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Booking

BKNG Nasdaq Hotels, Resorts & Cruise Lines Financials FY2016–FY2025

Booking's revenue rose 13.4% to $26.9 billion in fiscal 2025. Its operating margin was 32.8%, up from 31.8% a year earlier. Free cash flow was $9.1 billion, up 15.1%. It paid out $7.7 billion in dividends and buybacks, 85% of free cash flow. The diluted share count fell 4.2%.

Last close · Oct 23, 2026

$155.83

3.3%
Value it Compare
Revenue Total sales reported in the income statement.
$26.9B
13.4% vs prior year
Operating margin Operating income as a share of revenue.
32.8%
1.0 pts
Net income Profit after all expenses, interest and tax.
$5.4B
8.1%
Free cash flow Cash from operations minus capital spending.
$9.1B
15.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$120.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.5x

What Booking does

Booking Holdings runs online travel and restaurant booking sites. Its five main brands are Booking.com, Priceline, Agoda, KAYAK and OpenTable. Travelers use them to book places to stay, flights, rental cars, activities and restaurant tables. Hotels, homeowners, airlines and restaurants list their offerings on the sites to reach customers.

In 2025 the company had revenues of $26.9 billion. It earns most of it as commissions on bookings. Merchant revenue comes from bookings where it handles the traveler's payment. Agency revenue comes from bookings where it does not, and is almost all commissions on Booking.com stays. It also earns advertising and other revenue, mostly from KAYAK referrals and OpenTable restaurant services.

Booking.com is the largest brand. At the end of 2025 it offered about 4.4 million places to stay in more than 220 countries and territories. Priceline serves mainly North America and Agoda mainly Asia-Pacific. The company competes with other online travel and restaurant booking services, search and social media companies, travel providers that sell direct, and AI assistants. It had about 24,300 employees at the end of 2025.

Legal name
Booking Holdings Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 18, 2026
Accession · CIK
0001075531-26-000009
0001075531

Revenue and margins

Booking had $26.9B of revenue in fiscal 2025, up 13.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 16.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $9.1B in fiscal 2025, 33.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Booking returned $7.7B to shareholders in fiscal 2025, 85% of free cash flow. The diluted share count fell 4.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Booking yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.5B and divides by 32.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.5x · peers 17.5x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Booking can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $11.2B$12.4B$12.7B$16.2B$17.2B
Debt incl. finance leases $10.9B$12.5B$14.3B$16.6B$18.7B
Net debt / EBITDA −0.1x0.0x0.3x0.1x0.2x
Debt / equity 1.8x4.5x———
Interest coverage 7.5x13.1x6.5x5.8x5.5x
Current ratio 2.1x1.9x1.3x1.3x1.3x
Quick ratio 2.1x1.9x1.3x1.3x1.3x
Total assets $23.6B$25.4B$24.3B$27.7B$29.3B
Total liabilities $17.5B$22.6B$27.1B$31.7B$34.8B
Shareholders' equity $6.2B$2.8B−$2.7B−$4.0B−$5.6B
Net debt (− = net cash) −$216M$142M$1.6B$467M$1.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$27.9M

5 insiders

Of sales under plans

100%

$27.9M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Paulo PisanoChief Human Resources Officer Sold plan 1,500 $163.06 $0.2M Form 4
Sep 15, 2026 Paulo PisanoChief Human Resources Officer Sold plan 1,500 $173.02 $0.3M Form 4
Sep 1, 2026 Robert J Mylod JrDirector Sold plan 1,000 $200.00 $0.2M Form 4
Aug 31, 2026 Paulo PisanoChief Human Resources Officer Sold plan 3,000 $203.48 $0.6M Form 4
Aug 17, 2026 Peter J MillonesExecutive VP, General Counsel Sold plan 50,050 $207.59 $10.4M Form 4
Aug 17, 2026 Vanessa Ames WittmanDirector Sold plan 375 $211.00 $0.1M Form 4
Aug 12, 2026 Ewout L SteenbergenChief Financial Officer Sold plan 20,000 $211.03 $4.2M Form 4
Aug 5, 2026 Robert J Mylod JrDirector Sold plan 1,000 $206.70 $0.2M Form 4
Jul 29, 2026 Robert J Mylod JrDirector Sold plan 5,000 $200.00 $1.0M Form 4
Jul 28, 2026 Vanessa Ames WittmanDirector Sold plan 1,125 $192.00 $0.2M Form 4
May 26, 2026 Peter J MillonesExecutive VP, General Counsel Sold plan 62,500 $163.67 $10.2M Form 4
Apr 17, 2026 Vanessa Ames WittmanDirector Sold plan 1,125 $192.00 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 87 / 85 / 8
Accruals ratio −12.3%−9.4%−14.1%
Altman Z'' 6.777.147.64

