What is Booking Holdings's earnings per share (EPS)?

Booking Holdings (BKNG) reported diluted earnings per share of $165.57 for fiscal year 2025. This represents a -4.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Booking Holdings Financials

BKNG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Booking Holdings (BKNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 68/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Booking Holdings has an operating margin of 32.8%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 95/100, reflecting efficient cost management and pricing power. This is up from 31.8% the prior year.

Growth

Booking Holdings's revenue grew 13.4% year-over-year to $26.9B, a solid pace of expansion. This earns a growth score of 56/100.

Liquidity

Booking Holdings's current ratio of 1.33 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Cash Flow

100

Booking Holdings converts 33.8% of revenue into free cash flow ($9.1B). This strong cash generation earns a score of 100/100.

Altman Z-Score Safe

6.45

Booking Holdings scores 6.45, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Booking Holdings passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.74x

For every $1 of reported earnings, Booking Holdings generates $1.74 in operating cash flow ($9.4B OCF vs $5.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

5.5x

Booking Holdings earns $5.5 in operating income for every $1 of interest expense ($8.8B vs $1.6B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$26.9B

YoY+13.4%

5Y CAGR+31.7%

10Y CAGR+11.3%

Booking Holdings generated $26.9B in revenue in fiscal year 2025. This represents an increase of 13.4% from the prior year.

EBITDA

$9.4B

YoY+16.0%

10Y CAGR+10.3%

Booking Holdings's EBITDA was $9.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.0% from the prior year.

Net Income

$5.4B

YoY-8.1%

5Y CAGR+146.8%

10Y CAGR+7.8%

Booking Holdings reported $5.4B in net income in fiscal year 2025. This represents a decrease of 8.1% from the prior year.

EPS (Diluted)

$165.57

YoY-4.1%

5Y CAGR+158.3%

10Y CAGR+12.8%

Booking Holdings earned $165.57 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 4.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$9.1B

YoY+15.1%

10Y CAGR+11.6%

Booking Holdings generated $9.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.1% from the prior year.

Cash & Debt

$17.2B

YoY+6.4%

5Y CAGR+10.2%

10Y CAGR+27.8%

Booking Holdings held $17.2B in cash against $16.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

$9.60

YoY+9.7%

Booking Holdings paid $9.60 per share in dividends in fiscal year 2025. This represents an increase of 9.7% from the prior year.

Shares Outstanding

32M

YoY-3.5%

10Y CAGR-4.4%

Booking Holdings had 32M shares outstanding in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

32.8%

YoY+1.0pp

5Y CAGR+42.1pp

10Y CAGR-2.5pp

Booking Holdings's operating margin was 32.8% in fiscal year 2025, reflecting core business profitability. This is up 1.0 percentage points from the prior year.

Net Margin

20.1%

YoY-4.7pp

5Y CAGR+19.2pp

10Y CAGR-7.6pp

Booking Holdings's net profit margin was 20.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$6.4B

YoY-1.1%

5Y CAGR+37.7%

10Y CAGR+7.6%

Booking Holdings spent $6.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 1.1% from the prior year.

Capital Expenditures

$322.0M

YoY-24.9%

5Y CAGR+2.4%

10Y CAGR+6.4%

Booking Holdings invested $322.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.9% from the prior year.

BKNG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$26.9B+13.4%	$23.7B+11.1%	$21.4B+25.0%	$17.1B+56.0%	$11.0B+61.2%	$6.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$857.0M-17.3%	$1.0B-33.6%	$1.6B+103.7%	$766.0M+46.7%	$522.0M-10.2%	$581.0M
Operating Income	$8.8B+16.8%	$7.6B+29.5%	$5.8B+14.4%	$5.1B+104.4%	$2.5B+495.6%	-$631.0M
Interest Expense	$1.6B+24.9%	$1.3B+44.4%	$897.0M+129.4%	$391.0M+17.1%	$334.0M-6.2%	$356.0M
Income Tax	$1.4B+1.3%	$1.4B+18.3%	$1.2B+37.8%	$865.0M+188.3%	$300.0M-40.9%	$508.0M
Net Income	$5.4B-8.1%	$5.9B+37.1%	$4.3B+40.3%	$3.1B+162.5%	$1.2B+1874.6%	$59.0M
EPS (Diluted)	$165.57-4.1%	$172.69+47.1%	$117.40+53.8%	$76.35+171.0%	$28.17+1856.3%	$1.44

