Booking Holdings

Consumer Discretionary Hotels, Resorts & Cruise Lines Norwalk, Connecticut Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$26.9B
                    3y CAGR +16.3%
                    
                    P87
                    
                    +13.4%
                    
                    Net income
                    FY2025
                
$5.4B
                    Net margin +20.1%
                    
                    P92
                    
                    -8.1%
                    
                    Total assets
                    FY2025
                
$29.3B
                    ROA +18.5%
                    
                    P86
                    
                    +5.6%
                    
                    Operating cash flow
                    FY2025
                
$9.4B
                    FCF margin +33.8%
                    
                    P100
                    
                    +13.0%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

29 accounts · 5 years

Total assets $29.3B

Total liabilities $34.8B

Shareholders equity $-5.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$17.3B 6.6%	$16.2B 33.4%	$12.1B -0.9%	$12.3B 9.9%	$11.2B
Accounts Receivable	$2.1B 5.0%	$2.0B 5.3%	$1.9B 26.7%	$1.5B 36.4%	$1.1B
Prepaid Expenses	$611.0M 4.1%	$587.0M -8.9%	$644.0M 35.0%	$477.0M 18.1%	$404.0M
Other Current Assets	$630.0M 16.5%	$541.0M 19.2%	$454.0M -34.8%	$696.0M 201.3%	$231.0M
Total Current Assets	$22.3B 8.7%	$20.5B 20.3%	$17.0B 7.8%	$15.8B 20.2%	$13.1B
Property,Plant and Equipment	$807.0M -3.0%	$832.0M 6.1%	$784.0M 17.2%	$669.0M -18.6%	$822.0M
Operating Lease Assets	$632.0M 13.1%	$559.0M -20.7%	$705.0M 9.3%	$645.0M 30.0%	$496.0M
Goodwill	$2.7B -4.6%	$2.8B -1.0%	$2.8B 0.7%	$2.8B -2.8%	$2.9B
Intangible Assets	$918.0M -33.6%	$1.4B -14.3%	$1.6B -11.8%	$1.8B -11.1%	$2.1B
Long Term Investments	$582.0M 8.6%	$536.0M 21.8%	$440.0M -84.2%	$2.8B -12.2%	$3.2B
Other Noncurrent Assets	$1.4B 25.5%	$1.1B 18.0%	$940.0M 14.1%	$824.0M -22.2%	$1.1B
Total Assets	$29.3B 5.6%	$27.7B 13.8%	$24.3B -4.0%	$25.4B 7.3%	$23.6B
Liabilities
Accounts Payable	$5.1B 33.2%	$3.8B 9.9%	$3.5B 38.8%	$2.5B 58.1%	$1.6B
Accrued Liabilities	$4.5B -26.3%	$6.0B 30.5%	$4.6B 42.9%	$3.2B 83.8%	$1.8B
Current Portion of Long Term Debt	$1.9B 7.7%	$1.7B -11.0%	$2.0B 292.2%	$500.0M -74.9%	$2.0B
Other Current Liabilities	$714.0M 258.8%	$199.0M 23.6%	$161.0M -6.4%	$172.0M -13.6%	$199.0M
Total Current Liabilities	$16.7B 6.7%	$15.6B 17.4%	$13.3B 57.3%	$8.5B 35.7%	$6.2B
Long Term Debt	$16.9B 13.5%	$14.9B 21.5%	$12.2B 2.0%	$12.0B 34.1%	$8.9B
Operating Lease Liabilities Noncurrent	$557.0M 15.3%	$483.0M -19.4%	$599.0M 8.5%	$552.0M 57.3%	$351.0M
Deferred Tax Liabilities	$0 -100.0%	$289.0M 12.0%	$258.0M -62.3%	$685.0M -24.3%	$905.0M
Other Noncurrent Liabilities	$714.0M 258.8%	$199.0M 23.6%	$161.0M -6.4%	$172.0M -13.6%	$199.0M
Total Liabilities	$34.8B 9.8%	$31.7B 17.1%	$27.1B 20.0%	$22.6B 29.3%	$17.5B
Equity
Common Stock	$1.0M	$0	$0	$0	$0
Additional Paid In Capital	$8.4B 8.4%	$7.7B 7.4%	$7.2B 10.5%	$6.5B 5.4%	$6.2B
Retained Earnings	$40.7B 11.3%	$36.5B 14.8%	$31.8B 15.6%	$27.5B 12.6%	$24.5B
Treasury Stock	$54.3B 13.4%	$47.9B 15.6%	$41.4B 33.7%	$31.0B 27.6%	$24.3B
Accumulated Other Comprehensive Income	$-290.0M 22.7%	$-375.0M -16.1%	$-323.0M -21.0%	$-267.0M -85.4%	$-144.0M
Total Stockholders Equity	$-5.6B -38.8%	$-4.0B -46.5%	$-2.7B -198.6%	$2.8B -55.0%	$6.2B
Total Liabilitiesand Equity	$29.3B 5.6%	$27.7B 13.8%	$24.3B -4.0%	$25.4B 7.3%	$23.6B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $26.9B

