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Booking Holdings Inc.

BKNG Consumer Cyclical Travel Services

Booking Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.9 billion, up 13.4% from fiscal 2024.

Revenue
+8.15%
EPS
+130.6%
Free cash flow
+16.1%
Total debt
+9.25%

Quarter to June 2026, against a year earlier

148.13 2.30 −1.53%
Market cap
$113.0B
P/E
16.3×
Fwd P/E
14.1×
Dividend yield
1.11%
F-score
6/9
Altman Z
7.08
Beneish M
−2.97
Dividend safety
81/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 55.82
Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 6 4 4 3 1 2 1 — 2 5 2 1
Insider Ownership 2.38%

Capital & Financial Ratios $m

Size
Market Cap 113,030.00
Revenue ttm 28,241.00
Net income ttm 7,209.00
Free cash flow ttm 9,539.00
Net debt Q 2,966.00
Valuation
P/E 16.31
Forward P/E 14.10
Price / sales 4.03
Forward P/S Powerpack
Price / FCF 11.93
Price / book 0.00
Financial health
Current ratio Q 1.09
Debt / equity Q (1.87) (negative: negative equity)
Interest coverage Q 8.33
Growth
Revenue growth Q +8.15% (above 0%: growing)
Operating income growth Q +11.11% (above 0%: growing)
EPS, this year +14.71%
EPS, next year A +18.05% (at or above 15%: strong)
Revenue, next year A +8.69%
EPS, past 5 yrs +158.30% (at or above 15%: strong)
EPS, next 5 yrs A +16.60% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, against a ten-year median of 6.6×; over the ten years it ranged from 4.0× in 2020 to 18.3× in 2021.
P/E against its own 10 years 1.21%
10-year low 10-year high
P/S against its own 10 years 1.40%
10-year low 10-year high
EV/Sales against its own 10 years 1.18%
10-year low 10-year high
EV/FCF against its own 10 years 1.08%
10-year low 10-year high

Dividends

Yield
1.11%
Annual rate
1.64
Payout ratio
18.2%
  1. 1.40 ’24
  2. 38.38 ’25e +2641%
  3. 1.69 ’26e −96%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12,683 16,164 17,203 17,214
Receivables 3,253 3,199 3,820 4,341
Inventory — — — —
Other 454 541 630 901
17,034 20,491 22,264 23,057
2023 2024 2025 Q'26
Payables 3,374 3,824 5,094 5,145
ST’ Debt 1,961 1,745 1,880 2,000
Other — — — —
13,330 15,647 16,698 21,071

Compound Annual Growth %

10y 5y 3y
Sales 11.30% 31.69% 16.35%
Cash Flow 11.38% 156.35% 12.81%
Earnings 7.79% 146.82% 20.90%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.45 Actual 2.54

