Booking Holdings Inc

Latest Results (23.04.2026):

Booking Holdings Inc — Fourth Quarter 2025: The company reported strong Q4 2025 results with double‑digit top‑line growth and improved profitability. Q4 revenue was $6.3B (+16% vs. Q4 2024; ~+11% on a constant currency basis), gross bookings were $43.0B (+16%; ~+11% CC), and room nights rose 9% to 285M. GAAP net income for the quarter was $1.4B (+34%) and GAAP EPS was $44.22 (+38%); adjusted EPS was $48.80 (+17%) and adjusted EBITDA was $2.2B (+19%), driving a Q4 adjusted EBITDA margin of 34.6%.

Top‑line growth

Q4 2025 revenue $6.3B (+16% y/y; ~+11% CC) and gross bookings $43.0B (+16%; ~+11% CC). For full year 2025, revenue was $26.9B (+13%; ~+10% CC) and gross bookings $186.1B (+12%; ~+10% CC).

Demand & operational metrics

Room nights in Q4 were 285M, up 9% y/y (FY 2025: 1,235M, +8%). Booking.com alternative accommodation nights grew ~9%; CC ADRs were up about 1%.

Profitability

Q4 GAAP net income $1.4B (+34%) and GAAP diluted EPS $44.22 (+38%). Adjusted EPS was $48.80 (+17%). Q4 adjusted EBITDA $2.195B (+19%), with adjusted EBITDA margin of 34.6% (vs. 33.8% in Q4 2024). FY 2025 adjusted EBITDA was $9.937B (+20%) with a 36.9% margin (FY 2024: 35.0%).

Cash flow

Q4 free cash flow was $1.416B (+120% y/y); full‑year free cash flow was $9.086B (+15%). Net cash provided by operating activities for FY 2025 was $9.409B (+13%).

Non‑GAAP adjustments & impairment

The company recorded a non‑cash impairment of KAYAK goodwill and certain intangibles of $457M in FY 2025 (excluded from adjusted metrics). Transformation‑program costs were excluded from adjusted measures; management reported ~ $550M of annual run‑rate savings enabled to date and expects to realize these run‑rate savings by end of 2026.

Capital return & balance sheet actions

Q4 stock repurchases totaled $2.1B (remaining authorization $21.8B as of 12/31/2025). The Board declared a Q1 2026 cash dividend of $10.50 per share (payable Mar 31, 2026; +9.4% vs. 2025 quarterly dividend). The Board also approved a 25‑for‑1 stock split to be effective April 2, 2026.

Full‑year 2025 snapshot

FY 2025 revenue $26.9B (+13%), GAAP net income $5.404B (‑8% y/y) and GAAP EPS $165.57 (‑4%); adjusted EPS $228.06 (+22%). Net income margin for FY 2025 was 20.1% (24.8% in 2024); adjusted EBITDA margin expanded to 36.9%.

Outlook for 2026

Q1 2026 guidance: room nights +5–7% y/y; gross bookings +14–16% (revenue growth 14–16%, including ~7% FX benefit in Q1). FY 2026 guidance: constant‑currency gross bookings growth ~7–9% and constant‑currency revenue growth ~7–9% (reported revenue growth targeted in the low double‑digits), with adjusted EBITDA and adjusted EPS expected to grow (Adjusted EPS targeted mid‑teens for FY).