A Business at a Glance
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Booking Holdings Inc.
BKNG
$136.6B
Mkt Cap
$174.33
+0.52%
Booking Holdings operates five primary consumer-facing travel and restaurant brands—Booking.com, Priceline, Agoda, KAYAK, and OpenTable—that collectively facilitate online travel reservations and restaurant bookings across accommodations, flights, ground transportation, activities, and dining. The company derives substantially all revenues from merchant model transactions (where it facilitates payments at booking), agency commissions (where it earns commissions without facilitating payments), and advertising and other services including payment processing rebates, ancillary fees, and restaurant management subscriptions. Booking.com is the world's leading accommodation brand with approximately 4.4 million properties across over 220 countries, while Priceline leads in discount travel primarily in North America, Agoda serves the Asia-Pacific region, KAYAK provides meta-search services across 60+ countries, and OpenTable dominates online restaurant reservations in the United States. The business model is asset-light, leveraging technology platforms and brand recognition to connect consumers with travel service providers and restaurants, with distribution primarily through direct digital channels and performance marketing. Competitive advantages include established brand recognition, global scale, multi-brand portfolio enabling experimentation and regional focus, proprietary technology infrastructure, and increasingly generative AI-powered tools that enhance consumer experience and partner engagement. The company serves leisure and business travelers globally, with particular growth ambitions in Asia and the United States, and generates revenue across diverse geographies with operations in Europe, Asia, North America, and beyond.
【Strategic AI and Connected Trip expansion】 Management is advancing generative AI capabilities across all brands to enhance consumer experience and partner tools, with the Connected Trip vision progressing toward seamless multi-vertical booking where customers book flights, accommodations, and activities together for the same trip. The company is executing a Transformation Program to drive operational efficiencies and create capacity for reinvestment in strategic priorities including GenAI advancement, Asia and U.S. market expansion, advertising business growth, and fintech and loyalty offerings. Management expects these reinvestments to contribute incremental revenue while maintaining disciplined capital allocation, with constant currency gross bookings and revenue growth targeted approximately 100 basis points ahead of the long-term 8% ambition, supported by margin expansion of roughly 50 basis points. Despite near-term geopolitical volatility affecting travel demand, the company remains committed to long-term constant currency growth targets of at least 8% gross bookings growth, 8% revenue growth, and 15% adjusted EPS growth in future years.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 27.7B | 26.9B | 23.7B | 21.4B | 17.1B | 11.0B |
| Net Income | 6.2B | 5.4B | 5.9B | 4.3B | 3.1B | 1.2B |
| EPS | $79.97 | $6.90 | $7.20 | $4.89 | $3.18 | $1.17 |
