Booking
BKNG Nasdaq· Hotels, Resorts & Cruise Lines
Last close · Oct 26, 2026
$153.14
KIRA · Stoqly’s AI analyst, in plain words
- Booking had $26.9B of revenue in fiscal 2025, up 13.4% on the year before. Over five years, revenue changed +31.7% a year on average.
- Its operating margin was 32.8%, up 1.0 pts: of every 100 in sales, about 33 is left after running the business.
- Booking made $5.4B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 16.3% a year.
- Free cash flow was $9.1B in fiscal 2025, 33.8% of revenue.
- Booking returned $7.7B to shareholders in fiscal 2025, 85% of free cash flow. The diluted share count fell 4.2%.
- Booking owes $1.5B more than it holds in cash, about 0.2 years of operating profit.
Market cap
$117.9B
P/E
—
Revenue
$26.9B
Net income
$5.4B
Free cash flow
$9.1B
Operating margin
32.8%
Booking in 30 seconds · fiscal 2025
Are sales growing?
+13.4%
Yes. Sales grew 13.4% last year.
Does it make a profit?
20.1%
Yes. It keeps 20.1% of every sale as profit.
Does profit turn into cash?
33.8%
Yes. 33.8% of sales ends up as free cash.
Is debt under control?
0.2x
Yes. It could repay its debt with 0.2 years of operating profit.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
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.
Biggest risks, in its own words
- Downturns or disruptions in travel, such as economic shocks, which can cut bookings.
- Intense competition, including from large technology companies and AI assistants.
- Relying on hotels, restaurants, search platforms and other third parties it does not control.
- Rules in the EU and elsewhere on competition, payments and data that raise compliance costs.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Legal name
- Booking Holdings Inc.
- CIK
- 0001075531
Booking · BKNG
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $11.0B | $17.1B | $21.4B | $23.7B | $26.9B |
| Revenue growth | 61.2% | 56.0% | 25.0% | 11.1% | 13.4% |
| Operating margin | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% |
| Net income | $1.2B | $3.1B | $4.3B | $5.9B | $5.4B |
| Net margin | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% |
| Diluted EPS | $28.17 | $76.35 | $117.40 | $172.69 | $165.57 |
| Cash | |||||
| Cash from operations | $2.8B | $6.6B | $7.3B | $8.3B | $9.4B |
| Capital expenditure | $304M | $368M | $345M | $429M | $322M |
| Free cash flow | $2.5B | $6.2B | $7.0B | $7.9B | $9.1B |
| FCF margin | 23.0% | 36.2% | 32.8% | 33.3% | 33.8% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $1.2B | $1.2B |
| Share buybacks | $163M | $6.6B | $10.4B | $6.5B | $6.4B |
| Share count change | 0.5% | −3.2% | −8.8% | −6.8% | −4.2% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $6.2B | $2.8B | −$2.7B | −$4.0B | −$5.6B |
| Net debt / EBITDA | −0.1x | 0.0x | 0.3x | 0.1x | 0.2x |
| Current ratio | 2.1x | 1.9x | 1.3x | 1.3x | 1.3x |
| Interest coverage | 7.5x | 13.1x | 6.5x | 5.8x | 5.5x |
| Returns and quality | |||||
| Return on capital | 33.6% | 89.5% | — | — | — |
| Return on equity | 21.1% | 68.3% | — | — | — |
| Piotroski F-score | 6 | 6 | 6 | 7 | 5 |
| Altman Z'' | 6.4 | 6.9 | 6.8 | 7.1 | 7.6 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$43.8M
6 insiders
Of sales under plans
100%
$43.8M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Booking · BKNG
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Booking BKNG | $117.9B | 13.4% | 32.8% | 33.8% | — | — | 5 |
| Carnival CCL | $36.7B | 6.4% | 16.8% | 9.8% | 12.1% | 11.7x | 7 |
| Marriott International MAR | $104.4B | 4.3% | 15.8% | 10.0% | 27.4% | 40.8x | 7 |
| Royal Caribbean Group RCL | $75.2B | 8.8% | 27.4% | 6.9% | 16.6% | 17.3x | 9 |
| Expedia Group EXPE | $34.8B | 7.6% | 12.7% | 21.1% | 40.5% | 17.7x | 8 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $153.14 a share, the company is worth $117.9B.
Booking grew sales faster than 4 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001075531). Data updated October 10, 2026. For information only — not investment advice. Check the original filings before relying on any figure.