Booking Holdings stock weighs strong Q3 against slower Q4 outlook

Booking Holdings reported a strong third quarter on November 3, 2026, but pointed to a slower finish to the year. MarketScreener published the company release, which showed room nights up 7 percent and gross bookings up 10 percent from the year-earlier quarter.

Reported revenue declined 1 percent to 8.9 billion US dollars. The figure included a 900 million US dollar reduction related to a Federal Trade Commission matter. Adjusted revenue therefore rose 9 percent to 9.8 billion US dollars, while adjusted net income increased 8 percent to 3.5 billion US dollars.

Bookings beat, revenue picture mixed

Adjusted EBITDA advanced 9 percent to 4.6 billion US dollars, and adjusted earnings per share rose 17 percent to 4.66 US dollars. GAAP earnings per share increased 7 percent to 3.61 US dollars. Management said resilient travel demand and disciplined execution supported double-digit gross bookings growth, margin expansion and higher adjusted earnings.

The operating detail was uneven. Alternative accommodation room nights at Booking.com increased 7 percent, while constant-currency accommodation average daily rates rose about 3 percent. The adjusted net income margin was 35.8 percent, compared with 36.0 percent a year earlier, and the adjusted EBITDA margin held at 47.0 percent.

Fourth-quarter growth set to slow

Booking Holdings expects fourth-quarter room-night growth of 1 to 3 percent, gross bookings growth of 2 to 4 percent and adjusted revenue growth of 0 to 2 percent. Adjusted EBITDA is expected to be about flat year over year. The company attributed the more cautious outlook to softer international travel trends, disruptions affecting travel to and from the Middle East, higher airfares and localized unrest in some European cities.

For the full year, management retained its high-single-digit growth outlook for gross bookings, adjusted revenue and adjusted EBITDA. Adjusted earnings per share are still expected to grow in the low- to mid-teens. The guidance assumes that the direct and indirect effects of the Middle East conflict persist through the end of 2026.

Capital returns remain in focus

The board declared a fourth-quarter cash dividend of 0.42 US dollars per share, payable on December 31 to shareholders of record on December 11. Booking Holdings also repurchased 2.1 billion US dollars of stock in the quarter and had 12.4 billion US dollars of remaining authorization at September 30.

Booking Holdings stock traded at 142.85 euros on Lang & Schwarz at 13:42 CET on Wednesday, November 11, 2026. The company also said it is integrating artificial intelligence across its brands and developing AI-native travel experiences, giving investors a longer-term growth theme alongside the softer near-term travel outlook.

US travel and internet stocks remain sensitive to changing expectations for consumer demand and international mobility; investors can follow the broader S&P 500 market.

More news and analyses on Booking Holdings stock.