— Know what they know.
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Not Investment Advice

BKNG

NASDAQ · USD
Booking Holdings Inc.
Consumer Cyclical · Travel Services
CEO Glenn D. Fogel Employees 24,300 R&D / revenue 0.0%
Last price
$163.45−1.42%last session
Market cap
$122.8B
P/E (TTM)
18.0x
From 52w high
−26.0%
From 52w low
+8.9%
1-year return
−16.7%
RSI 14 · vs SMA200
45.2 · −8.7%
IS score
77.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

BKNG   SPY   XLY (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97BKNG 83

Score DNA

Each bar is a 0-100 score within the scored universe
80
Profitability
78
Growth
50
Value
93
Momentum
100
Risk (safety)
73
Quality
59
Balance sheet
67
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Cost AdvantagePiotroski 5 / 9Altman Z 6.2Beta 1.073 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
26 open-market sales, $27.7M
Form 144 notices (12m): 18, $32.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-07-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+17
190 new holders, 152 closed
1,924 filers hold 94.1% · 1,690 added, 34 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+237
1,632 funds adding shares
1,395 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
14.3%
20-day avg 32.5%, 50-day avg 44.7%
Latest 18.2 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$26.9B
Revenue growth YoY+13.4%
Gross margin100.0%
Operating income$9.3B
Operating margin34.5%
Net income$5.4B
Net margin20.1%
EPS (diluted)$165.57
Cash flow
Operating cash flow$9.4B
Capital expenditure$322.0M
Free cash flow$9.1B
FCF conversion (FCF / OCF)96.6%
Stock-based compensation$617.0M
FCF less SBC$8.5B
Buybacks$6.4B
Dividends$1.2B
Balance sheet & returns
Cash & short-term investments$17.8B
Total debt$18.7B
Net debt$951.0M
Shareholders' equity−$5.6B
Goodwill & intangibles$3.6B
Debt / equity-1.92
ROE (TTM)-96.7%
ROIC (TTM)71.2%
Operating margin by fiscal year
22.8%FY202129.9%FY202227.3%FY202331.8%FY202434.5%FY2025
Revenue $11.0B (FY2021) to $26.9B (FY2025), a 25.2% CAGR.

Valuation

P/E (TTM)18.0x
EV / EBITDA11.7x
Price / sales4.35x
Price / FCF12.9x
FCF yield7.77%
Buyback yield5.24%
SBC / revenue2.1%
Price / bookn/m
Forward P/E FY202615.6x
Forward P/E FY202713.2x
Forward P/E FY202811.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $230.10 across 20 analysts last quarter is theirs, not ours.

BKNG vs industry median

44 companies in Travel Services
Gross margin 100.0% 40.8% Operating margin 34.5% 8.3% Net margin 25.5% 3.2% ROIC 71.2% 10.1%
BKNG (TTM)Industry median Asset turnover 0.95 vs industry 0.61 · financial leverage -2.75

Earnings delivery

Next report 2026-11-03 · consensus EPS $4.49
92%
beat rate, 11 of 12 quarters
+8.0%
median EPS surprise
9
longest beat streak
+7+8+46+8+9+16+43+10+4+0+6+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
BKNG Booking Holdings Inc. $122.8B18.0x-96.7%25.5%+13.4% −16.7%
ABNB Airbnb, Inc. $104.0B39.3x34.5%22.6%+13.6% +41.3%
RCL Royal Caribbean Cruises Ltd. $74.3B17.1x45.4%23.3%+8.7% −7.0%
VIK Viking Holdings Ltd $37.2B27.5x139.8%26.8%+20.0% +38.7%
CCL Carnival Corporation & plc $34.8B11.2x24.0%22.8%+5.2% −8.2%
EXPE Expedia Group, Inc. $33.1B17.3x199.1%20.3%+12.0% —
SABRP Sabre Corporation $23.6B19.4x-38.0%1.1%−4.1% —
SBUX Starbucks Corporation $111.2B56.0x-25.8%11.2%+4.5% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-08-04Earnings Release; Exhibits
2026-06-02Shareholder Vote; Exhibits
2026-05-07Material Agreement; Financial Obligation; Other Events; Exhibits
2026-04-28Earnings Release; Exhibits
2026-04-02Officer/Director Change
2026-04-02Bylaws Amendment; Exhibits

