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BKNGBooking Holdings

Consumer discretionary · Travel Services · Nasdaq

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FY2025 at a glance

Sales up 13.4%, free cash flow up to $9.1B

XBRL, from each 10-K

RevenueStatements ↓

$26.9B

from $23.7B in FY2024

FY2016FY2025

Net incomeStatements ↓

$5.4B

from $5.9B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$9.1B

from $7.9B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$165.57

from $172.69 in FY2024

FY2016FY2025

Operating marginStatements ↓

32.8%

from 31.8% in FY2024

FY2016FY2025

Total debtStatements ↓

$18.7B

from $16.6B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	9.21	Sales (ttm)	28.1B	Net income (ttm)	7.2B	Sales growth	+13.4%	EPS growth	-4.1%	Sales Q/Q	-1.3%
Free cash flow	9.2B	Gross margin	-	Oper. margin	32.8%	Net margin	25.5%	FCF margin	32.8%	ROE	n/m
ROA	25.4%	R&D / sales	-	Dividend	9.60	Debt/Eq	n/m	Curr. ratio	1.11	Cash	15.8B
Op. cash flow (ttm)	9.6B	EBITDA	9.4B	EBITDA margin	35.1%	Net debt	4.2B	Quick ratio	1.11	Interest cover	5.46
Payout ratio	5.8%	Tax rate	20.9%	Stock pay / sales	2.3%	Shares out.	743.7M	Shares Y/Y	-4.2%	Book / share	-13.99
Cash / share	21.26	Sales / share	37.82	Asset turnover	1.00	Days sales out.	23	Sales 3Y CAGR	+16.3%	Sales 5Y CAGR	+31.7%
EPS 3Y CAGR	+29.4%	EPS 5Y CAGR	+158%	Employees	24,300	Sales / employee	1.2M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

BKNG against Consumer discretionary peers

Ten years, side by side → · All 47 →

BKNGPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth

+13.4%7th of 47 · median +5.4%

Net margin

25.5%4th of 47 · median 10.8%

Free cash flow margin

32.8%1st of 45 · median 9.4%

BKNG and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
BKNG Booking Holdings	$28.1B	+13.4%	-	25.5%	-	32.8%	-
MCD McDonald's	$27.8B	+3.7%	-	32.4%	-	27.0%	-
CCL Carnival Corporation	$27.6B	+6.4%	-	11.4%	22.1%	11.5%	1.73
CVNA Carvana	$27.5B	+48.6%	19.0%	6.2%	39.2%	4.1%	1.19
MAR Marriott International	$27.4B	+4.3%	-	9.7%	-	12.7%	-
GPC Genuine Parts Company	$25.3B	+3.5%	37.1%	0.1%	0.7%	3.0%	1.10

Profitability

2 of 2

✓
Net margin above the peer median25.5% vs 10.8%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 19.9% → 20.1%

Balance sheet

3 of 4

✓
Interest covered more than 5 timesOperating income is 5.5× interest expense
!
Equity below zeroDebt $20.1B, equity −$10.4B
✓
Current assets cover current liabilitiesCurrent ratio 1.11
✓
Net debt under 3 years of free cash flow$4.2B net debt, 0.5 years

Debt / equity at each year end, FY2016 to FY2025: 0.63 → 4.49

What the debt is made of ↓

Cash and shareholders

2 of 3

!
Free cash flow positive in 9 of 10 years$9.1B last year
✓
Share count down over 5 years−20.7%
✓
Cash from operations above net income$9.4B vs $5.4B

Free cash flow, FY2016 to FY2025: 3.8B → 9.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$2.0B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 26.9B Net income 5.4B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $26.9B of revenue came from

by product, year to Dec 31, 2025

Merchant revenues $17.8B · 66%
Agency revenues $8.0B · 30%
Advertising and other revenues $1.2B · 4%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

BKNG's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue26.9B

Net income5.4B

Free cash flow9.1B

EPS (diluted)165.57

Dividend per share9.60

Diluted shares32.6M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Merchant revenues	17.8B	66.0%	+25.5%
Agency revenues	8.0B	29.6%	-6.5%
Advertising and other revenues	1.2B	4.4%	+11.3%

10-K 0001075531-26-000009, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
Outside of the U.S.	24.3B	90.4%	+14.5%
The Netherlands	21.7B	80.6%	+16.7%
U.S.	2.6B	9.6%	+3.8%

