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Booking Holdings (BKNG) stock

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NASDAQ: BKNG Nasdaq Hotels, Resorts & Cruise Lines Next results ~November 3, 2026

B Fundamentals grade

Booking Holdings operates online travel reservation services that connect travellers with travel service providers. It runs five consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK and OpenTable. Between them they offer accommodation bookings, flights, ground transport, activities, restaurant reservations and meta-search, with Booking.com covering the broadest range and OpenTable focused on restaurants.

Customers are travellers (referred to as consumers) and partners such as hotels, airlines and restaurants. The company classifies its income as merchant revenues, agency revenues, and advertising and other revenues. Most comes from accommodation reservation commissions and transaction charges at Booking.com, alongside payment facilitation, advertising placements, KAYAK referrals, and OpenTable's restaurant reservation and subscription management services, plus travel-related insurance.

The business is organised around its separate brands, which are headquartered variously in the Netherlands, Singapore, Connecticut and California, and sells worldwide. At 31 December 2025 Booking.com offered reservations for roughly 4.4 million properties across more than 220 countries and territories and over 40 languages, including about 500,000 hotels and 3.9 million homes and apartments. The shares trade on the NASDAQ Global Select Market under the symbol BKNG.

Based on Booking Holdings's 10-K filed February 18, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$290

Cash-flow model

Base case. Range ~$220–$390 across our lower- and higher-growth cases (8.2%–18.2% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 89% above it.

Price used: $153.75, November 2, 2026

Booking Holdings valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Booking Holdings files

Where Booking stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $28.2bn, up 12.9% on a year earlier, slower than 15.0% a quarter earlier. That growth ranks 2 of 8 among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin fell to 33.8% from 36.9% a year earlier. The diluted share count is down 50.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 5 financial-health checks. Our cash-flow model value is $378 a share, against a share price of $164. At that price, our model says the market is pricing in cash flow shrinking about 1.5% a year for five years, slower than the 20.8% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Booking Holdings's trailing-twelve-month revenue grew 12.9% year on year, with a free-cash-flow margin of 33.8%. Where it stands out: operating margin of 32.9% ranks 1 of 22 hotels, resorts & cruise lines companies we cover. Where it lags: change in growth rate of -2.1pp ranks 21 of 25 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$290 per share in the base case (~$220–$390 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 3.2% while net income grew 49.8%: a 47pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $153.75 is 89% below our value per share of $290.
  • High operating margin. 32.9% of revenue is left as operating profit, against a median of 16.0% for hotels, resorts & cruise lines companies we cover.
  • Strong cash generation. 33.8% of revenue turned into free cash flow, against a median of 12.7% for hotels, resorts & cruise lines companies we cover.
  • Shrinking share count. Diluted shares fell 4.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Insiders selling. 6 insiders sold $56M of stock over the past 365 days and none bought (98% under pre-set trading plans).
  • Growth easing. The growth rate is 2.1 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -2.1pp ranks 21 of 25 hotels, resorts & cruise lines companies we cover (median -0.5pp).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$2.54 against an average estimate of $2.43: beat by 4.5%
Revenue
$7.35bn, up 8.1% on a year earlier
Share reaction
+7.4% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
room Nights Growth growth 3% to 5% (Q3 2026); gross Bookings Growth growth 4% to 6% (Q3 2026)
Next report
November 3, 2026; average EPS estimate $4.49

Booking Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.8%
  • 1 week+0.4%
  • 1 month-3.3%
  • This year-27.7%
  • 1 year-23.6%
  • 5 years+61.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$28.2B
Operating margin
32.9%
Net margin
25.5%
EPS (TTM, diluted)
$8.76

Growth

Revenue growth
+12.9%
Change in growth rate
−2.1 pts
Share count change
−4.6%

Cash

Free cash flow (TTM)
$9.5B
FCF margin
33.8%
Stock pay % of revenue
2.1%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Insider trade
  4. Results
  5. Guidance
  6. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Booking Holdings valuation models and calculator

What the price is pricing in

The share price implies about 0.9% a year of cash-flow growth for five years.That is slower than the 20.8% a year revenue growth Booking Holdings has delivered.