Context

Shares outstanding751,381,000
Free float99.8%
Institutional ownership94.1%
Beta1.07
Dividend yield1.01%
Last dividend$0.42 on 2026-09-11
50 / 200-day average$183.38 / $180.07
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where BKNG sits among 12 scored companies in Travel Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureBKNGIndustry medianIndustry percentileSector median
P/E (TTM) 17.0x 17.0x
50th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 4.3x 2.9x
82nd		 1.0x
Price / book —
Price / tangible book —
Price / free cash flow 12.9x 12.9x
50th		 15.2x
Price / operating cash flow 12.5x 11.7x
55th		 10.2x
Enterprise value $126.3B $26.7B
100th		 $5.6B
EV / sales 4.5x 3.3x
64th		 1.4x
EV / EBITDA 11.7x 13.4x
36th		 11.4x
EV / EBIT 12.5x 17.0x
18th		 16.0x
EV / free cash flow 13.2x 18.5x
25th		 21.0x
Earnings yield 5.9% 4.7%
55th		 4.8%
FCF yield 7.8% 5.0%
64th		 5.9%
Operating cash flow yield 8.0% 8.6%
45th		 9.3%
Graham number (per share) —

Profitability (TTM)

MeasureBKNGIndustry medianIndustry percentileSector median
Gross margin 100.0% 45.9%
100th		 34.2%
EBITDA margin 38.2% 25.1%
91st		 11.7%
Operating margin 34.5% 16.1%
100th		 8.7%
EBIT margin 35.9% 16.9%
100th		 8.2%
Net margin 25.5% 9.7%
100th		 4.9%
NOPAT margin 26.8% 14.4%
91st		 6.8%
FCF margin 33.8% 13.0%
91st		 6.5%
Operating cash flow margin 34.9% 22.9%
73rd		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 59.3% 26.2%
100th		 17.2%
Stock comp / revenue 2.1% 1.3%
82nd		 0.6%
Effective tax rate 22.4% 21.7%
55th		 22.4%

Returns on capital

MeasureBKNGIndustry medianIndustry percentileSector median
ROE (on average equity) —
ROA 23.9% 5.1%
100th		 4.4%
ROIC -103.5% 9.2%
18th		 9.3%
ROCE 117.7% 12.2%
100th		 9.9%
Return on tangible assets 33.6% 8.5%
100th		 7.4%
Cash ROIC (OCF / invested capital) —
Gross profitability (GP / assets) 95.1% 27.4%
100th		 31.6%
ROIC, 3-yr average —
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC -157.9% -35.4%
27th		 11.2%

Growth

MeasureBKNGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.9% 8.7%
70th		 6.0%
Revenue growth (QoQ) 32.9% 20.8%
73rd		 6.6%
Revenue CAGR, 3 yr 13.4% 12.7%
67th		 3.0%
Revenue CAGR, 5 yr 31.5% 37.4%
33rd		 5.9%
Gross profit CAGR, 3 yr 13.4% 12.9%
56th		 3.3%
Operating income CAGR, 3 yr 17.2% 25.4%
43rd		 2.1%
Net income growth (TTM YoY) 49.8% 5.8%
80th		 4.7%
Net income CAGR, 3 yr 17.4% 17.4%
50th		 1.4%
EPS growth (TTM YoY) -93.7% 1.2%
0th		 7.6%
EPS CAGR, 3 yr -57.3% 9.2%
0th		 3.4%
EPS CAGR, 5 yr -1.5% — 2.9%
FCF growth (TTM YoY) 3.2% 13.6%
25th		 26.3%
FCF CAGR, 3 yr 13.9% 12.3%
60th		 6.5%
Operating cash flow CAGR, 3 yr 13.2% 18.6%
38th		 6.7%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr -63.0% — 3.2%
Sustainable growth rate —

