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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. In the quarter to June 2026, revenue grew 8.15%, EPS grew 130.6%, free cash flow grew 16.1% and total debt rose 9.25%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for three consecutive years, revenue growth for five, operating cash flow growth for five.

160.34 0.37 +0.23%
Market cap
$120.2B
P/E
17.7×
Fwd P/E
15.9×
Dividend yield
1.03%
F-score
6/9
Altman Z
7.08
Beneish M
−2.97
Dividend safety
81/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K
Share dilution Impairment
All filings →

Insider Decisions trades per month

Total sells 55.57
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 6 4 4 3 1 2 1 — 2 5 2 —
Insider Ownership 2.37%

Capital & Financial Ratios $m

Market Cap 120,200.00
Revenue 28,241.00
Net Income 7,209.00
Free Cash Flow 9,539.00
Net Debt 2,966.00
Current Ratio 1.09
Debt/Equity (1.87) (negative: negative equity)
P/E ratio 17.65
Fwd P/E 15.90
P/S ratio 4.36
P/B ratio 0.00
Past 5Y EPS Growth 158.30% (at or above 15%: strong)
This Y EPS Growth 14.67%
Next Y EPS Growth 18.08% (at or above 15%: strong)
Next Y revenue growth 8.69%
Next 5Y EPS Growth 16.30% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.5×, 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 2.81%
10-year low 10-year high
P/S against its own 10 years 2.51%
10-year low 10-year high
EV/Sales against its own 10 years 2.62%
10-year low 10-year high
EV/FCF against its own 10 years 5.73%
10-year low 10-year high

Dividends

Payout Ratio 0.18
Annual Dividend Rate 1.64
Annual Dividend Yield 1.03%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.69
0.42
0.42
0.42
2025 38.38
0.38
0.38
0.38
0.38
2024 1.40
0.35
0.35
0.35
0.35
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 38.16 58.38 64.25 65.48 44.29 74.43 64.67 80.22 127.20 163.85