  • Priced in0.9%
  • Last 12 months12.9%
  • 3 years a year13.4%
  • 5 years a year20.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($152.55, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$290
Price used
$152.55close November 3, 2026
Implied change
▲ +91%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Booking Holdings's free cash flow after stock-based pay with after-tax interest added back ($7.8B, FY2026 Q2 TTM), growing 9% and 11.7% in the next two years (forecasts, guidance and its record), then back to 13.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$220–~$390 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Booking Holdings's free cash flow after stock-based pay ( $7.8B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Booking Holdings as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$290 ~$220–$390 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$150–$270 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$260 ~$190–$290 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Booking Holdings with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $142$193$262$353$472$625
8.5% $107$145$195$260$344$453
10% $87$116$154$204$268$351

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$49.82$57.28$67.90$67.30$80.25$87.03$93.75$78.74$138.60$195.86$212.68
Market value$2.6bn$2.9bn$3.4bn$3.2bn$3.5bn$3.6bn$3.9bn$3.2bn$5.1bn$6.7bn$6.9bn
+ Net debt (− = net cash)$5.0bn$4.3bn$6.5bn$6.2bn$2.3bn$1.5bn−$201m$324m$2.1bn$1.1bn$1.7bn
Enterprise value$7.6bn$7.2bn$9.9bn$9.4bn$5.8bn$5.0bn$3.7bn$3.5bn$7.2bn$7.7bn$8.6bn
Multiples
Price / sales 0.3x0.3x0.3x0.2x0.2x0.5x0.4x0.2x0.2x0.3x0.3x
Price / earnings 1.0x1.3x1.4x0.8x0.7x60.7x3.3x1.0x1.2x1.1x1.3x
Price / free cash flow 0.8x0.8x0.8x0.7x0.8x—1.5x0.5x0.7x0.8x0.8x
EV / EBITDA 2.1x2.2x2.0x1.6x1.0x—1.3x0.6x1.1x0.9x0.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

82 /100

Strong moat

How hard Booking Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 47.9% of total assets over 7 years.

  • Pricing power 12 / 20

    Gross margin has been a median 84.1%, moving by 14.8 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median 29.8%; its worst year was -2.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 33.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 20.4% over five years; stock-based pay has been a median 2.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $9.5bn and EPS of $4.49 (range $4.20 to $4.69) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.46 +15% $29.3bn +9%
Next $12.37 +18% $32.0bn +9%

Next year's EPS estimate has moved +0.7% in 90 days, across 32 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 1 analyst raised Booking Holdings's forecast and 2 cut it.

Consensus EPS forecast Booking Holdings, last 90 days
$10.00 $10.50 $11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.44 Current fiscal year, 60 days ago: $10.45 Current fiscal year, 30 days ago: $10.45 Current fiscal year, 7 days ago: $10.45 Current fiscal year, Now: $10.46 $10.46 Next fiscal year, 90 days ago: $12.28 Next fiscal year, 60 days ago: $12.38 Next fiscal year, 30 days ago: $12.37 Next fiscal year, 7 days ago: $12.37 Next fiscal year, Now: $12.37 $12.37

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.44$12.28
60 days ago $10.45$12.38
30 days ago $10.45$12.37
7 days ago $10.45$12.37
Now $10.46$12.37

