Booking Holdings Inc.

BKNG · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$172,623	$164,438	$123,762	$78,171	$98,521	$91,459	$84,333	$70,729	$85,139	$72,554	$64,948	$59,636	$59,199	$30,926	$23,226	$19,158	$9,266	$2,898	$4,323	$1,681	$874	$904	$677	$364	$1,196	$219	$6,379	$9,820
Enterprise value	$174,131	$165,355	$125,862	$78,812	$98,646	$92,776	$86,113	$73,094	$87,258	$75,392	$68,458	$59,232	$54,340	$27,305	$21,270	$18,018	$8,661	$2,828	$4,402	$1,841	$968	$904	$556	$232	$1,047	$491	$6,207	$9,767
P/E (TTM) at period end	31.94×	27.96×	28.86×	25.56×	84.57×	1550.16×	17.33×	17.69×	36.37×	33.98×	25.46×	24.63×	31.28×	21.79×	21.99×	36.32×	18.93×	15.90×	27.79×	22.58×	4.54×	28.68×	56.79×	–	–	–	–	–
P/S (TTM) at period end	6.41×	6.93×	5.79×	4.57×	8.99×	13.46×	5.60×	4.87×	6.71×	6.75×	7.04×	7.06×	8.71×	5.88×	5.33×	6.21×	3.96×	1.54×	3.07×	1.50×	0.91×	0.99×	0.78×	0.36×	1.02×	0.18×	13.22×	278.98×
P/B at period end	–	–	–	28.10×	15.95×	18.69×	14.21×	8.05×	7.56×	7.39×	7.38×	6.96×	8.57×	7.94×	9.02×	10.57×	7.01×	3.97×	7.46×	4.82×	2.37×	4.54×	4.54×	2.76×	8.15×	–	15.84×	177.58×
EV / EBITDA (TTM)	18.43×	20.30×	19.86×	14.19×	33.82×	–	14.81×	12.67×	17.80×	23.45×	19.39×	18.05×	21.48×	14.41×	14.64×	21.64×	16.98×	8.51×	25.09×	18.63×	14.97×	20.17×	28.43×	–	389.02×	–	–	–
EV / Sales (TTM)	6.47×	6.97×	5.89×	4.61×	9.00×	13.65×	5.72×	5.03×	6.88×	7.02×	7.42×	7.02×	8.00×	5.19×	4.88×	5.84×	3.70×	1.50×	3.12×	1.64×	1.01×	0.99×	0.64×	0.23×	0.89×	0.40×	12.87×	277.49×
Returns
Return on equity	–	–	–	109.9%	18.9%	1.2%	82.0%	45.5%	20.8%	21.7%	29.0%	28.3%	27.4%	36.4%	41.0%	29.1%	37.0%	25.0%	26.9%	21.4%	52.2%	15.8%	8.0%	(14.6%)	(5.0%)	–	(262.1%)	(202.9%)
Return on invested capital	–	–	–	110.5%	31.4%	(1.0%)	50.1%	29.8%	13.2%	15.4%	19.7%	26.8%	26.5%	39.3%	43.0%	28.8%	35.8%	26.8%	21.6%	12.0%	6.7%	9.4%	4.5%	(36.2%)	(29.7%)	(171.9%)	(23.5%)	(2029.6%)
Dividend yield	0.7%	0.7%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.33×	1.31×	1.28×	1.86×	2.10×	3.56×	1.83×	2.36×	2.58×	1.89×	2.47×	3.71×	5.41×	3.89×	2.77×	4.15×	2.50×	1.14×	0.88×	5.00×	3.15×	3.66×	5.71×	2.60×	2.12×	1.65×	5.39×	5.84×
Debt / equity	(3.36×)	(4.13×)	(5.17×)	4.49×	1.77×	2.46×	1.45×	0.98×	0.85×	0.73×	0.70×	0.45×	0.27×	0.37×	0.22×	0.26×	0.15×	0.54×	0.98×	1.63×	0.61×	1.13×	0.84×	–	–	–	–	0.02×
Effective tax rate	20.9%	19.3%	21.7%	22.0%	20.5%	89.6%	18.3%	17.3%	46.8%	21.3%	18.4%	19.0%	17.6%	19.2%	22.6%	29.2%	(10.7%)	32.7%	(8.0%)	(18.9%)	(437.7%)	0.6%	–	–	–	–	–	–
Share count
Diluted shares outstanding	816	852	913	1,001	1,034	1,029	1,088	1,200	1,249	1,252	1,290	1,326	1,310	1,283	1,280	1,275	1,238	1,217	1,138	1,118	1,161	1,058	975	947	854	696	561	593

