BKNG

MKT CAP:$143B

Booking Holdings Inc.

Market Cap

$143B

Consumer Cyclical·Travel Services·🇺🇸 United States·NASDAQ

Consumer Cyc.·Travel Services·🇺🇸·NASDAQ

Stock Price

$180.93-$5,142.27 (-96.60%)

Apr 24, 2026

Company Details

Booking Holdings Inc. provides travel and restaurant online reservation and related services worldwide. The company operates Booking.com, which offers online accommodation reservations; Rentalcars.com that provides online rental car reserva...

CEO

Glenn D. Fogel

IPO Date

Mar 31, 1999

Website

www.bookingholdings.com

Key Metrics TTM

Revenue

$26.9B

+13.4% YoY

Net Income

$5.4B

EPS (Diluted)

$6.63

Free Cash Flow

$9.1B

Revenue / Share

$32.99

Gross Margin

100.0%

Operating Margin

34.5%

Net Margin

20.1%

FCF Margin

33.8%

P/S

5.3x

P/E

26.5x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 18, 2026

$26.9B+13.4%EPS $6.62

Q4 2025

Feb 18, 2026

$6.3B+16.0%EPS $1.75

Q3 2025

Oct 28, 2025

$9.0B+12.7%EPS $3.38

Q2 2025

Jul 29, 2025

$6.8B+16.0%EPS $1.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.7B	$2.7B	$174M
Q2 22	$4.3B	$4.3B	$1.0B
Q3 22	$6.1B	$6.1B	$2.6B
Q4 22	$4.0B	$4.0B	$1.3B
Q1 23	$3.8B	$3.8B	$450M
Q2 23	$5.5B	$5.5B	$1.7B
Q3 23	$7.3B	$7.3B	$3.1B
Q4 23	$4.8B	$4.8B	$609M
Q1 24	$4.4B	$4.4B	$791M
Q2 24	$5.9B	$5.9B	$1.9B
Q3 24	$8.0B	$8.0B	$3.2B
Q4 24	$5.5B	$5.5B	$1.7B
Q1 25	$4.8B	$4.8B	$1.1B
Q2 25	$6.8B	$6.8B	$2.3B
Q3 25	$9.0B	$9.0B	$3.9B
Q4 25	$6.3B	$6.3B	$2.0B

Valuation

Quarter	P/S	P/E
Q1 22	7.4x	179.2x
Q2 22	5.2x	49.8x
Q3 22	4.0x	26.5x
Q4 22	4.9x	27.2x
Q1 23	5.4x	24.3x
Q2 23	5.0x	21.7x
Q3 23	5.2x	20.3x
Q4 23	5.5x	27.6x
Q1 24	5.5x	25.2x
Q2 24	5.8x	25.8x
Q3 24	6.0x	27.6x
Q4 24	6.9x	28.0x
Q1 25	6.2x	27.5x
Q2 25	7.5x	39.0x
Q3 25	6.8x	35.0x
Q4 25	6.6x	32.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1.7B	$1.6B
Q2 22	$2.7B	$2.6B
Q3 22	$2M	-$96M
Q4 22	$2.2B	$2.1B
Q1 23	$2.9B	$2.8B
Q2 23	$1.7B	$1.6B
Q3 23	$1.4B	$1.3B
Q4 23	$1.3B	$1.3B
Q1 24	$2.7B	$2.6B
Q2 24	$2.5B	$2.4B
Q3 24	$2.4B	$2.3B
Q4 24	$721M	$645M
Q1 25	$3.3B	$3.2B
Q2 25	$3.2B	$3.1B
Q3 25	$1.4B	$1.4B
Q4 25	$1.5B	$1.4B

Capital Expenditures

Quarter	CapEx
Q1 22	$109M
Q2 22	$86M
Q3 22	$98M
Q4 22	$75M
Q1 23	$88M
Q2 23	$92M
Q3 23	$71M
Q4 23	$94M
Q1 24	$130M
Q2 24	$146M
Q3 24	$77M
Q4 24	$76M
Q1 25	$121M
Q2 25	$64M
Q3 25	$64M
Q4 25	$73M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+136.2%	+73.6%
Q2 22	+98.8%	+48.6%
Q3 22	+29.4%	+30.4%
Q4 22	+35.8%	+26.8%
Q1 23	+40.2%	+32.0%
Q2 23	+27.2%	+15.0%
Q3 23	+21.3%	+22.2%
Q4 23	+18.2%	+54.4%
Q1 24	+16.9%	+8.9%
Q2 24	+7.3%	+5.6%
Q3 24	+8.9%	+13.6%
Q4 24	+14.4%	-10.4%
Q1 25	+7.9%	+2.1%
Q2 25	+16.0%	+13.6%
Q3 25	+12.7%	+5.3%
Q4 25	+16.0%	+15.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$93M	3.5%
Q2 22	$108M	2.5%
Q3 22	$101M	1.7%
Q4 22	$102M	2.5%
Q1 23	$113M	3.0%
Q2 23	$128M	2.3%
Q3 23	$128M	1.7%
Q4 23	$161M	3.4%
Q1 24	$144M	3.3%
Q2 24	$140M	2.4%
Q3 24	$148M	1.9%
Q4 24	$167M	3.1%
Q1 25	$143M	3.0%
Q2 25	$154M	2.3%
Q3 25	$153M	1.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$754M	$1.5B
Q2 22	$842M	$2.2B
Q3 22	$898M	$2.3B
Q4 22	$905M	$1.8B
Q1 23	$984M	$2.1B
Q2 23	$1.0B	$2.5B
Q3 23	$1.1B	$2.8B
Q4 23	$1.6B	$2.2B
Q1 24	$1.0B	$2.3B
Q2 24	$919M	$2.8B
Q3 24	$1.4B	$3.0B
Q4 24	$1.0B	$2.3B
Q1 25	$835M	$2.5B
Q2 25	$1.1B	$3.0B
Q3 25	$1.2B	$3.4B
Q4 25	$1.1B	$2.8B