Analyst estimates 2026–2028

Powerpack
High 64.04 82.72 89.16 83.31 89.12 107.49 108.63 143.22 213.49 233.58
People
People Employees 18,500 22,900 24,500 26,400 20,300 20,300 21,600 23,600 24,300 24,300
Revenue/emp, $m 0.58 0.55 0.59 0.57 0.33 0.54 0.79 0.91 0.98 1.11
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
Gross margin, % 96.14 98.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 2,713 4,399 4,835 5,958 567 1,465 3,923 5,481 7,292 6,832
EBT margin, % 25.25 34.69 33.28 39.55 8.34 13.37 22.95 25.65 30.72 25.38
Net income 2,135 2,341 3,998 4,865 59 1,165 3,058 4,289 5,882 5,404
Depreciation 1,327 442 485 527 1,520 421 451 504 1,387 983
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
Earnings 1.73 1.91 3.37 4.52 0.06 1.14 3.07 4.75 7.00 6.66
Cash flow 3.22 3.81 4.50 4.52 0.08 2.75 6.58 8.13 9.90 11.60
Capex (0.18) (0.24) (0.37) (0.34) (0.28) (0.30) (0.37) (0.38) (0.51) (0.40)
Free cash flow 3.04 3.57 4.13 4.18 (0.20) 2.45 6.21 7.75 9.39 11.20
Book value 7.94 9.19 7.41 5.51 4.78 6.02 2.79 (3.04) (4.78) (6.88)
Shares, m 1,237 1,225 1,186 1,077 1,024 1,026 997 904 841 811
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
P/S 6.81 6.90 5.63 5.87 13.43 8.99 4.74 5.89 7.04 6.46
P/B 7.45 7.77 9.30 14.91 18.65 15.94 29.13 0.00 0.00 0.00
EV/Sales 7.07 7.16 5.93 6.03 13.70 9.04 4.79 5.98 7.07 6.51
EV/FCF 20.19 20.76 17.61 20.20 (463.35) 39.38 13.23 18.26 21.25 19.29
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
Capex (220) (288) (442) (368) (286) (304) (368) (345) (429) (322)
Free cash flow 3,764 4,374 4,896 4,497 (201) 2,516 6,186 6,999 7,894 9,087
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
Total debt 7,167 10,775 9,815 9,649 12,937 11,751 13,196 14,699 16,855 18,736
Net debt 2,867 3,373 3,531 2,339 1,874 599 800 2,016 691 1,533
Shareholders’ equity 9,820 11,261 8,785 5,933 4,893 6,178 2,782 (2,744) (4,020) (5,578)
Returns, %
Returns, % ROA 11.46 10.34 16.61 22.07 0.27 5.12 12.48 17.26 22.60 18.97
ROIC 14.32 19.38 27.10 40.38 (5.83) 23.02 89.02 0.00 0.00 0.00
ROE 22.94 22.21 39.89 66.11 1.09 21.05 68.26 22,573.68 (173.92) (112.61)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $120.2B 17.7× 15.9× +8.15% (above 0%: growing) +130.57% (above 0%: growing) +16.13% (above 0%: growing) 100.00% 34.00%
ABNB Airbnb, Inc. $97.7B 37.2× 26.3× +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. $75.3B 17.3× 16.3× +6.48% (above 0%: growing) −5.39% (below 0%: shrinking) −196.37% (below 0%: shrinking) 47.29% 27.07% Compare
VIK Viking Holdings Ltd. $36.4B 26.9× 27.3× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
CCL Carnival Corporation $35.1B 11.4× 12.3× +3.46% (above 0%: growing) +0.06% (above 0%: growing) −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
EXPE Expedia Group, Inc. $32.4B 16.4× 14.4× +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 $24.7B 7.5× 12.8× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $7.1B 9.3× 12.6× +4.89% (above 0%: growing) +585.71% (above 0%: growing) −61.99% (below 0%: shrinking) 39.91% 13.76% Compare
MMYT MakeMyTrip Limited $4.1B 128× 82.6× +6.22% (above 0%: growing) −60.87% (below 0%: shrinking) −36.17% (below 0%: shrinking) 74.55% 15.30% Compare
Median of peers $33.8B 16.9× 15.4× +8.94% +32.69% −19.72% 60.92% 19.78%

All 18 Travel Services stocks →

BKNG metrics, ten years each

Booking Holdings Inc. (BKNG) key facts

  • Concern: Net income was $5.4 billion, or $6.66 per share (basic), a net margin of 20.1%.
  • Strength: Booking Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.9 billion, up 13.4% from fiscal 2024.
  • Booking Holdings Inc. (BKNG) is a Travel Services company in the Consumer Cyclical sector, listed on Nasdaq.
  • As of October 9, 2026, BKNG traded at $160.34, a market capitalization of $120.2 billion.
  • At that price the stock trades at 17.7× trailing-twelve-month earnings and 4.4× sales; its P/E is higher than 3% of its own readings over the past ten years.
  • Booking Holdings Inc. pays an annual dividend of $1.64 per share, a yield of 1.03%, with a payout ratio of 18.2%.
  • Return on equity was −112.6% and debt-to-equity -1.87.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 7.08 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Booking Holdings reported revenue of $26.9 billion in FY2025 and $7.4 billion in Q2 FY2026. In FY2025, operating income rose while net income and diluted EPS declined; free cash flow increased. Trailing-twelve-month revenue to Q2 FY2026 was $28.2 billion, while trailing-twelve-month net income was $7.2 billion.

The balance sheet at FY2025 carried $18.7 billion of total debt, $17.2 billion of cash and short-term investments, and negative shareholders’ equity. In Q2 FY2026, revenue, diluted EPS, free cash flow, and operating margin were higher than in Q1 FY2026 and Q2 FY2025, while net debt increased from both comparison periods.

Booking Holdings Inc. (BKNG) Latest News

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stockrow.com/BKNG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com