Booking Holdings Financials
This page shows Booking Holdings (BKNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
An asset-light cash engine is producing more deployable cash even as payouts push equity below zero.
FY2025 operating income rose to$8.8B and operating cash flow to$9.4B , yet net income fell from$5.9B in FY2024 to$5.4B as interest expense climbed to$1.6B . The important read-through is that the core business kept getting more efficient, but a larger share of those gains was absorbed below the operating line by financing costs rather than weaker demand or heavier reinvestment.
Capital intensity is very low: FY2025 capex was only
Negative equity here does not signal empty coffers: cash ended FY2025 at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Booking Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Booking Holdings has an operating margin of 32.8%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 93/100, reflecting efficient cost management and pricing power. This is up from 31.8% the prior year.
Booking Holdings's revenue grew 13.4% year-over-year to $26.9B, a solid pace of expansion. This earns a growth score of 70/100.
Booking Holdings carries a low D/E ratio of -3.02, meaning only $-3.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Booking Holdings's current ratio of 1.33 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Booking Holdings converts 33.8% of revenue into free cash flow ($9.1B). This strong cash generation earns a score of 96/100.
Booking Holdings scores 6.43, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Booking Holdings passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Booking Holdings generates $1.74 in operating cash flow ($9.4B OCF vs $5.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Booking Holdings earns $5.5 in operating income for every $1 of interest expense ($8.8B vs $1.6B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Booking Holdings generated $26.9B in revenue in fiscal year 2025. This represents an increase of 13.4% from the prior year.
Booking Holdings's EBITDA was $9.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.0% from the prior year.
Booking Holdings reported $5.4B in net income in fiscal year 2025. This represents a decrease of 8.1% from the prior year.
Booking Holdings earned $165.57 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 4.1% from the prior year.
Cash & Balance Sheet
Booking Holdings generated $9.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.1% from the prior year.
Booking Holdings held $17.2B in cash against $16.9B in long-term debt as of fiscal year 2025.
Booking Holdings paid $9.60 per share in dividends in fiscal year 2025. This represents an increase of 9.7% from the prior year.
Booking Holdings had 32M shares outstanding in fiscal year 2025. This represents a decrease of 3.5% from the prior year.
Margins & Returns
Booking Holdings's operating margin was 32.8% in fiscal year 2025, reflecting core business profitability. This is up 1.0 percentage points from the prior year.
Booking Holdings's net profit margin was 20.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.7 percentage points from the prior year.
Capital Allocation
Booking Holdings spent $6.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 1.1% from the prior year.
Booking Holdings invested $322.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.9% from the prior year.
