Revenue growth remains seasonally resilient at 16.2% in 2026Q1, though operating margins have faced significant pressure, declining from a peak of 43.7% in 2025Q3 to 23.0% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 27.69B | 26.92B | 23.74B | 21.36B | 17.09B | 10.96B | 6.8B | 15.07B | 14.53B | 12.68B | 10.74B | 9.22B | 8.44B | 6.79B | 5.26B | 4.36B | 3.08B | 2.34B | 1.88B | 1.41B | 1.12B | 962.66M | 914.37M | 863.66M | 1B | 1.17B | 1.24B | 482.4M | 35.2M |
| Revenue Growth % | 14.95% | 13.39% | 11.11% | 25.01% | 55.96% | 61.24% | -54.89% | 3.71% | 14.56% | 18.04% | 16.47% | 9.26% | 24.27% | 29.13% | 20.79% | 41.19% | 31.93% | 24.06% | 33.73% | 25.49% | 16.67% | 5.28% | 5.87% | -13.94% | -14.35% | -5.15% | 156.09% | 1270.45% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 242M | 415M | 632.18M | 857.84M | 1.08B | 1.18B | 1.28B | 1.18B | 1.08B | 928.84M | 770M | 722M | 694.8M | 716.22M | 717.72M | 845.24M | 978.85M | 1.03B | 419.3M | 34.6M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | 1.91% | 3.86% | 6.85% | 10.16% | 15.86% | 22.38% | 29.29% | 38.12% | 46.08% | 49.28% | 54.63% | 64.29% | 72.17% | 78.33% | 83.1% | 84.22% | 83.54% | 83.04% | 86.92% | 98.3% |
| Gross Profit | 27.69B | 26.92B | 23.74B | 21.36B | 17.09B | 10.96B | 6.8B | 15.07B | 14.53B | 12.44B | 10.33B | 8.59B | 7.58B | 5.72B | 4.08B | 3.08B | 1.91B | 1.26B | 955.97M | 639.41M | 401.1M | 267.86M | 198.16M | 145.94M | 158.37M | 192.91M | 209.55M | 63.1M | 600K |
| Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 98.09% | 96.14% | 93.15% | 89.84% | 84.14% | 77.62% | 70.71% | 61.88% | 53.92% | 50.72% | 45.37% | 35.71% | 27.83% | 21.67% | 16.9% | 15.78% | 16.46% | 16.96% | 13.08% | 1.7% |
| Gross Profit Growth % | - | 13.39% | 11.11% | 25.01% | 55.96% | 61.24% | -54.89% | 3.71% | 16.79% | 20.44% | 20.21% | 13.29% | 32.69% | 39.97% | 32.59% | 61.34% | 51.41% | 31.88% | 49.51% | 59.41% | 49.74% | 35.18% | 35.77% | -7.84% | -17.91% | -7.94% | 232.1% | 10416.67% | - |
| Operating Expenses | 18.2B | 17.64B | 16.18B | 15.53B | 11.99B | 8.46B | 7.43B | 9.72B | 9.19B | 7.9B | 7.42B | 5.33B | 4.51B | 3.3B | 2.25B | 1.68B | 1.12B | 789.93M | 666.5M | 501.48M | 339.11M | 231.98M | 167.73M | 137.93M | 181.69M | 206.79M | 267.4M | 126.5M | 55.4M |
| OpEx % of Revenue | - | 65.52% | 68.17% | 72.69% | 70.15% | 77.22% | 109.28% | 64.52% | 63.23% | 62.31% | 69.09% | 57.82% | 53.43% | 48.63% | 42.84% | 38.59% | 36.38% | 33.78% | 35.36% | 35.58% | 30.19% | 24.1% | 18.34% | 15.97% | 18.1% | 17.65% | 21.65% | 26.22% | 157.39% |
| Selling, General & Admin | 14.75B | 15.9B | 14.79B | 14.37B | 11.21B | 7.62B | 5.46B | 8.97B | 8.53B | 7.35B | 6.03B | 4.95B | 4.21B | 3.11B | 2.15B | 1.59B | 1.06B | 731.6M | 605.75M | 450.63M | 305.53M | 204.95M | 154.24M | 117.68M | 123.71M | 202.74M | 250.02M | 107.2M | 42.4M |
