Inferra AI / Company / BKNG / Slides
Booking Holdings — Q3 2026 Quarterly Earnings Presentation
Booking Holdings (BKNG) · 20 slides · Filed Nov 3, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All BKNG deck slides
Slide 1 — Q3 2026 Earnings Presentation
Confidential - Do not distribute Confidential - Do not distribute Q3 2026 Earnings Presentation November 3, 2026
Slide 2 — Disclaimer
2 Disclaimer 2 Disclosure Regarding Forward-Looking Statements This presentation contains forward-looking statements including regarding our outlook. These forward-looking statements reflect the views of Booking Holdings Inc.’s (the “Company” or “Booking Holdings”) management regarding current expectations and projections about future events and conditions and are based on currently available information and current foreign currency exchange rates. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict such as: ● the conflict in the Middle East; ● adverse changes in market conditions for travel services; ● the effects of competition; ● the Company's ability to successfully manage growth and expand its global business; ● adverse changes in third-party relationships; ● the Company’s ability to respond to and keep up with rapid technological or other market changes; ● the Company’s performance marketing efficiency and the effectiveness of its marketing efforts; ● the development and use of generative AI; ● the Company's ability to attract and retain qualified personnel; ● impacts of impairments and changes in accounting estimates; ● operational and technological infrastructure risks; ● information security, cybersecurity, and data privacy risks; ● IT systems-related failures or security breaches; ● risks related to exposure to additional tax liabilities and maintaining tax benefits; ● legal and regulatory risks; ● risks associated with the facilitation of payments; ● fluctuations in foreign currency exchange rates and other risks associated with doing business in multiple currencies and jurisdictions; ● risks of increased debt levels and stock price volatility; and ● success of investments and acquisitions, including integration of acquired businesses. For a detailed discussion of these and other factors that could cause the Company's actual results to differ materially from those described in this presentation, refer to the Company's most recent Annual Report on Form 10-K, any current reports on Form 8-K, and any subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”). Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation may contain industry market data, industry forecasts, and other statistical information. Such information has been obtained from publicly available information, industry publications and other third-party sources, and the Company makes no representations as to the accuracy of such information. The Company has not independently verified any such information. Certain information in this presentation is based upon management forecasts and reflects prevailing conditions and management's views as of this date, all of which are subject to change. Although the Company believes the information contained herein is accurate in all material respects, the Company does not make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of the information contained in this presentation. The Company expressly disclaims any and all liability relating to or resulting from the use of this presentation. In addition, the information contained in this presentation is as of the date hereof. This presentation has been prepared solely for informational purposes and the recipient should not construe the contents of this presentation as legal, tax, accounting, or investment advice or a recommendation. The recipient should consult its own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, the recipient confirms that it is not relying upon the information to make any decision. This presentation does not purport to be all-inclusive or to contain all of the information that the recipient may require. We use the Investor Relations page of our website (ir.bookingholdings.com) to disclose material information for purposes of the SEC’s Regulation Fair Disclosure. We encourage our investors to monitor this website in addition to our other public announcements and SEC filings as information posted on that page could be deemed to be material information. Non-GAAP Financial Measures: While the Company reports financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this presentation includes certain Non-GAAP measures, including Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, Adjusted Net Income, and Adjusted Net Income per Diluted Common Share (Adjusted EPS), which are not presented in accordance with GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company also uses information on (i) the impact of the adjustments required to compute Adjusted Net income and Adjusted EBITDA on line items reported in the Company's consolidated statements of operations, as applicable, and (ii) Adjusted fixed operating expenses, which is Total operating expenses, as reported in the Company's consolidated statements of operations, adjusted to exclude (a) certain operating expenses which are generally more likely to vary based on changes in business volumes and (b) amounts which are excluded in the computation of Adjusted EBITDA. The Company uses non-GAAP financial measures for financial and operational decision-making and as a basis to evaluate performance and set targets for employee compensation programs. The Company believes that these non-GAAP financial measures are useful for analysts and investors to evaluate the Company's ongoing operating performance because they facilitate comparison of the Company's results for the current period and projected next-period results to those of prior periods and to those of its competitors (though other companies may calculate similar non-GAAP financial measures differently from those calculated by the Company). These non-GAAP financial measures, in particular Adjusted Net income, Adjusted EBITDA, and Free cash flow, are not intended to represent funds available for Booking Holdings' discretionary use and are not intended to represent or to be used as a substitute for Operating income, Net income, or Net cash provided by operating activities as measured under GAAP. The items excluded from these non-GAAP measures, but included in the calculation of their closest GAAP equivalent, are significant components of the Company's consolidated statements of operations and cash flows and must be considered in performing a comprehensive assessment of overall financial performance. For a reconciliation of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, Adjusted Net Income, Adjusted EPS, and Adjusted Fixed Operating Expenses to the comparable GAAP measures, see the Appendix. We evaluate certain operating and financial measures on both an as-reported and constant currency basis. We calculate constant currency measures based on the predominant transactional currency in each country, converting our current-year period results in currencies other than U.S. Dollars using the corresponding prior-year period monthly average exchange rates. We are not able to provide a reconciliation between forward-looking Adjusted Revenue, Adjusted EBITDA, and Adjusted EPS, and their comparable GAAP measures as we cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP measures and predict certain components of such reconciliation as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would result in a large range of projected values that would not be meaningful to investors. See Item 10(e)(1)(i)(B) of SEC Regulation S-K.