Margin history & stability

MeasureBKNGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 100.0% 47.7%
100th		 34.9%
Operating margin, 3-yr average 31.9% 15.4%
100th		 8.0%
Net margin, 3-yr average 22.4% 9.3%
90th		 4.8%
FCF margin, 3-yr average 34.7% 13.1%
90th		 5.7%
Revenue stability (0-1) 0.96 0.92
90th		 0.80
Earnings stability (0-1) 0.90 0.83
60th		 0.43
Margin stability (0-1) 1.00 0.92
100th		 0.92

Liquidity (latest quarter)

MeasureBKNGIndustry medianIndustry percentileSector median
Cash & short-term investments $17.2B $859.1M
100th		 $278.1M
Net cash (− = net debt) −$3.5B −$1.6B
36th		 −$1.2B
Working capital $2.0B −$141,500
82nd		 $298.0M
Current ratio 1.09 0.97
55th		 1.49
Quick ratio 1.09 0.97
55th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.82 0.48
82nd		 0.31
Defensive interval (days) 425 days 421 days
55th		 290 days

Leverage & solvency (latest quarter)

MeasureBKNGIndustry medianIndustry percentileSector median
Total debt $20.7B $5.7B
82nd		 $1.8B
Debt / equity —
Net debt / equity —
Debt / assets 69.7% 51.0%
82nd		 39.7%
Debt / capital —
Debt / EBITDA 1.92 3.36
18th		 3.26
Net debt / EBITDA 0.32 2.43
27th		 2.42
Interest coverage (EBIT / interest) 9.2x 4.3x
91st		 5.1x
Cash interest coverage 8.9x 6.2x
82nd		 6.0x
Debt payback (years of OCF) 2.1 yrs 3.6 yrs
18th		 3.8 yrs
Liabilities / assets 136.3% 88.6%
100th		 68.1%
IS credit model rating AA- — —
Implied credit spread (bps) 100 438
9th		 275

Efficiency

MeasureBKNGIndustry medianIndustry percentileSector median
Asset turnover 0.94 0.55
100th		 1.00
Fixed asset turnover 20.75 1.65
90th		 3.73
Inventory turnover —
Receivables turnover 6.5 25.0
20th		 19.9
Days sales outstanding 56 days 12 days
82nd		 18 days
Days inventory outstanding —
Days payables outstanding —
Cash conversion cycle (days) —
Capex / revenue 1.1% 6.6%
10th		 3.1%
Capex / depreciation 0.49 1.27
20th		 0.89
Operating expense ratio 66.0% 35.2%
82nd		 24.8%

Cash flow & earnings quality

MeasureBKNGIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.37 2.17
0th		 1.76
FCF / net income 1.32 1.32
50th		 1.18
FCF / operating cash flow 96.8% 57.6%
100th		 70.1%
Capex / operating cash flow 3.2% 42.4%
0th		 29.9%
Accruals ratio -8.8% -7.5%
36th		 -5.7%
Sloan accruals ratio -10.9% -1.4%
0th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureBKNGIndustry medianIndustry percentileSector median
Dividend yield 1.0% 0.0%
73rd		 0.8%
Dividend per share (TTM) $1.64 $0.00
73rd		 $0.40
Payout ratio (dividends / net income) 17.8% 0.0%
80th		 17.8%
Dividends / FCF 13.4% 0.0%
75th		 11.6%
Dividend growth (YoY) -95.5% -31.7%
40th		 4.8%
Buyback yield 8.6% 2.9%
90th		 1.6%
Shareholder yield (dividends + buybacks) 9.6% 3.4%
90th		 3.7%
Share count change (YoY) —
Buybacks, last 5 years $36.2B $584.8M
100th		 $198.3M

Scores & forensic checks

MeasureBKNGIndustry medianIndustry percentileSector median
IS score 77 52
100th		 50
IS profitability 80 62
82nd		 38
IS growth 78 54
80th		 53
IS value 50 42
64th		 50
IS momentum 93 80
90th		 72
IS risk (safety) 100 40
100th		 65
IS quality 73 68
82nd		 63
IS balance sheet 59 45
82nd		 48
IS earnings quality 67 77
27th		 77
IS cash flow 80 56
82nd		 56
Piotroski F-score (0-9) 5 6
0th		 6
Altman Z-score 6.2 2.0
100th		 2.8
Beneish M-score −2.95 −2.88
36th		 −2.69
Ohlson O-score −5.79 −6.02
64th		 −6.83
IS credit score 83 46
91st		 58

