Booking (BKNG) Financials

$5,599.60 -52.39 (-0.93%)

Closing price 03:59 PM Eastern

Extended Trading

$5,604.44 +4.84 (+0.09%)

As of 04:02 PM Eastern

Annual Income Statements for Booking

This table shows Booking's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,422	2,551	2,135	2,341	3,998	4,865	59	1,165	3,058	4,289	5,882
Consolidated Net Income / (Loss)	2,422	2,551	2,135	2,341	3,998	4,865	59	1,165	3,058	4,289	5,882
Net Income / (Loss) Continuing Operations	2,422	2,551	2,135	2,341	3,998	4,865	59	1,165	3,058	4,289	5,882
Total Pre-Tax Income	2,989	3,128	2,713	4,399	4,835	5,958	567	1,465	3,923	5,481	7,292
Total Operating Income	3,073	3,259	2,906	4,538	5,341	5,345	-631	2,496	5,102	5,835	7,555
Total Gross Profit	7,584	8,592	10,328	12,439	12,485	12,818	4,852	10,958	14,625	21,365	23,739
Total Revenue	8,442	9,224	10,743	12,681	14,527	15,066	6,796	10,958	17,090	21,365	23,739
Operating Revenue	8,032	8,611	10,743	12,681	14,527	15,066	6,796	10,958	17,090	21,365	23,739
Total Cost of Revenue	858	632	415	242	2,042	2,248	1,944	0.00	2,465	0.00	0.00
Total Operating Expenses	4,511	5,333	7,422	7,901	7,144	7,473	5,483	8,462	9,523	15,530	16,184
Selling, General & Admin Expense	1,401	1,695	1,944	765	932	1,082	880	3,248	1,292	5,504	5,161
Marketing Expense	2,902	3,365	3,806	435	4,956	4,967	2,179	3,801	5,993	6,773	7,278
Depreciation Expense	208	272	309	363	426	469	458	421	451	504	591
Other Operating Expenses / (Income)	-	-	422	6,338	830	955	755	979	1,787	2,744	3,120
Total Other Income / (Expense), net	-84	-131	-193	-139	-506	613	1,198	-1,031	-1,179	-354	-263
Interest Expense	88	160	208	254	269	266	356	334	391	897	1,295
Interest & Investment Income	14	56	95	157	-	-	-	-	219	1,020	1,114
Other Income / (Expense), net	-9.44	-26	-80	-42	-237	879	1,554	-697	-1,007	-477	-82
Income Tax Expense	568	577	578	2,058	837	1,093	508	300	865	1,192	1,410
Basic Earnings per Share	$46.30	$50.09	$43.14	$47.78	$84.26	$112.93	$1.45	$28.39	$76.70	$118.67	$174.96
Weighted Average Basic Shares Outstanding	52.30M	50.94M	49.49M	48.99M	47.45M	43.08M	40.97M	41.04M	39.87M	36.14M	33.62M
Diluted Earnings per Share	$45.67	$49.45	$42.65	$46.86	$83.26	$111.82	$1.44	$28.17	$76.35	$117.40	$172.69
Weighted Average Diluted Shares Outstanding	53.02M	51.59M	50.06M	49.95M	48.02M	43.51M	41.16M	41.36M	40.05M	36.53M	34.06M
Weighted Average Basic & Diluted Shares Outstanding	51.94M	50.90M	49.50M	49M	45.01M	41.06M	40.96M	40.89M	37.65M	34.17M	32.82M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$8.75

This table shows Booking's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,235	266	1,290	2,511	222	776	1,521	2,517	1,068	333	895
Consolidated Net Income / (Loss)	1,235	266	1,290	2,511	222	776	1,521	2,517	1,068	333	895
Net Income / (Loss) Continuing Operations	1,235	266	1,290	2,511	222	776	1,521	2,517	1,068	333	895
Total Pre-Tax Income	1,452	303	1,618	3,149	411	937	1,922	2,869	1,564	396	1,104
Total Operating Income	1,345	450	1,673	3,103	609	791	1,856	3,179	1,729	1,062	2,250
Total Gross Profit	2,180	3,056	4,710	7,341	6,258	4,415	5,859	7,994	7,104	4,762	6,798
Total Revenue	4,049	3,778	5,462	7,341	4,784	4,415	5,859	7,994	5,471	4,762	6,798
Operating Revenue	4,049	3,778	5,462	7,341	4,784	4,415	5,859	7,994	5,471	4,762	6,798
Total Cost of Revenue	1,869	722	752	0.00	-1,474	0.00	0.00	0.00	-1,633	0.00	0.00
Total Operating Expenses	835	2,606	3,037	4,238	5,649	3,624	4,003	4,815	5,375	3,700	4,548
Selling, General & Admin Expense	-1,006	399	398	1,280	3,427	1,199	1,102	1,637	2,856	1,035	1,314
Marketing Expense	1,314	1,517	1,801	2,022	1,433	1,610	1,939	2,151	1,578	1,777	2,139
Depreciation Expense	124	120	121	129	134	137	142	155	157	154	158
Other Operating Expenses / (Income)	443	570	717	807	650	678	820	872	750	702	899
Total Other Income / (Expense), net	107	-147	-55	46	-198	146	66	-310	-165	-666	-1,146
Interest Expense	145	194	241	254	208	219	264	305	507	649	418
