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Sep 30, 2025
Booking Q3 2025 Earnings Report
Booking reported double-digit growth in revenue and earnings in Q3 2025, driven by strong gross bookings and room night growth.
Key Takeaways
Booking Holdings delivered a solid Q3 2025 with strong revenue and EPS growth, fueled by higher room nights, strong gross bookings, and efficiency gains through its Transformation Program.
Revenue reached $9.0B, up 13% YoY.
Net income rose to $2.7B with EPS of $84.41.
Gross bookings climbed to $49.7B with 323M room nights.
Adjusted EPS hit $99.50, up 19% YoY.
Revenue by Segment
Forward Guidance
Booking expects continued travel momentum in Q4 2025, with growth in room nights and gross bookings, though revenue growth will be tempered by FX impacts.
Positive Outlook
- Q4 gross bookings expected to grow 11–13% YoY.
- Revenue growth guidance of 10–12% YoY for Q4.
- Adjusted EBITDA for Q4 expected between $2.0B–$2.1B.
- Room nights forecasted to grow 4–6% YoY.
- FY25 adjusted EBITDA projected to grow ~17–18%.
Challenges Ahead
- Revenue growth includes ~5% FX benefit in Q4, inflating results.
- Adjusted fixed operating expenses increased 10% YoY in Q3.
- Net cash from operations declined 40% YoY in Q3.
- KAYAK impairment charge of $457M taken in Q3.
- Transformation costs of $105M included in Q3 results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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