| SG&A % of Revenue | - | 59.07% | 62.29% | 67.26% | 65.59% | 69.5% | 80.33% | 59.52% | 58.7% | 57.95% | 56.13% | 53.63% | 49.82% | 45.83% | 40.77% | 36.58% | 34.21% | 31.29% | 32.14% | 31.97% | 27.2% | 21.29% | 16.87% | 13.63% | 12.33% | 17.3% | 20.24% | 22.22% | 120.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 285M | 233M | 189M | 142M | 113.62M | 97.5M | 71.89M | 43.69M | 33.81M | 21M | 19.14M | 17.96M | 13.78M | 0 | 0 | 9.17M | 8.9M | 12.01M | 0 | 0 | 14M | 11.1M |
| R&D % of Revenue | - | - | - | - | - | - | - | 1.89% | 1.6% | 1.49% | 1.32% | 1.23% | 1.15% | 1.06% | 0.83% | 0.78% | 0.68% | 0.82% | 0.95% | 0.98% | - | - | 1% | 1.03% | 1.2% | - | - | 2.9% | 31.53% |
| Other Operating Expenses | 4M | 1.74B | 1.4B | 1.16B | 778M | 846M | 1.97B | 469M | 426M | 363M | 1.25B | 272.49M | 207.82M | 117.97M | 65.14M | 53.82M | 45.76M | 39.19M | 42.8M | 37.07M | 33.58M | 27.03M | 4.32M | 11.35M | 45.98M | 4.06M | 17.39M | 5.3M | 1.9M |
| Operating Income | 9.49B | 9.28B | 7.55B | 5.83B | 5.1B | 2.5B | -631M | 5.34B | 5.34B | 4.54B | 2.91B | 3.26B | 3.07B | 2.41B | 1.83B | 1.4B | 786.8M | 470.83M | 289.47M | 137.94M | 61.99M | 35.88M | 30.42M | 8.02M | -23.32M | -13.89M | -57.85M | -63.4M | -54.8M |
| Operating Margin % | 34.28% | 34.48% | 31.83% | 27.31% | 29.85% | 22.78% | -9.28% | 35.48% | 36.77% | 35.79% | 27.05% | 35.33% | 36.41% | 35.51% | 34.78% | 32.12% | 25.5% | 20.14% | 15.36% | 9.79% | 5.52% | 3.73% | 3.33% | 0.93% | -2.32% | -1.19% | -4.68% | -13.14% | -155.68% |
| Operating Income Growth % | - | 22.86% | 29.48% | 14.37% | 104.41% | 495.56% | -111.81% | 0.07% | 17.7% | 56.16% | -10.83% | 6.04% | 27.4% | 31.84% | 30.8% | 77.8% | 67.11% | 62.65% | 109.86% | 122.53% | 72.74% | 17.95% | 279.42% | 134.38% | -67.96% | 75.99% | 8.76% | -15.69% | - |
| EBITDA | 10.21B | 10.05B | 8.31B | 6.5B | 5.71B | 3.1B | 11M | 5.99B | 5.77B | 4.9B | 3.21B | 3.53B | 3.28B | 2.53B | 1.89B | 1.45B | 837.26M | 510.03M | 332.54M | 175.44M | 98.82M | 64.66M | 45.98M | 19.55M | -5.06M | 2.69M | -40.46M | -58.1M | -52.9M |
| EBITDA Margin % | 36.86% | 37.34% | 34.99% | 30.42% | 33.41% | 28.24% | 0.16% | 39.73% | 39.7% | 38.65% | 29.93% | 38.29% | 38.87% | 37.25% | 36.02% | 33.35% | 27.14% | 21.81% | 17.64% | 12.45% | 8.8% | 6.72% | 5.03% | 2.26% | -0.5% | 0.23% | -3.28% | -12.04% | -150.28% |
| EBITDA Growth % | 18.9% | 21% | 27.78% | 13.86% | 84.46% | 28036.36% | -99.82% | 3.8% | 17.67% | 52.44% | -8.96% | 7.63% | 29.67% | 33.53% | 30.44% | 73.51% | 64.16% | 53.37% | 89.55% | 77.54% | 52.82% | 40.64% | 135.17% | 486.46% | -288% | 106.65% | 30.35% | -9.83% | - |
