Company file · BKNG
Booking Holdings
Booking Holdings' revenue grew in 2025, while net income dipped
Revenue rose 13.4% to $26.9B, led by merchant bookings. Net income fell 8.1% to $5.4B.
Key facts
Booking Holdings (Nasdaq: BKNG) closed fiscal 2025 on Dec 31, 2025 with total revenues of $26.9B, up 13.4% from a year before; net income to common stockholders came to $5.4B, down 8.1%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $7.4B, up 8.1% on the same stretch of the prior year, and net income of $1.9B. Broken down by type, Merchant led with 66% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
How it makes money
By type, FY2025
- LineAmountSharevs FY2024
- Merchant$17.8B66%+25.5%
- Agency$8.0B30%−6.5%
- Advertising and other$1.2B4%+11.3%
Source: 10-K FY2025, XBRL breakdown
Merchant revenue was 66% of 2025 revenue, agency revenue 30% and advertising and other 4%.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Booking Holdings 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026
By type
Source: Booking Holdings 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026
The bull case and the bear case
The bull case
- Revenue rose 13.4% in 2025 to $26.9B, and merchant revenue grew 25.5%. 10-K, FY2025
- Operating cash flow rose 13.0% in 2025 to $9.4B. 10-K, FY2025
- Diluted shares fell 4.2% in 2025. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $7.4B, up 8.1% on a year earlier, and net income rose 117.9% to $1.9B. 10-Q, quarter ended Jun 30, 2026
The bear case
- Net income fell 8.1% in 2025 to $5.4B even as revenue grew. 10-K, FY2025
- Agency revenue fell 6.5% in 2025 as more bookings moved to the merchant model. 10-K, FY2025
- Total debt was $18.7B at the end of 2025, up 12.9%. 10-K, FY2025
- The 10-K lists travel demand, competition including from search engines, regulation in Europe and cyberattacks among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Booking Holdings runs online travel sites, mainly Booking.com, plus Priceline, Agoda, KAYAK and OpenTable.
Most revenue comes from hotel and other accommodation bookings, mainly through Booking.com. In agency bookings the traveler pays the property and Booking earns a commission. In merchant bookings Booking takes the payment and keeps a margin or fee. It also earns advertising revenue from KAYAK and restaurant fees from OpenTable.
Most of its business is outside the US. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Booking Holdings's latest 10-K. Read the original for the full list.
- Travel demandBookings fall when economies weaken or when wars, disease or disasters disrupt travel.
- CompetitionIt competes with other travel sites, hotel chains' own sites and search engines.
- Search and marketingIt spends heavily on online advertising, and changes in search engines can raise costs.
- RegulationEuropean rules on large online platforms and taxes affect how it operates.
- CurrencyMost revenue is in other currencies, so a strong dollar reduces reported results.
- CybersecurityIt handles payment and personal data for millions of travelers.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues | $21.4B | $23.7B | $26.9B |
| Net income to common stockholders | $4.3B | $5.9B | $5.4B |
| Operating cash flow | $7.3B | $8.3B | $9.4B |
| Cash & equivalents (year end) | $12.1B | $16.2B | $17.2B |
| Total debt (year end) | $14.2B | $16.6B | $18.7B |
| Diluted shares | 37M | 34M | 33M |
- Total revenues: Commissions and payments from travel bookings (Booking.com, Priceline, Agoda and others), plus advertising (KAYAK, OpenTable).
- Net income to common stockholders: Net income available to common stockholders.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current maturities plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Revenue by type is as reported and adds up to total revenue.
- Net income is net income available to common stockholders, as tagged in the filings.
Recent filings
Latest filings
- Oct 164:15 PM ET
Form 4
Booking Holdings CHIEF HUMAN RESOURCES OFFICER Paulo Pisano reports selling 1,500 shares under a 10b5-1 plan
The filing reports 1,500 shares in an open-market or private sale (code S) at $163.06, about $244,590 in total.
Common questions about Booking Holdings
How does Booking Holdings make money?
Fiscal 2025 total revenues: $26.9B. Merchant revenue was 66% of 2025 revenue, agency revenue 30% and advertising and other 4%. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Booking Holdings's revenue in fiscal 2025?
$26.9B, up 13.4% from fiscal 2024 ($23.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $21.4B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Booking Holdings profitable?
Net income to common stockholders was $5.4B in fiscal 2025 (down 8.1%; fiscal 2024 was $5.9B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $1.9B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Booking Holdings report in its latest quarterly filing?
For the three months to Jun 30, 2026: revenue $7.4B (up 8.1% from $6.8B) and net income $1.9B (up 117.9% from $895M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.
How much cash and debt does Booking Holdings have?
As of Jun 30, 2026: $17.2B of cash and cash equivalents, $20.2B of total debt. Total debt here is current maturities plus long-term debt, at carrying value. Source: 10-Q filed Aug 4, 2026.
What are the main risks Booking Holdings lists?
The risk factors are in Item 1A of the 10-K filed Feb 18, 2026. This page sorts them into 6 groups (Travel demand; competition; search and marketing; regulation; currency; cybersecurity). The first group in plain English: Bookings fall when economies weaken or when wars, disease or disasters disrupt travel. Source: 10-K, Item 1A Risk Factors.
Where do these Booking Holdings numbers come from?
The 10-K filed Feb 18, 2026 (fiscal 2025) and the 10-Q filed Aug 4, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in BKNG
- The editor holds no position in Booking Holdings (BKNG). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell BKNG from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold BKNG, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Booking HoldingsBKNG | FY2025 | $26.9B | +13.4% | $5.4B |
| Uber | FY2025 | $52.0B | +18.3% | $10.1B |
| AlphabetGOOGL | FY2025 | $402.8B | +15.1% | $132.2B |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.