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.43 $2.54 +4.5%
Mar 2026 $1.08 $1.14 +5.7%
Dec 2025 $1.95 $1.95 +0.3%
Sept 2025 $3.84 $3.98 +3.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Revenue Growth Q3 2026 4% growth to 6% growth
    “Revenue Growth (1) 4% - 6% High Single Digits” source
  • Constant Currency Revenue Growth Q3 2026 5% growth to 7% growth
    “Constant Currency Revenue Growth (1) 5% - 7% Mid to High Single Digits” source
  • Room Nights Growth Q3 2026 3% growth to 5% growth
    “Room Nights Growth 3% - 5%” source
  • Gross Bookings Growth Q3 2026 4% growth to 6% growth
    “Gross Bookings Growth 4% - 6% High Single Digits” source
  • Constant Currency Gross Bookings Growth Q3 2026 5% growth to 7% growth
    “Constant Currency Gross Bookings Growth 5% - 7% High Single Digits” source
  • Adjusted EBITDA Growth Q3 2026 4% growth to 6% growth Non-GAAP
    “Adjusted EBITDA Growth (2)(3)(4)(5) 4% - 6% High Single Digits” source
Show 1 more item
  • expected annual run-rate savings through the Transformation Program by the end of 2027 about $650m Raised
    “Increased our expected annual run-rate savings through the Transformation Program(1) to approximately $650 million, and expect to realize these run-rate savings by the end of 2027.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Booking Holdings's revenue by +9.0% next year and +11.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.4%, weight 57%) , management guidance (+5.0%, weight 18%) and the company's own record (+13.2%, weight 24%) . How the weights are set.

Analyst recommendations

37 analysts, Oct 2026
Buy3081%
Hold719%
Sell00%

Monthly trend

  1. Oct 2026624737
  2. Sep 2026626739
  3. Aug 2026526839
  4. Jul 2026525838

Counts of recommendations published by analysts covering Booking Holdings, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
2.27
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
0.2%
of shares
Employees
25,550
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −23.6%

$201.27 on October 31, 2025 to $153.75

ThenNowEffect
Revenue (last 12 months) $25.0bn $28.2bn +12.9%
Net margin 19.2% 25.5% +32.7%
P/E multiple 34.8x 17.0x −51.0%
Share count 831m 798m +4.1%

Biggest factor: p/e multiple.

Last 3 years +37.6%

$111.70 on November 3, 2023 to $153.75

ThenNowEffect
Revenue (last 12 months) $19.3bn $28.2bn +46.0%
Net margin 23.0% 25.5% +10.8%
P/E multiple 24.1x 17.0x −29.2%
Share count 960m 798m +20.2%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BKNG+8%−16%+76%+41%+9%−28%
Industry peers (median)+28%−27%+45%+24%+8%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BKNG58%50%75%58%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BKNG−22%−40%−15%−20%−21%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 48% from March 12, 2018 to March 23, 2020. Getting back needed a 92% gain, reached on December 31, 2020, 283 days after the low.

Price behaviour

52-week range
$147.94 – $218.11
From 52-week high
−29.5%
vs 50-day average
−9.6%
vs 200-day average
−12.6%
Volatility (1 year)
38%
Beta vs S&P 500
0.82

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.5%
After a week
6 up, 6 down
typical move ±6.9%
After a month
7 up, 5 down
typical move ±7.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +7.4% +1.6% +10.5% +3.6%
April 28, 2026 −2.0% −0.5% −5.6% −4.3%
February 18, 2026 −3.2% +0.2% +0.6% +4.0%
October 28, 2025 −3.4% +0.3% −5.0% −6.5%
July 29, 2025 −1.2% −0.4% −3.9% −1.1%
April 29, 2025 +4.3% +0.7% +5.6% +12.5%
February 20, 2025 −2.3% −2.1% −3.8% −9.5%
October 30, 2024 +5.6% −2.3% +13.0% +17.5%
August 1, 2024 −10.4% −3.3% −8.6% +5.2%
May 2, 2024 +4.7% +2.2% +10.7% +10.2%
February 22, 2024 −6.3% +2.1% −7.3% −2.9%
November 2, 2023 +3.3% +2.8% +8.8% +13.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Booking Holdings’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.51× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

BKNG Booking Holdings Grade B $154.13

Own 100 shares, sell the $5,850 call expiring December 18, 2026 (46 days) for $88.00 a share — $8,800 per contract.