Per share

MeasureBKNGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $9.36 $2.65
82nd		 $2.05
Book value per share −$14.00 $5.58
9th		 $14.46
Tangible book per share −$18.63 $1.45
18th		 $3.70
Revenue per share $36.68 $21.03
73rd		 $46.29
FCF per share $12.39 $2.08
91st		 $2.72
Operating cash flow per share $12.80 $5.31
73rd		 $4.86
Cash per share $22.36 $6.01
91st		 $3.59

Size (TTM)

MeasureBKNGIndustry medianIndustry percentileSector median
Market cap $122.8B $20.0B
100th		 $3.6B
Revenue $28.2B $8.6B
100th		 $3.9B
EBITDA $10.8B $2.3B
100th		 $442.3M
Net income $7.2B $1.1B
100th		 $178.6M
Free cash flow $9.5B $412.0M
100th		 $206.3M
Total assets $29.7B $18.9B
82nd		 $4.4B
Shareholders' equity −$10.8B $935.8M
0th		 $957.6M
Employees 25,550 14,500
73rd		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Pisano Paulo
CHIEF HUMAN RESOURCES OFFICER
 Open-market sale 1,500$163.06$244,59070,400
2026-09-15Pisano Paulo
CHIEF HUMAN RESOURCES OFFICER
 Open-market sale 1,500$173.02$259,53071,900
2026-09-01Mylod Robert J Jr
Director
 Open-market sale 1,000$200.00$200,00014,000
2026-08-31Pisano Paulo
CHIEF HUMAN RESOURCES OFFICER
 Open-market sale 3,000$203.48$610,44073,400
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 9,325$204.91$1.9M415,750
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 12,333$205.76$2.5M403,417
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 2,627$206.58$542,688400,790
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 8,660$208.05$1.8M392,130
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 5,019$208.73$1.0M387,111
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 5,174$210.00$1.1M381,937
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 3,632$211.03$766,458378,305
2026-08-17Millones Peter J
EXECUTIVE VP, GENERAL COUNSEL
 Open-market sale 2,890$212.32$613,591375,415

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1129,424—
GiftAcquired11,200—
GiftDisposed11,200—
Open-market saleDisposed26147,050$27.7M
Tax withholdingDisposed212,604$2.0M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 18 notices · 49,901 shares · $32.7M
FiledFilerShares proposedEst. proceeds
2026-08-12Ewout Steenbergen20,000$4.3M
2026-08-05Mylod Robert J Jr1,000$206,700
2026-07-29Mylod Robert J Jr5,000$1.0M
2026-07-28Wittman Vanessa Ames1,125$216,000
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 24 trades (11 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-08-07Michael McCaulHouseSale$15,001 - $50,0002026-10-16
2026-07-07Ro KhannaHousePurchase$1,001 - $15,0002026-08-12
2023-08-22Dan SullivanSenateSale$1,001 - $15,0002023-09-22
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-18
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.65,340,562$11.6B8.70%
VANGUARD CAPITAL MANAGEMENT LLC50,606,248$9.0B6.74%
STATE STREET CORP35,038,703$6.2B4.66%
PRICE T ROWE ASSOCIATES INC /MD/26,633,093$4.7B3.54%
Invesco Ltd.25,735,059$4.6B3.43%
DODGE & COX25,536,950$4.6B3.40%
GEODE CAPITAL MANAGEMENT, LLC21,923,074$3.9B2.92%
Capital World Investors20,614,112$3.7B2.74%
JPMORGAN CHASE & CO17,300,291$3.2B2.30%
VANGUARD PORTFOLIO MANAGEMENT LLC14,456,785$2.6B1.92%
NORGES BANK12,434,096$2.2B1.65%
FMR LLC9,522,286$1.7B1.27%
DEUTSCHE BANK AG\9,484,559$1.7B1.26%
Nuveen, LLC9,172,412$1.6B1.22%
Capital Research Global Investors8,963,708$1.6B1.19%

