Online Travel Q3'26 Preview: Analyzing the Industry Debates & Estimates

As we head into Q3'26 Online Travel earnings, we frame key industry debates, refresh our operating estimates for industry data and channel checks, and update our 12-month price targets for names under coverage. Our industry work points to a broadly stable to strong end demand environment (most pronounced in the US travel market in the September quarter). Looking forward, we expect investor attention to be centered around a few key topics: 1) whether forward commentary reflects a continuation of industry trends and/or more conservatism around sustained elevated unit pricing; 2) how the framing of opportunities vs. challenges around the rise of agentic landscape might be characterized by company management teams;