Interest & Investment Income	-	228	266	289	237	243	293	327	251	241	234
Other Income / (Expense), net	33	-181	-80	11	-227	122	37	-332	91	-258	-962
Income Tax Expense	217	37	328	638	189	161	401	352	496	63	209
Basic Earnings per Share	$30.55	$7.07	$35.16	$70.62	$5.82	$22.69	$44.94	$75.37	$31.96	$10.14	$27.54
Weighted Average Basic Shares Outstanding	39.87M	37.62M	36.68M	35.57M	36.14M	34.21M	33.84M	33.40M	33.62M	32.85M	32.49M
Diluted Earnings per Share	$30.40	$7.00	$34.89	$69.80	$5.71	$22.37	$44.38	$74.34	$31.60	$10.07	$27.43
Weighted Average Diluted Shares Outstanding	40.05M	37.98M	36.96M	35.99M	36.53M	34.71M	34.27M	33.86M	34.06M	33.09M	32.62M
Weighted Average Basic & Diluted Shares Outstanding	37.65M	36.93M	35.69M	34.89M	34.17M	33.93M	33.52M	33.10M	32.82M	32.54M	32.41M

This table details how cash moves in and out of Booking's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	1,849	-1,671	604	381	82	3,687	4,250	570	1,099	-116	4,058
Net Cash From Operating Activities	2,642	3,204	3,984	4,662	5,338	4,865	85	2,820	6,554	7,344	8,323
Net Cash From Continuing Operating Activities	2,914	3,204	3,984	4,662	5,338	4,865	85	2,820	6,554	7,344	8,323
Net Income / (Loss) Continuing Operations	2,422	2,551	2,135	2,341	3,998	4,865	59	1,165	3,058	4,289	5,882
Consolidated Net Income / (Loss)	2,422	2,551	2,135	2,341	3,998	4,865	59	1,165	3,058	4,289	5,882
Depreciation Expense	-	102	140	363	426	469	458	421	451	504	591
Amortization Expense	184	245	246	79	59	230	184	178	156	161	160
Non-Cash Adjustments To Reconcile Net Income	29	375	1,361	333	880	-280	191	1,232	1,351	1,159	1,225
Changes in Operating Assets and Liabilities, net	6.31	-70	102	1,546	-25	-419	-807	-176	1,538	1,231	465
Net Cash From Investing Activities	-2,358	-3,895	-3,333	-4,202	2,215	7,050	2,637	-998	-518	1,486	129
Net Cash From Continuing Investing Activities	-2,358	-3,895	-3,333	-4,202	2,215	7,050	2,637	-998	-518	1,486	129
Purchase of Property, Plant & Equipment	-132	-174	-220	-288	-442	-368	-286	-304	-368	-345	-429
Purchase of Investments	-10,647	-9,118	-6,748	-6,941	-2,686	-672	-74	-17	-768	-12	-33
Sale and/or Maturity of Investments	10,917	5,538	3,684	3,580	5,616	8,099	2,997	508	32	1,840	590
Other Investing Activities, net	-	-	-	-	-	-	0.00	0.00	586	3.00	1.00
Net Cash From Financing Activities	1,554	-831	-1.00	-79	-7,431	-8,220	1,528	-1,239	-4,897	-8,909	-4,204
Net Cash From Continuing Financing Activities	1,429	-831	-1.00	-79	-7,431	-8,220	1,528	-1,239	-4,897	-8,909	-4,204
Repayment of Debt	-995	-387	0.00	-296	-1,487	-433	-1,277	-3,096	-1,904	-559	-1,371
Repurchase of Common Equity	-750	-3,089	-1,012	-1,828	-5,971	-8,187	-1,303	-163	-6,621	-10,377	-6,509
Payment of Dividends	-	-	-	-	-	-	-	-	0.00	0.00	-1,174
Issuance of Debt	3,260	2,624	995	2,045	27	400	4,108	2,015	3,621	1,893	4,836
Other Financing Activities, net	40	21	16	-	-	-	-	5.00	7.00	134	14
Effect of Exchange Rate Changes	-	-	-46	-	-40	-8.00	-	-13	-40	-37	-190

This table details how cash moves in and out of Booking's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	3,205	1,921	458	-1,304	-1,191	3,529	665	-521	385	-580	2,024
Net Cash From Operating Activities	2,173	2,889	1,737	1,372	1,346	2,704	2,525	2,373	721	3,283	3,201
Net Cash From Continuing Operating Activities	2,173	2,889	1,737	1,372	1,346	2,704	2,525	2,373	721	3,283	3,201
Net Income / (Loss) Continuing Operations	1,235	266	1,290	2,511	222	776	1,521	2,517	1,068	333	895
Consolidated Net Income / (Loss)	1,235	266	1,290	2,511	222	776	1,521	2,517	1,068	333	895
Depreciation Expense	124	120	121	129	134	137	142	155	157	154	158
Amortization Expense	39	41	39	40	41	40	39	35	46	422	167
Non-Cash Adjustments To Reconcile Net Income	-242	326	251	168	414	82	164	559	420	467	1,204
Changes in Operating Assets and Liabilities, net	1,017	2,136	36	-1,476	535	1,669	659	-893	-970	1,907	777
Net Cash From Investing Activities	510	1,586	-39	-22	-39	69	137	-2.00	-75	-118	-61