Institutional ownership by quarter

2023-092026-0694.1%
% of shares held by 13F filers
2023-092026-061,924
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,92494.1%1901,69034152
2026-03-311,907103.0%161740729234
2025-12-312,021104.8%254728689112
2025-09-301,92595.0%135725654126
2025-06-301,94796.5%20868271694
2025-03-311,86496.7%163702656134
2024-12-311,86396.7%28258469478
2024-09-301,69397.2%14756167494
2024-06-301,65599.5%15762759494
2024-03-311,619101.5%16759361688
2023-12-311,570102.8%22750460891
2023-09-301,456104.2%15644361684

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.6%2,396,591
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.17%$3.9B
VTSAX0.17%$3.9B
VTI0.17%$3.9B
VSMPX0.17%$3.9B
VFFSX0.19%$3.2B
VFINX0.19%$3.2B

Share structure

Shares outstanding751,381,000
Float749,753,509
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$11.0B$17.1B$21.4B$23.7B$26.9B
Cost of revenue$0$0$0$0$0
Gross profit$11.0B$17.1B$21.4B$23.7B$26.9B
R&D$0$0$0$0$0
SG&A$7.6B$11.2B$14.4B$14.8B$15.9B
Operating income$2.5B$5.1B$5.8B$7.6B$9.3B
EBITDA$2.4B$4.9B$7.0B$9.3B$9.2B
Pretax income$1.5B$3.9B$5.5B$7.3B$6.8B
Income tax$300.0M$865.0M$1.2B$1.4B$1.4B
Net income$1.2B$3.1B$4.3B$5.9B$5.4B
EPS, diluted$28.17$76.35$117.40$172.69$165.57
Diluted shares41.4M40.1M36.5M34.1M32.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$11.2B$12.4B$12.7B$16.2B$17.8B
Receivables$1.4B$2.2B$3.3B$3.2B$3.8B
Inventory$0$0$0$0$0
Total current assets$13.1B$15.8B$17.0B$20.5B$22.3B
PP&E, net$1.3B$1.3B$1.5B$1.4B$807.0M
Goodwill & intangibles$4.9B$4.6B$4.4B$4.2B$3.6B
Total assets$23.6B$25.4B$24.3B$27.7B$29.3B
Accounts payable$1.6B$2.5B$3.4B$3.8B$5.1B
Total current liabilities$6.2B$8.5B$13.3B$15.6B$16.7B
Long-term debt$8.9B$12.0B$12.2B$14.9B$16.9B
Total liabilities$17.5B$22.6B$27.1B$31.7B$34.8B
Shareholders' equity$6.2B$2.8B−$2.7B−$4.0B−$5.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.2B$3.1B$4.3B$5.9B$5.4B
Depreciation & amortization$599.0M$607.0M$665.0M$751.0M$768.0M
Stock-based compensation$376.0M$404.0M$530.0M$599.0M$617.0M
Change in working capital$269.0M$1.8B$1.7B$367.0M$535.0M
Operating cash flow$2.8B$6.6B$7.3B$8.3B$9.4B
Capital expenditure−$304.0M−$368.0M−$345.0M−$429.0M−$322.0M
Free cash flow$2.5B$6.2B$7.0B$7.9B$9.1B
Investing cash flow−$998.0M−$518.0M$1.5B$129.0M−$313.0M
Net debt issued / repaid−$1.1B$1.7B$1.4B$3.5B−$1.3B
Buybacks−$163.0M−$6.6B−$10.4B−$6.5B−$6.4B
Dividends paid$0$0$0−$1.2B−$1.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin100.0%100.0%100.0%100.0%100.0%
Operating margin22.8%29.9%27.3%31.8%34.5%
Net margin10.6%17.9%20.1%24.8%20.1%
FCF margin23.0%36.2%32.8%33.3%33.8%
ROE21.0%68.3%22,573.7%-173.9%-112.6%
ROIC31.5%117.2%-709.0%-196.4%-180.4%
ROA5.1%12.5%17.3%22.6%19.0%
Debt / equity1.834.69-5.39-4.25-3.46
Interest coverage5.4x11.0x7.1x6.6x5.2x
Current ratio2.101.861.281.311.33
Revenue growth+61.2%+56.0%+25.0%+11.1%+13.4%
EPS growth+1,854.2%+180.5%+54.1%+44.5%−96.2%
P/E at year end3.3x1.0x1.1x1.1x32.1x
EV / EBITDA at year end1.7x0.7x1.0x0.8x19.0x
FCF yield at year end64.87%202.93%143.36%120.57%5.24%
Dividend payout0.0%0.0%0.0%20.0%23.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Merchant Revenue$3.7B$7.2B$10.9B$14.1B$17.8B
Agency Revenue$6.7B$9.0B$9.4B$8.5B$8.0B
Advertising and other revenues$599.0M$894.0M$1.0B$1.1B$1.2B

