Key Highlights

  • Total revenues were USD 8,893 million versus USD 9,008 million, after a USD 900 million reduction for the FTC matter.
  • Merchant revenues were USD 6,998 million versus USD 6,131 million, and agency revenues were USD 2,463 million versus 2,569 million.
  • Operating income was USD 3,418 million versus 3,483 million, and Net Income was USD 2,717 million versus 2,748 million.
  • Diluted EPS was USD 3.61 versus USD 3.38, and room nights reserved were 345 million versus 323 million.

Revenues and Room Nights

Booking Holdings Inc. (NASDAQ:BKNG), the parent of Booking.com, Priceline, Agoda, KAYAK and OpenTable, filed its Quarterly Report for the period ended September 30, 2026. Total revenues for the third quarter were USD 8,893 million, compared with USD 9,008 million in the third quarter of 2025. The company stated that the decrease was primarily due to the impact of the FTC matter, which reduced revenues by USD 900 million.

Merchant revenues were USD 6,998 million versus USD 6,131 million, and the company attributed the increase primarily to growth in accommodation reservation services at Booking.com and its ongoing shift from agency to merchant revenues. Agency revenues were USD 2,463 million versus USD 2,569 million, and Advertising and other revenues were USD 332 million versus USD 308 million. For the nine months, total revenues were USD 21,777 million versus USD 20,568 million.

Room nights reserved were 345 million versus 323 million, a 6.7% increase as reported by the company.

Analyst estimates were EPS of USD 4.49 against reported EPS of USD 4.66, and Revenue of USD 9.55 billion against reported revenue of USD 8.89 billion.

Operating Expenses and Net Income

Marketing expenses were USD 2,588 million versus USD 2,340 million, and sales and other expenses were USD 1,097 million versus USD 1,022 million. The prior-year quarter included an Impairment of USD 457 million.

Total operating expenses were USD 5,475 million versus USD 5,525 million, and Operating Income was USD 3,418 million versus USD 3,483 million.

Net income was USD 2,717 million versus USD 2,748 million. Diluted EPS was USD 3.61 versus USD 3.38, on 753 million diluted shares versus 814 million. For the nine months, net income was USD 5,750 million versus USD 3,976 million, and diluted EPS was USD 7.45 versus USD 4.86.

Cash, Debt and Travel Trends

Net cash provided by Operating Activities for the nine months was USD 8,071 million versus USD 7,919 million. At September 30, 2026, the company had USD 16.2 billion in cash, cash equivalents and investments. Deferred merchant bookings were USD 6.5 billion.

The company has a revolving Credit Facility of up to USD 2 billion and stated that it was in compliance with the maximum Leverage Ratio covenant. Proceeds from the issuance of long-term debt were USD 2,975 million in the nine months versus USD 1,955 million.

Management said the conflict in the Middle East continued to affect travel demand, with indirect impacts including elevated flight ticket prices weighing on long-haul international travel. International room night growth improved from the second quarter but remained slower than domestic room night growth.

Items to Follow

Investors can follow room night growth, which management reported at 7% in the third quarter, and the effect of the FTC matter on reported revenues.

Other items include the shift from agency to merchant revenues, the company's statement that it expects SEO traffic to decline in the short to medium term and may increase spend in paid Marketing channels, and changes in the diluted share count.