Booking Holdings

Booking Holdings runs online travel brands, mainly Booking.com, and also Priceline, Agoda, Kayak, and OpenTable. Travelers use these sites and apps to book hotel rooms, homes and apartments, flights, rental cars, and restaurant tables. Booking makes most of its money from commissions that hotels and other travel providers pay for each booking, either as an agent or as a merchant that takes the traveler's payment. It also earns advertising revenue from Kayak and OpenTable.

In Q3 2026, travelers booked 345 million room nights and $54.5 billion of travel through its platforms, and revenue was $8.9 billion after a $900 million reduction for a matter with the US Federal Trade Commission (FTC). Most of its business is outside the US, mainly in Europe. On April 2, 2026, the company did a 25-for-1 stock split, so its share price is now about one 25th of the price before the split.

The market prices Booking at a discount mainly because it fears that AI assistants will take travel searches and bookings away from online travel agencies. In its 2025 annual report, Booking says that Google and other platforms add AI answers and assistants that can answer a traveler's question without sending the traveler to Booking.com, and that companies that offer AI agents are now competitors. A large part of its traffic comes from these platforms. Uneven growth adds to the doubt.

Room nights grew 7% in Q3 2026, but Booking said that demand became weaker in October because of the conflict in the Middle East, higher airfares and unrest in some European cities, and it guided to only 1% to 3% room night growth for Q4 2026. In Q3 2026, Booking also cut revenue by $900 million and recorded a $100 million loss for a possible settlement with the FTC about Priceline's fees, disclosures and billing. European rules under the Digital Markets Act also limit how Booking can work with hotels. For the gap to close, four things must be true.

Room nights must return to about mid-single-digit growth in 2027 while marketing costs stay near 4.7% of gross bookings, which shows that travelers still come to Booking directly. Adjusted EPS must grow in the low to mid teens in 2026, as guided, helped by the Transformation Program savings of about $650 million a year by the end of 2027. The FTC matter must settle near the amount that Booking recorded. Booking must show that its own AI tools and its direct channel, which is in the mid-fifties percent of room nights, keep customers.

The next check is the Q4 2026 report with the 2027 outlook, expected in early February 2027. If growth holds and AI does not reduce traffic, the gap can close over the next four to six quarters.

1. Nov 3, 2026Passed

   Q3 2026 results: room nights and Q4 outlookRoom night growth within the guided 3% to 5% and full-year adjusted EPS growth in the low to mid teens pass; growth below the guidance or a cut to the full-year outlook fails.Outcome: Room nights grew 7%, above the guided range, and Booking kept its 2026 guidance for adjusted EPS growth in the low to mid teens, although it guided Q4 2026 room night growth of only 1% to 3%.
2. Feb 3, 2027 · est.Pending

   Q4 2026 results and 2027 outlookA 2027 outlook with mid-single-digit room night growth and stable marketing costs as a share of gross bookings passes; slower growth or higher marketing costs fail.
3. Dec 2027 · est.Pending

   Transformation Program savingsAnnual run-rate savings of about $650 million by the end of 2027 pass; lower savings or a delay fails.

Every passed and failed checkpoint across all picks

• November 3, 2026Booking reported Q3 2026 results. Room nights grew 7% to 345 million, above the guided 3% to 5%, and gross bookings grew 10% to $54.5 billion. Adjusted revenue grew 9% to $9.8 billion, and adjusted EPS grew 17% to $4.66. It bought back $2.1 billion of stock in the quarter. Booking said that demand became weaker in October because of the Middle East conflict, and it guided Q4 2026 room night growth of 1% to 3% and about flat adjusted EBITDA. It kept its 2026 guidance for adjusted EPS growth in the low to mid teens.
• November 3, 2026Booking said that FTC staff plan to recommend a complaint against Priceline and one of its business partners about disclosures, fees, customer support and billing. Priceline is in talks with the FTC. Booking reduced Q3 2026 revenue by $900 million and recorded a $100 million loss for the matter, and it said that the FTC may seek more.
• October 6, 2026Booking said that it will report Q3 2026 results after the market closes on November 3, 2026, with a conference call at 4:30 p.m. ET.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 3, 2026 · bkng-20260930
• 8-KEarnings releaseFiled November 3, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · bkng-20260630
• 8-KEarnings releaseFiled August 4, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled June 2, 2026 · bkng-20260602
• 8-KNew material agreement and New debt or financial obligationFiled May 11, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled May 7, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 28, 2026 · bkng-20260331
• 8-KEarnings releaseFiled April 28, 2026 · Press release and exhibits
• 8-KChange to shareholder rights or bylawsFiled April 2, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1075531)

• AI assistants and AI agents from Google and other companies can answer travel questions and book trips without sending travelers to Booking.com. A large part of Booking's traffic comes from these platforms, so this can reduce bookings or raise marketing costs.
• Travel demand depends on the economy and on events such as the conflict in the Middle East, which raised flight prices and reduced long-haul travel in 2026. Booking guided Q4 2026 room night growth of only 1% to 3% because of this conflict and unrest in some European cities. A recession or a new conflict can slow room night growth further.
• FTC staff plan to recommend a complaint against Priceline about disclosures, fees, customer support and billing. Booking recorded $1.0 billion for the matter in Q3 2026, but the FTC may seek more, a settlement can force Priceline to change how it works, and similar claims can come in other countries.
• Regulators in Europe limit how Booking can work with hotels. The European Commission named Booking a gatekeeper under the Digital Markets Act. In Spain, the competition authority fined Booking.com in 2024, and the company had a $469 million liability for it at September 30, 2026 while it appeals. In September 2026, the EU General Court upheld the Commission's block of the Etraveli purchase.
• Most of Booking's business is in Europe, and it reports in US dollars. A stronger dollar lowers reported revenue and profit.
• Booking had negative stockholders' equity of $10.4 billion at September 30, 2026, because it buys back large amounts of stock. It funds part of the buybacks with debt, so debt can keep rising.

Booking funds itself with senior notes, most of them in euros, and with cash that travelers pay before their trips. At September 30, 2026, senior notes had a principal amount of $20.2 billion, up from $18.9 billion at December 31, 2025, after it sold €1.9 billion and $750 million of new notes in May 2026 and repaid $1 billion in June. Read more

Yield at the current rate

1.0% (current annual rate, at today’s price)

Dividend yield

1.0% (last 12 months, at today’s price of $160.21)

Paid per share

$1.644 in the last 12 months (4 payments)

Current annual rate

$1.68 ($0.42 × 4 a year)

Payout ratio

23% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 11, 2026, $0.42 per share

Dividends per share by year

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.