Operating income $8.8B

Net income $5.4B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$26.9B 13.4%	$23.7B 11.1%	$21.4B 25.0%	$17.1B 56.0%	$11.0B
Expenses Selling,General and Administrative	$857.0M -17.3%	$1.0B -33.6%	$1.6B 103.7%	$766.0M 46.7%	$522.0M
Expenses Depreciation and Amortization	$623.0M 5.4%	$591.0M 17.3%	$504.0M 11.8%	$451.0M 7.1%	$421.0M
Expenses Share Based Compensation	$613.0M 2.3%	$599.0M 13.0%	$530.0M 31.2%	$404.0M 9.2%	$370.0M
Expenses Operating Expenses	$18.1B 11.8%	$16.2B 4.2%	$15.5B 29.5%	$12.0B 41.7%	$8.5B
Other Income Expense Operating Income	$8.8B 16.8%	$7.6B 29.5%	$5.8B 14.4%	$5.1B 104.4%	$2.5B
Other Income Expense Other Income/expense	$-1.3B -1481.7%	$-82.0M 82.8%	$-477.0M 52.6%	$-1.0B -44.5%	$-697.0M
Other Income Expense Income Before Tax	$6.8B -6.3%	$7.3B 33.0%	$5.5B 39.7%	$3.9B 167.8%	$1.5B
Income Tax Income Tax Expense	$1.4B 1.3%	$1.4B 18.3%	$1.2B 37.8%	$865.0M 188.3%	$300.0M
net Income net Income	$5.4B -8.1%	$5.9B 37.1%	$4.3B 40.3%	$3.1B 162.5%	$1.2B
net Income Comprehensive Income	$5.5B -5.8%	$5.8B 37.7%	$4.2B 44.2%	$2.9B 157.7%	$1.1B
Earnings Per Share Basic Eps	$167 -4.8%	$175 47.4%	$119 54.7%	$77 170.2%	$28
Earnings Per Share Diluted Eps	$166 -4.1%	$173 47.1%	$117 53.8%	$76 171.0%	$28
Earnings Per Share Weighted Average Shares Basic	$32.5M -3.5%	$33.6M -7.0%	$36.1M -9.4%	$39.9M -2.9%	$41.0M
Earnings Per Share Weighted Average Shares Diluted	$32.6M -4.2%	$34.1M -6.8%	$36.5M -8.8%	$40.1M -3.2%	$41.4M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $9.4B