10-K 0001075531-26-000009, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.7B	12.7B	14.5B	15.1B	6.8B	11.0B	17.1B	21.4B	23.7B	26.9B
Cost of revenue	415.0M	242.0M	-	-	-	-	-	-	-	-
Gross profit	10.3B	12.4B	-	-	-	-	-	-	-	-
SG&A	452.0M	576.0M	699.0M	797.0M	581.0M	522.0M	766.0M	1.6B	1.0B	857.0M
Operating income	2.9B	4.5B	5.3B	5.3B	-631.0M	2.5B	5.1B	5.8B	7.6B	8.8B
Interest expense	208.0M	254.0M	269.0M	266.0M	356.0M	334.0M	391.0M	897.0M	1.3B	1.6B
Pretax income	2.7B	4.4B	4.8B	6.0B	567.0M	1.5B	3.9B	5.5B	7.3B	6.8B
Income tax	578.0M	2.1B	837.0M	1.1B	508.0M	300.0M	865.0M	1.2B	1.4B	1.4B
Net income	2.1B	2.3B	4.0B	4.9B	59.0M	1.2B	3.1B	4.3B	5.9B	5.4B
EPS (diluted)	42.65	46.86	83.26	111.82	1.44	28.17	76.35	117.40	172.69	165.57
Diluted shares	50.1M	50.0M	48.0M	43.5M	41.2M	41.4M	40.1M	36.5M	34.1M	32.6M
Depreciation & amortization	309.0M	363.0M	426.0M	469.0M	458.0M	421.0M	451.0M	504.0M	591.0M	623.0M
EBITDA	3.2B	4.9B	5.8B	5.8B	-173.0M	2.9B	5.6B	6.3B	8.1B	9.4B
Gross margin	96.1%	98.1%	-	-	-	-	-	-	-	-
Operating margin	27.1%	35.8%	36.8%	35.5%	-9.3%	22.8%	29.9%	27.3%	31.8%	32.8%
Net margin	19.9%	18.5%	27.5%	32.3%	0.9%	10.6%	17.9%	20.1%	24.8%	20.1%
Revenue growth	-	+18.0%	+14.6%	+3.7%	-54.9%	+61.2%	+56.0%	+25.0%	+11.1%	+13.4%
EPS growth	-	+9.9%	+77.7%	+34.3%	-98.7%	+1856%	+171%	+53.8%	+47.1%	-4.1%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.1B	2.5B	2.6B	6.3B	10.6B	11.1B	12.2B	12.1B	16.2B	17.2B
Short-term investments	2.2B	4.9B	3.7B	998.0M	501.0M	25.0M	175.0M	576.0M	0	-
Receivables	860.1M	1.2B	1.5B	1.7B	-	-	-	-	-	-
Current assets	5.4B	9.0B	8.4B	9.8B	12.2B	13.1B	15.8B	17.0B	20.5B	22.3B
Property & equipment	347.0M	480.0M	656.0M	738.0M	756.0M	822.0M	669.0M	784.0M	832.0M	807.0M
Goodwill	2.4B	2.7B	2.9B	2.9B	1.9B	2.9B	2.8B	2.8B	2.8B	2.7B
Total assets	19.8B	25.5B	22.7B	21.4B	21.9B	23.6B	25.4B	24.3B	27.7B	29.3B
Accounts payable	419.1M	668.0M	1.1B	1.2B	735.0M	1.6B	2.5B	3.4B	3.8B	5.1B
Current liabilities	2.9B	3.5B	3.6B	5.4B	3.4B	6.2B	8.5B	13.3B	15.6B	16.7B
Total debt	6.2B	8.8B	8.6B	7.6B	12.0B	10.9B	12.5B	14.2B	16.6B	18.7B
Total liabilities	10.0B	14.2B	13.9B	15.5B	17.0B	17.5B	22.6B	27.1B	31.7B	34.8B
Shareholders' equity	9.8B	11.3B	8.8B	5.9B	4.9B	6.2B	2.8B	-2.7B	-4.0B	-5.6B
Retained earnings	11.3B	13.9B	18.4B	23.2B	23.3B	24.5B	27.5B	31.8B	36.5B	40.7B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	4.0B	4.7B	5.3B	4.9B	85.0M	2.8B	6.6B	7.3B	8.3B	9.4B
Capital spending	220.0M	288.0M	442.0M	368.0M	286.0M	304.0M	368.0M	345.0M	429.0M	322.0M
Free cash flow	3.8B	4.4B	4.9B	4.5B	-201.0M	2.5B	6.2B	7.0B	7.9B	9.1B
Stock-based pay (added back)	250.0M	261.0M	317.0M	308.0M	233.0M	370.0M	404.0M	530.0M	599.0M	613.0M
Dividends paid	-	-	-	-	-	-	0	0	1.2B	1.2B
Buybacks	1.0B	1.8B	6.0B	8.2B	1.3B	163.0M	6.6B	10.4B	6.5B	6.4B
Acquisitions	-	-	-	-	0	1.2B	0	0	-	-
Debt raised	995.0M	2.0B	0	0	4.1B	2.0B	3.6B	1.9B	4.8B	3.7B
Debt repaid	-	-	-	0	1.2B	3.1B	1.9B	500.0M	1.3B	5.0B
Investing cash flow	-3.3B	-4.2B	2.2B	7.0B	2.6B	-998.0M	-518.0M	1.5B	129.0M	-313.0M
Financing cash flow	-1.0M	-79.0M	-7.4B	-8.2B	1.5B	-1.2B	-4.9B	-8.9B	-4.2B	-8.9B
Dividend per share	-	-	-	-	-	-	-	-	8.75	9.60

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	250.0M	261.0M	317.0M	308.0M	233.0M	370.0M	404.0M	530.0M	599.0M	613.0M
Stock-based pay / revenue	2.3%	2.1%	2.2%	2.0%	3.4%	3.4%	2.4%	2.5%	2.5%	2.3%
Operating lease cost	-	-	-	183.0M	194.0M	185.0M	160.0M	180.0M	174.0M	172.0M
Operating lease cash paid	-	-	-	189.0M	200.0M	186.0M	175.0M	172.0M	184.0M	174.0M
Finance lease principal paid	-	-	-	-	1.0M	2.0M	9.0M	31.0M	36.0M	25.0M
Right-of-use assets	-	-	0	620.0M	529.0M	496.0M	645.0M	705.0M	559.0M	632.0M
Operating lease liabilities	-	-	-	623.0M	525.0M	494.0M	677.0M	751.0M	605.0M	672.0M
Finance lease liabilities	-	-	-	-	-	10.0M	53.0M	68.0M	33.0M	6.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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