listings and room nights both achieving double-digit growth.

• The Transformation Program delivered $70–$120 million in Q3 savings, with annual run-rate savings guidance raised to $500–$550 million.

• Merchant gross bookings increased 26% year-over-year, now representing 68%–72% of total gross bookings.

Financial highlights

• Q3 2025 revenue reached $9.0 billion, up 13% year-over-year; gross bookings rose 14% to $49.7–$50 billion.

• Adjusted EBITDA was $4.2 billion, up 15% year-over-year; adjusted EPS grew 19% to $99.50.

• Net income for Q3 2025 was $2.75 billion, up 9% year-over-year; GAAP EPS was $84.41.

• Free cash flow was $1.4 billion in Q3; YTD free cash flow reached $7.7 billion.

• FX benefited growth rates by 400–500 basis points in Q3.

Outlook and guidance

• Q4 2025 guidance: room nights up 4–6%, gross bookings up 11–13%, revenue up 10–12%, adjusted EBITDA up 8–14%.

• Full-year 2025 guidance raised: room nights up ~7%, gross bookings up 11–12%, revenue up 12%, adjusted EBITDA up 17–18%, adjusted EPS up slightly more than 20%.

• FX expected to positively impact full-year reported growth rates by 3–5%.