Net Cash From Continuing Investing Activities	510	1,586	-39	-22	-39	69	137	-2.00	-75	-118	-61
Purchase of Property, Plant & Equipment	-75	-88	-92	-71	-94	-130	-146	-77	-76	-121	-64
Other Investing Activities, net	600	-9.00	-1.00	1.00	12	-19	-14	-	34	3.00	3.00
Net Cash From Financing Activities	479	-2,562	-1,225	-2,632	-2,490	784	-1,966	-3,165	143	-3,967	-1,797
Net Cash From Continuing Financing Activities	479	-2,562	-1,225	-2,632	-2,490	784	-1,966	-3,165	143	-3,967	-1,797
Repayment of Debt	-799	-517	-23	-5.00	-14	-20	-12	-1,112	-221	-1,478	-1,942
Repurchase of Common Equity	-2,343	-2,150	-3,099	-2,640	-2,488	-1,856	-1,662	-1,764	-1,227	-2,170	-1,498
Payment of Dividends	-	0.00	-	-	-	-299	-295	-291	-289	-319	-312
Issuance of Debt	3,621	0.00	1,893	-	-	2,959	-	-	1,877	0.00	1,955
Effect of Exchange Rate Changes	43	8.00	-15	-22	-8.00	-28	-31	273	-404	222	681

This table presents Booking's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	14,771	17,421	19,839	25,451	22,687	21,402	21,874	23,641	25,361	24,342	27,708
Total Current Assets	5,114	3,553	5,402	9,035	8,407	9,833	12,206	13,145	15,798	17,034	20,491
Cash & Equivalents	3,149	1,477	2,081	2,542	2,624	6,312	10,562	11,127	12,221	12,107	16,164
Accounts Receivable	644	645	860	1,218	1,523	1,680	529	1,358	2,229	3,253	3,199
Prepaid Expenses	178	260	241	415	600	479	337	404	477	644	587
Other Current Assets	-	-	-	-	-	364	277	231	696	454	541
Plant, Property, & Equipment, net	199	275	347	480	656	738	756	822	669	784	832
Total Noncurrent Assets	9,458	13,593	14,090	15,936	13,624	10,831	8,912	9,674	8,894	6,524	6,385
Long-Term Investments	3,756	7,931	9,591	10,873	8,408	4,477	3,759	3,175	2,789	440	536
Goodwill	3,326	3,375	2,397	2,738	2,910	2,913	1,895	2,887	2,807	2,826	2,799
Intangible Assets	2,335	2,168	1,994	2,177	2,125	1,954	1,812	2,057	1,829	1,613	1,382
Other Noncurrent Operating Assets	42	119	109	148	181	1,487	1,446	1,555	1,469	1,645	1,668
Total Liabilities & Shareholders' Equity	14,771	17,421	19,839	25,451	22,687	21,402	21,874	23,641	25,361	24,342	27,708
Total Liabilities	6,204	8,625	9,990	14,187	13,902	15,469	16,981	17,463	22,579	27,086	31,728
Total Current Liabilities	1,379	1,439	2,859	3,498	3,555	5,366	3,425	6,246	8,474	13,330	15,647
Short-Term Debt	37	0.00	968	711	0.00	988	985	1,989	500	1,961	1,745
Accounts Payable	281	323	419	668	1,134	1,239	735	1,586	2,507	3,374	3,824
Accrued Expenses	600	682	857	1,139	1,399	1,578	1,382	1,765	3,244	4,741	6,047
Current Deferred Revenue	461	435	614	980	1,022	1,561	323	906	2,223	3,254	4,031
Total Noncurrent Liabilities	4,825	7,186	7,132	10,689	10,347	10,103	13,556	11,217	14,105	13,756	16,081
Long-Term Debt	3,824	6,158	6,171	8,810	8,649	7,640	11,029	8,937	11,985	12,223	14,853
Capital Lease Obligations	-	-	-	-	0.00	-	366	351	552	599	483
Noncurrent Deferred & Payable Income Tax Liabilities	898	893	822	1,732	1,536	1,897	2,050	1,730	1,396	773	546
Other Noncurrent Operating Liabilities	104	135	139	147	162	566	111	199	172	161	199
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,567	8,795	9,820	11,261	8,785	5,933	4,893	6,178	2,782	-2,744	-4,020
Total Preferred & Common Equity	8,567	8,795	9,820	11,261	8,785	5,933	4,893	6,178	2,782	-2,744	-4,020
Total Common Equity	8,567	8,795	9,820	11,261	8,785	5,933	4,893	6,178	2,782	-2,744	-4,020
Common Stock	4,924	5,185	5,483	5,783	5,445	5,756	5,851	6,159	6,491	7,175	7,707
Retained Earnings	6,641	9,192	11,327	13,939	18,367	23,232	23,288	24,453	27,541	31,830	36,525
Treasury Stock	-2,738	-5,827	-6,855	-8,699	-14,711	-22,864	-24,128	-24,290	-30,983	-41,426	-47,877
Accumulated Other Comprehensive Income / (Loss)	-260	245	-135	238	-316	-191	-118	-144	-267	-323	-375

This table presents Booking's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	25,361	25,206	26,558	25,635	24,342	27,728	28,541	27,978	27,708	27,191	30,684
Total Current Assets	15,798	17,632	19,349	18,479	17,034	20,476	21,293	20,529	20,491	19,950	23,263
