Booking Holdings 8-K
NegativeEarningsNew guidanceImpairment / chargeLegal / investigation
Softer international travel and Middle East disruptions weigh on Q4 outlook; adjusted revenue growth guided to 0%-2% Y/Y.
Filed 2026-11-03 16:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with Q4 and FY2026 guidance. Room nights grew 7% as gross bookings increased 10%; an FTC-related item weighed on reported revenue while adjusted results grew.
Q4 adjusted revenue growth is guided to 0%-2% Y/Y vs Q3’s +9%, adjusted EBITDA growth to about flat vs +9%, and gross bookings growth to 2%-4% vs +10%. The outlook reflects softer international travel and Middle East-related disruptions and elevated airfares, with those effects assumed to persist through year-end; domestic travel remained resilient.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $8.89B, -1.3% Y/Y | $21.8B, +6% Y/Y |
| Adjusted revenue (non-GAAP) | $9.79B, +9% Y/Y | $22.7B, +10% Y/Y |
| Operating income | $3.42B, -1.9% Y/Y | $7.19B, +6% Y/Y |
| Net income | $2.72B, -1.1% Y/Y | $5.75B, +45% Y/Y |
| Adjusted net income (non-GAAP) | $3.51B, +8% Y/Y | $6.37B, +9% Y/Y |
| Diluted EPS | $3.61, +7% Y/Y | $7.45, +53% Y/Y |
| Adjusted diluted EPS (non-GAAP) | $4.66, +17% Y/Y | $8.25, +15% Y/Y |
| Operating cash flow | $1.14B, -21% Y/Y | $8.07B, +2% Y/Y |
| Free cash flow (non-GAAP) | $1.07B, -22% Y/Y | $7.82B, +2% Y/Y |
- The FTC matter reduced Q3 revenue by $900M and resulted in a $100M accrued loss; the impacts were excluded from adjusted revenue and, as applicable, adjusted earnings measures. Merchant gross bookings rose 14% Y/Y to $40.7B, while agency gross bookings declined 1% to $13.7B.
- Booking repurchased $2.1B of stock in Q3, with $12.4B remaining under its authorization. Weighted-average diluted shares were 753M vs 814M Y/Y. The board declared a $0.42-per-share dividend, payable 12/31/2026 to holders of record on 12/11/2026.
Against earlier guidance (derived from earlier filings)
| Metric | Period | Earlier guidance | Actual | Result |
|---|---|---|---|---|
| Revenue growth | Q3 2026 | 4%-6% Y/Y | $8.89B, -1.3% Y/Y | missed |
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Room nights growth | Q4 2026 | 1%-3% Y/Y | — | — |
| Gross bookings growth | Q4 2026 | 2%-4% Y/Y; 4%-6% Y/Y constant currency | — | — |
| Adjusted revenue growth (non-GAAP) | Q4 2026 | 0%-2% Y/Y; 2%-4% Y/Y constant currency | — | — |
| Adjusted EBITDA growth (non-GAAP) | Q4 2026 | About flat Y/Y | — | — |
| Gross bookings growth | FY2026 | High single digits Y/Y; high single digits Y/Y constant currency | — | — |
| Adjusted revenue growth (non-GAAP) | FY2026 | High single digits Y/Y; high single digits Y/Y constant currency | — | — |
| Adjusted EBITDA growth (non-GAAP) | FY2026 | High single digits Y/Y | — | — |
| Adjusted EPS growth (non-GAAP) | FY2026 | Low to mid-teens Y/Y | — | — |
Q4 adjusted revenue growth guidance includes an ≈2% negative foreign-currency impact; FY2026 adjusted revenue growth includes an ≈0.5% benefit. Adjusted EBITDA guidance excludes certain Transformation Program costs.
Investor Takeaways
- Watch room-night growth and international versus domestic travel trends in Q4: continued room-night gains and domestic resilience would support the outlook, while further demand deterioration would challenge it.
The summary is written by an AI model reading the filing.
Model 005 · prompt v173 · 2026-11-03 23:40:39Z