Before you read the chart · 2 analysis traps triggered on the latest filings

EPS growth = profit growth Triggered: EPS rose 7% in Q3 2026 (3.38 → 3.61) while net income fell 1% ($2.7B → $2.7B): the diluted share count fell 7.5%, and all of the EPS growth is the smaller denominator..
FCF growth = the business improved Triggered: Free cash flow rose $1.2B (+15%), from $7.9B to $9.1B, but working capital released $733M more cash than the year before and capital expenditure fell by $107M: 70% of the increase came from sources that need not repeat.
Low P/E at a cyclical peak = undervalued To review: Net income of $7.2B is at a high against a median of $4.3B over eight years; at 17.7× the market is not pricing it as cheap, but a multiple on this year's profit still understates the mid-cycle one (29.6×)..

Every rule, the figures and the innocent explanations →

Filing Flows › Industrials › Booking Holdings (BKNG)

Booking Holdings (BKNG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Booking Holdings (BKNG) Q3 2026 earnings results →

Q3 2026 Revenue down 1% year over year to $8.9B · 31¢ of every $1 of revenue kept as net profit · operating margin 38.4%

Booking Holdings made $8.9B in Q3 2026 (-1% Y/Y). Operating margin 38.4%, net earnings $2.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$8.9B

Year over year-1%

Operating margin38.4%

Net earnings$2.7B

Operating cash flow$1.1B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $8.9B in Q3 2026, down 1% year over year and up 21% from the previous quarter.

Operating profit was $3.4B, a 38.4% margin (down 0.2 points year over year). Total costs fell 1% while revenue fell 1%. The fastest-growing cost line was General & admin (+33%). Net earnings were $2.7B, down 1% year over year. The effective tax rate was 20.6%.

Operating cash flow was $1.1B (down 21% year over year), 42% of net earnings. Non-cash charges added back $0.18B of depreciation and amortization and $0.15B of share-based compensation. Working capital and other items used $1.9B. Capital expenditures of $0.07B left free cash flow of $1.1B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 3, 2026	$8.9B	-1%	38.4%	$2.7B	$1.1B
Q2 2026	10-Q	Aug 4, 2026	$7.4B	+8%	34.0%	$1.9B	$3.7B
Q1 2026	10-Q	Apr 28, 2026	$5.5B	+16%	23.0%	$1.1B	$3.2B
Q4 2025	10-K	Feb 18, 2026	$6.3B	+16%	32.0%	$1.4B	$1.5B
Q3 2025	10-Q	Oct 28, 2025	$9.0B	+13%	38.7%	$2.7B	$1.4B
Q2 2025	10-Q	Jul 29, 2025	$6.8B	+16%	33.1%	$895M	$3.2B
Q1 2025	10-Q	Apr 29, 2025	$4.8B	+8%	22.3%	$333M	$3.3B

Charts

Latest (Q3 2026): Y/Y -1%, Q/Q +21%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $2.7B, Operating cash flow $1.1B.

-20.7% since FY2020: buybacks shrank the count.

Transportation Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Booking Holdings

Our mission is to make it easier for everyone to experience the world. We aim to provide consumers with a best-in-class experience with tailored planning, payment, language, and other options seamlessly connecting them with our travel service provider partners. We offer these services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable: We are proud of the meaningful progress we are making on our strategic initiatives as we continue to create more value for our consumers and partners, including:

In its own words, from its 10-K, filed Feb 18, 2026.

Booking Holdings against its Transportation Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -1% against the peers' median +12%. Operating margin: 38.4% against the peers' median 12.1%.

Company	Quarter	Revenue	Y/Y	Op. margin
BKNG Booking Holdings	Q3 2026	$8.9B	-1%	38.4%
EXPE Expedia Group	Q3 2026	$4.9B	+12%	26.9%
GXO GXO Logistics	Q3 2026	$3.6B	+6%	2.7%
XPO XPO	Q3 2026	$2.4B	+12%	12.1%
RXO RXO	Q3 2026	$1.9B	+32%	0.9%
GMRS GMR Solutions	Q2 2026	$1.5B	+3%	3.8%
GBTG Global Business Travel Group	Q2 2026	$870M	+38%	2.8%
GATX Gatx	Q3 2026	$598M	+36%	32.2%
LIND Lindblad Expeditions Holdings	Q3 2026	$269M	+12%	15.9%

Source: Booking Holdings 10-Q on SEC EDGAR · CIK 1075531 · Transportation Services

Guidance and outlook

12 statements; tone +0.58 (−1 all cautious, +1 all confident); 2 hedged.

13F: who owns BKNG and who is buying

Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BKNG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare BKNG with

中文版：Booking（缤客，BKNG）财报

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