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โข GAAP EPS: $3.61 (Normalized Est. $4.50, not directly comparable), +7% YoY.
โข GAAP Revenue: $8.893B (Est. $9.54B) โ, -1% YoY.
โข Adjusted Revenue: $9.793B, +9% YoY.
โข GAAP Net Income: $2.717B, -1% YoY.
โข Adjusted EPS Growth: +17% YoY.
โข Gross Bookings Growth: +10% YoY, +11% constant currency.
โข Adjusted EBITDA Margin: 47.0%, flat YoY.
โข Adjusted Net Income Margin: 35.8%.
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โข Q4 Room Nights Growth: +1%โ3% YoY.
โข Q4 Gross Bookings Growth: +2%โ4% YoY, +4%โ6% constant currency.
โข Q4 Adjusted Revenue Growth: 0%โ2% YoY.
โข Q4 Adjusted EBITDA Growth: Approximately flat YoY.
โข FY2026 Adjusted Revenue Growth: High-single digits.
โข FY2026 Adjusted EPS Growth: Low-to-mid teens.
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โข GAAP revenue missed consensus by ~6.8%, reflecting a $900M revenue reduction related to an FTC matter.
โข Excluding the FTC adjustment, revenue increased 9% YoY to $9.793B.
โข The FTC matter also resulted in a separate $100M accrued loss.
โข Gross bookings grew 10%, supported by resilient travel demand and approximately 3% higher constant-currency average daily rates.
โข Alternative accommodation room nights at Booking.com increased 7% YoY.
โข Adjusted EPS increased 17% YoY despite relatively flat adjusted profit margins.
โข Repurchased $2.1B in shares during Q3, with $12.4B remaining under its authorization.
โข Q4 outlook reflects softer international travel demand, Middle East disruptions and elevated airfares.
โข Direct bookings represented a mid-50% share of total room nights over the trailing four quarters.
โข Declared a quarterly dividend of $0.42 per share, payable December 31.
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โAs AI transforms the ways to discover, plan, and book travel, we continue to make progress integrating AI across our brands, developing AI-native experiences, and collaborating with industry-leading AI platforms.โ