| Free Cash Flow | 9.0B | 9.1B | 7.9B | 7.0B |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 8.4B | 9.2B | 10.7B | 12.7B | 14.5B | 15.1B | 6.8B | 11.0B | 17.1B | 21.4B | 23.7B | 26.9B | 27.7B |
| Gross Margin | 43.1% | 43.1% | 34.3% | 44.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 353M | 415M | 452M | 576M | 699M | 797M | 581M | 522M | 766M | 1.6B | 1.0B | 857M | 815M |
| EBIT | 3.1B | 3.3B | 2.9B | 4.5B | 5.3B | 5.3B | -631M | 2.5B | 5.1B | 5.8B | 7.6B | 8.8B | 9.0B |
| Op. Margin | 36.4% | 35.3% | 27.1% | 35.8% | 36.8% | 35.5% | -9.3% | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% | 32.6% |
| Net Income | 2.4B | 2.6B | 2.1B | 2.3B | 4.0B | 4.9B | 59M | 1.2B | 3.1B | 4.3B | 5.9B | 5.4B | 6.2B |
| Net Margin | 28.7% | 27.7% | 19.9% | 18.5% | 27.5% | 32.3% | 0.9% | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% | 22.2% |
| Non-Recurring | 0 | 0 | 941M | 0 | 0 | 0 | 1.2B | 13M | 0 | 0 | 34M | 385M | 198M |
| Returns on Capital | |||||||||||||
| ROIC | 49.8% | 26.1% | 19.1% | 22.4% | 37.0% | 44.9% | 0.4% | 32.3% | 83.7% | 18.8% | 23.4% | 24.5% | 25.6% |
| ROE | 31.3% | 29.4% | 22.9% | 22.2% | 39.9% | 66.1% | 1.1% | 21.0% | 68.3% | N/A | -173.9% | -112.6% | 0.0% |
| ROA | 19.2% | 15.9% | 11.5% | 10.3% | 16.6% | 22.1% | 0.3% | 5.1% | 12.5% | 17.3% | 22.6% | 19.0% | 22.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.9B | 3.2B | 4.0B | 4.7B | 5.3B | 4.9B | 85M | 2.8B | 6.6B | 7.3B | 8.3B | 9.4B | 9.3B |
| Free Cash Flow | 2.8B | 3.0B | 3.8B | 4.4B | 4.9B | 4.5B | -201M | 2.5B | 6.2B | 7.0B | 7.9B | 9.1B | 9.0B |
| Owner Earnings | 2.6B | 2.7B | 3.5B | 4.2B | 4.8B | 4.2B | -515M | 2.2B | 5.9B | 6.6B | 7.4B | 8.3B | 8.2B |
| CapEx | 132M | 174M | 220M | 288M | 442M | 368M | 286M | 304M | 368M | 345M | 429M | 322M | 308M |
| Maint. CapEx | 244M | 260M | 359M | 363M | 426M | 469M | 458M | 421M | 451M | 504M | 591M | 623M | 600M |
| Growth CapEx | 0 | 0 | 0 | 0 | 16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 244M | 260M | 359M | 363M | 426M | 469M | 458M | 421M | 451M | 504M | 591M | 623M | 600M |
| CapEx/OCF | 4.5% | 5.6% | 5.5% | 6.2% | 8.3% | 7.6% | 336.5% | 10.8% | 5.6% | 4.7% | 5.2% | 3.4% | 3.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.2B | 1.2B | 1.3B |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.9% | 0.8% | 0.9% |
| Share Buybacks | 750M | 3.1B | 1.0B | 1.8B | 6.0B | 8.2B | 1.3B | 163M | 6.6B | 10.4B | 6.5B | 6.4B | 8.0B |
| Buyback Yield | 1.2% | 4.8% | 1.4% | 2.1% | 7.4% | 9.2% | 1.5% | 0.2% | 8.6% | 8.1% | 3.8% | 3.6% | 5.8% |
| Stock-Based Comp | 103M | 247M | 167M | 100M | 162M | 151M | 142M | 162M | 167M | 194M | 347M | 532M | 530M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 1.2B | 3.1B | 1.9B | 500M | 1.3B | 5.0B | 5.0B |
| Balance Sheet | |||||||||||||
| Net Debt | -467M | 3.5B | 1.9B | 1.4B | 2.4B | 2.3B | 1.5B | 268M | 766M | 2.3B | 1.0B | 2.2B | 2.4B |
| Cash & Equiv. | 3.1B | 1.5B | 2.1B | 2.5B | 2.6B | 6.3B | 10.6B | 11.1B | 12.2B | 12.1B | 16.2B | 17.2B | 16.0B |
| Long-Term Debt | 3.8B | 6.2B | 6.2B | 8.8B | 8.6B | 7.6B | 11.0B | 8.9B | 12.0B | 12.2B | 14.9B | 16.9B | 15.4B |
| Debt/Equity | 0.45 | 0.70 | 0.63 | 0.78 | 0.99 | 1.63 | 2.56 | 1.85 | 4.73 | -5.44 | -4.28 | -3.48 | 0.00 |
| Interest Coverage | 34.8 | 20.3 | 14.0 | 17.9 | 19.9 | 20.1 | -1.8 | 7.5 | 13.0 | 6.5 | 5.8 | 5.5 | 7.4 |
