Detailed financial statements for Booking Holdings Inc. (BKNG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The company manages a portfolio of well-known digital platforms. Among these, Booking.com specializes in online accommodation bookings, while Rentalcars.com is dedicated to facilitating vehicle rentals.
Analysis Summary
Booking Holdings Inc. reported revenue of $26.92B in the most recent fiscal year, growing at a 5-year CAGR of 31.7%. Net income reached $5.40B, with a 146.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 100.0%, operating margin 34.5%, net margin 25.5%.
At the current price of $158.33, BKNG trades at a P/E of 17.64 and an ROE of -96.88%. Market capitalisation stands at $122.7B, placing it among large-cap names.
Balance sheet quality for BKNG: current ratio of 1.3, net debt of $1.51B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $9.09B represents 168% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.74B | $12.68B | $14.53B | $15.07B | $6.80B | $10.96B | $17.09B | $21.36B | $23.74B | $26.92B |
| Cost of Revenue | $415.0M | $242.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $10.33B | $12.44B | $14.53B | $15.07B | $6.80B | $10.96B | $17.09B | $21.36B | $23.74B | $26.92B |
| Research & Development | $142.0M | $189.0M | $233.0M | $285.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $6.03B | $7.35B | $8.53B | $8.97B | $5.46B | $7.62B | $11.21B | $14.37B | $14.79B | $15.90B |
| Operating Expenses | $7.42B | $7.90B | $9.19B | $9.72B | $7.43B | $8.46B | $11.99B | $15.53B | $16.18B | $17.64B |
| Operating Income | $2.91B | $4.54B | $5.34B | $5.34B | -$631.0M | $2.50B | $5.10B | $5.83B | $7.55B | $9.28B |
| EBITDA | $3.23B | $5.02B | $5.53B | $6.87B | $1.56B | $2.40B | $4.92B | $7.04B | $9.34B | $9.22B |
| Interest Expense | $208.0M | $254.0M | $269.0M | $266.0M | $356.0M | $334.0M | $391.0M | $897.0M | $1.29B | $1.62B |
| Pre-tax Income | $2.71B | $4.40B | $4.83B | $5.96B | $567.0M | $1.47B | $3.92B | $5.48B | $7.29B | $6.83B |
| Income Tax | $578.0M | $2.06B | $837.0M | $1.09B | $508.0M | $300.0M | $865.0M | $1.19B | $1.41B | $1.43B |
| Net Income | $2.13B | $2.34B | $4.00B | $4.87B | $59.0M | $1.17B | $3.06B | $4.29B | $5.88B | $5.40B |
| EPS | $1.73 | $1.91 | $3.37 | $4.52 | $0.06 | $1.14 | $3.07 | $4.75 | $7.00 | $6.66 |
| EPS (Diluted) | $1.71 | $1.87 | $3.33 | $4.47 | $0.06 | $1.13 | $3.05 | $4.70 | $6.91 | $6.62 |
| Shares Outstanding (Diluted) | $1.25B | $1.25B | $1.20B | $1.09B | $1.03B | $1.03B | $1.00B | $913.2M | $851.6M | $816.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $9.01B | $6.35B | $5.53B | $7.35B |
| Gross Profit | $9.01B | $6.35B | $5.53B | $7.35B |
| Operating Income | $3.94B | $2.03B | $1.27B | $2.50B |
| EBITDA | $3.97B | $2.30B | $1.53B | $2.99B |
| Net Income | $2.75B | $1.43B | $1.08B | $1.95B |
| EPS | $3.39 | $1.76 | $1.37 | $2.54 |
| EPS (Diluted) | $3.38 | $1.75 | $1.36 | $2.53 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.08B | $2.54B | $2.62B | $6.31B | $10.56B | $11.13B | $12.22B | $12.11B | $16.16B | $17.20B |
| Short-term Investments | $2.22B | $4.86B | $3.66B | $998.0M | $501.0M | $25.0M | $175.0M | $576.0M | 0 | $582.0M |
