Booking Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Booking Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,743	12,681	14,527	15,066	6,796	10,958	17,090	21,365	23,739	26,917
Cost of revenue	415	242
Gross profit	10,328	12,439
Selling and marketing	435	562
General and administrative	452	576	699	797	581	522	766	1,560	1,036	857
Operating expenses	7,422	7,901	9,186	9,721	7,427	8,462	11,988	15,530	16,184	18,092
Operating income	2,906	4,538	5,341	5,345	-631	2,496	5,102	5,835	7,555	8,825
Interest expense	208	254	269	266	356	334	391	897	1,295	1,617
Interest income	95	157	187	152	54	16	219	1,020	1,114	921
Other non-operating income	-193	-139	-506	613	1,554	-697	-1,007	-477	-82	-1,297
Pre-tax income	2,713	4,399	4,835	5,958	567	1,465	3,923	5,481	7,292	6,832
Income tax	578	2,058	837	1,093	508	300	865	1,192	1,410	1,428
Net income	2,135	2,341	3,998	4,865	59	1,165	3,058	4,289	5,882	5,404
EBITDA	3,215	4,901	5,767	5,814	-173	2,917	5,553	6,339	8,146	9,448
EPS, basic	43.14	47.78	84.26	112.93	1.45	28.39	76.70	118.67	174.96	166.52
EPS, diluted	42.65	46.86	83.26	111.82	1.44	28.17	76.35	117.40	172.69	165.57
Shares, basic (weighted)	49.5	49	47.4	43.1	41	41	39.9	36.1	33.6	32.5
Shares, diluted (weighted)	50.1	50	48	43.5	41.2	41.4	40.1	36.5	34.1	32.6
Dividend per share									8.75	9.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,081	2,542	2,624	6,312	10,562	11,127	12,221	12,107	16,164	17,203
Short-term investments	2,219	4,860	3,660	998	501	25	175	576	0
Receivables	860	1,218	1,523	1,680
Other current assets	241	415	600	364	277	231	696	454	541	630
Total current assets	5,402	9,035	8,407	9,833	12,206	13,145	15,798	17,034	20,491	22,264
Property, plant and equipment	347	480	656	738	756	822	669	784	832	807
Lease right-of-use assets			0	620	529	496	645	705	559	632
Goodwill	2,397	2,738	2,910	2,913	1,895	2,887	2,807	2,826	2,799	2,669
Intangible assets	1,994	2,177	2,125	1,954	1,812	2,057	1,829	1,613	1,382	918
Long-term investments		10,873	8,408	4,477	3,759	3,175	2,789	440	536	582
Other non-current assets	109	148	181	867	917	1,059	824	940	1,109	1,392
Total assets	19,839	25,451	22,687	21,402	21,874	23,641	25,361	24,342	27,708	29,264
Accounts payable	419	668	1,134	1,239	735	1,586	2,507	3,374	3,824	5,094
Accrued liabilities	857	1,139	1,399	1,578	1,382	1,765	3,244	4,741	6,047	4,454
Short-term debt					985	1,989	500	1,961	1,745	1,880
Total current liabilities	2,859	3,498	3,555	5,366	3,425	6,246	8,474	13,330	15,647	16,698
Long-term debt	6,171	8,810	8,649	7,640	11,029	8,937	11,985	12,223	14,853	16,856
Lease liabilities			0	462	366	351	552	599	483	557
Other non-current liabilities	139	147	162	104	111	199	172	161	199	731
Total liabilities	9,990	14,187	13,902	15,469	16,981	17,463	22,579	27,086	31,728	34,842
Total debt	6,171	8,810	8,649	7,640	12,014	10,926	12,485	14,184	16,598	18,736
Paid-in capital	5,483	5,783	5,445	5,756	5,851	6,159	6,491	7,175	7,707	8,344
Retained earnings	11,327	13,939	18,367	23,232	23,288	24,453	27,541	31,830	36,525	40,670
Treasury stock	-6,855	-8,699	-14,711	-22,864	-24,128	-24,290	-30,983	-41,426	-47,877	-54,315
Other comprehensive income	-135	238	-316	-191	-118	-144	-267	-323	-375	-290
Shareholders' equity	9,820	11,261	8,785	5,933	4,893	6,178	2,782	-2,744	-4,020	-5,578
Total equity	9,820	11,261	8,785	5,933	4,893	6,178	2,782	-2,744	-4,020	-5,578
Total liabilities and equity	19,839	25,451	22,687	21,402	21,874	23,641	25,361	24,342	27,708	29,264

