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AI核心结论
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.
营业收入
$26.92B
同比 ++13.39%
每股收益（基本）
$166.52
同比 -4.82%
营业利润
$8.82B
同比 ++16.81%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Booking Holdings (BKNG) FY2025 营收 $26.92B，同比增长 13.4%。 稀释每股收益 $165.57。
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.
来源: 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.
来源: 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.
来源: Source: 10-K Cash Flow Statement
The company returned approximately $7.7B to shareholders in FY2025 through $6.4B in share repurchases and $1.2B in dividends, driving the financing cash outflow to -$8.9B, more than double the prior year's -$4.2B.
来源: Source: 10-K Cash Flow Statement
Long-term debt increased 12.9% YoY to $18.7B, suggesting the company has been leveraging its balance sheet to fund its capital return program, contributing to a negative stockholders' equity of -$5.6B.
来源: Source: 10-K Balance Sheet
Stockholders' 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.
来源: Source: 10-K Balance Sheet
Long-term debt rose 12.9% to $18.7B, and with a debt-to-equity ratio of approximately -6.2x (negative equity), traditional leverage metrics are distorted. Rising interest rates or a revenue slowdown could pressure the company's ability to service this debt load comfortably.
来源: Source: 10-K Balance Sheet & Key Ratios
Despite strong revenue and operating income growth, basic EPS fell 4.8% YoY to $166.52 and diluted EPS fell 4.1% to $165.57. This divergence likely reflects higher net interest expense from increased debt or other below-the-line charges, signaling that debt-funded buybacks may not be fully accretive on a per-share basis.
来源: Source: 10-K Income Statement
Booking Holdings derives substantially all revenue from online travel intermediation, making it highly sensitive to macroeconomic downturns, geopolitical disruptions, pandemics, or shifts in consumer travel behavior. A significant reduction in global travel demand could rapidly impair revenue and cash flows.
来源: Source: 10-K, based on business model analysis
Investing cash flow swung from +$129M in the prior year to -$313M in FY2025, a -342.6% change, suggesting increased capital expenditures or acquisitions. If this trend accelerates, it could reduce free cash flow available for debt service and shareholder returns.
来源: Source: 10-K Cash Flow Statement
FY2025 实际 EPS $1.95，分析师一致预期 $1.98，不及预期 -1.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $26.92B | $23.74B | +13.39% |
营业利润 | $8.82B | $7.55B | +16.81% |
每股收益（基本） | $166.52 | $174.96 | -4.82% |
每股收益（稀释） | $165.57 | $172.69 | -4.12% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $29.26B | $27.71B | +5.62% |
流动资产 | $22.26B | $20.49B | +8.65% |
总负债 | $34.84B | $31.73B | +9.81% |
流动负债 | $16.7B | $15.65B | +6.72% |
股东权益 | $-5.58B | $-4.02B | -38.76% |
现金及等价物 | $17.2B | $16.16B | +6.43% |
长期债务 | $18.74B | $16.6B | +12.88% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $9.41B | $8.32B | +13.05% |
投资活动现金流 | $-313M | $129M | -342.64% |
筹资活动现金流 | $-8.91B | $-4.2B | -112.06% |
股息支出 | $1.25B | $1.17B | +6.30% |
股票回购 | $6.44B | $6.51B | -1.06% |
折旧及摊销 | $623M | $591M | +5.41% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 32.8% | 31.8% | +0.96% |
流动比率 | $1.333 | — | — |
资产负债率 | $-6.246 | — | — |
Hotels, Resorts & Cruise Lines 行业其他公司
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.