Q3 25 EPS
$99.50
BEAT +3.74%
Est. $95.92
Q3 25 Revenue
$9.01B
BEAT +3.15%
Est. $8.73B
vs S&P Since Q3 25
-101.6%
TRAILING MARKET
BKNG -96.8% vs S&P +4.8%
Market Reaction
Did BKNG Beat Earnings? Q3 2025 Results
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%. … Read more 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 the stock climbed further 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%.
Key Takeaways
- • 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%
BKNG YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
BKNG Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Glenn Fogel, Q3 2025 Earnings Press Release
BKNG Earnings Trends
BKNG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BKNG EPS Trend
Earnings per share: estimate vs actual
BKNG Revenue Trend
Quarterly revenue: estimate vs actual
BKNG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.14 | — | $5.53B | +0.27% |
| Q4 25 BEAT FY | $48.04 | $48.80 | +1.58% | $6.35B | +3.49% |
| FY Full Year | $227.59 | $228.06 | +0.21% | $26.92B | +0.80% |
| Q3 25 BEAT | $95.92 | $99.50 | +3.74% | $9.01B | +3.15% |
| Q2 25 BEAT | $50.32 | $55.40 | +10.09% | $6.80B | +3.85% |
| Q1 25 BEAT | $17.57 | $24.81 | +41.23% | $4.76B | +3.75% |