AI Takeaway
Booking Holdings delivered record FY2025 revenue of $26.9B (+13.4% YoY) and operating cash flow of $9.4B, while aggressively returning capital to shareholders through $6.4B in buybacks and $1.2B in dividends, resulting in a deeply negative stockholders' equity of -$5.6B.
Revenue
$26.92B
++13.39% YoY
EPS (Basic)
$166.52
-4.82% YoY
Operating Income
$8.82B
++16.81% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue grew 13.4% YoY to $26.9B in FY2025, up from $23.7B in the prior year, reflecting continued robust global travel demand across Booking Holdings' platforms including Booking.com, Priceline, and Agoda.
Source: Source: 10-K Income Statement
Operating income rose 16.8% YoY to $8.8B, with operating margin improving approximately 100 basis points to 32.8% from 31.8%, indicating disciplined cost management relative to revenue growth.
Source: Source: 10-K Income Statement & Key Ratios
Operating cash flow reached $9.4B (+13.0% YoY), significantly exceeding net income levels, underscoring the asset-light, high-cash-conversion nature of the online travel agency business model.
Source: Source: 10-K Cash Flow Statement
2 more insights available
Upgrade to unlockStockholders' equity deteriorated further to -$5.6B from -$4.0B in the prior year, a 38.8% decline, driven by aggressive share buybacks exceeding retained earnings. While this reflects a deliberate capital allocation strategy, it leaves the company technically insolvent on a book-value basis and increases financial fragility if business conditions deteriorate.
Source: Source: 10-K Balance Sheet
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.95 versus the $1.98 analyst consensus — a -1.3% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $26.92B | $23.74B | +13.39% |
Operating Income | $8.82B | $7.55B | +16.81% |
EPS (Basic) | $166.52 | $174.96 | -4.82% |
EPS (Diluted) | $165.57 | $172.69 | -4.12% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $29.26B | $27.71B | +5.62% |
Current Assets | $22.26B | $20.49B | +8.65% |
Total Liabilities | $34.84B | $31.73B | +9.81% |
Current Liabilities | $16.7B | $15.65B | +6.72% |
Stockholders' Equity | $-5.58B | $-4.02B | -38.76% |
Cash & Equivalents | $17.2B | $16.16B | +6.43% |
Long-Term Debt | $18.74B | $16.6B | +12.88% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $9.41B | $8.32B | +13.05% |
Investing Cash Flow | $-313M | $129M | -342.64% |
Financing Cash Flow | $-8.91B | $-4.2B | -112.06% |
Dividends Paid | $1.25B | $1.17B | +6.30% |
Share Buybacks | $6.44B | $6.51B | -1.06% |
D&A | $623M | $591M | +5.41% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 32.8% | 31.8% | +0.96% |
Current Ratio | $1.333 | — | — |
Debt to Equity | $-6.246 | — | — |
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Booking Holdings delivered a strong FY2025 with revenue of $26.9B, up 13.4% YoY, and operating income of $8.8B, up 16.8%. Operating cash flow hit a record $9.4B, reflecting the company's highly cash-generative business model.
Despite revenue and operating income growing double digits, BKNG's basic EPS declined 4.8% to $166.52 in FY2025. This is likely due to higher interest expense from the company's growing long-term debt of $18.7B, which offset the per-share benefit of $6.4B in share buybacks.
BKNG has strong liquidity with $17.2B in cash and a current ratio of 1.33x, but carries $18.7B in long-term debt and a deeply negative stockholders' equity of -$5.6B due to its aggressive buyback program. While operationally very healthy, the leveraged balance sheet is a key risk to monitor.
BKNG repurchased $6.4B in shares and paid $1.2B in dividends in FY2025, returning approximately $7.7B in total to shareholders. This was funded in part by new debt issuance, as long-term debt grew 12.9% to $18.7B during the year.
Key risks include the company's deeply negative stockholders' equity of -$5.6B and $18.7B in long-term debt, which increase financial vulnerability to any revenue slowdown. Additionally, BKNG's near-total dependence on global travel demand makes it highly sensitive to macroeconomic downturns, geopolitical events, or public health crises.