| Receivables | $860.1M | $1.22B | $1.52B | $1.68B | $529.0M | $1.36B | $2.23B | $3.25B | $3.20B | $3.82B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $5.40B | $9.03B | $8.41B | $9.83B | $12.21B | $13.14B | $15.80B | $17.03B | $20.49B | $22.26B |
| Property, Plant & Equipment | $347.0M | $480.1M | $656.0M | $1.36B | $1.28B | $1.32B | $1.31B | $1.49B | $1.39B | $807.0M |
| Goodwill | $2.40B | $2.74B | $2.91B | $2.91B | $1.90B | $2.89B | $2.81B | $2.83B | $2.80B | $2.67B |
| Intangible Assets | $1.99B | $2.18B | $2.12B | $1.95B | $1.81B | $2.06B | $1.83B | $1.61B | $1.38B | $918.0M |
| Total Assets | $19.84B | $25.45B | $22.69B | $21.40B | $21.87B | $23.64B | $25.36B | $24.34B | $27.71B | $29.26B |
| Accounts Payable | $419.1M | $668.0M | $1.13B | $1.24B | $735.0M | $1.59B | $2.51B | $3.37B | $3.82B | $5.09B |
| Short-term Debt | $967.7M | $711.0M | 0 | $988.0M | $985.0M | $1.99B | $500.0M | $1.96B | $1.75B | $1.88B |
| Total Current Liabilities | $2.86B | $3.50B | $3.56B | $5.37B | $3.42B | $6.25B | $8.47B | $13.33B | $15.65B | $16.70B |
| Long-term Debt | $6.17B | $8.81B | $8.65B | $7.64B | $11.03B | $8.94B | $11.98B | $12.22B | $14.85B | $16.86B |
| Total Liabilities | $9.99B | $14.19B | $13.90B | $15.47B | $16.98B | $17.46B | $22.58B | $27.09B | $31.73B | $34.84B |
| Retained Earnings | $11.33B | $13.94B | $18.37B | $23.23B | $23.29B | $24.45B | $27.54B | $31.83B | $36.52B | $40.67B |
| Total Equity | $9.85B | $11.26B | $8.79B | $5.93B | $4.89B | $6.18B | $2.78B | -$2.74B | -$4.02B | -$5.58B |
| Total Debt | $7.14B | $9.52B | $8.65B | $9.09B | $12.38B | $11.28B | $13.04B | $14.78B | $17.08B | $19.29B |
| Net Debt | $2.84B | $2.12B | $2.37B | $1.78B | $1.32B | $125.0M | $611.0M | $2.10B | $917.0M | $1.51B |
| Working Capital | $2.54B | $5.54B | $4.85B | $4.47B | $8.78B | $6.90B | $7.32B | $3.70B | $4.84B | $5.57B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $16.51B | $17.20B | $16.02B | $17.21B |
| Total Assets | $28.75B | $29.26B | $27.72B | $29.68B |
| Total Liabilities | $33.49B | $34.84B | $36.44B | $40.47B |
| Total Equity | -$4.74B | -$5.58B | -$8.72B | -$10.78B |
| Total Debt | $17.53B | $19.29B | $18.94B | $20.69B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.13B | $2.34B | $4.00B | $4.87B | $59.0M | $1.17B | $3.06B | $4.29B | $5.88B | $5.40B |
| Depreciation & Amortization | $309.1M | $362.8M | $426.0M | $641.0M | $642.0M | $599.0M | $607.0M | $665.0M | $751.0M | $768.0M |
| Stock-based Compensation | $249.7M | $261.3M | $331.0M | $325.0M | $255.0M | $376.0M | $404.0M | $530.0M | $599.0M | $617.0M |
| Change in Working Capital | $215.9M | $1.58B | $125.0M | -$539.0M | -$1.02B | $269.0M | $1.79B | $1.71B | $367.0M | $535.0M |
| Operating Cash Flow | $3.92B | $4.66B | $5.34B | $4.87B | $85.0M | $2.82B | $6.55B | $7.34B | $8.32B | $9.41B |
| Capital Expenditure | -$268.4M | -$287.8M | -$442.0M | -$368.0M | -$286.0M | -$304.0M | -$368.0M | -$345.0M | -$429.0M | -$322.0M |
| Acquisitions | -$7.8M | -$1.00B | -$273.0M | -$9.0M | -$2.92B | -$1.19B | $601.0M | 0 | 0 | 0 |
