Booking Holdings (BKNG) Q4 FY2025 earnings: revenue $6.3 billion, up 16.0% on the year

Booking Holdings Inc. (BKNG) reported revenue of $6.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 16.0% on the same quarter a year earlier. Net income was $1.4 billion, up 33.7% on the year, and diluted earnings per share $1.75. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue

$6.3 billion

+16.0% on the year · -29.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

32.0%

31.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.4 billion

+33.7% on the year · -48.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.75

+38.2% on the year · -48.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new, 1 kept.

Gross bookings and revenue grew 16%: Q4 gross bookings were $43.0 billion and revenue $6.3 billion, each up 16% (about 11% in constant currency). Full-year revenue was $26.9 billion, up 13%.
Adjusted EPS and EBITDA both rose: Q4 Adjusted EPS was $48.80, up 17%, and Adjusted EBITDA $2.2 billion, up 19%. Full-year Adjusted EPS was $228.06, up 22%, and Adjusted EBITDA $9.9 billion, up 20%.
Q1 bookings and revenue growth guided: Q1 2026 gross bookings and revenue growth are guided to 14% to 16%, or 7% to 9% in constant currency.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,349	9,008	5,471	-29.5%	+16.0%
Operating income	2,030	3,483	1,729	-41.7%	+17.4%
Operating margin	32.0%	38.7%	31.6%
Interest expense	249	301	507	-17.3%	-50.9%
Pre-tax income	1,863	3,469	1,564	-46.3%	+19.1%
Income tax	435	721	496	-39.7%	-12.3%
Effective tax rate	23.3%	20.8%	31.7%
Net income	1,428	2,748	1,068	-48.0%	+33.7%
Net margin	22.5%	30.5%	19.5%
Diluted EPS	$1.75	$3.38	$1.26	-48.3%	+38.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,490	1,435	721	+3.8%	+106.7%
Capital expenditure	73.0	64.0	76.0	+14.1%	-3.9%
Free cash flow	1,417	1,371	645	+3.4%	+119.7%
Free cash flow margin	22.3%	15.2%	11.8%
Cash from investing	-71.0	-63.0	-75.0
Cash from financing	-667	-2,484	143
Depreciation and amortisation	151	160	157	-5.6%	-3.8%
Share-based compensation	166	150	167	+10.7%	-0.6%
Buybacks	2,119	653	1,227	+224.5%	+72.7%
Dividends paid	307	310	289	-1.0%	+6.2%
Dividend per share	n/a	$0.00	n/a
Diluted shares, weighted	816m	814m	852m	+0.2%	-4.2%
Shares outstanding at period end	792m	806m	820m	-1.7%	-3.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	-5,578	-4,736	-4,020
Debt	18,736	16,996	16,598	+10.2%	+12.9%
Operating lease liabilities	557	533	483	+4.5%	+15.3%
Finance lease liabilities	0.0	n/a	7.0
Other liabilities	15,549	15,959	14,640	-2.6%	+6.2%
Total liabilities and equity	29,264	28,752	27,708	+1.8%	+5.6%
Fixed assets	807	817	832	-1.2%	-3.0%
Goodwill	2,669	2,669	2,799	0.0%	-4.6%
Intangible assets	918	961	1,382	-4.5%	-33.6%
Investments	582	651	536	-10.6%	+8.6%
Cash and equivalents	17,203	16,509	16,164	+4.2%	+6.4%
Receivables	3,820	4,013	3,199	-4.8%	+19.4%
Other assets	3,265	3,132	2,796	+4.2%	+16.8%
Total assets	29,264	28,752	27,708	+1.8%	+5.6%

Questions

What was Booking Holdings' revenue in Q4 FY2025?

Booking Holdings (BKNG) reported revenue of $6.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 16.0% on the same quarter a year earlier.

How much did Booking Holdings earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.4 billion, up 33.7% on the year, and diluted earnings per share $1.75.

When did Booking Holdings report Q4 FY2025 results?

Booking Holdings filed its 10-K for the year that ended with the quarter on 18 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,981	2,695	4,294	6,052	4,049	3,778	5,462	7,341	4,784	4,415	5,859	7,994	5,471	4,762	6,798	9,008	6,349	5,532	7,352	8,893
Operating income	848	174	1,000	2,583	1,345	450	1,673	3,103	609	791	1,856	3,179	1,729	1,062	2,250	3,483	2,030	1,271	2,500	3,418
Operating margin	28%	6%	23%	43%	33%	12%	31%	42%	13%	18%	32%	40%	32%	22%	33%	39%	32%	23%	34%	38%
Interest expense	75.0	68.0	76.0	102	145	194	241	254	208	219	264	305	507	649	418	301	249	253	300	311
Pre-tax income	816	-849	1,144	2,176	1,452	303	1,618	3,149	411	937	1,922	2,869	1,564	396	1,104	3,469	1,863	1,399	2,560	3,423
Tax rate	24%	n/a	25%	23%	15%	12%	20%	20%	46%	17%	21%	12%	32%	16%	19%	21%	23%	23%	24%	21%
Net income	618	-700	857	1,666	1,235	266	1,290	2,511	222	776	1,521	2,517	1,068	333	895	2,748	1,428	1,083	1,950	2,717
Net margin	21%	-26%	20%	28%	31%	7%	24%	34%	5%	18%	26%	31%	20%	7%	13%	31%	22%	20%	27%	31%
Diluted EPS	$0.60	-$0.68	$0.84	$1.68	$1.28	$0.28	$1.40	$2.79	$0.25	$0.89	$1.78	$2.97	$1.26	$0.40	$1.10	$3.38	$1.75	$1.36	$2.53	$3.61
Operating cash flow	279	1,695	2,684	2.0	2,173	2,889	1,737	1,372	1,346	2,704	2,525	2,373	721	3,283	3,201	1,435	1,490	3,215	3,719	1,137
Capital expenditure	101	109	86.0	98.0	75.0	88.0	92.0	71.0	94.0	130	146	77.0	76.0	121	64.0	64.0	73.0	107	76.0	68.0
Free cash flow	178	1,586	2,598	-96.0	2,098	2,801	1,645	1,301	1,252	2,574	2,379	2,296	645	3,162	3,137	1,371	1,417	3,108	3,643	1,069
Buybacks	4.0	1,049	1,239	1,990	2,343	2,150	3,099	2,640	2,488	1,856	1,662	1,764	1,227	2,170	1,498	653	2,119	3,770	3,988	2,142
Dividends paid	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	299	295	291	289	319	312	310	307	343	321	314
Shares outstanding	1,022m	1,016m	993m	970m	941m	923m	892m	872m	854m	848m	838m	827m	820m	814m	810m	806m	792m	775m	751m	744m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 18 February 2026: the filing.