NASDAQ: BKNG · Hotels, Resorts & Cruise Lines
Booking Holdings Inc.
Booking Holdings runs Booking.com — the world's leading online accommodation booking brand by room nights, with about 4.4 million properties — plus Priceline, Agoda, KAYAK and OpenTable. It earns commissions and margins on hotel, home, flight, car and activity bookings, plus advertising. In 2025 travelers booked $186 billion through its platforms (+12%), producing revenue of $26.9 billion (+13%) and net income of $5.4 billion. Revenue is shifting from agency (the hotel collects payment) to merchant (Booking collects payment). Heavy buybacks have left shareholders' equity negative. In April 2026 Booking split its stock 25-for-1; per-share figures on this page are split-adjusted. In Europe it is regulated as a gatekeeper under the Digital Markets Act.
Last updated
Analysis last edited: October 11, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-11-03
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 31.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 32.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +44.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.74x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 18.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.07
Higher than 95% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 86% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 96% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 22% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 60% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$170.38close on 2026-11-04
Market cap$135.85B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 18.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- —
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 14.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.2%
At FY2025 year-end: 32.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: —
Book value at FY2025 year-end
At FY2025 year-end: 18.2x
EBITDA for FY2025
At FY2025 year-end: 5.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$9.01B → $8.89B (vs. a year earlier)↓ −1.3%$9.01B → $8.89B (vs. a year earlier)
- Operating margin38.7% → 38.4% (vs. a year earlier)↓ −0.2 pts38.7% → 38.4% (vs. a year earlier)
- Net income$2.75B → $2.72B (vs. a year earlier)↓ −1.1%$2.75B → $2.72B (vs. a year earlier)
- Cash$17.21B → $15.81B (vs. previous quarter-end)↓ −8.1%$17.21B → $15.81B (vs. previous quarter-end)
- Long-term debt$20.18B → $20.06B (vs. previous quarter-end)↓ −0.6%$20.18B → $20.06B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Key changes
Repurchased $2.1B of stock in the quarter. Source sentence
Stock Repurchase Program ● We repurchased $2.1 billion (excluding excise taxes) of our common stock in the quarter ended September 30, 2026 with a total remaining authorization of $12.4 billion as of September 30, 2026.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Booking Holdings Inc.
- Headquarters
- NORWALK, CT
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: BKNG
- Industry
- Hotels, Resorts & Cruise Lines
- CIK
- 1075531
Workforce (as of FY2025 year-end)
Employees
24,300
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 49–53 days after quarter end (Feb 18, 2026; Feb 20, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Jul 29, 2025 10-Q (+29 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | Apr 29, 2025 10-Q (+29 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 20, 2025 (+51 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Travel
Booking.com
Examples: Hotels, homes, flights, cars, attractions
About 500,000 hotels and 3.9 million homes and other places to stay; flights in over 55 markets.
Travel
Priceline
Examples: Hotels, flights, cars, vacation packages
Primarily U.S. travelers.
Travel
Agoda
Examples: Hotels, homes, flights, activities
Asia-focused.
Meta-search
KAYAK
Examples: Travel price comparison
Advertising-based.
Restaurants
OpenTable
Examples: Restaurant reservations
Fees from restaurants.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Booking.com (online accommodation reservations)
Worldwide, by room nights booked
U.S. share
—
Not disclosedWorldwide share
World's leading brand
Company-disclosedThe 10-K calls Booking.com "the world's leading brand for booking online accommodation reservations, based on room nights booked"; no percentage is given.
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q2 earnings release and 8-Ks.
25-for-1 stock split
Effective April 2, 2026; trading on a split-adjusted basis from April 6.
Source: 8-K filed 2026-04-02
Q2 2026 results
Room nights +5%, gross bookings $51.0B (+9%), revenue $7.4B (+8%), GAAP EPS $2.53.
Source: Q2 2026 earnings release (8-K filed 2026-08-04)
Debt issuance
$750M of 5.375% notes due 2036 and €1.9B of euro notes in May 2026, after €1.5B in November 2025.
Source: 8-Ks filed 2025-11-07, 2026-05-07 and 2026-05-11
Board and finance
Former NXP CEO Kurt Sievers joined the board; a new Chief Accounting Officer started April 29, 2026.