Previous session · Bid $88.00, ask $109.8, quoted Mon 2 Nov, 17:16 New York time with BKNG at $154.13. Option prices move with the shares: check the live chain at your broker before trading.

  • If BKNG ends below $5,850: you keep your shares and the $8,800 — 57.1% extra on the position, 453.0% a year at that pace.
  • If it ends above $5,850: your shares are sold at $5,850, a total return of 3752.6% including the premium — at or above our value of ~$290.
$578.4k $0 −$1.3k Break-even $66.13 Price $154.13 Our value $290
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$8,800
Annualised
453.0%
Break-even
$66.13
Max gain
$578,387
Chance of selling
~74%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Booking Holdings in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Booking Holdings
$20B $22B $24B $26B $28B $30B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $20.6B Revenue (TTM), FY23 Q4: $21.4B Revenue (TTM), FY24 Q1: $22B Revenue (TTM), FY24 Q2: $22.4B Revenue (TTM), FY24 Q3: $23.1B Revenue (TTM), FY24 Q4: $23.7B Revenue (TTM), FY25 Q1: $24.1B Revenue (TTM), FY25 Q2: $25B Revenue (TTM), FY25 Q3: $26B Revenue (TTM), FY25 Q4: $26.9B Revenue (TTM), FY26 Q1: $27.7B Revenue (TTM), FY26 Q2: $28.2B $28.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $20.6B
FY23 Q4 $21.4B
FY24 Q1 $22B
FY24 Q2 $22.4B
FY24 Q3 $23.1B
FY24 Q4 $23.7B
FY25 Q1 $24.1B
FY25 Q2 $25B
FY25 Q3 $26B
FY25 Q4 $26.9B
FY26 Q1 $27.7B
FY26 Q2 $28.2B
Revenue growth, TTM YoY Booking Holdings
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 28.8% Revenue growth, TTM YoY, FY23 Q4: 25.0% Revenue growth, TTM YoY, FY24 Q1: 21.1% Revenue growth, TTM YoY, FY24 Q2: 15.8% Revenue growth, TTM YoY, FY24 Q3: 11.7% Revenue growth, TTM YoY, FY24 Q4: 11.1% Revenue growth, TTM YoY, FY25 Q1: 9.5% Revenue growth, TTM YoY, FY25 Q2: 11.7% Revenue growth, TTM YoY, FY25 Q3: 13.0% Revenue growth, TTM YoY, FY25 Q4: 13.4% Revenue growth, TTM YoY, FY26 Q1: 15.0% Revenue growth, TTM YoY, FY26 Q2: 12.9% 12.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 28.8%
FY23 Q4 25.0%
FY24 Q1 21.1%
FY24 Q2 15.8%
FY24 Q3 11.7%
FY24 Q4 11.1%
FY25 Q1 9.5%
FY25 Q2 11.7%
FY25 Q3 13.0%
FY25 Q4 13.4%
FY26 Q1 15.0%
FY26 Q2 12.9%
Operating margin (TTM) Booking Holdings
26% 28% 30% 32% 34% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 31.9% Operating margin (TTM), FY23 Q4: 27.3% Operating margin (TTM), FY24 Q1: 28.1% Operating margin (TTM), FY24 Q2: 28.4% Operating margin (TTM), FY24 Q3: 27.9% Operating margin (TTM), FY24 Q4: 31.8% Operating margin (TTM), FY25 Q1: 32.5% Operating margin (TTM), FY25 Q2: 32.8% Operating margin (TTM), FY25 Q3: 32.7% Operating margin (TTM), FY25 Q4: 32.8% Operating margin (TTM), FY26 Q1: 32.6% Operating margin (TTM), FY26 Q2: 32.9% 32.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 31.9%
FY23 Q4 27.3%
FY24 Q1 28.1%
FY24 Q2 28.4%
FY24 Q3 27.9%
FY24 Q4 31.8%
FY25 Q1 32.5%
FY25 Q2 32.8%
FY25 Q3 32.7%
FY25 Q4 32.8%
FY26 Q1 32.6%
FY26 Q2 32.9%
FCF margin (TTM) Booking Holdings
30% 32% 34% 36% 38% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 38.0% FCF margin (TTM), FY23 Q4: 32.8% FCF margin (TTM), FY24 Q1: 30.8% FCF margin (TTM), FY24 Q2: 33.5% FCF margin (TTM), FY24 Q3: 36.9% FCF margin (TTM), FY24 Q4: 33.3% FCF margin (TTM), FY25 Q1: 35.2% FCF margin (TTM), FY25 Q2: 36.9% FCF margin (TTM), FY25 Q3: 31.9% FCF margin (TTM), FY25 Q4: 33.8% FCF margin (TTM), FY26 Q1: 32.6% FCF margin (TTM), FY26 Q2: 33.8% 33.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 38.0%
FY23 Q4 32.8%
FY24 Q1 30.8%
FY24 Q2 33.5%
FY24 Q3 36.9%
FY24 Q4 33.3%
FY25 Q1 35.2%
FY25 Q2 36.9%
FY25 Q3 31.9%
FY25 Q4 33.8%
FY26 Q1 32.6%
FY26 Q2 33.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Booking Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $26.9B
  2. Selling, general and admin $857M · 3.2%
  3. Other operating costs $17.2B · 64.0%
  4. Operating income $8.8B · 32.8%
  5. Income tax $1.4B · 5.3%
  6. Interest and other $2B · 7.4%
  7. Net income $5.4B · 20.1%