| Stock Repurchased | -$1.01B | -$1.83B | -$5.97B | -$8.19B | -$1.30B | -$163.0M | -$6.62B | -$10.38B | -$6.51B | -$6.44B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$1.17B | -$1.25B |
| Free Cash Flow | $3.66B | $4.37B | $4.90B | $4.50B | -$201.0M | $2.52B | $6.19B | $7.00B | $7.89B | $9.09B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.44B | $1.49B | $3.21B | $3.72B |
| Capital Expenditure | -$64.0M | -$73.0M | -$107.0M | -$76.0M |
| Free Cash Flow | $1.37B | $1.42B | $3.11B | $3.64B |
| Dividends Paid | -$310.0M | -$307.0M | -$343.0M | -$321.0M |
| Stock-based Compensation | $153.0M | $167.0M | $141.0M | $140.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.0% | +14.6% | +3.7% | -54.9% | +61.2% | +56.0% | +25.0% | +11.1% | +13.4% | |
| Net Income Growth (YoY) | +9.6% | +70.8% | +21.7% | -98.8% | +1,874.6% | +162.5% | +40.3% | +37.1% | -8.1% | |
| EPS Growth (YoY) | +10.8% | +76.3% | +34.0% | -98.7% | +1,871.5% | +170.2% | +54.7% | +47.4% | -4.8% | |
| Shares Change (YoY) | -0.2% | -3.9% | -9.4% | -5.4% | +0.5% | -3.2% | -8.8% | -6.8% | -4.2% | |
| FCF Growth (YoY) | +19.6% | +11.9% | -8.1% | -104.5% | +1,351.7% | +145.9% | +13.1% | +12.8% | +15.1% | |
| Gross Margin | 96.1% | 98.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 27.1% | 35.8% | 36.8% | 35.5% | -9.3% | 22.8% | 29.9% | 27.3% | 31.8% | 34.5% |
| EBITDA Margin | 30.1% | 39.6% | 38.1% | 45.6% | 23.0% | 21.9% | 28.8% | 33.0% | 39.3% | 34.2% |
| Net Margin | 19.9% | 18.5% | 27.5% | 32.3% | 0.9% | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% |
| FCF Margin | 34.0% | 34.5% | 33.7% | 29.8% | -3.0% | 23.0% | 36.2% | 32.8% | 33.3% | 33.8% |
| Effective Tax Rate | 21.3% | 46.8% | 17.3% | 18.3% | 89.6% | 20.5% | 22.0% | 21.7% | 19.3% | 20.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.92 | $3.50 | $4.08 | $4.13 | $-0.20 | $2.43 | $6.18 | $7.66 | $9.27 | $11.14 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.38 | $1.53 |
| Shares Outstanding (Basic) | $1.24B | $1.22B | $1.19B | $1.08B | $1.02B | $1.03B | $996.8M | $903.5M | $840.5M | $811.3M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -96.88% |
| Return on Invested Capital | 50.82% |
| Return on Assets | 18.47% |
| Gross Margin | 100.00% |
| Operating Margin | 34.49% |
| Net Margin | 25.53% |
Financial Health
| Debt / Equity | -1.92 |
| Current Ratio | 1.09 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 7.13 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 33.98 | 36.37 | 20.44 | 18.19 | 1,546.70 | 84.51 | 26.27 | 29.89 | 28.40 | 32.16 |
| P/B | 7.37 | 7.56 | 9.30 | 14.91 | 18.65 | 15.94 | 28.88 | -46.72 | -41.55 | -31.16 |
| P/S | 6.75 | 6.71 | 5.63 | 5.87 | 13.43 | 8.99 | 4.70 | 6.00 | 7.04 | 6.46 |
| Gross Margin | 96.1% | 98.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 27.1% | 35.8% | 36.8% | 35.5% | -9.3% | 22.8% | 29.9% | 27.3% | 31.8% | 34.5% |
| Net Margin | 19.9% | 18.5% | 27.5% | 32.3% | 0.9% | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% |
Related companies: ABNB · EXPE · LOW · MCD · MELI · PDD · RCL
Explore sector: Consumer Cyclical · Travel Services
More sections of BKNG: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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