BKNG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5B-12.9% | $6.3B-29.5% | $9.0B+32.5% | $6.8B+42.8% | $4.8B-13.0% | $5.5B-31.6% | $8.0B+36.4% | $5.9B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $100.0M-61.8% | $262.0M+3.1% | $254.0M+27.6% | $199.0M+40.1% | $142.0M-12.9% | $163.0M-71.7% | $575.0M+413.4% | $112.0M |
| Operating Income | $1.3B-37.4% | $2.0B-41.7% | $3.5B+54.8% | $2.3B+111.9% | $1.1B-38.6% | $1.7B-45.6% | $3.2B+71.3% | $1.9B |
| Interest Expense | $253.0M+1.6% | $249.0M-17.3% | $301.0M-28.0% | $418.0M-35.6% | $649.0M+28.0% | $507.0M+66.2% | $305.0M+15.5% | $264.0M |
| Income Tax | $316.0M-27.4% | $435.0M-39.7% | $721.0M+245.0% | $209.0M+231.7% | $63.0M-87.3% | $496.0M+40.9% | $352.0M-12.2% | $401.0M |
| Net Income | $1.1B-24.2% | $1.4B-48.0% | $2.7B+207.0% | $895.0M+168.8% | $333.0M-68.8% | $1.1B-57.6% | $2.5B+65.5% | $1.5B |
| EPS (Diluted) | $1.36 | N/A | $84.41+207.7% | $27.43+6757.5% | $0.40 | N/A | $74.34+67.5% | $44.38 |
BKNG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.7B-5.3% | $29.3B+1.8% | $28.8B-6.3% | $30.7B+12.8% | $27.2B-1.9% | $27.7B-1.0% | $28.0B-2.0% | $28.5B |
| Current Assets | $20.9B-6.0% | $22.3B+2.6% | $21.7B-6.7% | $23.3B+16.6% | $19.9B-2.6% | $20.5B-0.2% | $20.5B-3.6% | $21.3B |
| Cash & Equivalents | $16.0B-6.9% | $17.2B+4.2% | $16.5B-6.2% | $17.6B+12.9% | $15.6B-3.6% | $16.2B+2.5% | $15.8B-3.2% | $16.3B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $2.7B-0.3% | $2.7B0.0% | $2.7B-6.5% | $2.9B+1.4% | $2.8B+0.6% | $2.8B-1.4% | $2.8B+0.9% | $2.8B |
| Total Liabilities | $36.4B+4.6% | $34.8B+4.0% | $33.5B-10.3% | $37.3B+12.1% | $33.3B+5.0% | $31.7B+0.3% | $31.6B-3.6% | $32.8B |
| Current Liabilities | $19.8B+18.6% | $16.7B+2.7% | $16.3B-12.7% | $18.6B+13.7% | $16.4B+4.8% | $15.6B-6.2% | $16.7B-8.4% | $18.2B |
| Long-Term Debt | $15.4B-8.6% | $16.9B+5.4% | $16.0B-8.4% | $17.5B+13.7% | $15.4B+3.5% | $14.9B+7.7% | $13.8B+3.2% | $13.4B |
| Total Equity | -$8.7B-56.4% | -$5.6B-17.8% | -$4.7B+28.9% | -$6.7B-8.9% | -$6.1B-52.0% | -$4.0B-10.0% | -$3.7B+14.6% | -$4.3B |
| Retained Earnings | $41.4B+1.8% | $40.7B+2.8% | $39.6B+6.6% | $37.1B+1.6% | $36.5B0.0% | $36.5B+2.2% | $35.7B+6.6% | $33.5B |
BKNG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.2B+115.8% | $1.5B+3.8% | $1.4B-55.2% | $3.2B-2.5% | $3.3B+355.3% | $721.0M-69.6% | $2.4B-6.0% | $2.5B |
| Capital Expenditures | $107.0M+46.6% | $73.0M+14.1% | $64.0M0.0% | $64.0M-47.1% | $121.0M+59.2% | $76.0M-1.3% | $77.0M-47.3% | $146.0M |
| Free Cash Flow | $3.1B+119.3% | $1.4B+3.4% | $1.4B-56.3% | $3.1B-0.8% | $3.2B+390.2% | $645.0M-71.9% | $2.3B-3.5% | $2.4B |
| Investing Cash Flow | -$107.0M-50.7% | -$71.0M-12.7% | -$63.0M-3.3% | -$61.0M+48.3% | -$118.0M-57.3% | -$75.0M-3650.0% | -$2.0M-101.5% | $137.0M |
| Financing Cash Flow | -$4.0B-503.6% | -$667.0M+73.1% | -$2.5B-38.2% | -$1.8B+54.7% | -$4.0B-2874.1% | $143.0M+104.5% | -$3.2B-61.0% | -$2.0B |
| Dividends Paid | $343.0M+11.7% | $307.0M-2.2% | $314.0M-0.3% | $315.0M-1.3% | $319.0M+10.4% | $289.0M-2.0% | $295.0M-1.0% | $298.0M |
| Share Buybacks | $3.8B+77.9% | $2.1B+224.5% | $653.0M-56.4% | $1.5B-31.0% | $2.2B+76.9% | $1.2B-30.4% | $1.8B+6.1% | $1.7B |
BKNG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 23.0%-9.0pp | 32.0%-6.7pp | 38.7%+5.6pp | 33.1%+10.8pp | 22.3%-9.3pp | 31.6%-8.2pp | 39.8%+8.1pp | 31.7% |
| Net Margin | 19.6%-2.9pp | 22.5%-8.0pp | 30.5%+17.3pp | 13.2%+6.2pp | 7.0%-12.5pp | 19.5%-12.0pp | 31.5%+5.5pp | 26.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 3.9%-1.0pp | 4.9%-4.7pp | 9.6%+6.6pp | 2.9%+1.7pp | 1.2%-2.6pp | 3.9%-5.1pp | 9.0%+3.7pp | 5.3% |