Revenue by region · FY2025

NETHERLANDS$21.7B · 89%
UNITED STATES$2.6B · 11%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $4.49 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$29.3B$29.1B – $29.5B$10.46$10.23 – $10.982515.6x
2027$32.0B$31.2B – $32.6B$12.36$11.92 – $12.922513.2x
2028$34.6B$33.0B – $36.4B$14.41$12.23 – $15.371911.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$2.43$2.54+4.5%$7.2B$7.4B+2.2%
2026-04-28$1.08$1.14+5.6%$5.5B$5.5B+0.2%
2026-02-18$1.95$1.950.0%$6.1B$6.3B+3.4%
2025-10-28$0.96$0.99+3.8%$8.7B$9.0B+3.0%
2025-07-29$0.50$0.55+10.1%$6.6B$6.8B+3.7%
2025-04-29$17.34$24.81+43.1%$4.6B$4.8B+3.6%
2025-02-20$35.82$41.55+16.0%$5.2B$5.5B+5.6%
2024-10-30$0.77$0.84+8.7%$7.6B$8.0B+4.7%
2024-08-01$38.70$41.90+8.3%$5.8B$5.9B+1.5%
2024-05-02$13.98$20.39+45.9%$4.3B$4.4B+3.8%
2024-02-22$29.72$32.00+7.7%$4.7B$4.8B+1.7%
2023-11-02$0.68$0.72+6.6%$7.3B$7.3B+1.1%
2023-08-03$28.84$37.62+30.4%$5.2B$5.5B+5.7%
2023-05-04$10.57$11.60+9.7%$3.7B$3.8B+0.9%
2023-02-23$20.97$24.74+18.0%$3.9B$4.0B+3.9%
2022-11-02$0.50$0.53+7.1%$5.9B$6.1B+2.3%
2022-08-03$17.38$19.08+9.8%$4.3B$4.3B−0.9%
2022-05-04$0.61$3.90+537.3%$2.5B$2.7B+6.5%
2022-02-23$13.30$15.83+19.0%$2.9B$3.0B+4.4%
2021-11-03$31.56$37.70+19.5%$4.3B$4.7B+9.2%
2021-08-04$-2.69$-2.55+5.2%$1.9B$2.2B+13.6%
2021-05-05$-7.26$-5.26+27.5%$1.2B$1.1B−3.1%
2021-02-24$-4.28$-0.57+86.7%$1.2B$1.2B+4.6%
2020-11-05$15.98$12.27−23.2%$3.0B$2.6B−13.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.406-152.306-221.206-291.007-061.207-131.107-201.807-272.408-031.108-101.108-171.408-241.208-31
Week ofNotionalSharesTrades
2026-08-31$1.2B6,122,097266,848
2026-08-24$1.4B6,534,939222,348
2026-08-17$1.1B5,041,103238,444
2026-08-10$1.1B5,004,145221,021
2026-08-03$2.4B11,577,005383,696
2026-07-27$1.8B9,018,610315,397