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,135	2,341	3,998	4,865	59	1,165	3,058	4,289	5,882	5,404
Depreciation and amortization	309	363	426	469	458	421	451	504	591	623
Stock-based compensation	250	261	317	308	233	370	404	530	599	613
Deferred income tax	-112	-32	-150	122	213	-445	-257	-478	98	-516
Change in receivables	-284	-270	-319	-323	891	-1,002	-1,228	-1,330	-506	-730
Cash from operations	3,984	4,662	5,338	4,865	85	2,820	6,554	7,344	8,323	9,409
Capital expenditures	-220	-288	-442	-368	-286	-304	-368	-345	-429	-322
Acquisitions					0	-1,185	0	0
Purchases of investments		-6,941	-2,686	-672	-74	-17	-768	-12	-33	0
Sales and maturities of investments		3,580	5,616	8,099	2,997	508	32	1,840	590	0
Cash from investing	-3,333	-4,202	2,215	7,050	2,637	-998	-518	1,486	129	-313
Debt issued	995	2,045	0	0	4,108	2,015	3,621	1,893	4,836	3,681
Debt repaid				0	-1,244	-3,068	-1,880	-500	-1,312	-4,970
Stock issued	16	5	2			5	7	134	14	15
Share buybacks	-1,012	-1,828	-5,971	-8,187	-1,303	-163	-6,621	-10,377	-6,509	-6,440
Dividends paid							0	0	-1,174	-1,248
Cash from financing	-1	-79	-7,431	-8,220	1,528	-1,239	-4,897	-8,909	-4,204	-8,915
Exchange rate effect	-46	100	-40	-8	0	-13	-40	-37	-190	895
Net change in cash	604	481	82	3,687	4,250	570	1,099	-116	4,058	1,076
Free cash flow	3,764	4,374	4,896	4,497	-201	2,516	6,186	6,999	7,894	9,087
Interest paid	126	155	219	221	278	318	380	842	953	1,100
Income taxes paid	637	702	1,169	1,074	319	735	600	1,789	1,932	2,279

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $163.95 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	32.9%	Operating income / revenue.
EBITDA margin	34.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	32.9%	Pre-tax income / revenue.
Net margin	25.5%	Net income / revenue.
FCF margin	33.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.9%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	24.3%	Net income / average total assets.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	16.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-8.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	20.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	146.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-4.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	29.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	158.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	156.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	5.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.09x	Current assets / current liabilities.
Quick ratio	0.82x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.82x	(Cash + short-term investments) / current liabilities.
Debt / assets	68.0%	Total debt / total assets.
Liabilities / assets	136.3%	Total liabilities / total assets.
Net debt	$2.97B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.42x	Operating income / interest expense.
Working capital	$1.99B	Current assets - current liabilities.
Goodwill and intangibles / assets	11.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$14.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.95x	Revenue / average total assets.
Fixed asset turnover	36.8x	Revenue / average property, plant and equipment.
FCF conversion	132.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.36	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.68	Revenue / diluted weighted shares.
FCF per share	$12.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.80	Cash from operations / diluted weighted shares.
Book value per share	-$14.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$18.58	Tangible book value / shares outstanding.
Cash per share	$22.36	(Cash + short-term investments) / shares outstanding.
Payout ratio	17.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	13.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	110.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$123.19B	Share price x shares outstanding.
Enterprise value	$126.15B	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	4.36x	Market cap / revenue.
P/FCF	12.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	4.47x	Enterprise value / revenue.
EV/EBIT	13.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.7%	Free cash flow / market cap.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	9.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.58x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Booking Holdings Inc.'s revenue in fiscal 2025?

Booking Holdings Inc. reported revenue of $26.92B for fiscal 2025, 13.4% higher than the year before.

Was Booking Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $5.40B, a net margin of 20.1%.

How much free cash flow did Booking Holdings Inc. generate in fiscal 2025?

Cash from operations of $9.41B minus capital expenditures of $322.0M left free cash flow of $9.09B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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