Shares of revenue. Source: Booking Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2.3 3.1 4.4 5.3 6.8 8.4 9.2 10.7 12.7 14.5 15.1 6.8 11.0 17.1 21.4 23.7 26.9 28.2
Gross profit 1.3 1.9 3.1 4.1 5.7 7.6 8.6 10.3 12.4 — — — — — — — — —
EBITDA 0.5 0.8 1.5 1.9 2.5 3.3 3.5 3.2 4.9 5.8 5.8 −0.2 2.9 5.6 6.3 8.1 9.4 9.9
Operating income 0.5 0.8 1.4 1.8 2.4 3.1 3.3 2.9 4.5 5.3 5.3 −0.6 2.5 5.1 5.8 7.6 8.8 9.3
Net income 0.5 0.5 1.1 1.4 1.9 2.4 2.6 2.1 2.3 4.0 4.9 0.1 1.2 3.1 4.3 5.9 5.4 7.2
Diluted EPS $9.88 $0.41 $0.83 $1.11 $1.44 $1.83 $1.98 $1.71 $1.87 $3.33 $4.47 $0.06 $1.13 $3.05 $4.70 $6.91 $165.57 —
Growth (year on year)
Revenue +24.1% +31.9% +41.2% +20.8% +29.1% +24.3% +9.3% +16.5% +18.0% +14.6% +3.7% −54.9% +61.2% +56.0% +25.0% +11.1% +13.4% +12.9%
EBITDA +53.5% +63.2% +74.5% +30.4% +33.5% +29.7% +7.6% −9.0% +52.4% +17.7% +0.8% −103.0% — +90.4% +14.2% +28.5% +16.0% +11.4%
Operating income +62.7% +67.1% +77.8% +30.8% +31.8% +27.4% +6.0% −10.8% +56.2% +17.7% +0.1% −111.8% — +104.4% +14.4% +29.5% +16.8% +12.9%
Net income +168.6% +7.8% +100.2% +34.4% +33.3% +28.0% +5.4% −16.3% +9.6% +70.8% +21.7% −98.8% — +162.5% +40.3% +37.1% −8.1% +49.8%
Diluted EPS +164.2% −95.8% +99.3% +34.1% +30.5% +26.5% +8.3% −13.8% +9.9% +77.7% +34.3% −98.7% — +171.0% +53.8% +47.1% +>999% —
Margins
Gross margin 53.9% 61.9% 70.7% 77.6% 84.1% 89.8% 93.1% 96.1% 98.1% — — — — — — — — —
EBITDA margin 21.8% 27.0% 33.4% 36.0% 37.2% 38.9% 38.3% 29.9% 38.6% 39.7% 38.6% −2.5% 26.6% 32.5% 29.7% 34.3% 35.1% 34.9%
Operating margin 20.1% 25.5% 32.1% 34.8% 35.5% 36.4% 35.3% 27.1% 35.8% 36.8% 35.5% −9.3% 22.8% 29.9% 27.3% 31.8% 32.8% 32.9%
Net margin 20.9% 17.1% 24.3% 27.0% 27.9% 28.7% 27.7% 19.9% 18.5% 27.5% 32.3% 0.9% 10.6% 17.9% 20.1% 24.8% 20.1% 25.5%
Free-cash-flow margin 21.2% 24.5% 29.7% 32.9% 32.6% 33.0% 32.8% 35.0% 34.5% 33.7% 29.8% −3.0% 23.0% 36.2% 32.8% 33.3% 33.8% 33.8%