| D&A (Non-Cash Add-back) | 715M | 768M | 751M | 665M | 607M | 599M | 642M | 641M | 426M | 363M | 309M | 272.49M | 207.82M | 117.97M | 65.14M | 53.82M | 50.46M | 39.19M | 43.07M | 37.5M | 36.83M | 28.78M | 15.56M | 11.53M | 18.27M | 16.58M | 17.39M | 5.3M | 1.9M |
| EBIT | 8.8B | 8.45B | 8.59B | 6.38B | 4.31B | 1.8B | 923M | 6.22B | 5.1B | 4.65B | 2.92B | 3.29B | 3.08B | 2.38B | 1.82B | 1.4B | 776.23M | 466.39M | 310.96M | 160.44M | 62.12M | 37.55M | 30.41M | 10.49M | -20.25M | -14.02M | -57.85M | -63.4M | -54.8M |
| Net Interest Income | -354M | -696M | -181M | 123M | -172M | -318M | -302M | -114M | -82M | -97M | -113M | -104.5M | -74.42M | -79.12M | -58.2M | -23.6M | -26.09M | -21.86M | -23.19M | 15.36M | 4.25M | 475K | 1.39M | 1.57M | 2.84M | 0 | 9.69M | 0 | 0 |
| Interest Income | 867M | 921M | 1.11B | 1.02B | 219M | 16M | 54M | 152M | 187M | 157M | 95M | 55.73M | 13.93M | 4.17M | 3.86M | 8.12M | 3.86M | 2.22M | 11.66M | 25.78M | 11.31M | 5.55M | 5.11M | 2.47M | 2.91M | 0 | 9.69M | 0 | 0 |
| Interest Expense | 1.22B | 1.62B | 1.29B | 897M | 391M | 334M | 356M | 266M | 269M | 254M | 208M | 160.23M | 88.35M | 83.29M | 62.06M | 31.72M | 29.94M | 24.08M | 34.85M | 10.41M | 7.06M | 5.08M | 3.72M | 907K | 68K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.66B | -2.45B | -263M | -354M | -1.18B | -1.03B | 1.2B | 613M | -506M | -139M | -193M | -130.59M | -83.86M | -115.88M | -67.92M | -31.13M | -40.51M | -28.53M | -13.37M | 12.09M | 3.65M | -181K | 1.41M | 1.57M | 3.01M | 13.89M | 57.85M | 63.4M | 54.8M |
| Pretax Income | 7.83B | 6.83B | 7.29B | 5.48B | 3.92B | 1.47B | 567M | 5.96B | 4.83B | 4.4B | 2.71B | 3.13B | 2.99B | 2.3B | 1.76B | 1.37B | 746.28M | 442.3M | 276.11M | 150.02M | 65.63M | 35.7M | 31.83M | 9.59M | -20.32M | -7.3M | -315.14M | -1.06B | -112.2M |
| Pretax Margin % | 28.3% | 25.38% | 30.72% | 25.65% | 22.95% | 13.37% | 8.34% | 39.55% | 33.28% | 34.69% | 25.25% | 33.92% | 35.41% | 33.81% | 33.49% | 31.4% | 24.19% | 18.92% | 14.65% | 10.64% | 5.84% | 3.71% | 3.48% | 1.11% | -2.02% | -0.62% | -25.51% | -218.72% | -318.75% |
| Income Tax | 1.68B | 1.43B | 1.41B | 1.19B | 865M | 300M | 508M | 1.09B | 837M | 2.06B | 578M | 576.96M | 567.7M | 403.74M | 337.83M | 308.66M | 218.14M | -47.17M | 90.17M | -12.06M | -12.39M | -156.28M | 193K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 21.46% | 20.9% | 19.34% | 21.75% | 22.05% | 20.48% | 89.59% | 18.35% | 17.31% | 46.78% | 21.3% | 18.44% | 18.99% | 17.58% | 19.17% | 22.57% | 29.23% | -10.66% | 32.66% | -8.04% | -18.87% | -437.71% | 0.61% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 6.15B | 5.4B | 5.88B | 4.29B | 3.06B | 1.17B | 59M | 4.87B | 4B | 2.34B | 2.13B | 2.55B | 2.42B | 1.89B | 1.42B | 1.06B | 527.54M | 489.47M | 182.25M | 155.53M | 74.47M | 192.73M | 31.51M | 11.92M | -19.18M | -7.3M | -315.14M | -1.06B | -112.2M |
