Booking Q3 Beats on Adjusted EPS (+17%) but Books $900M FTC Revenue Hit and Soft Q4 Guide
BKNG is trading near its 52-week low of $146.28 (8.2% above the low) on elevated volume (1.8× avg).
Summary
Booking reported Q3 2026 Adjusted EPS of $4.66 (+17%) on $54.5B gross bookings, but a $900M FTC-related revenue reduction pushed reported revenue down 1%, and Q4 guidance calls for only 1-3% room-night growth with flat Adjusted EBITDA.
Key Events · Earnings and Guidance · BKNG
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Q3 Adjusted Results Grow, GAAP Revenue Falls
Gross bookings rose 10% to $54.5B and Adjusted EPS rose 17% to $4.66, but reported revenue fell 1% to $8.9B after a $900M FTC-related reduction.
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$900M FTC Revenue Hit and $100M Accrual
The company recorded a $900M reduction in revenue and accrued a $100M loss related to an FTC matter, both excluded from Adjusted Revenue, Adjusted Net income and Adjusted EBITDA.
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Q4 Guidance Signals Sharp Deceleration
Q4 2026 room nights are guided to 1-3% growth, gross bookings to 2-4%, Adjusted Revenue to 0-2% and Adjusted EBITDA to about flat, citing softer international travel and Middle East disruptions.
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Full-Year Outlook High Single Digits
FY2026 guidance calls for high single digit growth in gross bookings, Adjusted Revenue and Adjusted EBITDA, with Adjusted EPS growth in the low-to-mid teens.
Analysis · BKNG · Energy & Transportation
Adjusted numbers were solid — gross bookings up 10% to $54.5B and Adjusted EPS up 17% to $4.66 — but the GAAP picture is muddied by a $900M revenue reduction and $100M loss accrual tied to an FTC matter, which dragged reported revenue down 1% to $8.9B. The bigger issue is the outlook: Q4 room nights are guided to just 1-3% growth and Adjusted EBITDA to about flat, with management citing softer international travel, Middle East disruptions and elevated airfares. That deceleration lands on a stock already under pressure from the EU court loss in September and the new EU Digital Services Act probe opened October 21, so the market is being asked to accept slower growth while regulatory costs mount. Capital returns remain large — $2.1B repurchased in the quarter with $12.4B left — but buybacks do not offset a demand slowdown.
How filings like this one have moved
In the 30 days to Nov 5, 2026, 43.5% of the 1291 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.16%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BKNG was trading at $158.30 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $117B. The 52-week trading range was $146.28 to $220.81. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.