Cash flow
Cash from operations 0.5 0.8 1.3 1.8 2.3 2.9 3.2 4.0 4.7 5.3 4.9 0.1 2.8 6.6 7.3 8.3 9.4 9.9
Capital spending 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.4 0.3 0.4 0.3 0.3
Free cash flow 0.5 0.8 1.3 1.7 2.2 2.8 3.0 3.8 4.4 4.9 4.5 −0.2 2.5 6.2 7.0 7.9 9.1 9.5
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.2 0.4 0.4 0.5 0.6 0.6 0.6
Free cash flow after stock pay 0.5 0.7 1.2 1.7 2.1 2.6 2.8 3.5 4.1 4.6 4.2 −0.4 2.1 5.8 6.5 7.3 8.5 8.9
Balance sheet
Cash 0.2 0.4 0.6 1.5 1.3 3.1 1.5 2.1 2.5 2.6 6.3 10.6 11.1 12.2 12.1 16.2 17.2 17.2
Total debt 0.2 0.6 — 1.6 2.0 4.2 6.5 6.4 9.0 8.8 8.6 12.0 10.9 12.5 14.2 17.2 18.9 20.3
Net debt (negative = net cash) −0.0 0.2 −0.6 0.0 0.7 1.1 5.0 4.3 6.5 6.2 2.3 1.5 −0.2 0.3 2.1 1.1 1.7 3.1
Diluted shares 50m 51m 51m 51m 52m 53m 52m 50m 50m 48m 44m 41m 41m 40m 37m 34m 33m —
Returned to shareholders
Dividends — — — — — — — — — — — — — 0.0 0.0 1.2 1.2 1.3
Buybacks 0.0 0.1 0.2 0.3 0.9 0.8 3.1 1.0 1.8 6.0 8.2 1.3 0.2 6.6 10.4 6.5 6.4 10.5
Total returned 0.0 0.1 0.2 0.3 0.9 0.8 3.1 1.0 1.8 6.0 8.2 1.3 0.2 6.6 10.4 7.7 7.7 11.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 5 checks passed · June 30, 2026
What it owns · $29.7bn
Short-term assets $23.1bnLonger-term assets $6.6bn
What it owes, and who funded it · $40.5bn
Short-term liabilities $21.1bnLonger-term liabilities $19.4bnShareholders' equity $-10.8bn
  • Short-term assets cover short-term liabilities $23.1bn of assets due within a year against $21.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $23.1bn short-term assets against $19.4bn of longer-dated liabilities.
  • More cash than debt $17.2bn of cash against $20.2bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $9.9bn of operating cash flow against $20.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $9.3bn against $1.1bn of interest.

