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Visual31 Oct 2025
Three decades of Rolls-Royce
Booking Holdings (BKNG) investor relations material
Booking Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 delivered strong operational and financial performance, with double-digit growth in gross bookings and revenue, and all key metrics exceeding guidance, driven by robust travel demand across all major regions, especially the U.S., Europe, and Asia.
Room nights grew 8% year-over-year to 323 million, with alternative accommodations and Asia as significant growth drivers.
Strategic progress was made in AI, loyalty programs, mobile app, direct B2C channels, and the connected trip vision, enhancing value for travelers and partners.
The company continued to shift from agency to merchant bookings, with merchant gross bookings up 26% year-over-year and now representing up to 72% of total gross bookings.
The Transformation Program delivered $120 million in savings in the first nine months of 2025, with expected annual run-rate savings raised to $500–$550 million by end of 2027.
Financial highlights
Q3 2025 revenue reached $9.0 billion, up 13% year-over-year; gross bookings rose 14% to $49.7–$50 billion.
Adjusted EBITDA was $4.2 billion, up 15% year-over-year; adjusted EBITDA margin improved to 36.8%–47.0%.
Net income for Q3 2025 was $2.75 billion, up 9% year-over-year; adjusted EPS grew 19% to $99.50.
Free cash flow for Q3 was $1.4 billion; year-to-date free cash flow reached $7.7 billion.
Cash, cash equivalents, and investments at September 30, 2025, totaled $16.5–$17.2 billion.
Outlook and guidance
Q4 2025 guidance: room nights up 4–6%, gross bookings up 11–13%, revenue up 10–12%, adjusted EBITDA up 8–14%.
FY 2025 guidance raised: room nights up about 7%, gross bookings up 11–12%, revenue up about 12%, adjusted EBITDA up 17–18%, adjusted EPS up slightly more than 20%.
FX expected to positively impact full-year reported growth rates by 3–5%.
KAYAK impairment: What are the strategic implications?
Detail the drivers of increased Transformation savings.
What drives the shift from Agency to Merchant GB?
AI's impact on customer acquisition strategy?
U.S. direct channel growth drivers?
Genius program's impact on direct bookings?
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Next Booking Holdings earnings date
Q4 202519 Feb, 2026
Next Booking Holdings earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
The online travel behemoth
If you’ve ever booked hotels, rental cars, or airplane tickets, chances are you have used some of the Booking Holdings platforms. With customers and partners in more than 220 countries, Booking is the world’s leading provider of online travel bookings and related services.
Booking was originally founded in 1997 by Jay Walker as The Priceline Group, with the online travel site Priceline.com and its famous Name Your Own Price bidding model. From 2005 through 2007, Priceline struck gold by making a number of acquisitions in the European and Asian markets, adding Booking.com, Active Hotels, and Agoda to its brand portfolio, and seizing the then fragmented online travel agency (OTA) market. Some of Booking’s main competitors are Airbnb, Expedia Group, and Trip.com Group.
The Booking universe
The Booking universe is spread over six primary consumer-facing brands: Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK, and OpenTable, as well as several subsidiary brands. Consisting of more than 28 million hotels, homes, apartments, and other unique places to stay, its gross travel bookings are growing rapidly despite taking a heavy hit during COVID-19.
The main revenue driver for Booking Holdings
Booking.com is the main revenue driver in the business, hence the company name, and earns its money through the room rates and referral fees for each reservation through the platform. These are different business models, and they are structured in two legs: The merchant leg, where prices and allocations are negotiated with the property owners and then distributed on the Booking platform. And then there is the simplified agency leg, where Booking serves as the agent and collects commission fees for passing the reservations to hotels.
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