| Equity | 8.6B | 8.8B | 9.8B | 11.3B | 8.8B | 5.9B | 4.9B | 6.2B | 2.8B | -2.7B | -4.0B | -5.6B | -8.7B |
| Total Assets | 14.8B | 17.4B | 19.8B | 25.5B | 22.7B | 21.4B | 21.9B | 23.6B | 25.4B | 24.3B | 27.7B | 29.3B | 27.7B |
| Total Liabilities | 6.2B | 8.6B | 10.0B | 14.2B | 13.9B | 15.5B | 17.0B | 17.5B | 22.6B | 27.1B | 31.7B | 34.8B | 36.4B |
| Intangibles | 2.3B | 2.2B | 2.0B | 2.2B | 2.1B | 2.0B | 1.8B | 2.1B | 1.8B | 1.6B | 1.4B | 918M | 882M |
| Retained Earnings | 6.6B | 9.2B | 11.3B | 13.9B | 18.4B | 23.2B | 23.3B | 24.5B | 27.5B | 31.8B | 36.5B | 40.7B | 41.4B |
| Working Capital | 3.7B | 2.1B | 2.5B | 5.5B | 4.9B | 4.5B | 8.8B | 6.9B | 7.3B | 3.7B | 4.8B | 5.6B | 1.1B |
| Current Assets | 5.1B | 3.6B | 5.4B | 9.0B | 8.4B | 9.8B | 12.2B | 13.1B | 15.8B | 17.0B | 20.5B | 22.3B | 20.9B |
| Current Liabilities | 1.4B | 1.4B | 2.9B | 3.5B | 3.6B | 5.4B | 3.4B | 6.2B | 8.5B | 13.3B | 15.6B | 16.7B | 19.8B |
| Per Share Data | |||||||||||||
| EPS | 1.90 | 2.06 | 1.78 | 1.95 | 3.47 | 4.66 | 0.06 | 1.17 | 3.18 | 4.89 | 7.20 | 6.90 | 79.97 |
| Owner EPS | 2.02 | 2.18 | 2.88 | 3.50 | 4.12 | 4.07 | -0.52 | 2.25 | 6.18 | 7.58 | 9.03 | 10.54 | 10.34 |
| Book Value | 6.73 | 7.10 | 8.17 | 9.39 | 7.62 | 5.68 | 4.98 | 6.22 | 2.89 | -3.13 | -4.92 | -7.12 | -10.99 |
| Cash Flow/Share | 2.29 | 2.59 | 3.32 | 3.89 | 4.63 | 4.66 | 0.09 | 2.84 | 6.82 | 8.38 | 10.18 | 12.01 | 8.51 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 1.44 | 1.59 | 1.60 |
| Shares Out. | 1.3B | 1.2B | 1.2B | 1.2B | 1.2B | 1.0B | 983.3M | 992.5M | 961.3M | 876.8M | 817.5M | 783.3M | 794.0M |
| Valuation | |||||||||||||
| P/E Ratio | 24.9 | 25.3 | 34.1 | 37.0 | 20.2 | 18.2 | N/A | 83.2 | 25.2 | 29.7 | 28.9 | 32.8 | 2.2 |
| P/FCF | 20.8 | 20.4 | 18.6 | 19.0 | 15.9 | 18.9 | N/A | 37.0 | 12.0 | 17.5 | 20.7 | 18.7 | 15.3 |
| EV/EBIT | 19.4 | 20.9 | 25.7 | 19.4 | 15.6 | 17.1 | N/A | 39.7 | 15.3 | 22.5 | 20.7 | 18.6 | 15.6 |
| Price/Book | 7.0 | 7.3 | 7.4 | 7.7 | 9.2 | 14.9 | 17.6 | 15.7 | 27.7 | N/A | N/A | N/A | N/A |
| Price/Sales | 7.4 | 6.7 | 6.2 | 6.9 | 6.4 | 5.3 | 10.3 | 8.5 | 4.8 | 4.7 | 5.6 | 6.2 | 5.0 |
| FCF Yield | 4.6% | 4.7% | 5.2% | 5.1% | 6.1% | 5.1% | -0.2% | 2.6% | 8.0% | 5.5% | 4.6% | 5.1% | 6.5% |
| Market Cap | 60.2B | 64.5B | 72.8B | 86.5B | 80.9B | 88.5B | 86.0B | 96.9B | 77.0B | 127.3B | 169.9B | 177.2B | 138.4B |
| Avg. Price | 47.05 | 47.84 | 52.81 | 70.47 | 77.28 | 73.37 | 68.26 | 89.92 | 81.09 | 109.74 | 156.71 | 205.05 | 174.33 |
| Year-End Price | 45.40 | 49.98 | 58.13 | 69.27 | 67.37 | 81.38 | 83.95 | 93.73 | 76.92 | 139.41 | 199.55 | 217.11 | 174.33 |
Booking Holdings Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Booking Holdings Inc. trades at 26.3x trailing earnings, compared to its 15-year median P/E of 29.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.7x vs a median of 18.7x. The company's 5-year average ROIC is 36.5%. Total shareholder yield (dividends + buybacks) is 6.7%. At current prices, the estimated annualized return to fair value is +34.3%.
Booking Holdings Inc. (BKNG) has a current P/E ratio of 26.3, compared to its historical median P/E of 29.7. The stock is currently considered Fair based on its historical valuation range.
Booking Holdings Inc. (BKNG) has a 5-year average return on invested capital (ROIC) of 36.5%. This indicates strong capital allocation and a potential competitive advantage.