Cash & Equivalents	12,221	14,140	14,602	13,294	12,107	15,629	16,290	15,775	16,164	15,578	17,595
Accounts Receivable	2,229	2,048	2,805	3,447	3,253	3,296	3,814	3,649	3,199	3,290	4,370
Prepaid Expenses	477	655	849	680	644	737	670	490	587	530	626
Other Current Assets	696	430	453	434	454	452	482	615	541	552	672
Plant, Property, & Equipment, net	669	699	732	733	784	805	875	882	832	857	848
Total Noncurrent Assets	8,894	6,875	6,477	6,423	6,524	6,447	6,373	6,567	6,385	6,384	6,573
Long-Term Investments	2,789	806	440	420	440	443	468	500	536	538	559
Goodwill	2,807	2,816	2,821	2,804	2,826	2,815	2,814	2,838	2,799	2,816	2,855
Intangible Assets	1,829	1,777	1,722	1,660	1,613	1,553	1,498	1,450	1,382	1,333	1,291
Other Noncurrent Operating Assets	1,469	1,476	1,494	1,539	1,645	1,636	1,593	1,779	1,668	1,697	1,868
Total Liabilities & Shareholders' Equity	25,361	25,206	26,558	25,635	24,342	27,728	28,541	27,978	27,708	27,191	30,684
Total Liabilities	22,579	24,132	27,223	26,260	27,086	31,780	32,817	31,631	31,728	33,303	37,341
Total Current Liabilities	8,474	11,070	12,481	12,832	13,330	16,832	18,206	16,678	15,647	16,394	18,636
Short-Term Debt	500	854	855	1,913	1,961	3,462	3,447	2,419	1,745	655	999
Accounts Payable	2,507	2,132	2,123	3,020	3,374	3,268	3,928	4,065	3,824	3,292	4,280
Accrued Expenses	3,244	3,584	3,463	4,182	4,741	4,774	3,900	5,287	6,047	5,576	4,208
Current Deferred Revenue	2,223	4,500	6,040	3,717	3,254	5,328	6,931	4,907	4,031	6,871	9,149
Total Noncurrent Liabilities	14,105	13,062	14,742	13,428	13,756	14,948	14,611	14,953	16,081	16,909	18,705
Long-Term Debt	11,985	11,272	13,198	11,856	12,223	13,438	13,361	13,793	14,853	15,369	17,473
Capital Lease Obligations	552	539	533	547	599	556	529	508	483	476	517
Noncurrent Deferred & Payable Income Tax Liabilities	1,396	1,079	854	865	773	802	521	448	546	411	36
Other Noncurrent Operating Liabilities	172	172	157	160	161	152	200	204	199	653	679
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,782	1,074	-665	-625	-2,744	-4,052	-4,276	-3,653	-4,020	-6,112	-6,657
Total Preferred & Common Equity	2,782	1,074	-665	-625	-2,744	-4,052	-4,276	-3,653	-4,020	-6,112	-6,657
Total Common Equity	2,782	1,074	-665	-625	-2,744	-4,052	-4,276	-3,653	-4,020	-6,112	-6,657
Common Stock	6,491	6,712	6,848	6,996	7,175	7,330	7,479	7,635	7,707	7,867	8,029
Retained Earnings	27,541	27,807	29,097	31,608	31,830	32,304	33,527	35,749	36,525	36,539	37,119
Treasury Stock	-30,983	-33,178	-36,319	-38,944	-41,426	-43,330	-44,958	-46,734	-47,877	-50,131	-51,502
Accumulated Other Comprehensive Income / (Loss)	-267	-267	-291	-285	-323	-356	-324	-303	-375	-387	-303

This table displays calculated financial ratios and metrics derived from Booking's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.27%	9.26%	16.47%	18.04%	14.56%	3.71%	-54.89%	61.24%	55.96%	25.01%	11.11%
EBITDA Growth	27.02%	10.20%	-10.27%	53.74%	13.18%	23.87%	-77.39%	53.23%	96.08%	28.09%	36.54%
EBIT Growth	28.97%	5.51%	-12.58%	59.09%	13.52%	21.94%	-85.17%	94.91%	127.63%	30.84%	39.47%
NOPAT Growth	25.22%	6.75%	-13.96%	5.60%	82.88%	-1.18%	-101.50%	3,122.98%	100.37%	14.81%	33.47%
Net Income Growth	27.95%	5.35%	-16.32%	9.65%	70.78%	21.69%	-98.79%	1,874.58%	162.49%	40.26%	37.14%
EPS Growth	26.47%	8.28%	-13.75%	9.87%	77.68%	34.30%	-98.71%	1,856.25%	171.03%	53.77%	47.10%
Operating Cash Flow Growth	14.78%	21.27%	24.36%	17.02%	14.50%	-8.86%	-98.25%	3,217.65%	132.41%	12.05%	13.33%
Free Cash Flow Firm Growth	-40.07%	1,586.13%	33.79%	-15.82%	39.44%	3.54%	-94.06%	408.23%	394.78%	-2.89%	37.64%
Invested Capital Growth	113.79%	-0.15%	-29.22%	-18.93%	9.24%	1.17%	-11.64%	27.62%	-79.73%	-270.98%	-235.70%
Revenue Q/Q Growth	3.67%	1.76%	3.35%	3.72%	2.90%	0.84%	-23.61%	18.91%	6.67%	3.56%	2.98%
EBITDA Q/Q Growth	1.65%	5.08%	5.07%	4.11%	-2.12%	13.25%	-45.68%	31.61%	12.14%	-16.65%	5.73%