Source: 8-Ks filed 2026-04-01 and 2026-04-02
Capex ÷ D&A (FY2025)
0.52x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$322M ÷ $623M = 0.52x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.19B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $286M in FY2020 to $322M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$26.92B
As reported in the 10-K
Revenue CAGR (5 years)
+31.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($26,917M ÷ $6,796M) ^ (1÷5) − 1 = 31.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
32.8%▲favorable
+42.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$8,825M ÷ $26,917M × 100 = 32.8%
ROE (FY2025)
—▼caution
6-year average: 30.2%
As reported in the 10-K
P/B (FY2025 end)
—
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
18.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($170,803M + $18,736M − $17,203M) ÷ ($8,825M + $623M) = 18.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +31.7% a year over 5 years (strong growth)
From $6.8B in FY2020 to $26.92B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -9.3% → 32.8%
How much operating profit is left per $100 of revenue. It moved +42.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is -19.1% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 30.2% over 6 years (latest: —)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Search, booking and payments
- Loyalty programs (Genius)
- Gen AI features
06 · what it draws on
Key resources
- About 4.4 million properties on Booking.com
- Performance and brand marketing
- About 24,300 employees, mostly outside the U.S.
02 · why customers buy
Value propositions
- One place to plan, book and pay for travel worldwide (the 'Connected Trip'), personalized with AI.
04 · how it keeps them
Customer relationships
- Repeat and direct bookings; generative AI has improved customer service resolution times and satisfaction.
03 · how it reaches them
Channels
- Its own websites and apps (Booking.com, Priceline, Agoda, KAYAK, OpenTable), supported by brand and performance marketing.
01 · who it serves
Customer segments
- Travelers worldwide
- Hotels and other travel service providers (partners)
09 · where money goes
Cost structure
FY2025, share of revenue ($26.92B)
- Selling, general & administrative3.2%
- Other operating costs (incl. cost of goods sold)64.0%
Operating profit left: 32.8% of revenue. Depreciation & amortization (inside the costs above): $623M. Capital spending: $322M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Merchant revenue (Booking collects payment)
- Agency commissions
- Advertising (KAYAK) and OpenTable fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Connects travelers with hotels, home rentals, airlines, car rental firms and activity providers worldwide, and restaurants through OpenTable; KAYAK is a meta-search site.
01 what it draws on
Inputs & resources
- About 4.4 million properties on Booking.com
- Performance and brand marketing
- About 24,300 employees, mostly outside the U.S.
02 what it does
Activities
- Search, booking and payments
- Loyalty programs (Genius)
- Gen AI features
03 who it serves
Customers
- Travelers worldwide
- Hotels and other travel service providers (partners)
04 how money comes in
How it earns
- Merchant revenue (Booking collects payment)
- Agency commissions
- Advertising (KAYAK) and OpenTable fees
How the business makes money
- 2025 revenue: merchant $17.8B (+25.5%), agency $8.0B (-6.5%), advertising and other $1.2B.
- Room nights 1.24 billion (+8%); airline tickets 68 million (+37%).
- Revenue equaled 14.5% of gross bookings.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Booking pays payment fees and is affected by the 2025 tax law.
Government funding & tax credits
2025 tax law
The July 2025 OBBBA changed international, foreign tax credit and domestic tax provisions.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Card interchange fees
Pays interchange and other fees on card payments, which may increase.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Merchant revenues
17,755 (66%)Agency revenues
7,968 (30%)Advertising and other revenues
1,194 (4%)
Source: Form 10-K (FY2025) — MD&A, revenues Booking has one reportable segment; these are its revenue types.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Outside the U.S. — 90% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
2,579 (10%)Outside the U.S.
24,338 (90%)
Source: Form 10-K (FY2025) — Note 17, geographic information Classified by where each business is based, not where travelers live: all of Booking.com and Agoda counts as outside the U.S. ($21.7B attributed to a Netherlands entity).
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Booking earns either a commission paid by the travel provider (agency) or collects the traveler's payment and keeps a margin (merchant). Merchant now dominates as Booking.com shifts toward handling payments.
Merchant bookings
$17.8B (66% of 2025 revenue)
Typical term: Booking collects payment from travelers and pays providers
Merchant gross bookings $130.0B (+24.8%).