| Net Margin % | 22.23% | 20.08% | 24.78% | 20.07% | 17.89% | 10.63% | 0.87% | 32.29% | 27.52% | 18.46% | 19.87% | 27.66% | 28.69% | 27.86% | 26.98% | 24.25% | 17.1% | 20.93% | 9.67% | 11.03% | 6.63% | 20.02% | 3.45% | 1.38% | -1.91% | -0.62% | -25.51% | -218.72% | -318.75% |
| Net Income Growth % | 13.15% | -8.13% | 37.14% | 40.26% | 162.49% | 1874.58% | -98.79% | 21.69% | 70.78% | 9.65% | -16.32% | 5.35% | 27.95% | 33.33% | 34.38% | 100.24% | 7.78% | 168.58% | 17.18% | 108.86% | -61.36% | 511.66% | 164.43% | 162.11% | -162.69% | 97.68% | 70.13% | -840.37% | - |
| Net Income (Continuing) | 6.15B | 5.4B | 5.88B | 4.29B | 3.06B | 1.17B | 59M | 4.87B | 4B | 2.34B | 2.13B | 2.55B | 2.42B | 1.89B | 1.42B | 1.06B | 528.14M | 489.47M | 185.62M | 157.08M | 74.47M | 192.73M | 31.51M | 11.92M | -19.18M | -7.3M | -315.14M | -1.06B | -112.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160.29M | 127.05M | 45.75M | 0 | 0 | 17.04M | 22.49M | 23.66M | 0 | 0 | 0 | 0 | 359.58M | 0 | 0 |
| EPS (Diluted) | 7.75 | 6.62 | 6.91 | 4.70 | 3.05 | 1.13 | 0.06 | 4.47 | 3.33 | 1.87 | 1.71 | 1.98 | 1.83 | 1.44 | 1.11 | 0.83 | 0.41 | 0.40 | 0.15 | 0.14 | 0.07 | 0.17 | 0.03 | 0.01 | -0.02 | -0.01 | -0.45 | -1.88 | -0.19 |
| EPS Growth % | 17.95% | -4.16% | 47.1% | 53.77% | 171.03% | 1869.93% | -98.72% | 34.3% | 77.68% | 9.87% | -13.75% | 8.28% | 26.47% | 30.55% | 34.08% | 99.32% | 4.76% | 164.17% | 9.36% | 103.57% | -60.09% | 453.95% | 181.48% | 152.94% | - | 98.14% | 75.93% | -894.08% | - |
| EPS (Basic) | - | 6.66 | 7.00 | 4.75 | 3.07 | 1.14 | 0.06 | 4.52 | 3.37 | 1.91 | 1.73 | 2.00 | 1.85 | 1.49 | 1.14 | 0.85 | 0.44 | 0.46 | 0.19 | 0.17 | 0.08 | 0.19 | 0.03 | 0.01 | -0.02 | -0.01 | -0.45 | -1.88 | -0.19 |
| Diluted Shares Outstanding | 794M | 815.98M | 851.6M | 913.25M | 1B | 1.03B | 1.03B | 1.09B | 1.2B | 1.25B | 1.25B | 1.29B | 1.33B | 1.31B | 1.28B | 1.28B | 1.27B | 1.24B | 1.22B | 1.14B | 1.12B | 1.16B | 1.06B | 975.23M | 947.02M | 854.34M | 695.77M | 561.04M | 593M |
| Basic Shares Outstanding | 790M | 811.3M | 840.55M | 903.5M | 996.8M | 1.03B | 1.02B | 1.08B | 1.19B | 1.22B | 1.24B | 1.27B | 1.31B | 1.27B | 1.25B | 1.24B | 1.2B | 1.06B | 982.48M | 941.77M | 966.25M | 979.02M | 957.6M | 945.1M | 947.02M | 854.34M | 695.77M | 561.04M | 593M |
| Dividend Payout Ratio | - | 23.09% | 19.96% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Marketing Spend
As reported in recent financial statements, Booking Holdings maintained a consistent revenue growth trajectory, peaking at $9.0 billion in 2025Q3, which underscores the company's ability to capture seasonal travel demand despite broader macroeconomic headwinds and the inherent volatility of the global travel services industry's quarterly performance.
