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Booking Holdings Inc.

BKNG· Nasdaq· Transportation Services

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
33.8%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+31.7%
We record prices for the companies we cover; BKNG is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
32.6M
Revenue
$26.9B
Free cash flow
$9.1B
Owner earnings
$8.5B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
32.8%
Net
–
Free cash flow
33.8%
Owner earnings
31.5%
Stock pay
2.3%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
–
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
16.3%
Revenue, 5 yr
31.7%
Revenue, 9 yr
10.7%
Diluted EPS, 3 yr
29.4%
Diluted EPS, 5 yr
158.3%
Diluted EPS, 9 yr
16.3%
Free cash flow, 3 yr
13.7%
Free cash flow, 5 yr
–
Free cash flow, 9 yr
10.3%

Financial health · FY2025

Cash and investments
$17.2B
Total debt
$18.7B
Net debt
$1.5B
Debt/Equity
–
Debt/FCF
2.1x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-4.5%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$26.9B

+10.7% a year over 9 years

FY2016: Revenue $10.7BFY2017: Revenue $12.7BFY2018: Revenue $14.5BFY2019: Revenue $15.1BFY2020: Revenue $6.8BFY2021: Revenue $11.0BFY2022: Revenue $17.1BFY2023: Revenue $21.4BFY2024: Revenue $23.7BFY2025: Revenue $26.9B
FY2016FY2025

Margins

Gross–Operating32.8%

FY2025

FY2016: Gross 96.1%, Operating 27.1%FY2017: Gross 98.1%, Operating 35.8%FY2018: Gross –, Operating 36.8%FY2019: Gross –, Operating 35.5%FY2020: Gross –, Operating -9.3%FY2021: Gross –, Operating 22.8%FY2022: Gross –, Operating 29.9%FY2023: Gross –, Operating 27.3%FY2024: Gross –, Operating 31.8%FY2025: Gross –, Operating 32.8%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$9.1BOwner earnings$8.5B

Free cash flow +10.3% a year

FY2016: Free cash flow $3.8B, Owner earnings $3.5BFY2017: Free cash flow $4.4B, Owner earnings $4.1BFY2018: Free cash flow $4.9B, Owner earnings $4.6BFY2019: Free cash flow $4.5B, Owner earnings $4.2BFY2020: Free cash flow -$201.0M, Owner earnings -$434.0MFY2021: Free cash flow $2.5B, Owner earnings $2.1BFY2022: Free cash flow $6.2B, Owner earnings $5.8BFY2023: Free cash flow $7.0B, Owner earnings $6.5BFY2024: Free cash flow $7.9B, Owner earnings $7.3BFY2025: Free cash flow $9.1B, Owner earnings $8.5B
FY2016FY2025

Diluted shares

32.6M

-34.8% over 9 years, net buybacks

FY2016: Diluted shares 50.1MFY2017: Diluted shares 50.0MFY2018: Diluted shares 48.0MFY2019: Diluted shares 43.5MFY2020: Diluted shares 41.2MFY2021: Diluted shares 41.4MFY2022: Diluted shares 40.1MFY2023: Diluted shares 36.5MFY2024: Diluted shares 34.1MFY2025: Diluted shares 32.6M
FY2016FY2025

Return on invested capital

–

FY2025

FY2016: ROIC 19.6%FY2017: ROIC 19.1%FY2018: ROIC 39.6%FY2019: ROIC 69.7%FY2020: ROIC -1.1%FY2021: ROIC 33.3%FY2022: ROIC 138.5%FY2023: ROIC –FY2024: ROIC –FY2025: ROIC –
FY2016FY2025

Net debt (below zero)

-$1.5B

$1.5B more debt than cash

FY2016: Net cash -$1.9BFY2017: Net cash -$1.4BFY2018: Net cash -$2.4BFY2019: Net cash -$330.0MFY2020: Net cash -$951.0MFY2021: Net cash $226.0MFY2022: Net cash -$89.0MFY2023: Net cash -$1.5BFY2024: Net cash -$434.0MFY2025: Net cash -$1.5B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$10.7B$12.7B$14.5B$15.1B$6.8B$11.0B$17.1B$21.4B$23.7B$26.9B
Revenue growth16.5%18.0%14.6%3.7%-54.9%61.2%56.0%25.0%11.1%13.4%
Gross margin96.1%98.1%––––––––
Operating margin27.1%35.8%36.8%35.5%-9.3%22.8%29.9%27.3%31.8%32.8%
Net income––––––––––
Net margin––––––––––
Diluted EPS$42.65$46.86$83.26$111.82$1.44$28.17$76.35$117.40$172.69$165.57
Return on invested capital?19.6%19.1%39.6%69.7%-1.1%33.3%138.5%–––
Cash
Operating cash flow$4.0B$4.7B$5.3B$4.9B$85.0M$2.8B$6.6B$7.3B$8.3B$9.4B
Capital expenditure$220.0M$288.0M$442.0M$368.0M$286.0M$304.0M$368.0M$345.0M$429.0M$322.0M
Free cash flow$3.8B$4.4B$4.9B$4.5B-$201.0M$2.5B$6.2B$7.0B$7.9B$9.1B
Stock-based compensation$250.0M$261.0M$317.0M$308.0M$233.0M$370.0M$404.0M$530.0M$599.0M$613.0M
Owner earnings?$3.5B$4.1B$4.6B$4.2B-$434.0M$2.1B$5.8B$6.5B$7.3B$8.5B
Free cash flow per share$75.19$87.56$101.96$103.36$-4.88$60.83$154.45$191.60$231.74$278.41
Capital allocation
Dividends paid––––––$0$0$1.2B$1.2B
Share repurchases$1.0B$1.8B$6.0B$8.2B$1.3B$163.0M$6.6B$10.4B$6.5B$6.4B
Diluted shares50.1M50.0M48.0M43.5M41.2M41.4M40.1M36.5M34.1M32.6M
Share count change?-3.0%-0.2%-3.9%-9.4%-5.4%0.5%-3.2%-8.8%-6.8%-4.2%
Balance sheet
Cash and equivalents$2.1B$2.5B$2.6B$6.3B$10.6B$11.1B$12.2B$12.1B$16.2B$17.2B
Short-term investments$2.2B$4.9B$3.7B$998.0M$501.0M$25.0M$175.0M$576.0M$0–
Total debt$6.2B$8.8B$8.6B$7.6B$12.0B$10.9B$12.5B$14.2B$16.6B$18.7B
Net debt$1.9B$1.4B$2.4B$330.0M$951.0M-$226.0M$89.0M$1.5B$434.0M$1.5B
Shareholders' equity$9.8B$11.3B$8.8B$5.9B$4.9B$6.2B$2.8B-$2.7B-$4.0B-$5.6B

Latest filings

All on EDGAR
2026-08-048-KEarnings release
2026-08-0410-QQuarterly report
2026-04-2810-QQuarterly report
2026-04-288-KEarnings release
2026-04-21DEF 14AProxy statement
2026-02-188-KEarnings release
2026-02-1810-KAnnual report
2025-10-2810-QQuarterly report
2025-10-288-KEarnings release
2025-07-2910-QQuarterly report

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