BKNG · Earnings call · 2026Q3T · Full report
Guidance / Outlook
Booking Holdings Inc. · 2026-11-03 · Importance 65 · Surprise 32 · In source text
For Q4, management expects room nights to grow 1%–3%, gross bookings 2%–4% reported and 4%–6% constant currency, and adjusted revenue 0%–2% reported and 2%–4% constant currency. Q4 adjusted EBITDA is expected to be approximately flat year over year, or up about 2% constant currency, with planned investments in flights, attractions, dining, AI, and technology infrastructure partly offset by marketing leverage. For full-year 2026, the company expects reported gross bookings, adjusted revenue, and adjusted EBITDA to grow at high-single-digit rates and adjusted EPS at a low- to mid-teens rate. Management estimated FX would reduce Q4 reported U.S.-dollar growth rates by about 2 percentage points; for the full year, FX is expected to add about 1 percentage point to gross bookings growth and 0.5 percentage point to adjusted revenue growth.
Key facts
- For full-year 2026, Booking Holdings continues to expect reported gross bookings, adjusted revenue and adjusted EBITDA to grow high single digits, and adjusted EPS to grow low to mid-teens.
- At the high end, Booking Holdings' full-year outlook is broadly in line with long-term constant-currency growth ambitions of at least 8% for gross bookings and adjusted revenue and 15% for adjusted EPS.
- Booking Holdings expects fourth-quarter room nights to increase between 1% and 3%.
- Booking Holdings expects fourth-quarter gross bookings to increase between 2% and 4%, or between 4% and 6% on a constant-currency basis.
- Booking Holdings expects fourth-quarter adjusted revenue to increase between 0% and 2%, or between 2% and 4% on a constant-currency basis.
- Booking Holdings expects fourth-quarter adjusted EBITDA to be about flat year over year, or up about 2% on a constant-currency basis.
- Booking Holdings expects full-year 2026 EBITDA margins to be stable.
- Booking Holdings said it was too early to provide 2027 commentary and planned to do so in February with its fourth-quarter results.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | At the high end, Booking Holdings' full-year outlook is broadly in line with long-term constant-currency growth ambitions of at least 8%… |
| operating_income | positive | committed | — | For full-year 2026, Booking Holdings continues to expect reported gross bookings, adjusted revenue and adjusted EBITDA to grow high single… |