Slide 3 — Q3 2026 Financial Summary
3 (figures in billions) Q3 2026 Financial Summary Q3 2026 GAAP and Adjusted P&L TTM Adjusted EBITDA(1) as a percentage of Adjusted Revenue 35.3% (in millions, except for EPS) GAAP YoY% Adjusted(1) YoY% Revenue $8,893 (1%) $9,793 9% Marketing Expenses $2,588 11% $2,588 11% Sales and Other Expenses $1,097 7% $1,097 7% Adjusted Fixed Operating Expenses NA NA $1,486 6% Other Income (Expense), Net $95 NM ($14) NM Adjusted EBITDA NA NA $4,607 9% Net Income $2,717 (1%) $3,509 8% Diluted EPS $3.61 7% $4.66 17% Trailing Twelve Months “TTM” Adjusted Revenue 36.1% 36.8% 36.9% 37.0% 36.6% (1) Refer to Appendix for reconciliation of Non-GAAP measures Adjusted Revenue, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share (“EPS”), Adjusted Fixed Operating Expenses, and Adjusted Other income (expense), Net. Marketing Expenses and Sales and Other Expenses are presented on a GAAP basis. Note: Amounts may not total due to rounding. NA = Not available. NM = Not meaningful. 36.7%
Slide 4 — Q3 Highlights
4 Quarterly Room Night Growth YoY Q3 Highlights 4 TTM Room Nights by Quarter(1) (figures in millions) 7% 8% 8% 9% 7% Current Quarter Room Nights Prior Three Quarters Room Nights 6% (1) Amounts may not total due to rounding. (2) Regional Room Nights are based on the region of the traveler and are approximations based on the information provided or available to us. 5% Q3 Room Nights Grew 7%, an Acceleration from 5% in Q2 ●The acceleration in room nights in Q3 from Q2 was driven by an improvement in international travel from bookers in Europe and Asia, while domestic room night growth was stable at a higher level. Globally, domestic room nights grew high single digits and international room nights grew mid single digits. ●In Q3, we continued to navigate the indirect impacts of the conflict in the Middle East, with elevated airfares and reduced capacity on certain routes weighing on long-haul travel demand. ●Room night growth by region(2): ○Europe: up high single digits ○Asia: up high single digits ○RoW: up mid single digits ○U.S.: up mid single digits
Slide 5 — Key Highlights
5 Key Highlights Booking.com Alternative Accommodations Mobile App Mix B2C Direct Mix Genius Mix Connected Trip TTM Business-to-Consumer (“B2C”) direct mix(3) was in the mid 60%’s (similar to Q3 2025 TTM) Q3 Alternative Accommodation (“AA”) room nights grew 7% YoY, with mix(1) increasing YoY to ~37%. Q3 AA listings up 9% YoY. TTM Mobile App mix(2) was in the high 50%’s (up from the mid 50%’s in Q3 2025 TTM) Level 2 and Level 3 Genius member mix of Booking.com’s TTM total Room Nights was in the high 50%’s (up from the mid 50%’s in Q3 2025 TTM) Q3 Connected Transactions(4) grew almost 20% YoY and represented a low double digit % of Booking.com’s total transactions (1) Represents Booking.com AA Room Nights as a percentage of Booking.com’s total Room Nights. Q3’25 AA Room Nights mix was ~36%. (2) Represents BKNG Room Nights booked via a mobile app as a percentage of BKNG total Room Nights over the last twelve months. (3) Represents BKNG Room Nights booked via a direct channel as a percentage of BKNG B2C Room Nights (excluding Business-to-Business room nights) over the last twelve months. The direct channel includes organic or unpaid search results, which is what we call Search Engine Optimization. (4) Connected Transactions are transactions that are booked by the same traveler across more than one travel vertical that will be experienced within a few days of each other (+/- 3 days of the start or end date of other transactions).
