Booking
Booking's revenue rose 13.4% to $26.9 billion in fiscal 2025. Its operating margin was 32.8%, up from 31.8% a year earlier. Free cash flow was $9.1 billion, up 15.1%. It paid out $7.7 billion in dividends and buybacks, 85% of free cash flow. The diluted share count fell 4.2%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Booking does
Booking Holdings runs online travel and restaurant booking sites. Its five main brands are Booking.com, Priceline, Agoda, KAYAK and OpenTable. Travelers use them to book places to stay, flights, rental cars, activities and restaurant tables. Hotels, homeowners, airlines and restaurants list their offerings on the sites to reach customers.
In 2025 the company had revenues of $26.9 billion. It earns most of it as commissions on bookings. Merchant revenue comes from bookings where it handles the traveler's payment. Agency revenue comes from bookings where it does not, and is almost all commissions on Booking.com stays. It also earns advertising and other revenue, mostly from KAYAK referrals and OpenTable restaurant services.
Booking.com is the largest brand. At the end of 2025 it offered about 4.4 million places to stay in more than 220 countries and territories. Priceline serves mainly North America and Agoda mainly Asia-Pacific. The company competes with other online travel and restaurant booking services, search and social media companies, travel providers that sell direct, and AI assistants. It had about 24,300 employees at the end of 2025.
Its biggest risks, as it describes them
- Downturns or disruptions in travel, such as economic shocks, which can cut bookings.
- Intense competition, including from large technology companies and AI assistants.
- Relying on hotels, restaurants, search platforms and other third parties it does not control.
- Rules in the EU and elsewhere on competition, payments and data that raise compliance costs.
- Using generative AI, which could bring reputational harm or legal liability.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 16.3% a year and net income 10.9% a year, as buybacks cut the share count by 35%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Booking yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Booking's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from Booking's fiscal 2025 free cash flow of $9.1B, net cash of −$1.5B at December 31, 2025 and 770 million diluted shares, from its filings. The scenarios are fitted to Booking: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 16.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11% for a cyclical or higher-risk business (Hotels, Resorts & Cruise Lines); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $153.14
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Booking's earnings per share of $6.62 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Booking's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $153.14
- Value at this multiple, against the last close
- —
- Booking's P/E at the last close
- 23.1×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| Marriott InternationalMAR | $394.75 | $9.67 | 40.8× |
| BookingBKNG | $153.14 | $6.62 | 23.1× |
| Expedia GroupEXPE | $283.97 | $16.07 | 17.7× |
| Royal Caribbean GroupRCL | $280.60 | $16.20 | 17.3× |
| CarnivalCCL | $26.86 | $2.29 | 11.7× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 11.2 | 12.4 | 12.7 | 16.2 | 17.2 |
| Debt incl. finance leases | 10.9 | 12.5 | 14.3 | 16.6 | 18.7 |
| Net debt (negative means net cash) | −0.2 | 0.1 | 1.6 | 0.5 | 1.5 |
| Net debt to EBITDA | −0.1x | 0.0x | 0.2x | 0.1x | 0.2x |
| Debt to equity | 1.8x | 4.5x | — | — | — |
| Interest coverage | 7.5x | 13.1x | 6.5x | 5.8x | 5.5x |
| Current ratio | 2.1x | 1.9x | 1.3x | 1.3x | 1.3x |
| Quick ratio | 2.1x | 1.9x | 1.3x | 1.3x | 1.3x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Booking shares on the open market, and 6 insiders sold $55.8 million, $54.8 million of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Paulo PisanoChief Human Resources Officer | Sold plan | 1,500 | $163.06 | $244,590 | Form 4 |
| Sep 15, 2026 | Paulo PisanoChief Human Resources Officer | Sold plan | 1,500 | $173.02 | $259,530 | Form 4 |
| Sep 1, 2026 | Robert J Mylod JrDirector | Sold plan | 1,000 | $200.00 | $200,000 | Form 4 |