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$6.3B-29.5%	$9.0B+32.5%	$6.8B+42.8%	$4.8B-13.0%	$5.5B-31.6%	$8.0B+36.4%	$5.9B+32.7%	$4.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$262.0M+3.1%	$254.0M+27.6%	$199.0M+40.1%	$142.0M-12.9%	$163.0M-71.7%	$575.0M+413.4%	$112.0M-39.8%	$186.0M
Operating Income	$2.0B-41.7%	$3.5B+54.8%	$2.3B+111.9%	$1.1B-38.6%	$1.7B-45.6%	$3.2B+71.3%	$1.9B+134.6%	$791.0M
Interest Expense	$249.0M-17.3%	$301.0M-28.0%	$418.0M-35.6%	$649.0M+28.0%	$507.0M+66.2%	$305.0M+15.5%	$264.0M+20.5%	$219.0M
Income Tax	$435.0M-39.7%	$721.0M+245.0%	$209.0M+231.7%	$63.0M-87.3%	$496.0M+40.9%	$352.0M-12.2%	$401.0M+149.1%	$161.0M
Net Income	$1.4B-48.0%	$2.7B+207.0%	$895.0M+168.8%	$333.0M-68.8%	$1.1B-57.6%	$2.5B+65.5%	$1.5B+96.0%	$776.0M
EPS (Diluted)	N/A	$84.41+207.7%	$27.43+172.4%	$10.07	N/A	$74.34+67.5%	$44.38+98.4%	$22.37

BKNG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.3B+5.6%	$27.7B+13.8%	$24.3B-4.0%	$25.4B+7.3%	$23.6B+8.1%	$21.9B
Current Assets	$22.3B+8.7%	$20.5B+20.3%	$17.0B+7.8%	$15.8B+20.2%	$13.1B+7.7%	$12.2B
Cash & Equivalents	$17.2B+6.4%	$16.2B+33.5%	$12.1B-0.9%	$12.2B+9.8%	$11.1B+5.3%	$10.6B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.7B-4.6%	$2.8B-1.0%	$2.8B+0.7%	$2.8B-2.8%	$2.9B+52.3%	$1.9B
Total Liabilities	$34.8B+9.8%	$31.7B+17.1%	$27.1B+20.0%	$22.6B+29.3%	$17.5B+2.8%	$17.0B
Current Liabilities	$16.7B+6.7%	$15.6B+17.4%	$13.3B+57.3%	$8.5B+35.7%	$6.2B+82.4%	$3.4B
Long-Term Debt	$16.9B+13.5%	$14.9B+21.5%	$12.2B+2.0%	$12.0B+34.1%	$8.9B-19.0%	$11.0B
Total Equity	-$5.6B-38.8%	-$4.0B-46.5%	-$2.7B-198.6%	$2.8B-55.0%	$6.2B+26.3%	$4.9B
Retained Earnings	$40.7B+11.3%	$36.5B+14.8%	$31.8B+15.6%	$27.5B+12.6%	$24.5B+5.0%	$23.3B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$29.3B+1.8%	$28.8B-6.3%	$30.7B+12.8%	$27.2B-1.9%	$27.7B-1.0%	$28.0B-2.0%	$28.5B+2.9%	$27.7B
Current Assets	$22.3B+2.6%	$21.7B-6.7%	$23.3B+16.6%	$19.9B-2.6%	$20.5B-0.2%	$20.5B-3.6%	$21.3B+4.0%	$20.5B
Cash & Equivalents	$17.2B+4.2%	$16.5B-6.2%	$17.6B+12.9%	$15.6B-3.6%	$16.2B+2.5%	$15.8B-3.2%	$16.3B+4.2%	$15.6B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.7B0.0%	$2.7B-6.5%	$2.9B+1.4%	$2.8B+0.6%	$2.8B-1.4%	$2.8B+0.9%	$2.8B0.0%	$2.8B
Total Liabilities	$34.8B+4.0%	$33.5B-10.3%	$37.3B+12.1%	$33.3B+5.0%	$31.7B+0.3%	$31.6B-3.6%	$32.8B+3.3%	$31.8B
Current Liabilities	$16.7B+2.7%	$16.3B-12.7%	$18.6B+13.7%	$16.4B+4.8%	$15.6B-6.2%	$16.7B-8.4%	$18.2B+8.2%	$16.8B
Long-Term Debt	$16.9B+5.4%	$16.0B-8.4%	$17.5B+13.7%	$15.4B+3.5%	$14.9B+7.7%	$13.8B+3.2%	$13.4B-0.6%	$13.4B
Total Equity	-$5.6B-17.8%	-$4.7B+28.9%	-$6.7B-8.9%	-$6.1B-52.0%	-$4.0B-10.0%	-$3.7B+14.6%	-$4.3B-5.5%	-$4.1B
Retained Earnings	$40.7B+2.8%	$39.6B+6.6%	$37.1B+1.6%	$36.5B0.0%	$36.5B+2.2%	$35.7B+6.6%	$33.5B+3.8%	$32.3B

