BKNG Q3 2025 Earnings

Call Details

• Call Title: Booking Holdings Inc. Q3 2025 Earnings Call
• Date: October 28, 2025 at 8:30 PM UTC
• Management Team:
  • Glenn Fogel (Chief Executive Officer)
  • Ewout Steenbergen (Chief Financial Officer)

Call Summary

Financial Performance

• Third quarter room nights reached $323 million, an 8% year-over-year increase.
• Gross bookings were $50 billion, increasing 14% year-over-year and about 10% on a constant currency basis.
• Third quarter revenue was $9 billion, growing 13% year-over-year and about 8% on a constant currency basis.
• Adjusted EBITDA was approximately $4.2 billion, up 15% year-over-year.
• Adjusted earnings per share were $99.50, up 19% year-over-year, aided by a 4% lower average share count.
• Revenue as a percentage of gross bookings was 18.1%, which was down about 30 basis points year-over-year.
• Marketing expense increased 9% year-over-year while adjusted fixed operating expenses increased 10% year-over-year (mid single digits after FX normalization).

Bookings Growth & Mix

• Room-night growth was broad-based with Europe and the U.S. up high single digits and Asia and the rest of the world each delivering low double-digit growth.
• Constant currency gross bookings growth (about 10%) was approximately 2 percentage points higher than room-night growth due to higher flight and other vertical growth and a roughly 1% accommodation ADR increase.
• Merchant gross bookings increased 26% year-over-year in Q3 and merchant gross bookings over the last four quarters surpassed $123 billion, representing about 68% of total gross bookings versus about 61% a year ago.
• Connected trip transactions grew mid-20% year-over-year in Q3 and now represent a low double-digit percentage of Booking.com's total transactions.
• Flight tickets booked were up 32% year-over-year and attractions bookings grew close to 90% year-over-year from a smaller base.
• Alternative accommodation listings grew to over 8.6 million, up approximately 10% year-over-year, and alternative accommodation room nights grew around 10% with a 36% global mix of room nights.