---
title: "Booking Holdings (BKNG.US) Q3 2025 Earnings Conference Call"
description: "缤客 (BKNG.US) 2025 年第三季度业绩电话会"
locale: "en"
url: "https://longbridge.com/en/lives/336294"
parent: "https://longbridge.com/en/lives.md"
category: "Earnings Call"
---

# Booking Holdings (BKNG.US) Q3 2025 Earnings Conference Call

**Status**: Unknown
**Category**: Earnings Call

## Description

缤客 (BKNG.US) 2025 年第三季度业绩电话会

## Speakers

- **Ewout Lucien Steenbergen** - Executive VP & CFO
- **Glenn D. Fogel** - President, CEO & Director

## Live Recap

### 00:05 - Opening Remarks by Booking Holdings

Booking Holdings welcomes participants to the Q3 2025 earnings call, reminding them of the forward-looking statements under the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties.

### 01:43 - CEO Glenn Fogel Q3 Business Overview

CEO Glenn Fogel reports a strong quarter for Booking Holdings, highlighting growth in room nights, total bookings, and revenue, exceeding previous expectations. He emphasizes the strategic progress in AI and the company's advantageous position to leverage these developments.

### 03:11 - CFO Ewout Steedbergen Financial Highlights

CFO Ewout Steedbergen details Q3 financial performance, with room night growth of 8%, total bookings up 14%, and adjusted EBITDA reaching $4.2 billion, a 15% increase year-over-year.

### 04:25 - Strategic Initiatives by Glenn Fogel

Glenn Fogel discusses progress in strategic initiatives such as Connected Trip vision, loyalty programs, and AI capabilities, with Asia and alternative accommodations driving growth.

### 05:01 - Connected Trip Vision by Glenn Fogel

Glenn Fogel elaborates on the Connected Trip vision, aiming to simplify and personalize travel planning and booking, with investments in verticals like flights and car rentals.

### 06:01 - Genius Loyalty Program by Glenn Fogel

Glenn Fogel highlights the Genius loyalty program's impact, with over 30% of active users being Genius members, contributing to higher booking frequency and conversion rates.

### 08:04 - AI and Partner Benefits by Glenn Fogel

Glenn Fogel discusses AI's role in enhancing traveler and partner experiences, with tools like smart messaging and automated replies improving partner satisfaction.

### 13:11 - Alternative Accommodations and Asia Growth by Glenn Fogel

Glenn Fogel reports growth in alternative accommodations and emphasizes Asia as a key growth driver, leveraging Agoda and Booking.com's strengths.

### 15:54 - CFO Ewout Steedbergen Q3 Financial Results

CFO Ewout Steedbergen provides detailed Q3 financial results, highlighting strong room night growth across regions and strategic initiatives driving long-term profitability.

### 27:37 - Cash and Liquidity by Ewout Steedbergen

Ewout Steedbergen discusses cash and liquidity, with $17.2 billion in cash and investments at the end of Q3, and strategic reinvestments to support long-term value creation.

### 31:37 - US Market Acceleration — Analyst: Kevin Kopelman (TD Cowen)

Glenn Fogel explains the acceleration in the US market, driven by strong B2B and B2C performance, and strategic investments in product and brand awareness.

### 35:35 - OpenAI Integration — Analyst: Doug Amluth (J.P. Morgan)

Glenn Fogel discusses early-stage integration with OpenAI, emphasizing the potential for AI to enhance traveler discovery and booking processes.

### 39:38 - Virtual Assistant Risks — Analyst: Lee Horowitz (Deutsche Bank)

Glenn Fogel addresses concerns about hotels bypassing platforms via AI, emphasizing Booking's value proposition and customer trust.

### 42:36 - Social Media and Asia Strategy — Analyst: Mark Mahaney (Evercore ISI)

Ewout Steedbergen discusses disciplined social media investments and strong growth in Asia, leveraging Agoda's localization and Booking.com's global reach.

### 46:07 - AI and Product Innovation — Analyst: Ronald Josey (Citi)

Glenn Fogel and Ewout Steedbergen discuss AI-driven product innovations like AI TripPlanner and personalized homepage, improving conversion and satisfaction rates.

### 51:21 - US Market and Connected Trip — Analyst: Justin Post (Bank of America)

Glenn Fogel and Ewout Steedbergen discuss US market dynamics and Connected Trip's role in enhancing booking growth and revenue extraction.

### 56:33 - Competitive Landscape — Analyst: Trevor Young (Barclays)

Glenn Fogel addresses competitive pressures from Asian and AI-driven players, emphasizing Booking's scale, data, and innovation as key advantages.

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.