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Booking BKNG $120.0B 13.4% 32.8% 33.8% — 23.5x 5
Carnival CCL $35.7B 6.4% 16.8% 9.8% 12.1% 11.4x 7 Compare →
Marriott International MAR $103.3B 4.3% 15.8% 10.0% 27.4% 40.4x 7 Compare →
Royal Caribbean Group RCL $74.1B 8.8% 27.4% 6.9% 16.6% 17.1x 9 Compare →
Expedia Group EXPE $35.4B 7.6% 12.7% 21.1% 40.5% 18.0x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.7B $12.7B $14.5B $15.1B $6.8B $11.0B $17.1B $21.4B $23.7B $26.9B
Gross profit $10.3B $12.4B — — — — — — — —
Operating income $2.9B $4.5B $5.3B $5.3B −$631M $2.5B $5.1B $5.8B $7.6B $8.8B
Interest expense $208M $254M $269M $266M $356M $334M $391M $897M $1.3B $1.6B
Pretax income $2.7B $4.4B $4.8B $6.0B $567M $1.5B $3.9B $5.5B $7.3B $6.8B
Income tax $578M $2.1B $837M $1.1B $508M $300M $865M $1.2B $1.4B $1.4B
Net income $2.1B $2.3B $4.0B $4.9B $59.0M $1.2B $3.1B $4.3B $5.9B $5.4B
Diluted EPS $42.65 $46.86 $83.26 $111.82 $1.44 $28.17 $76.35 $117.40 $172.69 $165.57
Diluted shares 0.05B 0.05B 0.05B 0.04B 0.04B 0.04B 0.04B 0.04B 0.03B 0.03B
Cash flow
Cash from operations $4.0B $4.7B $5.3B $4.9B $85.0M $2.8B $6.6B $7.3B $8.3B $9.4B
Capital expenditure $220M $288M $442M $368M $286M $304M $368M $345M $429M $322M
Free cash flow $3.8B $4.4B $4.9B $4.5B −$201M $2.5B $6.2B $7.0B $7.9B $9.1B
Depreciation and amortization $309M $363M $426M $469M $458M $421M $451M $504M $591M $623M
Stock-based compensation $250M $261M $317M $308M $233M $370M $404M $530M $599M $613M
Acquisitions $1.0M $553M $273M $9.0M $0.0M $1.2B $0.0M $0.0M $0.0M $0.0M
Share buybacks $1.0B $1.8B $6.0B $8.2B $1.3B $163M $6.6B $10.4B $6.5B $6.4B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.2B $1.2B
Dividends and buybacks $1.0B $1.8B $6.0B $8.2B $1.3B $163M $6.6B $10.4B $7.7B $7.7B
Balance sheet
Cash and short-term investments $4.3B $7.4B $6.3B $7.3B $11.1B $11.2B $12.4B $12.7B $16.2B $17.2B
Total debt $6.2B $8.8B $8.6B $7.6B $12.0B $10.9B $12.5B $14.2B $16.6B $18.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $10.0M $53.0M $68.0M $33.0M $6.0M
Current assets $5.4B $9.0B $8.4B $9.8B $12.2B $13.1B $15.8B $17.0B $20.5B $22.3B
Current liabilities $2.9B $3.5B $3.6B $5.4B $3.4B $6.2B $8.5B $13.3B $15.6B $16.7B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $347M $480M $656M $738M $756M $822M $669M $784M $832M $807M