Agency bookings
$8.0B (30%)
Typical term: Commission billed to the travel provider
Agency gross bookings $56.1B (-8.7%).
Advertising and other
$1.2B (4%)
Typical term: KAYAK advertising, OpenTable fees
Source: Form 10-K (FY2025) — MD&A
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Travelers worldwide; hotels, airlines and other providers also pay commissions.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Booking operates in over 220 countries and territories and in over 40 languages. (Form 10-K (FY2025), Item 1)
Suppliers
Accommodation and travel service providers, plus search engines and other channels for marketing.
Named by the company
None named in the 10-K or the company’s press releases.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Booking's 10-K says it competes with online travel, restaurant reservation and meta-search services; large search, social and marketplace companies; travel providers selling direct; Gen AI assistants and agents; traditional agencies and tour operators; financial services companies; and travel software providers. It names no companies.
Competitors named in the 10-K
Booking's 10-K lists types of competitors but doesn't name them.
Peer group the company chose
2025 Compensation Peer Group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Sixteen companies with revenue of roughly half to twice Booking's, plus leading e-commerce and technology companies that compete for executive talent.
- Adobesite ↗
- Airbnbsite ↗
- Alphabet (Google)site ↗
- Amazonsite ↗
- eBaysite ↗
- Electronic Artssite ↗
- Expedia Groupsite ↗
- IACsite ↗
- Marriott Internationalsite ↗
- Meta Platformssite ↗
- Microsoftsite ↗
- Netflixsite ↗
- PayPalsite ↗
- Tripadvisorsite ↗
- Ubersite ↗
- Wayfairsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 6,796 | 10,958 | 17,090 | 21,365 | 23,739 | 26,917 |
| Operating income | -631 | 2,496 | 5,102 | 5,835 | 7,555 | 8,825 |
| Pretax income | 567 | 1,465 | 3,923 | 5,481 | 7,292 | 6,832 |
| Net income (attributable) | 59 | 1,165 | 3,058 | 4,289 | 5,882 | 5,404 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 61.2% | 56.0% | 25.0% | 11.1% | 13.4% |
| Operating margincalcoperating income ÷ revenue × 100 | -9.3% | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 0.9% | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% |
| Balance sheet ($M) | ||||||
| Total assets | 21,874 | 23,641 | 25,361 | 24,342 | 27,708 | 29,264 |
| Total equity | 4,893 | 6,178 | 2,782 | -2,744 | -4,020 | -5,578 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 12,014 | 10,926 | 12,485 | 14,184 | 16,598 | 18,736 |
| Equity ratio | 22.4% | 26.1% | 11.0% | -11.3% | -14.5% | -19.1% |
| ROE | 1.2% | 21.0% | 68.3% | — | — | — |
| Cash flow ($M) | ||||||
| Operating CF | 85 | 2,820 | 6,554 | 7,344 | 8,323 | 9,409 |
| Investing CF | 2,637 | -998 | -518 | 1,486 | 129 | -313 |
| Financing CF | 1,528 | -1,239 | -4,897 | -8,909 | -4,204 | -8,915 |
| Free cash flowcalccash flow from operations − capital expenditures | -201 | 2,516 | 6,186 | 6,999 | 7,894 | 9,087 |
| Cash and equivalents | 10,562 | 11,127 | 12,221 | 12,107 | 16,164 | 17,203 |
| Per share & other | ||||||
| EPS ($) | 0.06 | 1.13 | 3.05 | 4.70 | 6.91 | 6.62 |
| BVPS ($) | 4.78 | 6.02 | 2.94 | -3.19 | -4.88 | -7.00 |
| Dividend per share ($) | — | — | — | — | 0.35 | 0.38 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | — | — | 5.1% | 5.8% |
| P/E (x) | 1,546.7 | 85.2 | 26.4 | 30.2 | 28.8 | 32.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | 33.7 | 13.8 | 19.6 | 20.1 | 18.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 18.64 | 15.95 | 27.43 | — | — | — |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income |
|---|---|---|---|
| 2026-09-30 | $8.89B-1.3% | $3.42B-1.9% | $2.72B-1.1% |
| 2026-06-30 | $7.35B+8.1% | $2.5B+11.1% | $1.95B+117.9% |
| 2026-03-31 | $5.53B+16.2% | $1.27B+19.7% | $1.08B+225.2% |
| 2025-12-31 † | $6.35B+16.0% | $2.03B+17.4% | $1.43B+33.7% |
| 2025-09-30 | $9.01B | $3.48B | $2.75B |
| 2025-06-30 | $6.8B | $2.25B | $895M |
| 2025-03-31 | $4.76B | $1.06B | $333M |
| 2024-12-31 † | $5.47B | $1.73B | $1.07B |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
54.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$8,825M × (1 − 20.5%) ÷ $12,868M × 100 = 54.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
