Booking Holdings key statistics and ratios

In fiscal 2025, Booking Holdings had an operating margin of 32.8% and a current ratio of 1.33. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Booking Holdings: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	53.9%	61.9%	70.7%	77.6%	84.1%	89.8%	93.1%	96.1%	98.1%	—	—	—	—	—	—	—	—	—
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%
Return on equity	37.0%	33.7%	48.2%	43.9%	35.0%	31.3%	29.4%	22.9%	22.2%	39.9%	66.1%	1.1%	21.0%	68.3%	—	—	—	—
Return on assets	26.7%	22.3%	30.7%	26.9%	22.2%	19.2%	15.9%	11.5%	10.3%	16.6%	22.1%	0.3%	5.1%	12.5%	17.3%	22.6%	19.0%	24.5%
Asset turnover	1.27	1.30	1.27	1.00	0.80	0.67	0.57	0.58	0.56	0.60	0.68	0.31	0.48	0.70	0.86	0.91	0.94	0.96
Current ratio	2.50	4.15	2.77	3.89	5.41	3.71	2.47	1.89	2.58	2.36	1.83	3.56	2.10	1.86	1.28	1.31	1.33	1.09
Debt to equity	14.8%	31.7%	—	40.4%	28.9%	49.1%	73.8%	65.2%	79.9%	100.0%	145.4%	245.5%	176.9%	450.9%	—	—	—	—
Interest cover (operating income ÷ interest)	19.5x	26.3x	44.1x	29.5x	29.0x	34.8x	20.3x	14.0x	17.9x	19.9x	20.1x	n/m	7.5x	13.0x	6.5x	5.8x	5.5x	8.4x
Effective tax rate	−10.7%	29.2%	22.6%	19.2%	17.6%	19.0%	18.4%	21.3%	46.8%	17.3%	18.3%	89.6%	20.5%	22.0%	21.7%	19.3%	20.9%	22.4%
Capital spending as % of revenue	0.6%	0.7%	1.1%	1.0%	1.2%	1.6%	1.9%	2.0%	2.3%	3.0%	2.4%	4.2%	2.8%	2.2%	1.6%	1.8%	1.2%	1.1%
Free cash flow ÷ net income	101.0%	143.1%	122.6%	121.9%	117.1%	114.9%	118.7%	176.3%	186.8%	122.5%	92.4%	−340.7%	216.0%	202.3%	163.2%	134.2%	168.2%	132.3%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	20.0%	23.1%	17.8%
Dividends and buybacks ÷ free cash flow	3.5%	17.2%	12.6%	14.9%	39.9%	27.0%	102.0%	26.9%	41.8%	122.0%	182.1%	—	6.5%	107.0%	148.3%	97.3%	84.6%	123.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Booking Holdings: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	39.8%	31.6%	22.3%	33.1%	38.7%	32.0%	23.0%	34.0%
Net margin	31.5%	19.5%	7.0%	13.2%	30.5%	22.5%	19.6%	26.5%
Free-cash-flow margin	28.7%	11.8%	66.4%	46.1%	15.2%	22.3%	56.2%	49.6%
Current ratio	1.23	1.31	1.22	1.25	1.33	1.33	1.06	1.09

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Booking Holdings's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Booking Holdings.