Investing cash flow $-313.0M

Financing cash flow $-8.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$5.4B -8.1%	$5.9B 37.1%	$4.3B 40.3%	$3.1B 162.5%	$1.2B
Operating Activities Depreciation and Amortization	$623.0M 5.4%	$591.0M 17.3%	$504.0M 11.8%	$451.0M 7.1%	$421.0M
Operating Activities Stock Based Compensation	$613.0M 2.3%	$599.0M 13.0%	$530.0M 31.2%	$404.0M 9.2%	$370.0M
Operating Activities Deferred Income Taxes	$-516.0M -626.5%	$98.0M 120.5%	$-478.0M -86.0%	$-257.0M 42.2%	$-445.0M
Operating Activities Changes In Operating Assets and Liabilities	$630.0M 21.6%	$518.0M -55.9%	$1.2B -18.7%	$1.4B 45.1%	$996.0M
Operating Activities net Cash From Operating Activities	$9.4B 13.0%	$8.3B 13.3%	$7.3B 12.1%	$6.6B 132.4%	$2.8B
Investing Activities Capital Expenditures	$322.0M -24.9%	$429.0M 24.3%	$345.0M -6.3%	$368.0M 21.1%	$304.0M
Investing Activities Purchases of Investments	$0 -100.0%	$33.0M 175.0%	$12.0M -98.4%	$768.0M 4417.6%	$17.0M
Investing Activities Other Investing Activities	$-9.0M -800.0%	$-1.0M 66.7%	$-3.0M -120.0%	$15.0M	$0
Investing Activities net Cash From Investing Activities	$-313.0M -342.6%	$129.0M -91.3%	$1.5B 386.9%	$-518.0M 48.1%	$-998.0M
Financing Activities Proceeds From Debt	$3.7B -23.9%	$4.8B 155.5%	$1.9B -47.7%	$3.6B 79.7%	$2.0B
Financing Activities Repayment of Debt	$5.0B 278.8%	$1.3B 162.4%	$500.0M -73.4%	$1.9B -38.7%	$3.1B
Financing Activities Repurchase of Common Stock	$6.4B -1.1%	$6.5B -37.3%	$10.4B 56.7%	$6.6B 3962.0%	$163.0M
Financing Activities Dividends Paid	$1.2B 6.3%	$1.2B	$0	$0	—
Financing Activities Proceeds From Stock Issuance	$15.0M 7.1%	$14.0M -89.6%	$134.0M 1814.3%	$7.0M 40.0%	$5.0M
Financing Activities Tax Withholding On Stock Based Compensation	$530.0M 53.6%	$345.0M 77.8%	$194.0M 17.6%	$165.0M 1.2%	$163.0M
Financing Activities Other Financing Activities	$47.0M 179.7%	$-59.0M 0.0%	$-59.0M -145.8%	$-24.0M 14.3%	$-28.0M
Financing Activities net Cash From Financing Activities	$-8.9B -112.1%	$-4.2B 52.8%	$-8.9B -81.9%	$-4.9B -295.2%	$-1.2B
Cash Reconciliation Effect of Exchange Rate On Cash	$895.0M 571.1%	$-190.0M -413.5%	$-37.0M 7.5%	$-40.0M -207.7%	$-13.0M
Cash Reconciliation net Change In Cash	$1.1B -73.5%	$4.1B 3598.3%	$-116.0M -110.6%	$1.1B 92.8%	$570.0M
Cash Reconciliation Cash At Beginning of Period	$17.3B 6.6%	$16.2B 33.4%	$12.1B -0.9%	$12.3B 9.9%	$11.2B
Cash Reconciliation Cash At End of Period	$17.3B 6.6%	$16.2B 33.4%	$12.1B -0.9%	$12.3B 9.9%	$11.2B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+32.8%	+31.8%	+27.3%	+29.9%	+22.8%
Net margin	+20.1%	+24.8%	+20.1%	+17.9%	+10.6%
FCF margin	+33.8%	+33.3%	+32.8%	+36.2%	+23.0%
Growth
Revenue CAGR (3y)	+16.3%	+29.4%	+46.5%	+4.3%	-9.0%
Returns
ROE	-96.9%	-146.3%	-156.3%	+109.9%	+18.9%
ROA	+18.5%	+21.2%	+17.6%	+12.1%	+4.9%
ROIC	-169.8%	-168.6%	-657.0%	+131.9%	+33.3%
Liquidity
Current ratio	1.33x	1.31x	1.28x	1.86x	2.10x
Quick ratio	1.16x	1.16x	1.05x	1.62x	1.96x
Leverage
D/E	-6.25x	-7.89x	-9.87x	8.12x	2.83x
Interest coverage	—	—	6.51x	13.05x	7.47x
Efficiency
Asset turnover	0.92x	0.86x	0.88x	0.67x	0.46x
Cash conversion cycle	—	—	—	—	—

Valuation

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Booking Holdings

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