From Booking Holdings's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$10.5B
Dividends (TTM)
$1.3B
Returned to shareholders
124%
of free cash flow
Buybacks, last 3 fiscal years
$23.3B
Diluted share count
−4.6%
year over year
Total shareholder yield
10.0%
dividends 1.1% + buybacks 8.9% of market value
Dividend payout ratio
18%
of net income paid out

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated BKNG CCL MAR RCL EXPE ABNB Median
Revenue, last 12 months $28.2bn $27.6bn $27.4bn $19.1bn $15.7bn $13.2bn $5.2bn
Revenue growth, last 12 months 12.9% 5.2% 5.8% 9.7% 12.0% 13.6% 9.7%
Revenue growth, 3-year average 13.4% 11.3% 5.2% 13.3% 8.6% 13.1% 8.0%
Revenue growth, latest quarter 8.1% 3.5% 8.0% 8.8% 14.0% 16.5% 8.1%
Gross margin 98.1% 39.5% — 49.1% 82.1% 82.9% 47.7%
Operating margin 32.9% 16.0% 15.8% 27.6% 16.0% 20.8% 16.0%
Operating margin, 3-year average 31.4% 15.4% 15.6% 26.4% 11.3% 19.5% 15.3%
Net margin 25.5% 11.4% 9.7% 23.8% 13.0% 20.4% 11.4%
Cash from operations / revenue 34.9% 24.7% 14.8% 36.0% 33.2% 36.9% 20.4%
Free-cash-flow margin 33.8% 11.5% 12.7% 7.9% 28.4% 36.9% 12.1%
Free-cash-flow margin, 3-year average 34.7% 9.2% 10.3% 5.8% 19.3% 38.6% 10.3%
Stock pay / revenue 2.1% 0.4% 0.8% 0.7% 2.6% 13.0% 1.3%
Change in share count −4.6% −2.1% −3.9% −3.3% −5.4% −3.8% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 12.9% 9.7% 8 of 25
Change in growth rate Growth -2.1pp -0.5pp 21 of 25
Operating margin Profitability 32.9% 16.0% 1 of 22
Net margin Profitability 25.5% 11.4% 2 of 25
Free-cash-flow margin Cash generation 33.8% 12.7% 3 of 24
Stock pay as % of revenue Cash generation 2.1% 1.4% 17 of 24
Long-term debt as % of assets Balance sheet 61.2% 41.9% 18 of 24
Change in share count Balance sheet -4.6% -3.5% 7 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Merchant Revenue $17.8B 66.0% ▲ 25.5%
Agency Revenue $8B 29.6% ▼ 6.5%
Advertisingandotherrevenues $1.2B 4.4% ▲ 11.3%
Geography
Region Revenue YoY
Outside the US $24.3B ▲ 14.5%
Netherlands $21.7B ▲ 16.7%
United States $2.6B ▲ 3.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Booking Holdings's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