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 3.84 3.98 Beat by 0.14
Q4 FY25 1.93 1.95 Beat by 0.02
Q1 FY26 1.10 1.14 Beat by 0.04
Q2 FY26 2.45 2.54 Beat by 0.09
Q3 FY26 4.48 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.36 2.53 — — —
’25 0.40 1.10 3.38 1.77 6.62
’24 0.89 1.78 2.97 1.28 6.91
’23 0.28 1.40 2.79 0.25 4.70
’22 (0.68) 0.84 1.68 1.28 3.05
’21 (0.05) (0.16) 0.74 0.60 1.13
’20 (0.68) 0.12 0.78 (0.16) 0.06
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,532 7,352 — — —
’25 4,762 6,798 9,008 6,349 26,917
’24 4,415 5,859 7,994 5,471 23,739
’23 3,778 5,462 7,341 4,784 21,365
’22 2,695 4,294 6,052 4,049 17,090
’21 1,141 2,160 4,676 2,981 10,958
’20 2,288 630 2,640 1,238 6,796
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,215 3,719 — — —
’25 3,283 3,201 1,435 1,490 9,409
’24 2,704 2,525 2,373 721 8,323
’23 2,889 1,737 1,372 1,346 7,344
’22 1,695 2,684 2 2,173 6,554
’21 (207) 1,152 1,596 279 2,820
’20 (380) 122 920 (577) 85
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3,108 3,643 — — —
’25 3,162 3,137 1,371 1,417 9,087
’24 2,574 2,379 2,296 645 7,894
’23 2,801 1,645 1,301 1,252 6,999
’22 1,586 2,598 (96) 2,098 6,186
’21 (272) 1,093 1,517 178 2,516
’20 (460) 52 848 (641) (201)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,743 12,681 14,527 15,066 6,796 10,958 17,090 21,365 23,739 26,917 28,241 +10.7% 29,256 31,961 34,648 +8.8%
Gross margin, % 96.14 98.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +3.9 pt
EBT 2,713 4,399 4,835 5,958 567 1,465 3,923 5,481 7,292 6,832 9,291 +10.8%
EBT margin, % 25.25 34.69 33.28 39.55 8.34 13.37 22.95 25.65 30.72 25.38 32.90 +0.1 pt
Net income 2,135 2,341 3,998 4,865 59 1,165 3,058 4,289 5,882 5,404 7,209 +10.9%
Per share, $
Per share, $ Revenue 8.68 10.35 12.25 13.99 6.63 10.68 17.14 23.65 28.24 33.18 36.77 +16.1%
Earnings 1.73 1.91 3.37 4.52 0.06 1.14 3.07 4.75 7.00 6.66 9.08 +16.2%
Cash flow 3.22 3.81 4.50 4.52 0.08 2.75 6.58 8.13 9.90 11.60 12.84 +15.3%
Capex (0.18) (0.24) (0.37) (0.34) (0.28) (0.30) (0.37) (0.38) (0.51) (0.40) (0.42) +9.3%
Free cash flow 3.04 3.57 4.13 4.18 (0.20) 2.45 6.21 7.75 9.39 11.20 12.42 +15.6%
Book value 7.94 9.19 7.41 5.51 4.78 6.02 2.79 (3.04) (4.78) (6.88) (14.04) n/m
Shares, m 1,237 1,225 1,186 1,077 1,024 1,026 997 904 841 811 795 (4.6%)
Valuation, ×
Valuation, × P/E 34.24 37.47 20.44 18.06 1,475.00 84.60 25.98 29.19 28.34 32.06 16.31 178.5
P/S 6.81 6.90 5.63 5.87 13.43 8.99 4.74 5.89 7.04 6.46 4.03 7.2
P/B 7.45 7.77 9.30 14.91 18.65 15.94 29.13 0.00 0.00 0.00 0.00 10.3
EV/Sales 7.07 7.16 5.93 6.03 13.70 9.04 4.79 5.98 7.07 6.51 4.14 7.3
EV/FCF 20.19 20.76 17.61 20.20 (463.35) 39.38 13.23 18.26 21.25 19.29 12.24 (27.3)
Cash, $m
Cash, $m Operating cash flow 3,984 4,662 5,338 4,865 85 2,820 6,554 7,344 8,323 9,409 9,859 +10.0%
Capex (220) (288) (442) (368) (286) (304) (368) (345) (429) (322) (320) +4.3%
Free cash flow 3,764 4,374 4,896 4,497 (201) 2,516 6,186 6,999 7,894 9,087 9,539 +10.3%
Balance, $m
Balance, $m Working capital 2,543 5,537 4,852 4,467 8,781 6,899 7,324 3,704 4,844 5,566 1,986 +9.1%
Net debt 2,867 3,373 3,531 2,339 1,874 599 800 2,016 691 1,533 2,966 (6.7%)
Shareholders’ equity 9,820 11,261 8,785 5,933 4,893 6,178 2,782 (2,744) (4,020) (5,578) (10,783) n/m
Returns, %
Returns, % ROA 11.46 10.34 16.61 22.07 0.27 5.12 12.48 17.26 22.60 18.97 23.88 +7.5 pt
ROIC 14.32 19.38 27.10 40.38 (5.83) 23.02 89.02 0.00 0.00 0.00 0.00 (14.3) pt
ROE 22.94 22.21 39.89 66.11 1.09 21.05 68.26 22,573.68 (173.92) (112.61) (82.67) (135.5) pt
People
People Employees 18,500 22,900 24,500 26,400 20,300 20,300 21,600 23,600 24,300 24,300 — +3.1%
Revenue/emp, $m 0.58 0.55 0.59 0.57 0.33 0.54 0.79 0.91 0.98 1.11 — +7.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Booking Holdings is an online travel-services company founded in 1997 and led by President and Chief Executive Officer Glenn D. Fogel. It connects travelers making reservations with travel-service providers and restaurants through Booking.com, Priceline, Agoda, KAYAK and OpenTable.

