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Booking Holdings (BKNG) FY2025 results: revenue $26.9 billion, up 13.4% on the year

Booking Holdings Inc. (BKNG) reported revenue of $26.9 billion for fiscal 2025, the year ended 31 December 2025, up 13.4% on the year before. Net income was $5.4 billion, down 8.1%, and diluted earnings per share $6.62. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$26.9 billion
+13.4% on the year
FY2018FY2025
Operating margin
32.8%
31.8% a year earlier
FY2018FY2025
Net income
$5.4 billion
-8.1% on the year
FY2018FY2025
Diluted EPS
$6.62
-4.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Full-year 2026 growth in low double digits: Full-year 2026 gross bookings and revenue growth is guided to low double digits, and constant currency growth to high single digits.
  • $2.1 billion of stock repurchased: The company repurchased $2.1 billion of stock in Q4 2025, with $21.8 billion of remaining authorization at December 31, 2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

Booking Holdings sells travel reservations online. Five consumer-facing brands do it: Booking.com, Priceline, Agoda, KAYAK and OpenTable, covering between them accommodation, ground transportation, flights, activities, restaurants and meta-search. Substantially all of what the company earns comes from online travel reservation services, which connect travellers with the travel service providers it calls partners; the rest comes from payment facilitation, advertising, restaurant reservation and management services, travel-related insurance and other services.

Booking Holdings Inc., the 10-K for 2025

Booking Holdings sells travel reservations online. Five consumer-facing brands do it: Booking.com, Priceline, Agoda, KAYAK and OpenTable, covering between them accommodation, ground transportation, flights, activities, restaurants and meta-search. Substantially all of what the company earns comes from online travel reservation services, which connect travellers with the travel service providers it calls partners; the rest comes from payment facilitation, advertising, restaurant reservation and management services, travel-related insurance and other services.

The brands

Booking.com, headquartered in the Netherlands, is the accommodation business, and the filing calls it the world's leading brand for booking online accommodation reservations by room nights booked. At the end of 2025 it offered approximately 4.4 million properties in over 220 countries and territories and in over 40 languages: about 500,000 hotels, motels and resorts, and about 3.9 million homes, apartments and other places to stay. It offered flights in over 55 markets during 2025, alongside in-destination tours and activities, rental cars and ground transportation across thousands of locations. Priceline, from Norwalk, Connecticut, sells discount travel reservations mainly in North America, including vacation packages and cruises. Agoda, from Singapore, serves consumers in the Asia-Pacific region. KAYAK, also in Norwalk, is meta-search across hundreds of online travel platforms and operates in over 60 countries and territories. OpenTable, from San Francisco, books restaurant tables and sells restaurant management subscriptions.

How it earns

Three categories. Merchant is where the company takes the traveller's payment, generally at the time of booking: reservation commissions and transaction net revenues, credit card processing rebates and customer processing fees, and ancillary fees including travel-related insurance. Most of that is Booking.com accommodation. Agency is where it does not take the payment, and is almost entirely accommodation commission from Booking.com. Advertising and other is KAYAK referrals and advertising placements, OpenTable's restaurant reservation services and its management subscriptions, and advertising placements on the other brands' platforms.

The volumes

Room nights reserved were 1,235 million in 2025 against 1,144 million, up 8.0%, which the filing puts down to travel demand in Europe and Asia. Rental car days were 88 million, up 5.8%. Airline tickets were 68 million against 49 million, up 36.6%, as Booking.com and Agoda widened their flight offerings. The company's own volume measure, gross bookings, is the total value booked through its online travel brands net of cancellations; searches on KAYAK and restaurant reservations on OpenTable do not count towards it. Under what the company calls the Connected Trip, flight tickets grew 37% in 2025 and attraction tickets about 80% off a small base.

Competition

The filing describes the markets as intensely competitive and constantly evolving, notes that a competing offering can be launched at relatively low cost, and states that generative AI is raising the pace of new entrants while lowering the cost of entry. The competitors it lists are other online travel, restaurant reservation and meta-search services; large online search, social media and marketplace companies; travel service providers themselves, meaning hotels, airlines and rental car companies; companies offering AI-powered assistants and agents; traditional travel agencies, travel management companies, wholesalers and tour operators; financial services and credit card companies; and companies selling software and technology services to travel service providers. The filing states that the largest global technology companies have many more consumers, consumer data and resources than it does.

Seasons, and people

Gross bookings were spread fairly evenly across the quarters of 2025, slightly above average in the third and slightly below in the fourth. Marketing is expensed as it is incurred, which is when the booking happens, while the revenue is recognised when the traveller checks in, and check-ins in Europe and North America run highest in the third quarter and lowest in the first. The result is that profitability is highest in the third quarter and lowest in the first. The booking window, the average gap between reservation and travel, widens or narrows that effect, and in 2025 it was generally longer than in 2024. There were approximately 24,300 employees at the end of 2025, about 2,900 of them in the United States and about 21,400 elsewhere, and approximately 97% were full-time.

From Booking Holdings' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue26,91723,73921,365+13.4%
Operating income8,8257,5555,835+16.8%
Operating margin32.8%31.8%27.3%
Interest expense1,6171,295897+24.9%
Pre-tax income6,8327,2925,481-6.3%
Income tax1,4281,4101,192+1.3%
Effective tax rate20.9%19.3%21.7%
Net income5,4045,8824,289-8.1%
Net margin20.1%24.8%20.1%
Diluted EPS$6.62$6.91$4.70-4.1%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9,4098,3237,344+13.0%
Capital expenditure322429345-24.9%
Free cash flow9,0877,8946,999+15.1%
Free cash flow margin33.8%33.3%32.8%
Cash from investing-3131291,486
Cash from financing-8,915-4,204-8,909
Depreciation and amortisation623591504+5.4%
Share-based compensation613599530+2.3%
Buybacks6,4406,50910,377-1.1%
Dividends paid1,2481,1740.0+6.3%
Dividend per share$0.38$0.35n/a+9.7%
Diluted shares, weighted816m852m913m-4.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity-5,578-4,020-2,744
Debt18,73616,59814,184+12.9%
Operating lease liabilities557483599+15.3%
Finance lease liabilities0.07.034.0
Other liabilities15,54914,64012,269+6.2%
Total liabilities and equity29,26427,70824,342+5.6%
Fixed assets807832784-3.0%
Goodwill2,6692,7992,826-4.6%
Intangible assets9181,3821,613-33.6%
Investments5825361,016+8.6%
Cash and equivalents17,20316,16412,107+6.4%
Receivables3,8203,1993,253+19.4%
Other assets3,2652,7962,743+16.8%
Total assets29,26427,70824,342+5.6%

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