13F filings for June 30, 2026
Reported value
$128B
Institutions reporting
1,895
Shares held vs prior quarter
▲ 2455.6%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $11.6B 65.3M 9.1% ▲ 2362.8%
Vanguard Capital Management LLC $9B 50.6M 7.0% ▲ 2337.2%
State Street Corp $6.2B 35.0M 4.9% ▲ 2366.1%
Price T Rowe Associates Inc $4.7B 26.6M 3.7% ▲ 2196.5%
Invesco Ltd. $4.6B 25.7M 3.6% ▲ 2427.3%
Dodge & Cox $4.6B 25.5M 3.6% ▲ 2460.1%
Geode Capital Management, LLC $3.9B 21.9M 3.1% ▲ 2360.1%
Capital World Investors $3.7B 20.6M 2.9% ▲ 2580.1%
Jpmorgan Chase & Co $3.4B 18.8M 2.7% ▲ 1660.1%
Vanguard Portfolio Management LLC $2.6B 14.5M 2.0% ▲ 2352.8%
Norges Bank $2.2B 12.4M 1.7% —
Morgan Stanley $2.2B 12.3M 1.7% ▲ 2188.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Booking Holdings's complete shareholder register. Values are as reported by the filers ; 145 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $55.8M 282 trades by 6 insiders · 98% under pre-set plans
Net ▼ $55.8M net selling
Insider Date Trade Shares Price Value
Pisano Paulo CHIEF HUMAN RESOURCES OFFICER October 15, 2026 Sell pre-set plan 1,500 $163.06 $244,590
Pisano Paulo CHIEF HUMAN RESOURCES OFFICER September 15, 2026 Sell pre-set plan 1,500 $173.02 $259,530
Mylod Robert J Jr Director September 1, 2026 Sell pre-set plan 1,000 $200.00 $200,000
Pisano Paulo CHIEF HUMAN RESOURCES OFFICER August 31, 2026 Sell pre-set plan 3,000 $203.48 $610,440
Wittman Vanessa Ames Director August 17, 2026 Sell pre-set plan 375 $211.00 $79,125
Millones Peter J EXECUTIVE VP, GENERAL COUNSEL August 17, 2026 Sell pre-set plan 390 $212.88 $83,023
Millones Peter J EXECUTIVE VP, GENERAL COUNSEL August 17, 2026 Sell pre-set plan 2,890 $212.32 $613,591
Millones Peter J EXECUTIVE VP, GENERAL COUNSEL August 17, 2026 Sell pre-set plan 3,632 $211.03 $766,458
Millones Peter J EXECUTIVE VP, GENERAL COUNSEL August 17, 2026 Sell pre-set plan 5,174 $210.00 $1.1M
Millones Peter J EXECUTIVE VP, GENERAL COUNSEL August 17, 2026 Sell pre-set plan 5,019 $208.73 $1M
Millones Peter J EXECUTIVE VP, GENERAL COUNSEL August 17, 2026 Sell pre-set plan 8,660 $208.05 $1.8M
Millones Peter J EXECUTIVE VP, GENERAL COUNSEL August 17, 2026 Sell pre-set plan 2,627 $206.58 $542,688

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 63 trades and filings

In the last 12 months, 2 members of Congress disclosed 4 purchases and 3 sales of Booking Holdings shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded June 1, 2026, filed July 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • April 28, 2026
  • February 18, 2026
  • October 28, 2025
  • July 29, 2025
  • April 29, 2025

Recent SEC filings

Data status

When each part of this page on Booking Holdings was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Booking Holdings in brief

What does Booking Holdings do?
Booking Holdings is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Booking Holdings's stock ticker?
Booking Holdings trades under the ticker BKNG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Booking Holdings's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Booking Holdings reported revenue of $28.2B, 12.9% higher than a year earlier, according to its SEC filings.
What is Booking Holdings's free cash flow?
Booking Holdings's free-cash-flow margin is 33.8% of revenue over the trailing twelve months, ranking 3 of the 24 hotels, resorts & cruise lines companies we cover.
What is Booking Holdings's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Booking Holdings's free cash flow after stock-based pay gives ~$290 per share in the base case, and ~$220–$390 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Booking Holdings's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Booking Holdings buying back stock, and does it pay a dividend?
Booking Holdings spent $10.5B on share repurchases over the trailing twelve months, and its diluted share count fell 4.6% over the year.
What is Booking Holdings's market cap?
On December 31, 2025, Booking Holdings's market capitalisation was about $6.9B, with a price-to-earnings ratio of 1.3 and net debt of $1.7B. Market figures come from third-party market data and may be delayed.
Does Booking Holdings pay a dividend?
Yes: Booking Holdings paid $1.3B in dividends over the trailing twelve months, a dividend yield of 1.08% and a payout ratio of 17.8%.
Who are Booking Holdings's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Booking Holdings are Carnival Corporation, Marriott International, Royal Caribbean Group, Expedia Group and Airbnb. The side-by-side comparison below sets their revenue, margins and growth against Booking Holdings's.
Are insiders buying or selling Booking Holdings stock?
Over the last 12 months, Booking Holdings's directors and officers reported 0 open-market purchases and 282 sales on Form 4. The insider trading page charts every trade.
When is Booking Holdings's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Booking Holdings announces its own schedule.