EBIT Q/Q Growth	3.47%	2.22%	5.40%	4.10%	-2.42%	13.83%	-57.56%	43.81%	13.50%	-18.48%	5.92%
NOPAT Q/Q Growth	2.22%	2.48%	7.69%	-34.25%	56.69%	-2.20%	-111.81%	210.72%	16.30%	-14.52%	15.45%
Net Income Q/Q Growth	3.14%	2.10%	8.63%	-34.43%	42.95%	12.10%	-95.77%	204.97%	25.28%	-19.11%	16.80%
EPS Q/Q Growth	2.84%	2.57%	9.53%	-34.35%	42.52%	13.41%	-95.56%	207.20%	25.29%	-17.38%	17.64%
Operating Cash Flow Q/Q Growth	-2.65%	18.49%	2.96%	1.67%	-1.65%	-0.14%	-95.11%	43.58%	40.64%	-10.12%	-6.98%
Free Cash Flow Firm Q/Q Growth	75.95%	7.33%	10.69%	0.12%	-8.11%	16.47%	-86.14%	-3.82%	102.36%	-14.41%	10.32%
Invested Capital Q/Q Growth	-1.68%	-4.22%	-10.77%	-39.45%	13.76%	-12.02%	32.34%	176.57%	-53.14%	-67.54%	-13.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.84%	93.15%	96.14%	98.09%	85.94%	85.08%	71.39%	100.00%	85.58%	100.00%	100.00%
EBITDA Margin	38.48%	38.81%	29.90%	38.94%	38.47%	45.95%	23.03%	21.88%	27.51%	28.19%	34.64%
Operating Margin	36.41%	35.33%	27.05%	35.79%	36.77%	35.48%	-9.28%	22.78%	29.85%	27.31%	31.83%
EBIT Margin	36.29%	35.05%	26.31%	35.45%	35.13%	41.31%	13.58%	16.42%	23.96%	25.08%	31.48%
Profit (Net Income) Margin	28.69%	27.66%	19.87%	18.46%	27.52%	32.29%	0.87%	10.63%	17.89%	20.07%	24.78%
Tax Burden Percent	81.01%	81.56%	78.70%	53.22%	82.69%	81.65%	10.41%	79.52%	77.95%	78.25%	80.66%
Interest Burden Percent	97.57%	96.77%	96.00%	97.84%	94.73%	95.73%	61.43%	81.43%	95.80%	102.30%	97.58%
Effective Tax Rate	18.99%	18.44%	21.30%	46.78%	17.31%	18.35%	89.59%	20.48%	22.05%	21.75%	19.34%
Return on Invested Capital (ROIC)	77.44%	60.72%	61.23%	86.16%	168.18%	158.25%	-2.51%	71.16%	211.43%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	78.94%	63.19%	63.95%	87.11%	173.84%	147.37%	-6.96%	101.01%	246.79%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-46.16%	-31.33%	-38.33%	-63.98%	-128.30%	-92.14%	3.60%	-50.11%	-143.17%	0.00%	0.00%
Return on Equity (ROE)	31.28%	29.39%	22.90%	22.18%	39.88%	66.11%	1.09%	21.05%	68.26%	22,573.68%	-173.92%
Cash Return on Invested Capital (CROIC)	4.92%	60.87%	95.45%	107.06%	159.35%	157.09%	9.85%	46.89%	344.02%	0.00%	0.00%
Operating Return on Assets (OROA)	24.30%	20.08%	15.17%	19.85%	21.21%	28.23%	4.27%	7.91%	16.71%	21.56%	28.71%
Return on Assets (ROA)	19.21%	15.85%	11.46%	10.34%	16.61%	22.07%	0.27%	5.12%	12.48%	17.26%	22.60%
Return on Common Equity (ROCE)	31.26%	29.39%	22.87%	22.14%	39.88%	66.11%	1.09%	21.05%	68.26%	22,573.68%	-173.92%
Return on Equity Simple (ROE_SIMPLE)	28.27%	29.01%	21.74%	20.79%	45.51%	82.00%	1.21%	18.86%	109.92%	-156.30%	-146.32%
Net Operating Profit after Tax (NOPAT)	2,490	2,658	2,287	2,415	4,416	4,364	-66	1,985	3,977	4,566	6,094
NOPAT Margin	29.49%	28.81%	21.29%	19.04%	30.40%	28.97%	-0.97%	18.11%	23.27%	21.37%	25.67%
Net Nonoperating Expense Percent (NNEP)	-1.50%	-2.47%	-2.72%	-0.95%	-5.66%	10.88%	4.45%	-29.86%	-35.36%	-113.53%	20.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	25.14%	37.93%	46.66%
Cost of Revenue to Revenue	10.16%	6.85%	3.86%	1.91%	14.06%	14.92%	28.61%	0.00%	14.42%	0.00%	0.00%
SG&A Expenses to Revenue	16.59%	18.38%	18.10%	6.03%	6.42%	7.18%	12.95%	29.64%	7.56%	25.76%	21.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.43%	57.82%	69.09%	62.31%	49.18%	49.60%	80.68%	77.22%	55.72%	72.69%	68.17%
Earnings before Interest and Taxes (EBIT)	3,064	3,233	2,826	4,496	5,104	6,224	923	1,799	4,095	5,358	7,473
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,248	3,580	3,212	4,938	5,589	6,923	1,565	2,398	4,702	6,023	8,224
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.93	7.48	7.33	7.49	9.04	14.42	18.55	15.87	27.85	0.00	0.00
Price to Tangible Book Value (P/TBV)	20.45	20.22	13.26	13.29	21.18	80.25	76.54	79.45	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.04	7.13	6.70	6.65	5.47	5.68	13.36	8.95	4.53	5.74	6.93
Price to Earnings (P/E)	24.53	25.78	33.72	36.03	19.86	17.58	1,538.57	84.16	25.34	28.60	27.96
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.70%
