FirmAtlas
Company handbook · BKNG · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
BKNG · CIK 1075531 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
Booking Holdings Inc.
$163.45
−2.35 (−1.42%)
Close, Oct 16, 2026 · 52-week $150–221
Booking Holdings runs travel booking websites and apps: Booking.com, Priceline and Agoda for hotels, homes, flights and cars, KAYAK for travel search, and OpenTable for restaurant reservations.
Business
- ProductsMerchant Revenue 66% · Agency Revenue 30% · Advertisingandotherrevenues 4% (FY25)
- RegionsOutside US 90% · US 10% (FY25)
- CustomersTravelers book through its sites and apps; hotels, home owners, airlines, car rental firms and restaurants list with it and pay commissions or fees
- Cash useFY24–FY25: buybacks $12.9B · dividends $2.4B · capex $751M
Reinvested 4% of operating cash flow · returned 91% of free cash flow
Last fiscal year
Booking Holdings Inc. reported revenue of $26.9B for the year ended Dec 31, 2025 (FY25), up 13.4% from FY24. Net income was $5.4B, operating cash flow $9.4B and free cash flow $9.1B. Source: 10-K filed Feb 18, 2026.
Market cap
$133.4B
P/E
18.5
EV/EBITDA
14.5x
P/B
n/m
Div yield
1.01%
Revenue 1Y
13.4%/yr
EPS 1Y
−4.1%/yr
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGlenn Fogel
HQNorwalk, CT
AuditorDeloitte & Touche LLP
Employees24,300
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
11.0%
10.0%
11.3%
−17.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$16.1B deployed
Capex
$751M
4.7%
Dividends
$2.4B
15.0%
Buybacks
$12.9B
80.3%
Operating cash flow over the period: $17.7B. Total debt changed by +$2.3B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
23,739
26,917+13.4%
28,241
YoY
+13.4%
Gross profit
23,739
26,917+13.4%
—
Gross margin
100.0%
100.0%+0.0 pp
—
Operating income
7,555
8,825+16.8%
9,284
Operating margin
31.8%
32.8%+1.0 pp
—
EBITDA
8,146
9,448+16.0%
—
EBITDA margin
34.3%
35.1%+0.8 pp
—
Interest expense
1,295
1,617+24.9%
—
Interest coverage
6.29x
5.84x−0.45x
—
Net income
5,882
5,404−8.1%
7,209
YoY
−8.1%
Net margin
24.8%
20.1%−4.7 pp
—
EPS (diluted, $)
172.69
165.57−4.1%
—
YoY
−4.1%
Balance sheet
Total assets
27,708
29,264+5.6%
29,682
Cash & short-term investments
16,193
17,269+6.6%
—
Accounts receivable
3,199
3,820+19.4%
—
Net PP&E
832
807−3.0%
—
Other assets
7,484
7,368−1.5%
—
Total liabilities
31,728
34,842+9.8%
40,465
Accounts payable
3,824
5,094+33.2%
—
Total debt
18,343
20,616+12.4%
20,180
Other liabilities
9,561
9,132−4.5%
—
Shareholders’ equity
(4,020)
(5,578)n/m
(10,783)
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,323
9,409+13.0%
9,859
Net income
5,882
5,404−8.1%
—
Depreciation & amortization
591
623+5.4%
—
Stock-based compensation
599
613+2.3%
—
Working capital & other
1,251
2,769+121.3%
—
Cash from investing
129
(313)−342.6%
—
Capex
(429)
(322)n/m
—
Investments bought
(33)
0n/m
—
Investments sold / matured
590
0−100.0%
—
Other investing
1
9+800.0%
—
Cash from financing
(4,204)
(8,915)n/m
—
Debt raised
4,836
3,681−23.9%
—
Debt repaid
(1,312)
(4,970)n/m
—
Dividends
(1,174)
(1,248)n/m
—
Buybacks
(6,509)
(6,440)n/m
—
Shares issued
14
15+7.1%
—
Other financing
(59)
47n/m
—
Net change in cash
4,058
1,076−73.5%
—
Free cash flow (OCF − capex)
7,894
9,087+15.1%
9,539
Where the cash went
Operating cash flow
8,323
9,409+13.0%
9,859
Reinvested in the business
429
322−24.9%
—
% of operating cash flow
5.2%
3.4%
Capex
429
322−24.9%
320
Free cash flow
7,894
9,087+15.1%
9,539
YoY
+15.1%
Returned to shareholders
7,683
7,688+0.1%
—
% of free cash flow
97.3%
84.6%
Dividends
1,174
1,248+6.3%
—
Buybacks
6,509
6,440−1.1%
—
Change in total debt
—
2,273
—
Cash left over
—
3,672
—
FCF conversion (FCF ÷ net income)
134.2%
168.2%+33.9 pp
—
Owner earnings
—
6,354
—
Owner earnings margin
—
23.6%
—
Buyback yield
3.8%
3.7%−0.2 pp
—
Returns & ratios
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
9,008
6,349
5,532
7,352
vs year-ago quarter
Operating income
3,483
2,030
1,271
2,500
Net income
2,748
1,428
1,083
1,950
vs year-ago quarter
Net margin
30.5%
22.5%
19.6%
26.5%
EPS (diluted, $)
84.41
43.75
1.36
2.53
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
28,752
29,264
27,720
29,682
Cash & equivalents
16,527
17,269
16,183
17,508
Total debt
17,995
20,616
18,413
20,180
Shareholders’ equity
(4,736)
(5,578)
(8,724)
(10,783)
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,435
1,490
3,215
3,719
Capex
64
73
107
76
Free cash flow
1,371
1,417
3,108
3,643
vs year-ago quarter