BKNG
SP100NasdaqGSBooking Holdings Inc.
Consumer Cyclical · Travel Services · United States
Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally. The company operates Booking.com, which offers online accommodation reservations; and Priceline, which provides discount travel reservations services, as well as online accommodation, flight, rental car reservation services, vacation packages, cruises, activity, and affiliate programs. It also operates Agoda that offers online accommodation reservation, flight, ground transportation, and attractions. In addition, the company operates KAYAK, an online meta-search service that allows consumers to search and compare travel itineraries and prices; and OpenTable for booking online restaurant reservations, as well as reservation management services to restaurants. Further, it offers travel-related insurance products, payment facilitation, and restaurant management services to consumers, travel service providers, and restaurants; and advertising services. The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018. Booking Holdings Inc. was founded in 1997 and is headquartered in Norwalk, Connecticut.
www.bookingholdings.com ↗Shares trade at a moderate 24.3× trailing earnings, easing to 15.0× on forward estimates. Profitability shows a net margin of 22.2%. Leverage is modest at 0.3× net debt/EBITDA. Revenue grew 16.2% year-on-year. It yields 0.9% in dividends. The mean analyst target of USD224.38 sits 21.6% above the current price (Buy, 35 analysts).
business model
Booking Holdings operates online travel platforms that connect travelers with accommodations, flights, rental cars, and experiences, earning commissions and fees on bookings. It runs both an agency model (commission on reservations) and a merchant model (processing payments), plus advertising revenue.
revenue segments
Revenue is dominated by accommodation reservations, led by Booking.com, with additional brands Priceline, Agoda, Kayak, OpenTable, and Rentalcars. Europe and international markets are the largest exposure, with a growing merchant/payments mix and rising alternative-accommodation and connected-trip offerings.
key dependencies
Depends on global travel demand, relationships with hotels and accommodation providers, and heavily on digital advertising channels (notably Google) for customer acquisition. It is sensitive to consumer discretionary spending, FX (large euro exposure), and travel disruptions.
competitors
Competes with Expedia Group (and its brands), Airbnb, Trip.com, TripAdvisor, Google Travel, and direct hotel/airline booking channels.
moat
Moat comes from network effects between a huge supply of properties and large traveler demand, leading brand scale (especially Booking.com in Europe), a broad global inventory, and marketing efficiency; switching costs are low but scale and selection are self-reinforcing.
risks
Risks include travel-demand cyclicality and shocks (pandemics, geopolitics), heavy dependence and rising cost of Google-driven traffic, competition from Airbnb and Google, FX exposure, and regulatory scrutiny in Europe (DMA/competition and gatekeeper rules).
Financials & metrics
as of 27 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $26.92B | $23.74B | $21.36B | $17.09B | — |
| Operating expense | $17.64B | $16.18B | $15.53B | $11.99B | — |
| Operating income | $9.28B | $7.55B | $5.83B | $5.10B | — |
| Interest expense | $1.62B | $1.29B | $897.00M | $391.00M | — |
| Pretax income | $6.83B | $7.29B | $5.48B | $3.92B | — |
| Tax provision | $1.43B | $1.41B | $1.19B | $865.00M | — |
| Net income | $5.40B | $5.88B | $4.29B | $3.06B | — |
| EBITDA | $9.22B | $9.34B | $7.04B | $4.92B | — |
| Diluted EPS | $6.62 | $6.91 | $4.70 | $3.05 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $29.26B | $27.71B | $24.34B | $25.36B | — |
| Current assets | $22.26B | $20.49B | $17.03B | $15.80B | — |
| Cash & equivalents | $17.20B | $16.16B | $12.11B | $12.22B | — |
| Total liabilities | $34.84B | $31.73B | $27.09B | $22.58B | — |
| Current liabilities | $16.70B | $15.65B | $13.33B | $8.47B | — |
| Total debt | $19.29B | $17.08B | $14.78B | $13.04B | — |
| Long-term debt | $16.86B | $14.85B | $12.22B | $11.98B | — |
| Shareholders' equity | -$5.58B | -$4.02B | -$2.74B | $2.78B | — |
| Retained earnings | $40.67B | $36.52B | $31.83B | $27.54B | — |
| Working capital | $5.57B | $4.84B | $3.70B | $7.32B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $9.41B | $8.32B | $7.34B | $6.55B | — |
| Investing cash flow | -$313.00M | $129.00M | $1.49B | -$518.00M | — |
| Financing cash flow | -$8.91B | -$4.20B | -$8.91B | -$4.90B | — |
| Capital expenditure | -$322.00M | -$429.00M | -$345.00M | -$368.00M | — |
| Free cash flow | $9.09B | $7.89B | $7.00B | $6.19B | — |
| Dividends paid | -$1.25B | -$1.17B | $0.00 | $0.00 | — |
| Share buybacks | -$6.44B | -$6.51B | -$10.38B | -$6.62B | — |
| End cash position | $17.27B | $16.19B | $12.13B | $12.25B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
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