| Aug 31, 2026 | Paulo PisanoChief Human Resources Officer | Sold plan | 3,000 | $203.48 | $610,440 | Form 4 |
| Aug 17, 2026 | Peter J MillonesExecutive VP, General Counsel | Sold plan | 50,050 | $207.59 | $10.4 million | Form 4 |
| Aug 17, 2026 | Vanessa Ames WittmanDirector | Sold plan | 375 | $211.00 | $79,125 | Form 4 |
| Aug 12, 2026 | Ewout L SteenbergenChief Financial Officer | Sold plan | 20,000 | $211.03 | $4.2 million | Form 4 |
| Aug 5, 2026 | Robert J Mylod JrDirector | Sold plan | 1,000 | $206.70 | $206,700 | Form 4 |
| Jul 29, 2026 | Robert J Mylod JrDirector | Sold plan | 5,000 | $200.00 | $1.0 million | Form 4 |
| Jul 28, 2026 | Vanessa Ames WittmanDirector | Sold plan | 1,125 | $192.00 | $216,000 | Form 4 |
| May 26, 2026 | Peter J MillonesExecutive VP, General Counsel | Sold plan | 62,500 | $163.67 | $10.2 million | Form 4 |
| Apr 17, 2026 | Vanessa Ames WittmanDirector | Sold plan | 1,125 | $192.00 | $216,000 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Pass | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Fail | Fail |
| Current ratio rose | Fail | Pass | Pass |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Pass | Fail |
| F-score | 6 of 8 | 7 of 8 | 5 of 8 |
| Accruals ratio | −12.3% | −9.4% | −14.1% |
Compare
Put Booking side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Booking | FY25 | 13.4% | 32.8% | 33.8% | — | 0.2x | 5 | |
| Carnival | FY25 | 6.4% | 16.8% | 9.8% | 12.1% | 3.5x | 7 | Compare |
| Marriott International | FY25 | 4.3% | 15.8% | 10.0% | 27.4% | 3.5x | 7 | Compare |
| Royal Caribbean Group | FY25 | 8.8% | 27.4% | 6.9% | 16.6% | 3.1x | 9 | Compare |
| Expedia Group | FY25 | 7.6% | 12.7% | 21.1% | 40.5% | 0.2x | 8 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 10.7 | 12.7 | 14.5 | 15.1 | 6.8 | 11.0 | 17.1 | 21.4 | 23.7 | 26.9 |
| Revenue growth | 16.5% | 18.0% | 14.6% | 3.7% | −54.9% | 61.2% | 56.0% | 25.0% | 11.1% | 13.4% |
| Gross profit | 10.3 | 12.4 | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2.9 | 4.5 | 5.3 | 5.3 | −0.6 | 2.5 | 5.1 | 5.8 | 7.6 | 8.8 |
| Net income | 2.1 | 2.3 | 4.0 | 4.9 | 0.1 | 1.2 | 3.1 | 4.3 | 5.9 | 5.4 |
| Diluted EPS (US$) | 42.65 | 46.86 | 83.26 | 111.82 | 1.44 | 28.17 | 76.35 | 117.40 | 172.69 | 165.57 |
| Diluted shares (millions) | 50 | 50 | 48 | 44 | 41 | 41 | 40 | 36 | 34 | 33 |
| Cash flow | ||||||||||
| Cash from operations | 4.0 | 4.7 | 5.3 | 4.9 | 0.1 | 2.8 | 6.6 | 7.3 | 8.3 | 9.4 |
| Capital expenditure | 0.2 | 0.3 | 0.4 | 0.4 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 | 0.3 |
| Free cash flow | 3.8 | 4.4 | 4.9 | 4.5 | −0.2 | 2.5 | 6.2 | 7.0 | 7.9 | 9.1 |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.2 | 1.2 |
| Share buybacks | 1.0 | 1.8 | 6.0 | 8.2 | 1.3 | 0.2 | 6.6 | 10.4 | 6.5 | 6.4 |
| Acquisitions | 0.0 | 0.6 | 0.3 | 0.0 | 0.0 | 1.2 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-based compensation | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.4 | 0.4 | 0.5 | 0.6 | 0.6 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 4.3 | 7.4 | 6.3 | 7.3 | 11.1 | 11.2 | 12.4 | 12.7 | 16.2 | 17.2 |
| Debt incl. finance leases | 6.2 | 8.8 | 8.6 | 7.6 | 12.0 | 10.9 | 12.5 | 14.3 | 16.6 | 18.7 |
| Total assets | 19.8 | 25.5 | 22.7 | 21.4 | 21.9 | 23.6 | 25.4 | 24.3 | 27.7 | 29.3 |
| Total liabilities | 10.0 | 14.2 | 13.9 | 15.5 | 17.0 | 17.5 | 22.6 | 27.1 | 31.7 | 34.8 |
| Shareholders' equity | 9.8 | 11.3 | 8.8 | 5.9 | 4.9 | 6.2 | 2.8 | −2.7 | −4.0 | −5.6 |
| Margins and ratios | ||||||||||
| Gross margin | 96.1% | 98.1% | — | — | — | — | — | — | — | — |
| Operating margin | 27.1% | 35.8% | 36.8% | 35.5% | −9.3% | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% |
| Net margin | 19.9% | 18.5% | 27.5% | 32.3% | 0.9% | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% |
| Free cash flow margin | 35.0% | 34.5% | 33.7% | 29.9% | −3.0% | 23.0% | 36.2% | 32.8% | 33.2% | 33.8% |
| Return on capital | 19.1% | 19.8% | 37.1% | 50.1% | −5.2% | 33.6% | 89.5% | — | — | — |
| Return on equity | 22.9% | 22.2% | 39.9% | 66.1% | 1.1% | 21.1% | 68.3% | — | — | — |
| Return on assets | 11.5% | 10.3% | 16.6% | 22.1% | 0.3% | 5.1% | 12.5% | 17.3% | 22.6% | 19.0% |
| Net debt to EBITDA | 0.6x | 0.3x | 0.4x | 0.1x | — | −0.1x | 0.0x | 0.2x | 0.1x | 0.2x |