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$28,241	$26,917	$23,739	$21,365	$17,090	$10,958	$6,796	$15,066	$14,527	$12,681	$10,743	$9,224	$8,442	$6,793	$5,261	$4,356	$3,085	$2,338	$1,885	$1,409	$1,123	$963	$914	$864	$1,004	$1,172	$1,235	$482	$35
Cost of revenue	–	–	–	–	–	–	–	–	–	($242)	($415)	($632)	($858)	($1,077)	($1,177)	($1,276)	($1,176)	($1,077)	($929)	–	–	–	–	–	–	–	–	–	–
Gross profit	$28,241	$26,917	$23,739	$21,365	$17,090	$10,958	$6,796	$15,066	$14,527	$12,439	$10,328	$8,592	$7,584	$5,716	$4,084	$3,080	$1,909	$1,261	$956	$1,409	$1,123	$963	$914	$864	$1,004	$1,172	$1,235	$482	$35
Operating expenses
Research and development	–	–	–	–	–	–	–	($285)	($233)	($189)	($142)	($114)	($97)	($72)	($44)	($34)	($21)	($19)	($18)	($14)	–	–	($9)	($9)	($12)	–	–	($14)	($11)
Selling, general and administrative	($833)	($857)	($1,036)	($1,560)	($766)	($522)	($581)	($797)	($699)	($576)	($452)	($415)	($353)	($253)	($173)	($124)	($81)	($69)	($55)	($451)	($306)	($205)	($154)	($118)	($124)	($203)	($250)	($107)	($42)
Total operating expenses	–	–	–	–	–	–	–	–	–	($7,901)	($7,422)	($5,333)	($4,511)	($3,303)	($2,254)	($1,681)	($1,122)	($790)	($666)	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($18,957)	($18,092)	($16,184)	($15,530)	($11,988)	($8,462)	($7,427)	($9,721)	($9,186)	($8,143)	($7,837)	($5,965)	($5,369)	($4,381)	($3,431)	($2,957)	($2,298)	($1,867)	($1,595)	($1,271)	($1,061)	($927)	($884)	($856)	($1,027)	($1,186)	($1,293)	($546)	($90)
Operating income	$9,284	$8,825	$7,555	$5,835	$5,102	$2,496	($631)	$5,345	$5,341	$4,538	$2,906	$3,259	$3,073	$2,412	$1,830	$1,399	$787	$471	$289	$138	$62	$36	$30	$8	($23)	($14)	($58)	($63)	($55)
Earnings
EBITDA	$9,855	$9,448	$8,146	$6,339	$5,553	$2,917	($173)	$5,814	$5,767	$4,901	$3,215	$3,531	$3,281	$2,530	$1,895	$1,453	$833	$510	$332	$175	$99	$65	$45	$20	($5)	$3	($40)	($58)	($53)
Interest income	$834	$921	$1,114	$1,020	$219	$16	$54	$152	$187	$157	$95	$56	$14	$4	$4	$8	$4	$2	$12	$26	$11	$6	$5	$2	$3	–	$10	–	–
Interest expense	($1,103)	($1,617)	($1,295)	($897)	($391)	($334)	($356)	($266)	($269)	($254)	($208)	($160)	($88)	($83)	($62)	($32)	($30)	($24)	($35)	($10)	($7)	($5)	($4)	($1)	($0)	–	–	–	–
Pre-tax income	$9,291	$6,832	$7,292	$5,481	$3,923	$1,465	$567	$5,958	$4,835	$4,399	$2,713	$3,128	$2,989	$2,297	$1,762	$1,368	$746	$442	$276	$150	$66	$36	$32	$10	($20)	($7)	($315)	($1,055)	($112)
Income tax expense	($2,082)	($1,428)	($1,410)	($1,192)	($865)	($300)	($508)	($1,093)	($837)	($2,058)	($578)	($577)	($568)	($404)	($338)	($309)	($218)	$47	($90)	$12	$12	$156	($0)	–	–	–	–	–	–
Net income	$7,209	$5,404	$5,882	$4,289	$3,058	$1,165	$59	$4,865	$3,998	$2,341	$2,135	$2,551	$2,422	$1,893	$1,424	$1,059	$528	$489	$182	$156	$74	$193	$32	$12	($19)	($7)	($315)	($1,055)	($112)
Per share
Diluted EPS (GAAP)	$9.02	$6.62	$6.91	$4.70	$3.05	$1.13	$0.0576	$4.47	$3.33	$1.87	$1.71	$1.98	$1.83	$1.44	$1.11	$0.8252	$0.414	$0.3952	$0.1496	$0.1368	$0.0672	$0.1684	$0.0304	$0.0108	($0.0204)	($0.0084)	($0.4528)	($1.88)	($0.1892)
Basic EPS (GAAP)	$9.06	$6.66	$7.00	$4.75	$3.07	$1.14	$0.058	$4.52	$3.37	$1.91	$1.73	$2.00	$1.85	$1.49	$1.14	$0.8508	$0.44	$0.4616	$0.1856	$0.1652	$0.0752	$0.1948	$0.0312	$0.0112	($0.0204)	($0.0084)	($0.4528)	($1.88)	($0.1892)
Basic shares outstanding	795	811	841	904	997	1,026	1,024	1,077	1,186	1,225	1,237	1,274	1,308	1,273	1,246	1,241	1,199	1,060	982	942	966	979	958	945	947	854	696	561	593
Margins
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	98.1%	96.1%	93.1%	89.8%	84.1%	77.6%	70.7%	61.9%	53.9%	50.7%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	32.9%	32.8%	31.8%	27.3%	29.9%	22.8%	(9.3%)	35.5%	36.8%	35.8%	27.1%	35.3%	36.4%	35.5%	34.8%	32.1%	25.5%	20.1%	15.4%	9.8%	5.5%	3.7%	3.3%	0.9%	(2.3%)	(1.2%)	(4.7%)	(13.1%)	(155.7%)
Net margin	25.5%	20.1%	24.8%	20.1%	17.9%	10.6%	0.9%	32.3%	27.5%	18.5%	19.9%	27.7%	28.7%	27.9%	27.1%	24.3%	17.1%	20.9%	9.7%	11.0%	6.6%	20.0%	3.4%	1.4%	(1.9%)	(0.6%)	(25.5%)	(218.7%)	(318.8%)