10.44%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $170.8B ÷ ($170.8B + $18.74B) = 90.1%
e.g.Debt weight: $18.74B ÷ ($170.8B + $18.74B) = 9.9%
e.g.WACC: 10.8% × 90.1% + 8.6% × (1 − 20.5%) × 9.9% = 10.44%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 8.7%–12.6% and ROIC − WACC runs +41.9 to +45.9 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 10.44% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.07 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.84%
- Cost of debt
- 8.63%
- Tax rate
- 20.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 90% : 10%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 10.44%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.07 (price-derived adjusted beta. Raw β 1.11, R² 0.28, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.109 + 0.33 = 1.073
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.07 × 5.5% = 10.8%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 10.4% − 6.6%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+31.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $9.09B (operating CF − capex); enterprise value $137.39B = market cap $135.85B (latest close, 2026-11-04) + debt $18.74B − cash and short-term investments $17.2B; r = WACC of 10.4% using this page’s default assumptions (β 1.07, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$137.68B
FCF $9.09B ÷ (10.4% − 3.8%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 8.4% | 9.4% | 10.4% | 11.4% | 12.4% |
|---|---|---|---|---|---|
| 0% | 0.79x | 0.70x | 0.64x | 0.58x | 0.53x |
| 2% | 1.03x | 0.89x | 0.79x | 0.70x | 0.64x |
| 4% | 1.50x | 1.22x | 1.03x | 0.89x | 0.79x |
| 6% | 2.76x | 1.95x | 1.50x | 1.22x | 1.03x |
| 8% | 16.54x | 4.72x | 2.76x | 1.95x | 1.50x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.81x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -14.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 129%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$9,409M ÷ $5,404M = 1.74x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$8,825M ÷ $6,832M × 100 = 129%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 95.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 4.1%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 110 of 416
- Beta (adjusted)
- 1.07
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 26% of covered companies have more
above 1 = swings more than the market
- 720.9M shares reported by 1,921 13F filers ÷ 751.4M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-21 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale leader
Booking.com is the world's leading online accommodation booking brand by room nights; record 1.24 billion room nights in 2025.
Evidence: Form 10-K (FY2025), Item 1
2. High profitability and cash
Operating income $8.8B on $26.9B of revenue and $9.4B of operating cash flow in 2025.
Evidence: SEC EDGAR XBRL
3. Capital returns
A new $20B buyback authorization in 2025 and dividends paid since 2024.
Evidence: Form 10-K (FY2025), Item 5; SEC EDGAR XBRL
Weaknesses
1. Negative shareholders' equity
Buybacks pushed equity to -$5.6B at year-end 2025 while debt rose to $18.7B.
Evidence: SEC EDGAR XBRL
2. Currency exposure
Most revenue is earned outside the U.S.; 2025 other income included $1.5B of foreign currency transaction losses.
Evidence: Form 10-K (FY2025), Note 18
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
32.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.18%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
6%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.3%
(Operating CF − capex) ÷ market cap
1. Compounding travel platform
Revenue grew from $11.0B (2021) to $26.9B (2025) with rising margins and cash flow returned through buybacks and dividends.
- What has to hold
- Travel demand and Booking's share keep growing.
- The other side
- AI assistants and big tech could change how travelers search and book.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
These summarize facts in Booking's filings, not a recommendation.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
9.2x
$17.2B vs. $1.88B
Interest coverage (operating income ÷ interest expense)
5.5x
$8.83B vs. $1.62B
Free cash flow ÷ dividends paid
7.3x
$9.09B vs. $1.25B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash
$17.2B of cash at year-end 2025.