Earnings Yield	4.08%	3.88%	2.97%	2.78%	5.03%	5.69%	0.07%	1.19%	3.95%	3.50%	3.58%
Enterprise Value to Invested Capital (EV/IC)	12.61	14.03	21.08	30.11	26.76	29.70	36.04	30.37	118.83	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	6.54	6.65	6.08	5.96	5.05	5.47	13.00	8.67	4.41	5.82	6.94
Enterprise Value to EBITDA (EV/EBITDA)	17.00	17.14	20.32	15.31	13.13	11.90	56.44	39.61	16.02	20.64	20.04
Enterprise Value to EBIT (EV/EBIT)	18.02	18.98	23.10	16.81	14.37	13.24	95.70	52.80	18.40	23.21	22.06
Enterprise Value to NOPAT (EV/NOPAT)	22.18	23.08	28.54	31.30	16.61	18.88	0.00	47.86	18.94	27.23	27.05
Enterprise Value to Operating Cash Flow (EV/OCF)	20.90	19.15	16.38	16.21	13.74	16.93	1,039.22	33.69	11.49	16.93	19.80
Enterprise Value to Free Cash Flow (EV/FCFF)	349.44	23.02	18.31	25.19	17.53	19.02	343.26	72.63	11.64	19.79	19.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.45	0.70	0.72	0.85	0.98	1.45	2.53	1.83	4.69	-5.39	-4.25
Long-Term Debt to Equity	0.45	0.70	0.63	0.78	0.98	1.29	2.33	1.50	4.51	-4.67	-3.81
Financial Leverage	-0.58	-0.50	-0.60	-0.73	-0.74	-0.63	-0.52	-0.50	-0.58	-12.84	-0.30
Leverage Ratio	1.63	1.85	2.00	2.15	2.40	3.00	4.00	4.11	5.47	1,307.97	-7.70
Compound Leverage Factor	1.59	1.79	1.92	2.10	2.27	2.87	2.46	3.35	5.24	1,338.00	-7.51
Debt to Total Capital	31.07%	41.18%	42.02%	45.81%	49.61%	59.25%	71.67%	64.61%	82.41%	122.79%	130.78%
Short-Term Debt to Total Capital	0.30%	0.00%	5.70%	3.42%	0.00%	6.79%	5.70%	11.40%	3.16%	16.29%	13.36%
Long-Term Debt to Total Capital	30.77%	41.18%	36.33%	42.39%	49.61%	52.47%	65.97%	53.21%	79.25%	106.50%	117.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.17%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.93%	58.82%	57.81%	54.18%	50.39%	40.75%	28.33%	35.39%	17.59%	-22.79%	-30.78%
Debt to EBITDA	1.19	1.72	2.22	1.93	1.55	1.25	7.91	4.70	2.77	2.45	2.08
Net Debt to EBITDA	-1.29	-1.24	-2.10	-1.77	-1.08	-0.46	-1.56	-1.27	-0.46	0.28	0.05
Long-Term Debt to EBITDA	1.18	1.72	1.92	1.78	1.55	1.10	7.28	3.87	2.67	2.13	1.86
Debt to NOPAT	1.55	2.32	3.12	3.94	1.96	1.98	-188.55	5.68	3.28	3.24	2.80
Net Debt to NOPAT	-1.68	-1.66	-2.95	-3.62	-1.37	-0.72	37.19	-1.54	-0.54	0.36	0.06
Long-Term Debt to NOPAT	1.54	2.32	2.70	3.65	1.96	1.75	-173.55	4.68	3.15	2.81	2.52
Altman Z-Score	7.93	6.60	6.29	5.68	6.20	6.75	5.63	5.88	5.13	6.33	6.91
Noncontrolling Interest Sharing Ratio	0.06%	0.00%	0.15%	0.15%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.71	2.47	1.89	2.58	2.36	1.83	3.56	2.10	1.86	1.28	1.31
Quick Ratio	3.58	2.29	1.81	2.46	2.20	1.68	3.38	2.00	1.73	1.20	1.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	158	2,665	3,565	3,001	4,184	4,332	257	1,308	6,471	6,284	8,649
Operating Cash Flow to CapEx	2,008.79%	1,842.01%	1,810.91%	1,618.75%	1,207.69%	1,322.01%	29.72%	927.63%	1,780.98%	2,128.70%	1,940.09%
Free Cash Flow to Firm to Interest Expense	1.79	16.63	17.14	11.81	15.56	16.29	0.72	3.92	16.55	7.01	6.68
Operating Cash Flow to Interest Expense	29.90	19.99	19.15	18.35	19.84	18.29	0.24	8.44	16.76	8.19	6.43
Operating Cash Flow Less CapEx to Interest Expense	28.41	18.91	18.10	17.22	18.20	16.91	-0.56	7.53	15.82	7.80	6.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.57	0.58	0.56	0.60	0.68	0.31	0.48	0.70	0.86	0.91
Accounts Receivable Turnover	14.31	14.31	14.27	12.20	10.60	9.41	6.15	11.61	9.53	7.79	7.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	50.55	38.94	34.55	30.67	25.58	21.62	9.10	13.89	22.92	29.41	29.38
Accounts Payable Turnover	3.24	2.09	1.12	0.45	2.27	1.89	1.97	0.00	1.20	0.00	0.00
Days Sales Outstanding (DSO)	25.51	25.50	25.57	29.91	34.43	38.80	59.32	31.43	38.30	46.83	49.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	112.50	174.46	326.28	819.82	161.05	192.65	185.32	0.00	303.03	0.00	0.00
Cash Conversion Cycle (CCC)	-87.00	-148.95	-300.71	-789.92	-126.62	-153.85	-126.00	31.43	-264.73	46.83	49.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,381	4,374	3,096	2,510	2,742	2,774	2,451	3,128	634	-1,084	-3,639