Its platforms let consumers search, compare, plan and reserve accommodation, ground transportation, flights, activities and restaurant tables. Booking.com, Priceline and Agoda offer accommodation, transport, flights and activities in differing combinations; KAYAK is a travel meta-search service; and OpenTable provides restaurant reservation services and reservation-management tools for restaurants.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 26,917 100.00%
Gross margin 100.00%
Operating margin 32.79%
Pre-tax margin 25.38%

Revenue by segment since 2008

Booking Holdings Inc. vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BKNG Booking Holdings Inc. $113.0B 16.3× 14.1× +8.15% (above 0%: growing) +130.57% (above 0%: growing) +16.13% (above 0%: growing) 100.00% 34.00%
ABNB Airbnb, Inc. $99.7B 36.8× 30.9× +16.54% (above 0%: growing) +32.69% (above 0%: growing) +30.26% (above 0%: growing) 82.46% 21.01% Compare
RCL Royal Caribbean Cruises Ltd. $83.1B 18.9× 17.4× +6.48% (above 0%: growing) −5.39% (below 0%: shrinking) −196.37% (below 0%: shrinking) 47.29% 27.07% Compare
VIK Viking Holdings Ltd. $40.0B 29.0× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
CCL Carnival Corporation $38.8B 12.5× 13.1× +3.46% (above 0%: growing) +0.06% (above 0%: growing) −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
EXPE Expedia Group, Inc. $33.9B 17.1× 15.2× +13.97% (above 0%: growing) +179.69% (above 0%: growing) +38.87% (above 0%: growing) 90.66% 18.54% Compare
TCOM Trip.com Group Limited Sponsored ADR $25.1B 7.4× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.4B 10.5× 11.1× +4.89% (above 0%: growing) +585.71% (above 0%: growing) −61.99% (below 0%: shrinking) 39.91% 13.76% Compare
TNL Travel + Leisure Co. $4.3B 19.1× 10.4× +4.42% (above 0%: growing) +7.36% (above 0%: growing) 0.00% 51.18% 19.76% Compare
Median of peers $36.4B 18.0× 16.3× +8.94% +32.69% −1.63% 49.24% 20.39%

All 17 Travel Services stocks →

From the latest earnings call

Updated

  • Ewout Steenbergen said healthy domestic travel supported demand, while higher flight prices, reduced capacity and softer long-haul travel remained in the outlook.
  • Ewout Steenbergen said Booking Holdings increased expected annual transformation-program run-rate savings to $650.0 million, with incremental savings primarily expected in 2027.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Oct 21, 2026 Reiterated Outperform 230.00
BTIG Oct 21, 2026 Reiterated Buy 250.00
Wells Fargo Oct 19, 2026 Target cut Hold 220.00 → 190.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.23%
Held by the ten largest 44.80%
Holder Shares Stake Change
Vanguard 73.26m 9.75% +70.26m
BlackRock 65.34m 8.70% +62.69m
State Street 35.04m 4.66% +33.62m
Capital Group 31.91m 4.25% +30.96m
T. Rowe Price 26.63m 3.54% +25.47m
Invesco 25.74m 3.43% +24.72m
Dodge & Cox 25.54m 3.40% +24.54m
Geode Capital Management 21.92m 2.92% +21.03m
JPMorgan Chase 18.84m 2.51% +17.77m
Norges Bank 12.43m 1.65% +12.43m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 35.42m 64.78m 244.36
2024 44.84m 126.40m 225.04
2023 46.72m 139.51m 159.26
2022 31.52m 32.38m 90.48
2021 55.08m 78.19m 107.72

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group(j) 9.40%
BlackRock, Inc.(k) 8.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Booking Holdings Inc. (BKNG) Latest News

29 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Trefis
Impact 3 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 4 · · PR Newswire
Impact 4 · · The Motley Fool
Impact 4 · · Barchart
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 4 · · PR Newswire

24 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool

21 Oct

Impact 4 · · Trefis
Impact 4 · · Benzinga
Impact 4 · · Trefis
Impact 3 · · StockStory
Impact 3 · · Zacks

20 Oct

Impact 3 · · Trefis
Impact 3 · · Trefis
Impact 3 · · PR Newswire

19 Oct

Impact 4 · · Insider Monkey
Impact 3 · · GlobeNewswire

16 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

15 Oct

Impact 3 · · PR Newswire
Impact 3 · · Zacks

BKNG metrics, ten years each

stockrow.com/BKNG · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com