Booking Holdings (BKNG) financials
NASDAQ · Consumer Cyclical · Travel Services · 25,550 employees · CEO Glenn D. Fogel
- Price
- $148.13 -1.53%
- Market cap
- $111B
- Enterprise value
- $115B
- Last report
- Q2 '26 filed 2026-08-04
- Next report
- 2026-11-03 EPS est. $4.49
Revenue (TTM)$28.2B+12.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)34.5%+1.6 pp vs a year agoOperating income $9.74B
Net income (TTM)$7.21B+49.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$9.54B+3.2% vs a year agoCapex $320M
Diluted EPS (TTM)$9.02+56.8% vs a year agoSum of the last 4 quarters
Net cash-$3.48B-149.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $111B EV $115B
- Revenue
- $28.2B Trailing 12 months
- Revenue growth
- +9% FY2026 consensus
- Profit margin
- 25.5% Net income / revenue, TTM
- P/E
- 16.3× Forward 14.2× (FY2026)
- P/S
- 3.9× Price / sales, TTM
- EV / EBITDA
- 10.6× TTM
- Free cash flow
- $9.54B Trailing 12 months
- Net income
- $7.21B Trailing 12 months
- Revenue estimate
- $29.3B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $9.55B
- Dividend
- $1.64 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue beat by 2.2%, EPS beat by 4.5%Revenue $7.35B vs $7.19B expected (+2.2%); EPS $2.54 vs $2.43 (+4.5%).
- Revenue growth slowing: 8.1% year on yearQ2 '26 revenue $7.35B, against an average of 15.2% over the four quarters before.
- Operating margin 34.5% (TTM), +1.6 pp on a year agoOperating income grew 18.5% while revenue grew 12.9%.
- Capex 1.1% of revenue (a year ago 1.4%)$320M invested in the last 4 quarters (-5.3% on a year earlier). Free cash flow $9.54B = 132.3% of net income.
- Returned $11.8B to shareholders = 123.8% of free cash flowBuybacks $10.5B (a year earlier $6.66B), dividends $1.28B, stock-based pay $601M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 5.6% in a year770M diluted shares in Q2 '26, 815M a year earlier.
- Net debt $3.48BCash + short-term investments $17.2B, debt incl. leases $20.7B; a year ago net debt $1.39B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $7.35B | $6.8B | +8.1% |
| Gross margin | 100.0% | 100.0% | 0.0 pp |
| Operating income | $2.5B | $2.25B | +11.1% |
| Operating margin | 34.0% | 33.1% | +0.9 pp |
| Net income | $1.95B | $895M | +117.9% |
| Diluted EPS | $2.53 | $1.10 | +130.6% |
| Operating cash flow | $3.72B | $3.2B | +16.2% |
| Capex | $76M | $64M | +18.8% |
| Free cash flow | $3.64B | $3.14B | +16.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $140M | $154M | -9.1% |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $7.35B | $7.19B | +2.2% |
| EPS (as estimated) | $2.54 | $2.43 | +4.5% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Merchant Revenue | $5.13B | +15.0% | 69.7% | $19.2B | +22.5% | |
| Agency Revenue | $1.9B | -6.9% | 25.9% | $7.79B | -5.3% | |
| Advertising and other revenues | $322M | +8.4% | 4.4% | $1.25B | +11.5% |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| NETHERLANDS | $5B | +19.5% | 88.3% | $21.7B | +16.7% | |
| Other Geographical Areas | – | – | – | – | – | |
| United States | $661M | +5.3% | 11.7% | $2.58B | +3.8% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $9.86B
- Capex
- -$320M
- Buybacks
- -$10.5B
- Dividends
- -$1.28B
- Acquisitions
- $0
- Net debt issued
- $2.18B
- Stock-based compensation
- $601M
- Free cash flow
- $9.54B
- Returned to shareholders / FCF
- 123.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 16.3× | 40.2× | 26.3× – 84.5× |
| EV / EBITDA | 10.6× | 22.7× | 16.5× – 41.1× |
| EV / Sales | 4.1× | 6.7× | 4.7× – 9.0× |
| Price / FCF | 11.7× | 22.1× | 13.0× – 39.1× |
| Price / Book | -10.6× | 22.4× 2 of 5 years | 15.9× – 28.9× |
| FCF yield | 8.6% | 5.1% | 2.6% – 7.7% |
| Return on invested capital | 71.2% | 32.7% | 10.2% – 50.8% |
| Return on equity | -96.7% | -54.1% | -156.3% – 109.9% |
Analysts
Consensus target $230.75 (+55.8%)
range $188.00 – $270.00 · rating Buy
Strong buy1
Buy45
Hold25
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $29.3B | +8.7% | $10.46 | +58.1% | 14.2× | 25 |
| FY2027 | $32B | +9.3% | $12.35 | +18.0% | 12.0× | 25 |
| FY2028 | $34.6B | +8.2% | $14.46 | +17.1% | 10.2× | 20 |
| FY2029 | $38B | +9.7% | $17.30 | +19.6% | 8.6× | 9 |
| FY2030 | $40.6B | +6.9% | $20.09 | +16.1% | 7.4× | 9 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 219 figures Booking Holdings Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $0 | – | – | – | – | – | |
| Accounts and Other Receivables, Net, Current | $4.34B | $4.37B | -0.7% | $3.82B | $3.2B | +19.4% |
| Accounts Payable, Current | $5.15B | $4.28B | +20.2% | $5.09B | $3.82B | +33.2% |
| Accounts Receivable, Allowance for Credit Loss | $137M2025-12-31 | $146M | -6.2% | $137M | $146M | -6.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $141M | $145M | -2.8% | $137M | $146M | -6.2% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $2.4B | $2.4B | 0.0% | $2.1B | $2B | +5.0% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $47M | $49M | -4.1% | $195M | $222M | -12.2% |