Revenue Segments

Quarter	Advertising and other revenues	Agency Revenue	Merchant Revenue
Q1 22	$195M	$1.4B	$1.1B
Q2 22	$244M	$2.3B	$1.7B
Q3 22	$235M	$3.2B	$2.6B
Q4 22	$220M	$2.0B	$1.8B
Q1 23	$244M	$1.8B	$1.8B
Q2 23	$263M	$2.4B	$2.8B
Q3 23	$261M	$3.1B	$3.9B
Q4 23	$247M	$2.1B	$2.5B
Q1 24	$264M	$1.8B	$2.4B
Q2 24	$269M	$2.1B	$3.4B
Q3 24	$269M	$2.8B	$5.0B
Q4 24	$271M	$1.9B	$3.3B
Q1 25	$280M	$1.6B	$2.9B
Q2 25	$297M	$2.0B	$4.5B
Q3 25	$308M	$2.6B	$6.1B
Q4 25	$309M	$1.8B	$4.2B

Revenue by Geography

Quarter	Netherlands	Other Geographical Areas	United States
Q1 22	$2.0B	$251M	$475M
Q2 22	$3.3B	$360M	$594M
Q3 22	$5.0B	$455M	$606M
Q4 22	$3.1B	$391M	$530M
Q1 23	$2.9B	$396M	$523M
Q2 23	$4.3B	$507M	$615M
Q3 23	$6.1B	$581M	$633M
Q4 23	$3.7B	$540M	$556M
Q1 24	$3.3B	$519M	$557M
Q2 24	$4.5B	$758M	$638M
Q3 24	$6.6B	$718M	$662M
Q4 24	$4.2B	$659M	$628M
Q1 25	$3.6B	$576M	$586M
Q2 25	$5.5B	$643M	$655M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$10.5B	$0	$10.5B
Q2 22	$11.8B	$0	$11.8B
Q3 22	$9.0B	$116M	$9.1B
Q4 22	$12.2B	$175M	$12.4B
Q1 23	$14.1B	$359M	$14.5B
Q2 23	$14.6B	$640M	$15.2B
Q3 23	$13.3B	$624M	$13.9B
Q4 23	$12.1B	$576M	$12.7B
Q1 24	$15.6B	$362M	$16.0B
Q2 24	$16.3B	$37M	$16.3B
Q3 24	$15.8B	$0	$15.8B
Q4 24	$16.2B	$0	$16.2B
Q1 25	$15.6B	$0	$15.6B
Q2 25	$17.6B	$0	$17.6B
Q3 25	$16.5B	$0	$16.5B
Q4 25	$17.2B	$582M	$17.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	1.02B	-1.1%	-0.1%
Q2 22	1.02B	-0.6%	-0.9%
Q3 22	992M	-2.4%	-4.0%
Q4 22	968M	-2.4%	-6.4%
Q1 23	950M	-1.9%	-7.2%
Q2 23	924M	-2.7%	-9.1%
Q3 23	900M	-2.6%	-9.3%
Q4 23	881M	-2.1%	-9.0%
Q1 24	868M	-1.5%	-8.6%
Q2 24	857M	-1.3%	-7.3%
Q3 24	847M	-1.2%	-5.9%
Q4 24	836M	-1.3%	-5.1%
Q1 25	827M	-1.0%	-4.6%
Q2 25	815M	-1.4%	-4.8%
Q3 25	814M	-0.2%	-3.9%
Q4 25	816M	+0.2%	-2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$132.8K	20K
Q2 22	$211.5K	20K
Q3 22	$298.1K	20K
Q4 22	$187.5K	22K
Q1 23	$174.9K	22K
Q2 23	$252.9K	22K
Q3 23	$339.9K	22K
Q4 23	$202.7K	24K
Q1 24	$187.1K	24K
Q2 24	$248.3K	24K
Q3 24	$338.7K	24K
Q4 24	$225.1K	24K
Q1 25	$196.0K	24K
Q2 25	$279.8K	24K
Q3 25	$370.7K	24K
Q4 25	$261.3K	24K

Revenue / Employee