Total assets $19.8B $25.5B $22.7B $21.4B $21.9B $23.6B $25.4B $24.3B $27.7B $29.3B
Total liabilities $10.0B $14.2B $13.9B $15.5B $17.0B $17.5B $22.6B $27.1B $31.7B $34.8B
Shareholders' equity $9.8B $11.3B $8.8B $5.9B $4.9B $6.2B $2.8B −$2.7B −$4.0B −$5.6B
Margins
Gross margin 96.1% 98.1% — — — — — — — —
Operating margin 27.1% 35.8% 36.8% 35.5% −9.3% 22.8% 29.9% 27.3% 31.8% 32.8%
EBITDA margin 29.9% 38.7% 39.7% 38.6% −2.6% 26.6% 32.5% 29.7% 34.3% 35.1%
Net margin 19.9% 18.5% 27.5% 32.3% 0.9% 10.6% 17.9% 20.1% 24.8% 20.1%
FCF margin 35.0% 34.5% 33.7% 29.9% −3.0% 23.0% 36.2% 32.8% 33.3% 33.8%
Returns
Return on capital 19.1% 19.8% 37.1% 50.1% −5.2% 33.6% 89.5% — — —
Return on capital employed 17.6% 23.3% 26.0% 30.4% −3.7% 13.9% 29.8% 41.8% 65.5% 71.7%
Return on equity 22.9% 22.2% 39.9% 66.1% 1.1% 21.1% 68.3% — — —
Return on assets 11.5% 10.3% 16.6% 22.1% 0.3% 5.1% 12.5% 17.3% 22.6% 19.0%
Growth
Revenue growth 16.5% 18.0% 14.6% 3.7% −54.9% 61.2% 56.0% 25.0% 11.1% 13.4%
Net income growth −16.3% 9.7% 70.8% 21.7% −98.8% 1,874.6% 162.5% 40.3% 37.1% −8.1%
EPS growth −13.8% 9.9% 77.7% 34.3% −98.7% 1,856.3% 171.0% 53.8% 47.1% −4.1%
FCF growth 24.2% 16.2% 11.9% −8.2% −104.5% — 145.9% 13.1% 12.8% 15.1%
Share count change −3.0% −0.2% −3.9% −9.4% −5.4% 0.5% −3.2% −8.8% −6.8% −4.2%
Financial health
Net debt / EBITDA 0.6x 0.3x 0.4x 0.1x — −0.1x 0.0x 0.3x 0.1x 0.2x
Debt / equity 0.6x 0.8x 1.0x 1.3x 2.5x 1.8x 4.5x — — —
Interest coverage 14.0x 17.9x 19.9x 20.1x −1.8x 7.5x 13.1x 6.5x 5.8x 5.5x
Current ratio 1.9x 2.6x 2.4x 1.8x 3.6x 2.1x 1.9x 1.3x 1.3x 1.3x
Quick ratio 1.9x 2.6x 2.4x 1.8x 3.6x 2.1x 1.9x 1.3x 1.3x 1.3x
Capital allocation
Capex / revenue 2.1% 2.3% 3.0% 2.4% 4.2% 2.8% 2.2% 1.6% 1.8% 1.2%
Stock comp / revenue 2.3% 2.1% 2.2% 2.0% 3.4% 3.4% 2.4% 2.5% 2.5% 2.3%
Payouts / FCF 26.9% 41.8% 122.0% 182.1% — 6.5% 107.0% 148.3% 97.3% 84.6%
Quality scores
Piotroski F-score 6.0 7.0 6.0 6.0 5.0 6.0 6.0 6.0 7.0 5.0
Altman Z'' 4.7 5.2 6.3 7.0 6.2 6.4 6.9 6.8 7.1 7.6
Accruals ratio −9.9% −10.3% −5.6% 0.0% −0.1% −7.3% −14.3% −12.3% −9.4% −14.1%

Source: SEC EDGAR XBRL filings (CIK 0001075531). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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