| Accrued Advertising, Current | $753M2025-12-31 | $597M | +26.1% | $753M | $597M | +26.1% |
| Accrued Liabilities, Current | $3.81B | $4.21B | -9.6% | $4.45B | $6.05B | -26.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.64B2025-12-31 | $1.39B | +18.0% | $1.64B | $1.39B | +18.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$348M | -$303M | -14.9% | -$290M | -$375M | +22.7% |
| Additional Paid in Capital | $8.64B | $8.03B | +7.6% | $8.36B | $7.71B | +8.4% |
| Amortization of Debt Discount (Premium) | – | – | – | $52M2018-12-31 | $70M | -25.7% |
| Amortization of Intangible Assets | $35M | $54M | -35.2% | $204M | $221M | -7.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $144M | $160M | -10.0% | $634M | $620M | +2.3% |
| Assets | $29.7B | $30.7B | -3.3% | $29.3B | $27.7B | +5.6% |
| Assets, Current | $23.1B | $23.3B | -0.9% | $22.3B | $20.5B | +8.7% |
| Capital Expenditures Incurred but Not yet Paid | $3M | $0 | – | $60M | $55M | +9.1% |
| Cash and Cash Equivalents, at Carrying Value | $17.2B | $17.6B | -2.2% | $17.2B | $16.2B | +6.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $17.5B | $17.6B | -0.7% | $17.3B | $16.2B | +6.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.33B | $2.02B | -34.5% | $1.08B | $4.06B | -73.5% |
| Common Stock, Dividends, Per Share, Declared | $0.00 | $0.00 | – | $9.60 | $8.75 | +9.7% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 25B | 1B | +2,400.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 1.62B | 64.5M | +2,408.1% | 64.5M | 64.3M | +0.4% |
| Common Stock, Value, Issued | $13M | $1M | +1,200.0% | $1M | $0 | – |
| Communications and Information Technology | $263M | $219M | +20.1% | $908M | $771M | +17.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.91B | $979M | +95.3% | $5.49B | $5.83B | -5.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $42M | -$235M | +117.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.86B | $1.55B | +20.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.94B | $1.31B | +48.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $46M | $2M | +2,200.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $163M | $140M | +16.4% | $146M | $630M | -76.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$413M | $51M | -909.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$48M | $25M | -292.0% |
| Deferred Income Tax Expense (Benefit) | $18M | -$258M | +107.0% | -$516M | $98M | -626.5% |
| Deferred Income Tax Liabilities, Net | $17M2025-12-31 | $289M | -94.1% | $17M | $289M | -94.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$55M | $22M | -350.0% |
| Deferred Tax Assets, Gross | $1.17B2025-12-31 | $1.01B | +16.7% | $1.17B | $1.01B | +16.7% |
| Deferred Tax Assets, Net | $923M2025-12-31 | $373M | +147.5% | $923M | $373M | +147.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.05B2025-12-31 | $894M | +17.1% | $1.05B | $894M | +17.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $116M2025-12-31 | $117M | -0.9% | $116M | $117M | -0.9% |
| Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $169M2025-12-31 | $156M | +8.3% | $169M | $156M | +8.3% |
| Deferred Tax Assets, Property, Plant and Equipment | $295M2025-12-31 | $234M | +26.1% | $295M | $234M | +26.1% |
| Deferred Tax Assets, Tax Credit Carryforwards | $50M2025-12-31 | $45M | +11.1% | $50M | $45M | +11.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $62M2025-12-31 | $55M | +12.7% | $62M | $55M | +12.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $97M2025-12-31 | $83M | +16.9% | $97M | $83M | +16.9% |
| Deferred Tax Assets, Valuation Allowance | $126M2025-12-31 | $111M | +13.5% | $126M | $111M | +13.5% |
| Deferred Tax Liabilities, Gross | $124M2025-12-31 | $521M | -76.2% | $124M | $521M | -76.2% |
| Deferred Tax Liabilities, Intangible Assets | $19M2025-12-31 | $110M | -82.7% | $19M | $110M | -82.7% |
| Deferred Tax Liabilities, Leasing Arrangements | $14M2025-12-31 | $22M | -36.4% | $14M | $22M | -36.4% |
| Deferred Tax Liabilities, Other | $9M2025-12-31 | $4M | +125.0% | $9M | $4M | +125.0% |
| Deferred Tax Liability, Intra-entity Transfer, Asset Other than Inventory | $82M2025-12-31 | $118M | -30.5% | $82M | $118M | -30.5% |
| Defined Contribution Plan, Employer Discretionary Contribution Amount | – | – | – | $80M | $59M | +35.6% |
| Depreciation, Depletion and Amortization | $129M | $158M | -18.4% | $623M | $591M | +5.4% |
| Depreciation, Depletion and Amortization, Nonproduction | $129M | $158M | -18.4% | $623M | $591M | +5.4% |
| Depreciation, Nonproduction | – | – | – | $419M | $370M | +13.2% |
| Dividends | $324M | $315M | +2.9% | $1.26B | $1.19B | +6.1% |
| Earnings Per Share, Basic | $2.54 | $1.10 | +130.9% | $166.52 | $174.96 | -4.8% |
| Earnings Per Share, Diluted | $2.53 | $1.10 | +130.0% | $165.57 | $172.69 | -4.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01