Source: SEC EDGAR XBRL
Cash generation
Q2 2026 free cash flow $3.6B (+16%).
Source: Q2 2026 earnings release
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Booking Holdings faces competition and consumer-protection scrutiny across Europe, including a Spanish CNMC fine it is appealing and has accrued at $472 million, plus a possible FTC complaint against Priceline. It also faces follow-on parity claims from hotels and consumers.
4 open matters
Spain CNMC fine and business restrictions
On appealAntitrustComisión Nacional de los Mercados y la Competencia (Spain)
A 2024 decision fined Booking.com and restricted its parity provisions and hotel-ranking criteria. In February 2025 the Spanish National Court suspended the decision, including the fine, pending appeal.
- Amounts
- Liability of $472 million recorded at June 30, 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Possible FTC complaint against Priceline
PendingEnforcement / sanctionU.S. Federal Trade Commission
In July 2026 FTC staff said they intend to recommend a complaint against Priceline and a B2B affiliate partner over unfair or deceptive practices in disclosures, fees, customer support and billing. Priceline disagrees and is in discussions to resolve the matter.
- Next step
- Possible commitments, damages or penalties.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Other European competition and consumer reviews
PendingRegulatory proceedingSwiss Price Surveillance Office; French DGCCRF; Hellenic and Hungarian competition authorities
Booking.com is appealing a 2025 Swiss order to cut average hotel commissions, which is suspended pending appeal. Agoda must change certain practices under a French order by October 2026. Greece (June 2025) and Hungary (August 2025) opened investigations.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Parity-clause damages claims by hotels and consumers
PendingClass actionGerman hotels; two Dutch foundations for European hotels and consumers
Follow-on claims over Booking.com's historical contractual parity provisions; the Dutch consumer claim also alleges misleading practices by Booking.com and Agoda. Booking says class actions may follow in Spain, France and the U.K.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Booking says investigations could result in significant fines or business restrictions, and tax assessments could exceed its provisions.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Big tech and AI agents
- Company disclosure (summarized from the 10-K)
- Competitors include the largest global technology companies, search and social platforms, and companies offering Gen AI assistants and agents; the 10-K notes Gen AI lowers the cost of launching competing offerings.
- Company’s stated mitigation
- Gen AI features, Connected Trip and Genius loyalty.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
European regulation
- Company disclosure (summarized from the 10-K)
- Designated a gatekeeper under the EU Digital Markets Act and Booking.com a Very Large Online Platform under the DSA; Spain's CNMC fined Booking.com and restricted some practices in 2024 (under appeal, payment suspended).
- Company’s stated mitigation
- Compliance programs; appeal in Spain.
- This site’s assessment
- Impact Med / Likelihood High
- 3Demand & macro
Travel demand
- Company disclosure (summarized from the 10-K)
- Results depend on travel demand, which geopolitical and macroeconomic events can disrupt.
- Company’s stated mitigation
- Global diversification across regions and verticals.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Foreign exchange
- Company disclosure (summarized from the 10-K)
- Most revenue is in currencies other than the dollar; FX moves affect reported results and caused large transaction losses in 2025.
- Company’s stated mitigation
- We generally enter into foreign currency exchange derivatives to hedge our exposure to the impact of movements in foreign currency exchange rates on our transactional balances denominated in currencies other than the functional currency.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We operate in highly competitive and rapidly evolving global markets for travel and restaurant reservation services. Read more
Barriers to entry are low, and we compete with online travel companies ("OTCs"), travel service providers offering direct booking (such as airlines, hotels, and rental car companies), traditional travel agencies and operators, companies offering travel-related software, payments, or technology solutions, financial services and credit card companies, and global technology companies with significantly greater scale, data, and financial resources. For example, Google links travel search to its dominant search engine and has integrated travel products into Google Maps and its Gemini generative AI ("Gen AI") offering. Other large technology platforms and AI-native competitors are developing Gen AI-powered assistants and agents that can search, compare, recommend, and…
A significant portion of consumer traffic to our services is derived from third-party platforms, including Google and other search engines, mobile operating systems, app marketplaces, mapping services, and other digital distribution channels. These platforms increasingly incorporate Gen AI features, such as AI-generated answers, assistants, and recommendations, that may satisfy user intent without directing users to our services or may favor the platform's own or affiliated offerings.
