Booking Holdings (BKNG) Q3 2025 Earnings
How Did BKNG Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: −1.04%.
Did BKNG Beat Earnings? Q3 2025 Results
Yes. Booking Holdings reported Q3 2025 earnings of $99.50 a share on Oct 28, 2025, beating the $95.92 consensus estimate by 3.7%. Revenue was $9.0B against a $8.7B estimate.
Booking Holdings capped a strong third quarter of 2025 with adjusted EPS of $99.50, beating the $95.92 consensus estimate by 3.74%, while revenue climbed 12.7% year-over-year to $9.01 billion, clearing analyst expectations of $8.73 billion by 3.15%. The driving force behind the quarter was a continued structural shift toward the merchant model, with merchant bookings surging 26% to $35.70 billion and total gross bookings rising 14% to $49.70 billion, as 323 million room nights were booked globally. Adjusted EBITDA margin expanded to 47.0% from 45.8%, even as the quarter absorbed a $457 million goodwill impairment charge tied to KAYAK's meta-search business, and <a href="https://247wallst.com/investing/2025/10/28/4-reasons-booking-holding-soars-even-higher-after-earnings/">the stock climbed further</a> following the print. The company also raised its Transformation Program savings target to $500-$550 million annually, signaling improving cost discipline. Looking ahead, management guided for Q4 room night growth of 4%-6% and full-year 2025 revenue growth of approximately 12%, with adjusted EBITDA growth of roughly 17%-18%.
- Room nights grew 8% YoY to 323 million
- Alternative accommodation room nights at Booking.com increased by about 10%
- Constant currency ADRs increased by about 1%
- Marketing expense as a percentage of gross bookings improved to 4.7% from 5.0%
- Direct channel mix reached mid-fifties percentage of total room nights on trailing four-quarter basis
- Merchant gross bookings grew 26% to $35.7 billion
- Airline tickets grew 32.3% to 17 million
- Adjusted EBITDA margin expanded to 47.0% from 45.8%
“We are pleased to report a strong third quarter, with 8% room night growth and double-digit gains in gross bookings and revenue, highlighting the strength of our platform, the discipline of our execution, and the momentum we're building for the future.”
Booking Holdings CEO, on the earnings call
What Was Booking Holdings's Outlook in Q3 2025?
For Q4 2025, the company expects room night growth of 4%–6%, gross bookings growth of 11%–13% (6%–8% on constant currency), revenue growth of 10%–12% (5%–7% on constant currency), and adjusted EBITDA of $2.0–$2.1 billion representing 8%–14% growth. For full year 2025, room night growth is expected at about 7%, gross bookings growth of about 11%–12% (about 8%–9% constant currency), revenue growth of about 12% (about 9% constant currency), and adjusted EBITDA growth of about 17%–18%. Revenue growth includes a benefit of about 5% in Q4 and about 3% for FY 2025 from favorable foreign currency exchange rates. The company noted continued momentum with steady travel demand trends early in Q4, though some uncertainty remains in the macroeconomic and geopolitical backdrop. The Transformation Program's expected annual run-rate savings were raised to $500–$550 million from the previous $400–$450 million.
BKNG YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $9.0B | $8.0B | +12.7% |
| Operating Income | $3.5B | $3.2B | +9.6% |
| Net Income | $2.7B | $2.5B | +9.2% |
BKNG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.