BKNG Nasdaq Hotels, Resorts & Cruise Lines Financials FY2016βFY2025
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.
Hi! I read Bookingβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
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.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· 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 1.0Β pts: of every 100 in sales, about 33 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Booking made $5.4B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 16.3% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $9.1B in fiscal 2025, 33.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Booking returned $7.7B to shareholders in fiscal 2025, 85% of free cash flow. The diluted share count fell 4.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $43.8M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$43.8M
6 insiders
Of sales under plans
100%
$43.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 | Vanessa Ames WittmanDirector | Sold plan | 375 | $211.00 | $0.1M | Form 4 |
| Aug 17, 2026 | Peter J MillonesExecutive VP, General Counsel | Sold plan | 50,050 | $207.59 | $10.4M | 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 |
| Apr 15, 2026 | Glenn D FogelCEO and President, Director | Sold plan | 16,726 | $185.35 | $3.1M | Form 4 |
| Mar 16, 2026 | Glenn D FogelCEO and President, Director | Sold plan | 669 | $4,292.10 | $2.9M | Form 4 |
| Feb 17, 2026 | Glenn D FogelCEO and President, Director | Sold plan | 452 | $4,149.75 | $1.9M | Form 4 |
| Feb 17, 2026 | Glenn D FogelCEO and President, Director | Sold plan | 550 | $4,093.72 | $2.3M | Form 4 |
| Feb 10, 2026 | Glenn D FogelCEO and President, Director | Sold plan | 10 | $4,043.49 | $0.0M | Form 4 |
| Feb 2, 2026 | Robert J Mylod JrDirector | Sold plan | 40 | $5,105.36 | $0.2M | Form 4 |
| Jan 15, 2026 | Vanessa Ames WittmanDirector | Sold plan | 15 | $5,191.15 | $0.1M | Form 4 |
| Jan 15, 2026 | Glenn D FogelCEO and President, Director | Sold plan | 60 | $5,208.10 | $0.3M | Form 4 |
| Jan 15, 2026 | Glenn D FogelCEO and President, Director | Sold plan | 953 | $5,181.34 | $4.9M | Form 4 |
| Jan 2, 2026 | Robert J Mylod JrDirector | Sold plan | 40 | $5,290.38 | $0.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Booking owes $1.5B more than it holds in cash, about 0.2 years of operating profit.
Cash, debt and the ratios that show how comfortably Booking can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | β0.1x | 0.0x | 0.3x | 0.1x | 0.2x |
| Debt / equity | 1.8x | 4.5x | β | β | β |
| Interest coverage | 7.5x | 13.1x | 6.5x | 5.8x | 5.5x |
| Current ratio | 2.1x | 1.9x | 1.3x | 1.3x | 1.3x |
| Quick ratio | 2.1x | 1.9x | 1.3x | 1.3x | 1.3x |
| 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 | β$2.7B | β$4.0B | β$5.6B |
| Net debt (β = net cash) | β$216M | $142M | $1.6B | $467M | $1.5B |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Booking passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 8 | 7 / 8 | 5 / 8 |
| Accruals ratio | β12.3% | β9.4% | β14.1% |
| Altman Z'' | 6.77 | 7.14 | 7.64 |
What does the share cost, and how does it compare?
KIRA Β· At $153.14 a share, the company is worth $117.9B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$1.5B and divides by 32.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 23.5x Β· peers 17.5x Β· sector 17.7x.
KIRA Β· Booking grew sales faster than 4 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Booking BKNG | $117.9B | 13.4% | 32.8% | 33.8% | β | β | 5 | |
| Carnival CCL | $36.7B | 6.4% | 16.8% | 9.8% | 12.1% | 11.7x | 7 | Compare β |
| Marriott International MAR | $104.4B | 4.3% | 15.8% | 10.0% | 27.4% | 40.8x | 7 | Compare β |
| Royal Caribbean Group RCL | $75.2B | 8.8% | 27.4% | 6.9% | 16.6% | 17.3x | 9 | Compare β |
| Expedia Group EXPE | $34.8B | 7.6% | 12.7% | 21.1% | 40.5% | 17.7x | 8 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β | β | β | β | β | β | β | β |
| Operating income | $2.9B | $4.5B | $5.3B | $5.3B | β$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 | β$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 | β$2.7B | β$4.0B | β$5.6B |
| Margins | ||||||||||
| Gross margin | 96.1% | 98.1% | β | β | β | β | β | β | β | β |
| Operating margin | 27.1% | 35.8% | 36.8% | 35.5% | β9.3% | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% |
| EBITDA margin | 29.9% | 38.7% | 39.7% | 38.6% | β2.6% | 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% | β3.0% | 23.0% | 36.2% | 32.8% | 33.3% | 33.8% |
| Returns | ||||||||||
| Return on capital | 19.1% | 19.8% | 37.1% | 50.1% | β5.2% | 33.6% | 89.5% | β | β | β |
| Return on capital employed | 17.6% | 23.3% | 26.0% | 30.4% | β3.7% | 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% | β | β | β |
| 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% | β54.9% | 61.2% | 56.0% | 25.0% | 11.1% | 13.4% |
| Net income growth | β16.3% | 9.7% | 70.8% | 21.7% | β98.8% | 1,874.6% | 162.5% | 40.3% | 37.1% | β8.1% |
| EPS growth | β13.8% | 9.9% | 77.7% | 34.3% | β98.7% | 1,856.3% | 171.0% | 53.8% | 47.1% | β4.1% |
| FCF growth | 24.2% | 16.2% | 11.9% | β8.2% | β104.5% | β | 145.9% | 13.1% | 12.8% | 15.1% |
| Share count change | β3.0% | β0.2% | β3.9% | β9.4% | β5.4% | 0.5% | β3.2% | β8.8% | β6.8% | β4.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.6x | 0.3x | 0.4x | 0.1x | β | β0.1x | 0.0x | 0.3x | 0.1x | 0.2x |
| Debt / equity | 0.6x | 0.8x | 1.0x | 1.3x | 2.5x | 1.8x | 4.5x | β | β | β |
| Interest coverage | 14.0x | 17.9x | 19.9x | 20.1x | β1.8x | 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% | β | 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 | β9.9% | β10.3% | β5.6% | 0.0% | β0.1% | β7.3% | β14.3% | β12.3% | β9.4% | β14.1% |
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 β not investment advice. Check the original filings before relying on any figure.
