🔹 Revenue: $9.0B (Est. $8.72B) 🟢; UP +13% YoY
🔹 Adj EPS: $99.50 (Est. $95.44) 🟢; UP +19% YoY
🔹 Room Nights: 323M; UP +8% YoY
🔹 Gross Bookings: $49.7B; UP +14% YoY (CC +10%)
🔹 Adj EBITDA: $4.23B; UP +15% YoY
Q4’25 Guidance:
🔹 Room Nights Growth: 4%–6%
🔹 Gross Bookings Growth: 11%–13% (CC 6%–8%)
🔹 Revenue Growth: 10%–12% (CC 5%–7%)
🔹 Adjusted EBITDA: $2.0B–$2.1B; Growth 8%–14%
FY’25 Guidance:
🔹 Room Nights Growth: ~7%
🔹 Gross Bookings Growth: ~11%–12% (CC ~8%–9%)
🔹 Revenue Growth: ~12% (CC ~9%)
🔹 Adjusted EBITDA Growth: ~17%–18%
Segment:
🔹 Alternative accommodation room nights at Booking: ~+10% YoY
🔹 Constant-currency ADRs: ~+1% YoY
Other Metrics:
🔹 Marketing expense: 4.7% of gross bookings; direct channel mix mid-50s and higher YoY
🔹 Free Cash Flow: $1.37B; DOWN -40% YoY (Q3)
🔹 Transformation Program: targeted annual run-rate savings raised to $500–$550M (from $400–$450M) vs. 2024 expense base
🔹 Discrete item: $457M impairment related to KAYAK goodwill/intangibles
CEO Commentary:
🔸 “We are pleased to report a strong third quarter, with 8% room night growth and double-digit gains in gross bookings and revenue… Through the Connected Trip… Genius loyalty… and our innovations in GenAI, we are building offerings that enhance our value proposition for both customers and suppliers.”