Booking Holdings Inc. (BKNG) has a market capitalization of $138.4B. It is classified as a large-cap stock.
Yes, Booking Holdings Inc. (BKNG) pays a dividend with a trailing twelve-month yield of 0.92%. The company also returns capital through share buybacks, with a buyback yield of 5.81%.
Based on historical P/E analysis, Booking Holdings Inc. (BKNG) appears fair. The current P/E of 26.3 is 11% below its historical median of 29.7. The estimated fair value CAGR (P/E method) is 28.1%.
Booking Holdings Inc. (BKNG) operates in the Transportation Services industry, within the Industrials sector.
Booking Holdings Inc. (BKNG) reported annual revenue of $26.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
| Metric | Target | Period |
|---|---|---|
| Gross bookings growth | high single-digits to low double digits | FY2026 |
| Revenue growth | low double digits | FY2026 |
| Adjusted EBITDA growth | faster than revenue | FY2026 |
| Adjusted EBITDA margin expansion | approximately 50 basis points | FY2026 |
| Transformation program in-year savings | $500 million-$550 million | FY2026 |
| Incremental revenue from reinvestments | approximately $400 million | FY2026 |
Gross bookings growth (FY2026): “Gross bookings to be up high single-digits to low double digits.”
Revenue growth (FY2026): “Revenue to be up low double digits”
Adjusted EBITDA growth (FY2026): “Adjusted EBITDA to grow faster than revenue”
Adjusted EBITDA margin expansion (FY2026): “Adjusted EBITDA margins to expand year-over-year by about 50 basis points.”
Transformation program in-year savings (FY2026): “We expect the transformation program to deliver in-year savings of $500 million-$550 million in 2026”
Incremental revenue from reinvestments (FY2026): “We expect these initiatives to contribute approximately $400 million in incremental revenue in 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| 6.2B |
| 2.5B |
| ROIC | 25.6% | 24.5% | 23.4% | 18.8% | 83.7% | 32.3% |
|---|
| Gross Margin | - | - | - | - | - | - |
|---|
| Debt/Equity | 0.00 | -3.48 | -4.28 | -5.44 | 4.73 | 1.85 |
|---|
| Dividends/Share | $1.60 | $1.59 | $1.44 | $0.00 | $0.00 | - |
|---|
| Operating Income | 9.0B | 8.8B | 7.6B | 5.8B | 5.1B | 2.5B |
|---|
| Operating Margin | 32.6% | 32.8% | 31.8% | 27.3% | 29.9% | 22.8% |
|---|
| ROE | 0.0% | -112.6% | -173.9% | - | 68.3% | 21.0% |
|---|
| Shares Outstanding | 794M | 783M | 817M | 877M | 961M | 993M |
|---|
Booking Holdings Inc. (BKNG) has a net profit margin of 20.1%. This is a strong margin indicating high profitability.
Booking Holdings Inc. (BKNG) generated $9.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Booking Holdings Inc. (BKNG) reported earnings per share (EPS) of $6.90 in its most recent fiscal year.
Booking Holdings Inc. (BKNG) has a return on equity (ROE) of -112.6%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 18 years of financial data for Booking Holdings Inc. (BKNG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Booking Holdings Inc. (BKNG) has a book value per share of $-7.12, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is advancing generative AI capabilities across all brands to enhance consumer experience and partner tools, with the Connected Trip vision progressing toward seamless multi-vertical booking where customers book flights, accommodations, and activities together for the same trip. The company is executing a Transformation Program to drive operational efficiencies and create capacity for reinvestment in strategic priorities including GenAI advancement, Asia and U.S. market expansion, advertising business growth, and fintech and loyalty offerings. Management expects these reinvestments to contribute incremental revenue while maintaining disciplined capital allocation, with constant currency gross bookings and revenue growth targeted approximately 100 basis points ahead of the long-term 8% ambition, supported by margin expansion of roughly 50 basis points. Despite near-term geopolitical volatility affecting travel demand, the company remains committed to long-term constant currency growth targets of at least 8% gross bookings growth, 8% revenue growth, and 15% adjusted EPS growth in future years.
Based on recent SEC filings and earnings calls, Booking Holdings Inc. (BKNG) has provided the following forward guidance: Gross bookings growth: high single-digits to low double digits (FY2026); Revenue growth: low double digits (FY2026); Adjusted EBITDA growth: faster than revenue (FY2026); Adjusted EBITDA margin expansion: approximately 50 basis points (FY2026); Transformation program in-year savings: $500 million-$550 million (FY2026), plus 1 additional metric.