Booking Holdings (BKNG) reported net income of $2.7 billion ($2,717 million) in the third quarter of 2026, down 1% from the same period in 2025. Earnings per share (EPS) were $3.61, up 7%. Revenue totaled $8.9 billion ($8,893 million), down 1%, after a $900 million reduction in revenue tied to an FTC case (the US consumer protection agency).
The company also accrued a $100 million loss for the same case. Excluding these effects, adjusted revenue (non-GAAP, which excludes items the company considers non-recurring) was $9.8 billion, up 9%, or about 10% in constant currency. Adjusted net income was $3.5 billion, up 8%, and adjusted EPS was $4.66, up 17%. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $4.6 billion, up 9%, with a margin of 47.0%.
Gross bookings (the total value of travel services booked) totaled $54.5 billion, up 10%, or about 11% in constant currency. Room nights booked reached 345 million, up 7%. Free cash flow was $1.1 billion ($1,069 million), down 22%, although it rose 2% year to date in 2026.
The board of directors declared a dividend of $0.42 per share, payable on December 31, 2026 to shareholders of record on December 11, 2026. In 3Q26, the company repurchased $2.1 billion in shares, and the remaining balance of the repurchase authorization was $12.4 billion as of September 30, 2026.
For the fourth quarter of 2026, the company projects growth of 1% to 3% in room nights booked, 2% to 4% in gross bookings and 0% to 2% in adjusted revenue, with adjusted EBITDA roughly flat. For the full year, it projects high-single-digit growth in gross bookings, adjusted revenue and adjusted EBITDA, and adjusted EPS growth in the low-to-mid teens. The company says global travel demand lost momentum at the end of 3Q26 and that the outlook factors in effects of the Middle East conflict through the end of the year.