Slide 6 — Alternative Accommodations Room Night Growth and Listings
6 Alternative Accommodations Room Night Growth and Listings Growth at Booking.com Accelerated in Q3 2026 Booking.com: (figures in millions) AA Listings 8.1 8.4 8.6 8.6 8.8 9.1 9.4 AA Listings Growth YoY 9% 8% 10% 8% 9% 8% 9% (1) Booking.com AA room nights and total BKNG room night each grew 9% YoY in Q4-25. (2) Booking.com AA room nights and total BKNG room night each grew 7% YoY in Q3-26. (1) (2)
Slide 7 — 50%’s
7 low 50%’s 7 Mobile App Mix Continues to Steadily Increase Over Time Q3 2024 TTM mid 50%’s high 50%’s Q3 2025 TTM Q3 2026 TTM The significant majority of room nights booked on our mobile apps are direct, and we continue to see favorable repeat direct booking behavior from consumers in our mobile apps
Slide 8 — Q3 Highlights
8 Q3 Highlights 8 Gross Bookings Growth YoY (figures in billions) Gross Bookings by Quarter ADR Growth Over Time Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 CC Accomm. ADRs 1% (1%) 1% 1% 1% 2% 3% CC Accomm. ADRs (excl. regional mix) 2% 0% 1% 1% 1% 2% 3% 7% 13% 14% 16% 10% 15% 9% Q3 Gross Bookings Grew 10% Driven by Room Night Growth and a Benefit From Constant Currency ADRs ●Gross Bookings growth of 10% was due to: ○Room night growth of 7% ○A positive impact from Constant Currency (“CC”) ADRs up about 3% ○A positive contribution from flights and other verticals ○Partially offset by a negative impact from changes in FX of about 1 percentage point year-over-year ●CC Gross Bookings growth was about 11%
Slide 9 — Q3 Highlights
9 Q3 Highlights 9 Adjusted Revenue Growth YoY (figures in billions) Adjusted Revenue(1) by Quarter 8% 16% 13% 16% 9% 16% (1) Refer to Appendix for reconciliation of Non-GAAP measures. 8% Q3 Adjusted Revenue Grew 9%, which Benefited from Payments Revenue ●Adjusted Revenue growth was slightly below the 10% gross bookings growth due to a higher mix of flight bookings and the timing of bookings versus travel, partially offset by higher revenues from facilitating payments. ●CC Adjusted Revenue growth was about 10%(1)
Slide 10 — Q3 Adjusted Fixed OpEx Grew 6%, Slower than Adjusted Revenue Growth, due
10 10 (figures in billions) Q3 Adjusted Fixed OpEx Grew 6%, Slower than Adjusted Revenue Growth, due to Disciplined Cost Management Approximate Headcount at Quarter-End Adjusted Fixed OpEx(1) by Quarter Adjusted Fixed OpEx (Decline) Growth YoY Headcount Growth YoY (1) Refer to Appendix for reconciliation of Non-GAAP measures. (3%) 6% 11% 10% 10% 2% 4% 3% 2% 0% 14% 2% 6% 3%
Slide 11 — Q3 Adjusted EBITDA Grew Slightly Faster than Adjusted Revenue
11 ●Q3 Adjusted EBITDA as a percentage of Adjusted Revenue had slight leverage driven by Adjusted Fixed Operating Expenses and Sales & Other Expenses, partially offset by slight deleverage in our Marketing Expenses. The slight Marketing deleverage was driven primarily by faster growth in B2B affiliate marketing expenses. ●Q3 Adjusted EPS grew 17%, faster than Adjusted EBITDA, helped by a 7.5% reduction in our average share count (1) Refer to Appendix for reconciliation of Non-GAAP measures. 11 Adjusted EPS(1) by Quarter Adjusted EBITDA(1) by Quarter Adjusted EBITDA Growth YoY (figures in billions) Adjusted EPS Growth YoY 21% 19% 28% 15% 19% 22% 17% 32% 19% 17% 9% 14% Q3 Adjusted EBITDA Grew Slightly Faster than Adjusted Revenue 9% 15%
Slide 12 — Q3’s Capital Return was $2.4B, including $2.1B of Share Repurchases
12 12 (figures in billions) Capital Return by Quarter(2) (figures in billions) Free Cash Flow(1) by Quarter Free Cash Flow Growth (Decline) YoY Weighted Average Diluted Share Count (Decline) YoY (1) Refer to Appendix for reconciliation of Non-GAAP measures. (2) Amounts may not total due to rounding. (3) Share repurchases only include repurchases that reduce our authorization and exclude repurchases related to employee tax withholding and excise taxes on share repurchases. 23% (2%) 32% (40%) 120% (5%) (4%) (5%) (4%) (3%) (7%) (22%) (3) 16% (6%) Q3’s Capital Return was $2.4B, including $2.1B of Share Repurchases ●Q3 Free Cash Flow of $1.1 billion was down 22% year-over-year, and was impacted by a working capital decrease driven by a $3.6 billion seasonal unwind of deferred merchant bookings ●TTM Free Cash Flow of $9.2 billion was up 11% year-over-year
Slide 13 — Q4 2026 Guidance
