Quarterly guidance

Gross bookings
$27.9 billion to $28.4 billion
Revenue
$3.69 billion to $3.75 billion
Adjusted EBITDA
$830 million to $880 million

Annual guidance

Gross bookings
$131.4 billion to $131.9 billion
Revenue
$16.37 billion to $16.43 billion
Adjusted EBITDA margin expansion
180 to 200 basis points

Outlook

Travel demand
Travel demand remained healthy in Q3, particularly with affluent consumers.
Q4 operating environment
Management expects moderation due to the U.S. election cycle and geopolitical disruptions in EMEA.
B2B growth
Growth is expected to moderate in Q4 as the company laps strong promotional activity from the prior year.
AI investment
The company is integrating conversational experiences and agentic tools to drive engagement and conversion.
Marketing
The company is shifting investments across channels to optimize returns based on incrementality.