Revenue growth decelerated to 8.1% YoY in Q2 2026, yet operating margin expanded to 34.0% from 33.1% a year ago, indicating stable profitability despite slowing demand.
Booking Holdings Inc. (BKNG) annual income statement — 28-year revenue, gross profit & net income history
| 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 | 28.24B | 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 % | 12.85% | 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 | 28.24B | 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 | 18.5B | 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 | 16.75B | 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 | 9.74B | 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 % | 34.49% | 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 | 10.39B | 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 % | 36.79% | 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 % | 15.57% | 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) | 650M | 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 | 10.14B | 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 | -269M | -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 | 834M | 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 | 1.1B | 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 | -450M | -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 | 9.29B | 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 % | 32.9% | 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 | 2.08B | 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 % | 22.41% | 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 | 7.21B | 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 % | 25.53% | 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 % | 49.78% | -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) | 7.21B | 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) | 9.36 | 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 % | 56.76% | -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 | 770M | 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 | 768M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Regulatory and margin pressure
Metrics are mathematically derived from official filings.
Growth Deceleration Amidst Travel Resilience
Revenue growth slowed to 8.1% YoY in Q2 2026 from 16.2% in Q1, according to recent SEC filings, suggesting a cooling demand environment despite management's commentary on resilient travel.
The sequential deceleration in revenue growth from 16.2% to 8.1% indicates that the post-pandemic travel boom is normalizing, with comparisons against a strong prior-year quarter. While Q3 2025 showed 12.7% growth, the trend suggests a gradual slowdown, possibly due to geopolitical uncertainties and consumer caution. Investors should monitor whether this deceleration is a temporary blip or a sustained trend, especially as the company's guidance implies stability.
Margin Resilience Despite EPS Miss
Operating margin expanded to 34.0% in Q2 2026 from 33.1% a year ago, as reported in financial statements, yet EPS fell short of estimates, indicating potential one-time costs or tax effects.
The gross margin remains at 100% due to the agency model, but operating margin improvement suggests disciplined cost control. However, the EPS miss of $2.54 versus $4.49 estimate, despite revenue growth, implies that non-operating items or higher taxes may have impacted net income. The net margin of 26.5% is below the prior year's 13.2%? Actually, it's higher, but the EPS miss suggests a discrepancy that warrants investigation into the quality of earnings.
Operating Leverage Intact but Slowing
SG&A as a percentage of revenue fell to 59.5% in Q2 2026 from 60.3% in Q2 2025, based on reported figures, indicating modest operating leverage despite revenue deceleration.
The slight improvement in SG&A efficiency suggests that the company is managing overhead well, but the magnitude is small. With revenue growth decelerating, the ability to scale operating income faster than revenue may be limited. The operating margin of 34.0% is still robust, but the EPS miss raises questions about whether this leverage is translating to bottom-line growth.
Earnings Quality Questioned by EPS Miss
Q2 2026 EPS of $2.53 missed estimates by $1.96, despite revenue growth, as per company disclosures, suggesting possible one-time charges or tax anomalies that may not recur.
The significant EPS miss relative to revenue performance indicates that net income was impacted by factors beyond operational performance. Stock-based compensation of $140M is relatively stable, but the net margin of 26.5% is lower than the prior year's 13.2%? Actually, it's higher, but the EPS miss suggests a discrepancy. Investors should scrutinize the income statement for non-recurring items or tax rate changes that may have depressed earnings.
Marketing Efficiency Under Scrutiny
SG&A expenses rose to $4.4B in Q2 2026 from $4.1B a year ago, as reported in financial statements, but as a percentage of revenue, they declined, indicating improved marketing efficiency.
The increase in SG&A is consistent with revenue growth, but the slight decline in SG&A as a percentage of revenue suggests that the company is gaining some leverage on its marketing spend. However, the EPS miss implies that other costs, possibly in COGS or below the operating line, may have risen. The company's high variable cost structure means that any inefficiency in marketing spend could quickly erode margins.
Margin Compression Risks Loom
Despite stable margins, the Q2 2026 EPS miss and regulatory pressures in Europe, as noted in recent filings, suggest that the company's pricing power may be eroding.
The EPS miss, despite revenue growth, could be a warning sign that the company is facing higher costs or competitive pressures. The ongoing antitrust investigations in Italy and Spain may force changes to commercial practices, potentially increasing compliance costs or reducing take rates. Additionally, the shift toward lower-margin verticals like flights and ground transport as part of the Connected Trip strategy could structurally compress margins over time. Investors should monitor these risks closely.