Invested Capital Turnover	2.63	2.11	2.88	4.52	5.53	5.46	2.60	3.93	9.09	-94.96	-10.05
Increase / (Decrease) in Invested Capital	2,332	-6.68	-1,278	-586	232	32	-323	677	-2,494	-1,718	-2,555
Enterprise Value (EV)	55,222	61,348	65,268	75,587	73,370	82,385	88,334	94,994	75,336	124,334	164,819
Market Capitalization	59,408	65,769	71,992	84,338	79,413	85,544	90,776	98,044	77,484	122,674	164,438
Book Value per Share	$163.62	$169.68	$199.01	$230.90	$189.62	$141.75	$119.47	$150.45	$71.72	($78.65)	($121.46)
Tangible Book Value per Share	$55.49	$62.75	$110.03	$130.12	$80.94	$25.47	$28.96	$30.05	($47.80)	($205.88)	($247.79)
Total Capital	12,428	14,954	16,987	20,785	17,434	14,561	17,273	17,455	15,819	12,039	13,061
Total Debt	3,861	6,158	7,138	9,521	8,649	8,628	12,380	11,277	13,037	14,783	17,081
Total Long-Term Debt	3,824	6,158	6,171	8,810	8,649	7,640	11,395	9,288	12,537	12,822	15,336
Net Debt	-4,186	-4,421	-6,753	-8,754	-6,043	-3,159	-2,442	-3,050	-2,148	1,660	381
Capital Expenditures (CapEx)	132	174	220	288	442	368	286	304	368	345	429
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-520	-535	-789	-1,154	-1,432	-1,855	-1,297	-2,264	-4,572	-7,018	-9,575
Debt-free Net Working Capital (DFNWC)	3,772	2,114	3,511	6,248	4,852	5,455	9,766	8,888	7,824	5,665	6,589
Net Working Capital (NWC)	3,735	2,114	2,543	5,537	4,852	4,467	8,781	6,899	7,324	3,704	4,844
Net Nonoperating Expense (NNE)	68	107	152	74	418	-501	-125	820	919	277	212
Net Nonoperating Obligations (NNO)	-4,186	-4,421	-6,753	-8,754	-6,043	-3,159	-2,442	-3,050	-2,148	1,660	381
Total Depreciation and Amortization (D&A)	184	347	386	442	485	699	642	599	607	665	751
Debt-free, Cash-free Net Working Capital to Revenue	-6.16%	-5.80%	-7.35%	-9.10%	-9.86%	-12.31%	-19.08%	-20.66%	-26.75%	-32.85%	-40.33%
Debt-free Net Working Capital to Revenue	44.68%	22.92%	32.68%	49.27%	33.40%	36.21%	143.70%	81.11%	45.78%	26.52%	27.76%
Net Working Capital to Revenue	44.24%	22.92%	23.67%	43.66%	33.40%	29.65%	129.21%	62.96%	42.86%	17.34%	20.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$46.30	$50.09	$43.14	$47.78	$84.26	$112.93	$1.45	$28.39	$76.70	$118.67	$174.96
Adjusted Weighted Average Basic Shares Outstanding	52.30M	50.94M	49.49M	48.99M	47.45M	43.08M	40.97M	41.04M	39.87M	36.14M	33.62M
Adjusted Diluted Earnings per Share	$45.67	$49.45	$42.65	$46.86	$83.26	$111.82	$1.44	$28.17	$76.35	$117.40	$172.69
Adjusted Weighted Average Diluted Shares Outstanding	53.02M	51.59M	50.06M	49.95M	48.02M	43.51M	41.16M	41.36M	40.05M	36.53M	34.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.94M	49.62M	49.17M	48.29M	45.01M	41.06M	40.96M	40.89M	37.65M	34.17M	32.82M
Normalized Net Operating Profit after Tax (NOPAT)	2,490	2,658	3,027	2,415	4,416	4,364	406	1,985	3,977	4,566	6,094
Normalized NOPAT Margin	29.49%	28.81%	28.18%	19.04%	30.40%	28.97%	5.97%	18.11%	23.27%	21.37%	25.67%
Pre Tax Income Margin	35.41%	33.92%	25.25%	34.69%	33.28%	39.55%	8.34%	13.37%	22.95%	25.65%	30.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	34.68	20.18	13.59	17.70	18.97	23.40	2.59	5.39	10.47	5.97	5.77
NOPAT to Interest Expense	28.18	16.59	10.99	9.51	16.42	16.41	-0.18	5.94	10.17	5.09	4.71
EBIT Less CapEx to Interest Expense	33.19	19.09	12.53	16.57	17.33	22.02	1.79	4.48	9.53	5.59	5.44
NOPAT Less CapEx to Interest Expense	26.69	15.50	9.94	8.37	14.77	15.02	-0.99	5.03	9.23	4.71	4.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.96%
Augmented Payout Ratio	30.98%	121.07%	47.40%	78.09%	149.35%	168.28%	2,208.47%	13.99%	216.51%	241.94%	130.62%

This table displays calculated financial ratios and metrics derived from Booking's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	35.83%	40.19%	27.20%	21.30%	18.15%	16.86%	7.27%	8.90%	14.36%	7.86%	16.03%
EBITDA Growth	49.32%	168.15%	28.05%	35.49%	-63.85%	153.49%	18.31%	-7.49%	263.20%	26.61%	-22.23%