The revenue profile exhibits a clear seasonal pattern, with the third quarter consistently serving as the primary driver of top-line expansion. While growth rates have remained positive, investors should monitor whether the company can sustain these levels as it pivots toward the lower-margin Merchant model to support its Connected Trip strategy.
Based on the provided income statement data, operating margins fluctuated significantly, reaching a high of 43.7% in 2025Q3 before compressing to 23.0% in 2026Q1, suggesting that the company's operating leverage is heavily tethered to the efficiency of its performance marketing spend during peak travel periods.
The wide variance in operating margins indicates that while the business model is inherently scalable, it remains highly sensitive to the cost of customer acquisition. The lack of R&D and COGS line items in the provided data suggests that SG&A, primarily marketing, is the primary lever management uses to drive or defend market share.
According to the company's quarterly filings, net income has experienced substantial swings, with EPS dropping from $3.38 in 2025Q3 to $1.36 in 2026Q1, a trend that warrants further investigation into the impact of non-operating items and the consistency of stock-based compensation expenses on reported bottom-line results.
The significant quarterly EPS fluctuations suggest that reported net income may be influenced by factors beyond core operational performance, such as tax rate anomalies or non-operating financial items. Investors should look past these headline figures to evaluate the underlying cash-generating capacity of the platform, which appears more stable than the volatile net income suggests.
As indicated by the income statement, SG&A expenses represent the entirety of the company's reported costs, peaking at $4.6 billion in 2025Q3, which highlights the critical role of performance marketing in maintaining the company's competitive position within the highly fragmented and aggressive global travel search landscape.
The absence of traditional COGS and R&D line items implies that the company's cost structure is almost entirely variable, centered on marketing and payment processing. This structure provides flexibility during downturns but necessitates constant, high-level investment to maintain visibility against competitors and search engine gatekeepers.
Based on the recent shift toward the Merchant model, there is a potential risk of structural margin compression, as evidenced by the decline in operating margins from 43.7% in 2025Q3 to 23.0% in 2026Q1, which may indicate that the Connected Trip strategy is diluting historical profitability.
Short-term observers may focus on the potential for increased payment processing costs and lower-margin verticals to permanently impair the company's elite margin profile. If the shift toward the Merchant model does not yield commensurate increases in customer lifetime value, the company may face a difficult trade-off between growth and profitability.
Quick answers to the most common questions about buying BKNG stock.
For fiscal year 2025, Booking Holdings Inc. (BKNG) reported total revenue of $26.92B. This represents a 76368.8% increase compared to $35.2M in 1998.
Booking Holdings Inc. (BKNG) is profitable, generating $5.40B in net income for the fiscal year ending 2025 with a net profit margin of 20.1%.
Booking Holdings Inc. (BKNG) reported an operating income of $9.28B, resulting in an operating profit margin of 34.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Booking Holdings Inc. (BKNG) generated $26.92B in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.