Booking Holdings stock beats Q3 expectations as Q4 growth slows

Booking Holdings reported stronger-than-expected adjusted earnings and gross bookings for the third quarter ended September 30, 2026, while warning that travel growth is likely to slow in the final quarter. The company published the results on November 3, and Morningstar, citing Dow Jones Newswires, said geopolitical tensions weighed on international demand.

Bookings Held Up In The Third Quarter

Room nights rose 7 percent year over year, while gross bookings increased 10 percent to 54.4 billion US dollars, according to Morningstar. The company recorded 2.72 billion US dollars in net income, or 3.61 US dollars per diluted share, compared with 2.75 billion US dollars and 3.38 US dollars a year earlier.

Adjusted earnings per share reached 4.66 US dollars, exceeding the 4.49 US dollar FactSet consensus cited by Morningstar. Revenue fell 1 percent to 8.89 billion US dollars, below the 9.55 billion US dollar analyst estimate. Booking Holdings said a Federal Trade Commission matter reduced revenue by 900 million US dollars and created a 100 million US dollar loss; adjusted revenue nevertheless increased 9 percent to 9.8 billion US dollars.

Fourth-Quarter Growth Is Expected To Slow

Management expects fourth-quarter room nights to increase 1 to 3 percent and gross bookings to rise 2 to 4 percent. Adjusted revenue is projected to grow 0 to 2 percent, while adjusted EBITDA is expected to remain approximately flat year over year. The outlook reflects softer international travel, disruptions affecting travel to and from the Middle East, higher airfares and localized unrest in parts of Europe.

Domestic travel has remained resilient, the company said. Booking Holdings also kept its full-year outlook for high-single-digit growth in gross bookings, adjusted revenue and adjusted EBITDA, alongside low- to mid-teens growth in adjusted earnings per share.

Investors Weigh Earnings Against Guidance

The results leave investors balancing strong third-quarter execution against a more cautious near-term setup. The revenue miss was partly linked to the FTC matter, while the adjusted earnings beat points to continued operating strength. The slower fourth-quarter outlook, however, signals that demand conditions and the comparison with the prior year will be important for the stock through year-end.

Booking Holdings stock traded at 145.20 euros on Lang & Schwarz at 13:03 CET on Tuesday, November 10, 2026.

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