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1514.3%
DateShort shareShort volumeTotal volume
2026-10-1514.3%416,0172,911,153
2026-10-1419.2%425,4382,220,482
2026-10-1321.4%631,8412,954,578
2026-10-1239.4%747,3071,897,999
2026-10-0931.2%450,5201,441,906
2026-10-0823.2%803,6363,456,971
2026-10-0744.6%1,015,1942,274,736
2026-10-0636.5%1,037,7002,844,110
2026-10-0534.4%1,079,9873,136,976
2026-10-0245.0%1,185,3842,632,898
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.6Jan+7.0Feb+1.0Mar+3.7Apr+1.2May-1.0Jun+2.8Jul+5.9Aug-0.0Sep+1.8Oct+6.3Nov+2.6Dec
MonthAvg returnUp yearsYears
Jan−1.6%40%20
Feb+7.0%75%20
Mar+1.0%67%21
Apr+3.7%75%20
May+1.2%55%20
Jun−1.0%40%20
Jul+2.8%50%20
Aug+5.9%65%20
Sep−0.0%60%20
Oct+1.8%55%20
Nov+6.3%55%20
Dec+2.6%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1445.2
MFI44.9
ADX25.9
Stochastic %K / %D67.0 / 53.8
Williams %R-34.9
CCI87
TSI / signal-26.3 / -33.6
Chaikin money flow-0.09
ATR$5.51
Bollinger width8.4%
Volume vs 20-day avg0.82x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$160.82 (+1.6%)
SMA 50$182.27 (−10.3%)
SMA 200$179.09 (−8.7%)
EMA 21$164.27 (−0.5%)
EMA 50$173.05 (−5.5%)
EMA 200$181.59 (−10.0%)
Bollinger upper$167.55 (−2.4%)
Bollinger lower$154.09 (+6.1%)
Parabolic SAR$154.35 (+5.9%)
Open the live chart, 110+ indicators

About Booking Holdings Inc.

Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The company manages a portfolio of well-known digital platforms. Among these, Booking.com specializes in online accommodation bookings, while Rentalcars.com is dedicated to facilitating vehicle rentals. Priceline offers a comprehensive range of online travel booking options, encompassing hotels, flights, rental cars, vacation packages, and cruises, alongside hotel distribution services. Agoda also provides online lodging reservations, further expanding into flights, ground transportation, and activity bookings. For travelers seeking the best deals, KAYAK functions as an online price comparison service, enabling users to search and contrast prices for airline tickets, hotels, and car rentals. Additionally, OpenTable allows for convenient online restaurant reservations. Beyond its core booking services, Booking Holdings Inc. also supplies travel-related insurance products and restaurant management solutions to individual consumers, travel service providers, and restaurants. Established in 1997, the company is headquartered in Norwalk, Connecticut. It officially adopted its current name, Booking Holdings Inc., in February 2018, having previously operated as The Priceline Group Inc.

https://www.bookingholdings.com

Key executives

NameTitlePayBorn
Glenn D. FogelPresident, Chief Executive Officer & Director$9.2M1962
Ewout Lucien SteenbergenExecutive Vice President & Chief Financial Officer$3.2M1969
Peter J. Millones Jr.Executive Vice President & General Counsel$2.8M1970
Paulo PisanoChief Human Resources Officer$2.4M1974
Caroline Dolores SullivanSenior Vice President, Chief Accounting Officer & Controller—1969
Debby SooChief Executive Officer of OpenTable—1981
Leslie CaffertyHead of Communications——
Omri MorgenshternChief Executive Officer of Agoda——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Glenn D. Fogel President and Chief Executive Officer2025$1.2M$26.2M$4.0M$35.4M
Ewout Steenbergen Executive Vice President and Chief Financial Officer2025$825,000$8.5M$2.4M$11.7M
Peter J. Millones Executive Vice President and General Counsel2025$750,000$7.9M$2.1M$10.7M
Paulo Pisano Chief Human Resources Officer2025$620,884$4.9M$1.4M$7.3M

Employees

24k201826k201920k202020k202122k202224k202324k202424k2025

Dividends

Ex-dateAmountPaid
2026-09-11$0.422026-09-30
2026-06-05$0.422026-06-30
2026-03-06$0.422026-03-31
2025-12-05$9.62025-12-31
2025-09-05$9.62025-09-30
2025-06-06$9.62025-06-30
2025-03-07$9.62025-03-31
2024-12-06$8.752024-12-31

Moat model

Narrow · Cost Advantage · 2026-06-30
Cost advantage82
Intangibles74
Switching costs44
Network effect70
Efficient scale75
Our component scores (0-100) and overall 67.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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