Analyst consensus

Buy71 analysts

Bearish · 0 · Hold · 25 · Bullish · 46

Earnings history

	EPS	Estimate
Q3 2024	$3.36	$3.09	Beat
Q4 2024	$1.66	$1.44	Beat
Q1 2025	$0.99	$0.69	Beat
Q2 2025	$2.22	$2.01	Beat
Q3 2025	$3.98	$3.83	Beat
Q4 2025	$1.95	$1.95	Match
Q1 2026	$1.14	$1.08	Beat
Q2 2026	$2.54	$2.43	Beat

Peers

Company overview

IPO dateMar 31, 1999

CEOGlenn D. Fogel

Employees25,550

SectorConsumer Cyclical

IndustryTravel Services

CountryUS

ExchangeNASDAQ Global Select

Websitewww.bookingholdings.com

Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The company manages a portfolio of well-known digital platforms. Among these, Booking.com specializes in online accommodation bookings, while Rentalcars.com is dedicated to facilitating vehicle rentals. Priceline offers a comprehensive range of online travel booking options, encompassing hotels, flights, rental cars, vacation packages, and cruises, alongside hotel distribution services. Agoda also provides online lodging reservations, further expanding into flights, ground transportation, and activity bookings. For travelers seeking the best deals, KAYAK functions as an online price comparison service, enabling users to search and contrast prices for airline tickets, hotels, and car rentals. Additionally, OpenTable allows for convenient online restaurant reservations. Beyond its core booking services, Booking Holdings Inc. also supplies travel-related insurance products and restaurant management solutions to individual consumers, travel service providers, and restaurants. Established in 1997, the company is headquartered in Norwalk, Connecticut. It officially adopted its current name, Booking Holdings Inc., in February 2018, having previously operated as The Priceline Group Inc.

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