BKNG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$9.4B+13.0%	$8.3B+13.3%	$7.3B+12.1%	$6.6B+132.4%	$2.8B+3217.6%	$85.0M
Capital Expenditures	$322.0M-24.9%	$429.0M+24.3%	$345.0M-6.3%	$368.0M+21.1%	$304.0M+6.3%	$286.0M
Free Cash Flow	$9.1B+15.1%	$7.9B+12.8%	$7.0B+13.1%	$6.2B+145.9%	$2.5B+1351.7%	-$201.0M
Investing Cash Flow	-$313.0M-342.6%	$129.0M-91.3%	$1.5B+386.9%	-$518.0M+48.1%	-$998.0M-137.8%	$2.6B
Financing Cash Flow	-$8.9B-112.1%	-$4.2B+52.8%	-$8.9B-81.9%	-$4.9B-295.2%	-$1.2B-181.1%	$1.5B
Dividends Paid	$1.2B+6.3%	$1.2B	$0	$0	N/A	N/A
Share Buybacks	$6.4B-1.1%	$6.5B-37.3%	$10.4B+56.7%	$6.6B+3962.0%	$163.0M-87.5%	$1.3B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$1.5B+3.8%	$1.4B-55.2%	$3.2B-2.5%	$3.3B+355.3%	$721.0M-69.6%	$2.4B-6.0%	$2.5B-6.6%	$2.7B
Capital Expenditures	$73.0M+14.1%	$64.0M0.0%	$64.0M-47.1%	$121.0M+59.2%	$76.0M-1.3%	$77.0M-47.3%	$146.0M+12.3%	$130.0M
Free Cash Flow	$1.4B+3.4%	$1.4B-56.3%	$3.1B-0.8%	$3.2B+390.2%	$645.0M-71.9%	$2.3B-3.5%	$2.4B-7.6%	$2.6B
Investing Cash Flow	-$71.0M-12.7%	-$63.0M-3.3%	-$61.0M+48.3%	-$118.0M-57.3%	-$75.0M-3650.0%	-$2.0M-101.5%	$137.0M+98.6%	$69.0M
Financing Cash Flow	-$667.0M+73.1%	-$2.5B-38.2%	-$1.8B+54.7%	-$4.0B-2874.1%	$143.0M+104.5%	-$3.2B-61.0%	-$2.0B-350.8%	$784.0M
Dividends Paid	$307.0M-2.2%	$314.0M-0.3%	$315.0M-1.3%	$319.0M+10.4%	$289.0M-2.0%	$295.0M-1.0%	$298.0M-0.3%	$299.0M
Share Buybacks	$2.1B+224.5%	$653.0M-56.4%	$1.5B-31.0%	$2.2B+76.9%	$1.2B-30.4%	$1.8B+6.1%	$1.7B-10.5%	$1.9B