13 13 13 Q4 2026 Guidance Room Nights Gross Bookings Adjusted Revenue Adjusted EBITDA(2)(3) Reported(1) 1% to 3% About Flat ●We saw some moderation in global demand trends toward the end of the third quarter, driven by international travel. Domestic travel continues to hold up as we are seeing travelers take shorter trips and choose destinations closer to home. In October, a number of external factors have also affected demand, including disruptions to travel to and from the Middle East, the conflict’s broader indirect effects such as elevated airfares, and localized unrest in certain European cities. ●Our guidance reflects these near-term disruptions and assumes that both the direct and indirect impacts of the Middle East conflict on travel persist through the end of the year 2% to 4% 0% to 2% (1) Reported Gross Bookings, Adjusted Revenue, and Adjusted EBITDA growth are each expected to be negatively impacted by about 2% from year-over-year changes in FX. (2) We are not able to provide a reconciliation between forward-looking Adjusted Revenue and Adjusted EBITDA, and their comparable GAAP measures as we cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP measures and predict certain components of such reconciliation as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would result in a large range of projected values that would not be meaningful to investors. (3) Excludes certain costs expected to be incurred related to the previously disclosed Transformation Program. Refer to the "Disclosure Regarding Forward-Looking Statements" section of this presentation. YoY Growth Constant Currency 4% to 6% 2% to 4% up ~2%
Slide 14 — FY 2026 Guidance
14 14 14 Gross Bookings Adjusted Revenue Adjusted EBITDA(2)(3) Reported YoY Growth(1) FY 2026 Guidance Adjusted EPS(2)(3) (1) Reported Gross Bookings growth is expected to be positively impacted by about 1% from year-over-year changes in FX. Adjusted Revenue growth is expected to be positively impacted by about 0.5% from year-over-year changes in FX. Adjusted EBITDA and Adjusted EPS growth are expected to have a limited impact from year-over-year changes in FX. (2) We are not able to provide a reconciliation between forward-looking Adjusted Revenue, Adjusted EBITDA, and Adjusted EPS, and their comparable GAAP measures as we cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP measures and predict certain components of such reconciliation as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would result in a large range of projected values that would not be meaningful to investors. (3) Excludes certain costs expected to be incurred related to the previously disclosed Transformation Program. Refer to the "Disclosure Regarding Forward-Looking Statements" section of this presentation. High Single Digits High Single Digits High Single Digits Low to Mid-Teens ●For the full-year, on a reported basis, we continue to expect gross bookings, adjusted revenue, and adjusted EBITDA to be up high single digits, and adjusted EPS to be up low to mid-teens ●At the high-end, this outlook is broadly in line with our long-term constant currency growth ambition of at least 8% for gross bookings and adjusted revenue, and 15% for adjusted EPS
Slide 15 — Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
15 15 (figures in millions) Appendix: Reconciliation of GAAP to Non-GAAP Financial Information Note: Amounts may not total due to rounding.
Slide 16 — Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
16 16 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information Note: Amounts may not total due to rounding. (figures in millions)
Slide 17 — Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
17 17 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions, except per share data) Note: Amounts may not total due to rounding. Share numbers, GAAP EPS and Adjusted EPS figures have been retroactively adjusted to reflect the 25-for-1 stock split that took effect on April 2, 2026.
Slide 18 — Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
18 18 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding.
Slide 19 — Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
19 19 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
Slide 20 — Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
20 20 Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding. NM: Not meaningful.