Booking Holdings Inc

Latest Results (11.03.2026):

Booking Holdings Inc's fourth quarter 2025 results (and full-year 2025) showed broad revenue and booking strength: in Q4 2025 room nights were 285M (+9% vs. Q4 2024), gross bookings were $43.0B (+16% / ~11% constant currency) and revenue was $6.3B (+16% / ~11% CC). GAAP net income for Q4 was $1.4B (+34% YoY) with GAAP diluted EPS $44.22 (+38%), while Adjusted EPS was $48.80 (+17%). Adjusted EBITDA for Q4 was $2.2B (+19%) and the company reported strong cash generation (Q4 operating cash flow $1.5B, free cash flow $1.4B).

Top-line performance

Q4 2025 gross bookings increased 16% year-over-year to $43.0B (≈11% on a constant currency basis) and revenue grew 16% to $6.3B (≈11% CC). Full-year 2025 gross bookings were $186.1B (+12% / ~10% CC) and revenue was $26.9B (+13% / ~10% CC).

Profitability & margins

Q4 net income margin expanded to 22.5% (vs. 19.5% in Q4 2024) and Adjusted EBITDA margin was 34.6% (vs. 33.8% prior year). For FY 2025, GAAP net income margin was 20.1% (vs. 24.8% in 2024) while Adjusted EBITDA margin improved to 36.9% (35.0% in 2024).

Cash flow and capital return

Booking Holdings generated $1.5B of operating cash in Q4 and $9.4B for FY 2025; free cash flow was $1.4B in Q4 and $9.1B for the year. The company repurchased $2.1B of stock in Q4 (remaining authorization $21.8B) and its board declared a quarterly cash dividend of $10.50 per share payable March 31, 2026.

Transformation, one‑offs and balance sheet items

The Transformation Program has delivered approximately $550M of annual run-rate savings (high end of prior target) with expected realization by end of 2026. FY 2025 included a $457M impairment (KAYAK goodwill/intangibles) and notable FX and debt-related items affecting reported results; cash and cash equivalents totaled $17.2B at year-end and long-term debt rose to $16.9B.

Operating metrics

Room nights for Q4 were 285M (+9% YoY) and full-year room nights were 1,235M (+8% YoY). Merchant segment continued to grow while agency bookings declined year-over-year; alternative accommodation and direct-channel mix remained important drivers.

Outlook for 2026

Guidance: Q1 2026 room nights +5–7%, gross bookings +14–16% (reported) / +7–9% CC, and revenue +14–16% (with ~7% FX benefit in Q1). Full-year 2026 targets: low double-digit reported gross bookings and revenue growth (high single-digit on a constant currency basis), adjusted EBITDA growth expected to lag revenue rate (company targets adjusted EPS growth in the mid‑teens), and a 25‑for‑1 stock split was approved effective April 2, 2026.