Booking Holdings Inc. reported third‑quarter 2025 earnings, posting an adjusted earnings per share of $99.50, a beat over the consensus estimate of $96.04. Revenue reached $9.01 billion, up 13% year‑over‑year, while GAAP earnings per share were $84.41 and net income was $2.7 billion.
Gross bookings for the quarter totaled $49.7 billion, a 14% increase from the same period a year earlier, and room nights grew 8%. Merchant bookings accounted for 72% of total gross bookings, up from 65% in Q3 2024, and constant‑currency growth was 10%.
Booking recorded a $457 million impairment charge related to its KAYAK platform, driven by lower forecasted cash flows and higher customer acquisition costs. The company also highlighted progress on its Connected Trip strategy and GenAI initiatives, underscoring its focus on technology and customer experience.
Adjusted EBITDA rose to $4.2 billion, a 15% year‑over‑year increase, and the adjusted EBITDA margin expanded to 47.0% from 45.8% in the prior quarter. The Transformation Program savings target was raised to a range of $500 million to $550 million, up from the previous guidance of $400 million to $450 million.
The Board declared a cash dividend of $9.60 per share, payable on December 31 2025, and the company repurchased $0.7 billion of stock during the quarter.
Wedbush analyst reiterated a neutral rating on Booking Holdings and raised the price target to $6,000 from $5,900, citing the company’s continued operational efficiency and the momentum in leisure travel demand. Institutional ownership stands at 91.94%, reflecting strong confidence from large investors.
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