Booking Holdings (BKNG) FY2014 results: revenue $8.4 billion, up 24.3% on the year
Booking Holdings Inc. (BKNG) reported revenue of $8.4 billion for fiscal 2014, the year ended 31 December 2014, up 24.3% on the year before. Net income was $2.4 billion, up 28.0%, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2015.
Revenue
$8.4 billion
+24.3% on the year
FY2008FY2014
Operating margin
36.4%
35.5% a year earlier
FY2008FY2014
Net income
$2.4 billion
+28.0% on the year
FY2008FY2014
Diluted EPS
$1.83
+26.5% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
8,442
6,793
5,261
+24.3%
Cost of revenue
858
1,077
1,177
-20.4%
Gross profit
7,584
5,716
4,084
+32.7%
Gross margin
89.8%
84.1%
77.6%
Operating income
3,073
2,412
1,830
+27.4%
Operating margin
36.4%
35.5%
34.8%
Interest expense
88.4
83.3
62.1
+6.1%
Pre-tax income
2,989
2,297
1,762
+30.2%
Income tax
568
404
338
+40.6%
Effective tax rate
19.0%
17.6%
19.2%
Net income
2,422
1,893
1,420
+28.0%
Net margin
28.7%
27.9%
27.0%
Diluted EPS
$1.83
$1.44
$1.11
+26.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,914
2,301
1,786
+26.6%
Capital expenditure
132
84.4
55.2
+55.7%
Free cash flow
2,783
2,217
1,731
+25.5%
Free cash flow margin
33.0%
32.6%
32.9%
Depreciation and amortisation
208
118
65.1
+76.2%
Share-based compensation
186
141
71.6
+32.7%
Buybacks
750
884
257
-15.1%
Diluted shares, weighted
1,326m
1,310m
1,283m
+1.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
8,567
6,910
3,897
+24.0%
Debt
3,861
1,894
1,575
+103.9%
Other liabilities
2,343
1,641
1,098
+42.8%
Total liabilities and equity
14,771
10,444
6,570
+41.4%
Fixed assets
199
135
89.3
+47.3%
Goodwill
3,326
1,768
523
+88.2%
Intangible assets
2,335
1,020
208
+128.9%
Investments
4,898
5,463
3,647
-10.3%
Cash and equivalents
3,149
1,290
1,536
+144.1%
Receivables
644
536
368
+20.1%
Other assets
220
233
199
-5.3%
Total assets
14,771
10,444
6,570
+41.4%
10-K for the year ended 31 December 2014, filed 19 February 2015: the filing.