BKNG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	32.8%+1.0pp	31.8%+4.5pp	27.3%-2.5pp	29.8%+7.1pp	22.8%+32.1pp	-9.3%
Net Margin	20.1%-4.7pp	24.8%+4.7pp	20.1%+2.2pp	17.9%+7.3pp	10.6%+9.8pp	0.9%
Return on Equity	N/A	N/A	N/A	109.9%+91.1pp	18.9%+17.6pp	1.2%
Return on Assets	18.5%-2.8pp	21.2%+3.6pp	17.6%+5.6pp	12.1%+7.1pp	4.9%+4.7pp	0.3%
Current Ratio	1.33+0.0	1.31+0.0	1.28-0.6	1.86-0.2	2.10-1.5	3.56
Debt-to-Equity	-3.02+0.7	-3.69+0.8	-4.45-8.8	4.31+2.9	1.45-0.8	2.25
FCF Margin	33.8%+0.5pp	33.3%+0.5pp	32.8%-3.4pp	36.2%+13.2pp	23.0%+25.9pp	-3.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	32.0%-6.7pp	38.7%+5.6pp	33.1%+10.8pp	22.3%-9.3pp	31.6%-8.2pp	39.8%+8.1pp	31.7%+13.8pp	17.9%
Net Margin	22.5%-8.0pp	30.5%+17.3pp	13.2%+6.2pp	7.0%-12.5pp	19.5%-12.0pp	31.5%+5.5pp	26.0%+8.4pp	17.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	4.9%-4.7pp	9.6%+6.6pp	2.9%+1.7pp	1.2%-2.6pp	3.9%-5.1pp	9.0%+3.7pp	5.3%+2.5pp	2.8%
Current Ratio	1.330.0	1.33+0.1	1.25+0.0	1.22-0.1	1.31+0.1	1.23+0.1	1.17-0.0	1.22
Debt-to-Equity	-3.02+0.4	-3.38-0.8	-2.62-0.1	-2.51+1.2	-3.69+0.1	-3.78-0.7	-3.12+0.2	-3.32
FCF Margin	22.3%+7.1pp	15.2%-30.9pp	46.2%-20.3pp	66.4%+54.6pp	11.8%-16.9pp	28.7%-11.9pp	40.6%-17.7pp	58.3%

Note: Shareholder equity is negative (-$5.6B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Booking Holdings's annual revenue?

Booking Holdings (BKNG) reported $26.9B in total revenue for fiscal year 2025. This represents a 13.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Booking Holdings's revenue growing?

Booking Holdings (BKNG) revenue grew by 13.4% year-over-year, from $23.7B to $26.9B in fiscal year 2025.

Is Booking Holdings profitable?

Yes, Booking Holdings (BKNG) reported a net income of $5.4B in fiscal year 2025, with a net profit margin of 20.1%.

What is Booking Holdings's EBITDA?

Booking Holdings (BKNG) had EBITDA of $9.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Booking Holdings have?

As of fiscal year 2025, Booking Holdings (BKNG) had $17.2B in cash and equivalents against $16.9B in long-term debt.

What is Booking Holdings's operating margin?

Booking Holdings (BKNG) had an operating margin of 32.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Booking Holdings's net profit margin?

Booking Holdings (BKNG) had a net profit margin of 20.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Booking Holdings pay dividends?

Yes, Booking Holdings (BKNG) paid $9.60 per share in dividends during fiscal year 2025.

What is Booking Holdings's free cash flow?

Booking Holdings (BKNG) generated $9.1B in free cash flow during fiscal year 2025. This represents a 15.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Booking Holdings's operating cash flow?

Booking Holdings (BKNG) generated $9.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Booking Holdings's total assets?

Booking Holdings (BKNG) had $29.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Booking Holdings's capital expenditures?

Booking Holdings (BKNG) invested $322.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Booking Holdings buy back shares?

Yes, Booking Holdings (BKNG) spent $6.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Booking Holdings have outstanding?

Booking Holdings (BKNG) had 32M shares outstanding as of fiscal year 2025.

What is Booking Holdings's current ratio?

Booking Holdings (BKNG) had a current ratio of 1.33 as of fiscal year 2025, which is considered adequate.

What is Booking Holdings's debt-to-equity ratio?

Booking Holdings (BKNG) had a debt-to-equity ratio of -3.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Booking Holdings's return on assets (ROA)?

Booking Holdings (BKNG) had a return on assets of 18.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Booking Holdings's debt-to-equity ratio negative or unusual?

Booking Holdings (BKNG) has negative shareholder equity of -$5.6B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Booking Holdings's Altman Z-Score?

Booking Holdings (BKNG) has an Altman Z-Score of 6.45, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Booking Holdings's Piotroski F-Score?

Booking Holdings (BKNG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Booking Holdings's earnings high quality?

Booking Holdings (BKNG) has an earnings quality ratio of 1.74x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Booking Holdings cover its interest payments?

Booking Holdings (BKNG) has an interest coverage ratio of 5.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Booking Holdings?

Booking Holdings (BKNG) scores 68 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.