Changes in algorithms, ranking methodologies, user interfaces, access terms, pricing, or the placement of AI-generated content by these platforms could reduce the visibility of our services, increase customer acquisition costs, or decrease traffic and bookings. In addition, platform providers may restrict data access, limit interoperability, or impose commercial terms that disadvantage us relative to competing or native AI-enabled services.
If we are unable to maintain favorable placement, access, or economics across traditional digital search as well as evolving AI-mediated distribution channels, our distribution of travel and restaurant reservations through such third-party distribution channels is likely to decline and our business, competitive position, and results of operations could be adversely affected.
Alternative accommodation rules and regulations are complex, evolving, can be inconsistent among individual localities, and could limit or negatively affect property owners' and managers' ability to rent properties. Read more
For example, in conjunction with the
During fiscal year 2025, as a result of our annual goodwill impairment test, we recognized goodwill and intangible assets impairment charges. Read more
See Note 11 to our Consolidated Financial Statements. The estimation of fair value reflects numerous assumptions that are subject to risks and uncertainties, including key assumptions regarding expected growth rates and operating margin, discount rates, and market comparables. It requires significant judgments and estimates and actual results could be materially different than the judgments and estimates used to estimate fair value. Future events and changing market conditions may lead us to re-evaluate our current assumptions and may result in a need to recognize an additional goodwill or long-lived asset impairment charge that could have a material adverse effect on our results of operations.
We are committed to the enhancement of our operational systems and we face risks deploying information technology, payment processing, enterprise resource planning, and other systems as such initiatives are resource-intensive, may cause operational disruption and could affect our results of operations. Inability to successfully implement or adapt these technologies in a timely manner could adversely affect our business or results of operations.
Competition and consumer-law-related investigations, legislation, judgments, or issues have in the past resulted in and could in the future result in private litigation. Read more
We are currently involved in such litigation and aware of such potential litigation. For example, a Dutch consumer group has filed a claim against Booking.com relating to the historical use of contractual parity provisions, as well as allegations that Booking.com and Agoda employed misleading practices, and we are aware of similar efforts to pursue potential claims in other jurisdictions. See Note 16 to our Consolidated Financial Statements for more information regarding this and other such claims or potential claims. Class action litigation can be time-consuming, costly, and unpredictable, regardless of merit, and there may be evolving jurisprudence and less experience with such matters in certain of the geographies…
No longer in the text (4)
Other events beyond our control such as pandemics, terrorist attacks, natural disasters, wars and regional hostilities, travel-related accidents, or increased focus on the environmental impact of travel may disrupt or limit the ability or willingness of travelers to visit certain locations, or result in declines in demand for our travel offerings. Responses to such events by governments or global organizations could restrict travel in ways that could impact our ability to conduct our business. Because these events and their impacts are largely unpredictable, they can dramatically and suddenly affect travel behavior by consumers, demand for and provision of our services, and relationships with travel service providers and other partners, any of which can adversely affect our business and results of operations.
We compete globally with online and traditional travel and restaurant reservation and related services. Read more
The markets for the services we offer are intensely competitive and constantly evolving. Current and new competitors launch new services at a relatively low cost. Some of our current and potential competitors include the largest global technology companies, which have significantly more consumers, consumer data, and resources than we do, and may be able to leverage other aspects of their businesses (e.g., search or mobile device businesses or Gen AI and similar or related capabilities) to compete with us. For example, Google's online travel offerings have grown rapidly by linking travel search services to its dominant search functionality through flight, hotel, and alternative accommodations meta-search products, and integrating such products into Google Maps. Similarly, several…
We currently, or may in the future, compete with companies that provide a variety of products and services, including:
• online platforms, including accommodation and alternative accommodation search or reservation services, travel meta-search, and large online companies including in search, social media, marketplace, Gen AI, and ride-sharing;
11 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
25
What to watch going forwardSite analysis
- Merchant mix and payments growth at Booking.com.
- Competition from AI assistants and large tech platforms.
- EU DMA compliance and the Spanish CNMC appeal.
- Transformation Program savings (about $650M run-rate by end of 2027).
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 11, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Booking Holdings Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.