| Current Ratio | 1.06-0.3 | 1.330.0 | 1.33+0.1 | 1.25+0.0 | 1.22-0.1 | 1.31+0.1 | 1.23+0.1 | 1.17 |
| Debt-to-Equity | -1.76+1.3 | -3.02+0.4 | -3.38-0.8 | -2.62-0.1 | -2.51+1.2 | -3.69+0.1 | -3.78-0.7 | -3.12 |
| FCF Margin | 56.2%+33.9pp | 22.3%+7.1pp | 15.2%-30.9pp | 46.2%-20.3pp | 66.4%+54.6pp | 11.8%-16.9pp | 28.7%-11.9pp | 40.6% |
Note: Shareholder equity is negative (-$5.6B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Booking Holdings's annual revenue?
Booking Holdings (BKNG) reported $26.9B in total revenue for fiscal year 2025. This represents a 13.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Booking Holdings's revenue growing?
Booking Holdings (BKNG) revenue grew by 13.4% year-over-year, from $23.7B to $26.9B in fiscal year 2025.
Is Booking Holdings profitable?
Yes, Booking Holdings (BKNG) reported a net income of $5.4B in fiscal year 2025, with a net profit margin of 20.1%.
What is Booking Holdings's EBITDA?
Booking Holdings (BKNG) had EBITDA of $9.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Booking Holdings have?
As of fiscal year 2025, Booking Holdings (BKNG) had $17.2B in cash and equivalents against $16.9B in long-term debt.
What is Booking Holdings's operating margin?
Booking Holdings (BKNG) had an operating margin of 32.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Booking Holdings's net profit margin?
Booking Holdings (BKNG) had a net profit margin of 20.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Booking Holdings pay dividends?
Yes, Booking Holdings (BKNG) paid $9.60 per share in dividends during fiscal year 2025.
What is Booking Holdings's free cash flow?
Booking Holdings (BKNG) generated $9.1B in free cash flow during fiscal year 2025. This represents a 15.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Booking Holdings's operating cash flow?
Booking Holdings (BKNG) generated $9.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Booking Holdings's total assets?
Booking Holdings (BKNG) had $29.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Booking Holdings's capital expenditures?
Booking Holdings (BKNG) invested $322.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Booking Holdings's current ratio?
Booking Holdings (BKNG) had a current ratio of 1.33 as of fiscal year 2025, which is considered adequate.
What is Booking Holdings's debt-to-equity ratio?
Booking Holdings (BKNG) had a debt-to-equity ratio of -3.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Booking Holdings's return on assets (ROA)?
Booking Holdings (BKNG) had a return on assets of 18.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Booking Holdings's debt-to-equity ratio negative or unusual?
Booking Holdings (BKNG) has negative shareholder equity of -$5.6B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Booking Holdings's Altman Z-Score?
Booking Holdings (BKNG) has an Altman Z-Score of 6.43, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Booking Holdings's Piotroski F-Score?
Booking Holdings (BKNG) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Booking Holdings's earnings high quality?
Booking Holdings (BKNG) has an earnings quality ratio of 1.74x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Booking Holdings cover its interest payments?
Booking Holdings (BKNG) has an interest coverage ratio of 5.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Booking Holdings?
Booking Holdings (BKNG) scores 79 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.