Amadeus revenue rises 6.4% in third quarter; keeps 2026 outlook at lower end
Key Facts
Amadeus reported on November 6, 2026 that third-quarter revenue rose 6.4% to 1,740.7 million euros, alongside a 7.8% increase in adjusted profit to 399.0 million euros. The company said it was entering the final quarter on track to meet its annual outlook, but likely at the lower end of its range because of the ongoing situation in the Middle East. Core earnings were 694.1 million euros, slightly above the analyst consensus of 691.5 million euros, according to LSEG data cited by Reuters. Reuters described the result as slightly above estimate, making it closer to meeting market expectations than to a broad surprise. The results also showed a divergence between revenue growth and a slight decline in bookings compared with the previous year.
Adjusted EBIT rose 7.5% to 535.2 million euros, with a margin of 30.7%, up 0.3 percentage points from a year earlier. Adjusted diluted earnings per share also increased 12.8% year on year, or 11.8% excluding the effect of exchange-rate movements. These indicators show growth in operating and adjusted earnings alongside revenue growth, despite travel conditions weighing on booking volumes. In the first nine months of the year, revenue rose 3.7% to 5,075.7 million euros, and operating income increased 2.1% to 1,450.0 million euros. In the same period, free cash flow was 1,036.3 million euros, up 8.5%, while net financial debt stood at 2,536.7 million euros on September 30, equivalent to one times last 12-month EBITDA.
Hospitality and other solutions recorded the fastest growth among the segments, with revenue rising 10.8% to 288.7 million euros in the third quarter. Revenue from airline IT solutions increased 6.5% to 645.2 million euros, while air distribution revenue rose 4.9% to 806.8 million euros. The company attributed growth in hospitality and payments to applications added by new customers and higher transaction volumes. In air distribution during the first nine months, a 5.0% increase in revenue per booking in constant currency offset part of the effect of a 2.8% decline in booking volumes, lifting revenue 2.1% in constant currency. The different performance across segments highlights the reliance of growth on improved yields and transactions, while booking volumes remained more affected by travel disruption.
Amadeus recorded 121.2 million bookings in the third quarter, down 0.8% from the same period a year earlier, despite improving from the second quarter as cancellations eased toward more normal levels. The company said the ongoing geopolitical situation led to increased booking cancellations and flight disruption, weighing on activity. For the first nine months, booking volumes fell 2.8% year on year. Reuters reported that bookings rose by more than 10% quarter on quarter, with improvement across all regions. This sequential improvement points to a recovery in activity during the quarter, but did not prevent an ongoing annual decline in total bookings.
Booking performance featured in the company's full-year guidance, with its chief executive saying it was on track to meet its 2026 outlook, though performance was likely to be at the lower end of the range because of the ongoing situation in the Middle East. Amadeus had cut its forecast for annual revenue growth in July from high single digits to a mid-to-high single-digit range, after quarterly bookings fell 7.6% amid travel disruption in the region. Following its second-quarter results on July 31, the chief executive said bookings had been gradually improving since June, while noting at the time that the company did not yet know whether this reflected deferred bookings being made up or a new trend. The more than 10% increase in bookings compared with the previous quarter in the third quarter provides a newer indication of improving activity, while management kept the impact of the Middle East central to its outlook. The company said its 2026 financial results are scheduled for February 25, 2027, subject to change.
AMADY shares closed at $66.77 on November 5, according to EL7 data. In an earlier development ahead of the third-quarter results, Reuters reported that the stock fell as much as 3.5% at the open on July 31 after the revenue outlook was cut, before turning to a 1.6% gain by 0756 GMT. Amadeus also announced new collaborations with Anthropic and NVIDIA as it seeks to expand its technology partnerships and develop an AI-powered travel ecosystem. The partnerships come alongside quarterly results that combined revenue and earnings growth with an improvement in bookings on a quarterly basis, while bookings continued to decline year on year. The annual results announcement in February will be the next scheduled milestone for assessing the company's performance in 2026.