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BKNG

Booking Holdings Inc.

BKNG

Booking Holdings Inc. • NASDAQ
$4914.69 ▲ 0.06% (+2.84)
Market Cap $158.42 B
52w High $5839.41
52w Low $4096.23
Dividend Yield 37.55%
P/E 31.95
Volume 133.29K
Outstanding Shares 32.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.008B ▲ $5.525B ▲ $2.748B ▲ 30.506% ▲ $84.86 ▲ $3.93B ▲
Q2-2025 $6.798B ▲ $4.548B ▲ $895M ▲ 13.166% ▲ $27.54 ▲ $1.716B ▲
Q1-2025 $4.762B ▼ $3.7B ▼ $333M ▼ 6.993% ▼ $10.14 ▼ $1.229B ▼
Q4-2024 $5.471B ▼ $3.742B ▼ $1.068B ▼ 19.521% ▼ $32.31 ▼ $2.274B ▼
Q3-2024 $7.994B $4.815B $2.517B 31.486% $75.37 $3.364B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.509B ▼ $28.752B ▼ $33.488B ▼ $-4.736B ▲
Q2-2025 $17.595B ▲ $30.684B ▲ $37.341B ▲ $-6.657B ▼
Q1-2025 $15.578B ▼ $27.191B ▼ $33.303B ▲ $-6.112B ▼
Q4-2024 $16.164B ▲ $27.708B ▼ $31.728B ▲ $-4.02B ▼
Q3-2024 $15.775B $27.978B $31.631B $-3.653B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.748B ▲ $1.435B ▼ $-63M ▼ $-2.484B ▼ $-1.086B ▼ $1.371B ▼
Q2-2025 $895M ▲ $3.201B ▼ $-61M ▲ $-1.797B ▲ $2.024B ▲ $3.137B ▼
Q1-2025 $333M ▼ $3.283B ▲ $-118M ▼ $-3.967B ▼ $-580M ▼ $3.162B ▲
Q4-2024 $1.068B ▼ $721M ▼ $-75M ▼ $143M ▲ $385M ▲ $645M ▼
Q3-2024 $2.517B $2.373B $-2M $-3.165B $-521M $2.296B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising and other revenues
Advertising and other revenues
 $270.00M ▲$280.00M ▲$300.00M ▲$310.00M ▲
Agency Revenue
Agency Revenue
 $1.86Bn ▲$1.56Bn ▼$2.04Bn ▲$2.57Bn ▲
Merchant Revenue
Merchant Revenue
 $3.34Bn ▲$2.92Bn ▼$4.46Bn ▲$6.13Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Booking’s earnings picture has improved sharply over the past five years as global travel rebounded. Revenue has grown strongly each year since the pandemic low, and profit margins have widened, showing good cost control and operating leverage. Net income and earnings per share have climbed much faster than sales, which signals a highly scalable model but also means results are quite sensitive to travel demand cycles and marketing efficiency.

Balance Sheet

Balance Sheet The company carries a large cash balance, which provides a solid liquidity cushion, but it also has meaningful debt. Reported equity has turned negative, likely reflecting heavy share repurchases and accounting effects rather than an immediate solvency issue. Overall, the balance sheet looks manageable, but the combination of leverage and a cyclical industry is a risk to monitor in severe downturns.

Cash Flow

Cash Flow Cash generation is a major strength. Operating cash flow has risen steadily and now comfortably exceeds what the business needs for investments in technology and infrastructure, leaving strong free cash flow. Capital spending remains relatively light, so most cash can go toward debt service, buybacks, or strategic initiatives, though cash flows can still swing with the travel cycle and booking seasonality.

Competitive Edge

Competitive Edge Booking holds a leading global position in online travel, supported by powerful brands, a very large base of lodging and travel partners, and strong direct traffic via its app and websites. Its network effect—more travelers attracting more properties and vice versa—is a key advantage, reinforced by scale in marketing and data. However, it faces intense competition from other online agencies, meta-search players, and alternative accommodation platforms, as well as ongoing regulatory and advertising risks.

Innovation and R&D

Innovation and R&D Innovation is centered on the “Connected Trip” vision: a single, AI-enabled platform that ties together lodging, flights, transport, and experiences. The company is investing heavily in AI and generative AI to personalize search, streamline customer service, and power conversational trip planning, while its fintech arm is turning payments into both a smoother experience and a profit center. Growth in the mobile app, alternative accommodations, and loyalty (Genius) all reflect a strategy of deepening engagement and capturing more of each traveler’s total spend, but execution on this integrated vision remains a key uncertainty.

Summary

Overall, Booking has transitioned from pandemic stress to robust growth, high profitability, and strong cash generation. Its scale, brand strength, and data-driven platform underpin a durable competitive position, while AI, payments, and the “Connected Trip” strategy aim to extend its lead. At the same time, reliance on global travel, meaningful leverage, regulatory scrutiny, and fierce competition in online travel remain important risks for investors to keep in view.

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