EBIT Growth	54.66%	134.44%	30.57%	36.70%	-72.28%	239.41%	18.83%	-8.57%	376.44%	-11.94%	-31.96%
NOPAT Growth	78.13%	224.34%	78.05%	25.12%	-71.25%	65.82%	10.12%	12.72%	258.92%	36.32%	24.19%
Net Income Growth	99.84%	138.00%	50.53%	50.72%	-82.02%	191.73%	17.91%	0.24%	381.08%	-57.09%	-41.16%
EPS Growth	102.80%	140.94%	65.59%	66.27%	-81.22%	219.57%	27.20%	6.50%	453.42%	-54.98%	-38.19%
Operating Cash Flow Growth	678.85%	70.44%	-35.28%	68,500.00%	-38.06%	-6.40%	45.37%	72.96%	-46.43%	21.41%	26.77%
Free Cash Flow Firm Growth	10,564.61%	584.55%	27.66%	154.86%	-43.73%	-42.76%	28.86%	19.57%	82.50%	69.46%	13.66%
Invested Capital Growth	-79.73%	-189.95%	-315.33%	-147.82%	-270.98%	-93.49%	-112.04%	-395.83%	-235.70%	-89.04%	-55.92%
Revenue Q/Q Growth	-33.10%	-6.69%	44.57%	34.40%	-34.83%	-7.71%	32.71%	36.44%	-31.56%	-12.96%	42.76%
EBITDA Q/Q Growth	-36.40%	-75.57%	307.67%	87.28%	-83.03%	-15.37%	90.28%	46.43%	-33.39%	-31.78%	16.88%
EBIT Q/Q Growth	-39.51%	-83.16%	492.19%	95.48%	-87.73%	-17.97%	107.34%	50.40%	-36.07%	-55.82%	60.20%
NOPAT Q/Q Growth	-42.15%	-65.47%	237.64%	85.50%	-86.71%	99.15%	124.21%	89.88%	-57.67%	-24.36%	104.25%
Net Income Q/Q Growth	-25.87%	-78.46%	384.96%	94.65%	-91.16%	249.55%	96.01%	65.48%	-57.57%	-68.82%	168.77%
EPS Q/Q Growth	-27.58%	-76.97%	398.43%	100.06%	-91.82%	291.77%	98.39%	67.51%	-57.49%	-68.13%	172.39%
Operating Cash Flow Q/Q Growth	108,550.00%	32.95%	-39.88%	-21.01%	-1.90%	100.89%	-6.62%	-6.02%	-69.62%	355.34%	-2.50%
Free Cash Flow Firm Q/Q Growth	107.22%	1.76%	-27.85%	67.52%	-54.25%	3.52%	62.42%	55.44%	-30.17%	-3.87%	8.94%
Invested Capital Q/Q Growth	-53.14%	-347.00%	-12.45%	63.26%	-67.54%	-179.52%	-23.23%	14.09%	-13.44%	-57.41%	-1.64%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.84%	80.89%	86.23%	100.00%	130.81%	81.29%	86.23%	100.00%	129.85%	100.00%	100.00%
EBITDA Margin	38.06%	11.38%	32.09%	44.72%	11.64%	24.69%	35.40%	37.99%	36.98%	28.98%	23.73%
Operating Margin	33.22%	11.91%	30.63%	42.27%	12.73%	17.92%	31.68%	39.77%	31.60%	22.30%	33.10%
EBIT Margin	34.03%	7.12%	29.17%	42.42%	7.98%	20.68%	32.31%	35.61%	33.27%	16.88%	18.95%
Profit (Net Income) Margin	30.50%	7.04%	23.62%	34.21%	4.64%	17.58%	25.96%	31.49%	19.52%	6.99%	13.17%
Tax Burden Percent	85.06%	87.79%	79.73%	79.74%	54.01%	82.82%	79.14%	87.73%	68.29%	84.09%	81.07%
Interest Burden Percent	105.37%	112.64%	101.57%	101.12%	107.59%	102.63%	101.53%	100.77%	85.93%	49.25%	85.71%
Effective Tax Rate	14.94%	12.21%	20.27%	20.26%	45.99%	17.18%	20.86%	12.27%	31.71%	15.91%	18.93%
Return on Invested Capital (ROIC)	256.70%	2,171.74%	0.00%	1,969.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	253.20%	2,176.64%	0.00%	1,966.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-146.89%	-2,106.71%	0.00%	-1,510.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	109.81%	65.03%	267.13%	459.12%	22,573.68%	-322.30%	-203.60%	-235.44%	-173.92%	-107.02%	-88.05%
Cash Return on Invested Capital (CROIC)	344.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	23.74%	5.44%	22.10%	36.69%	6.86%	17.19%	26.27%	30.63%	30.34%	14.81%	16.01%
Return on Assets (ROA)	21.28%	5.38%	17.90%	29.59%	3.99%	14.61%	21.11%	27.08%	17.81%	6.13%	11.13%
Return on Common Equity (ROCE)	109.81%	65.03%	267.13%	459.12%	22,573.68%	-322.30%	-203.60%	-235.44%	-173.92%	-107.02%	-88.05%
Return on Equity Simple (ROE_SIMPLE)	0.00%	374.67%	-670.23%	-848.32%	0.00%	-118.44%	-117.63%	-137.86%	0.00%	-88.99%	0.00%
Net Operating Profit after Tax (NOPAT)	1,144	395	1,334	2,474	329	655	1,469	2,789	1,181	893	1,824
NOPAT Margin	28.25%	10.46%	24.42%	33.71%	6.88%	14.84%	25.07%	34.89%	21.58%	18.75%	26.83%
Net Nonoperating Expense Percent (NNEP)	3.50%	-4.90%	-1.59%	3.14%	-43.83%	14.95%	18.86%	128.59%	11.04%	79.67%	134.94%
Return On Investment Capital (ROIC_SIMPLE)	7.23%	-	-	-	2.73%	-	-	-	9.04%	8.60%	14.79%
Cost of Revenue to Revenue	46.16%	19.11%	13.77%	0.00%	-30.81%	18.71%	13.77%	0.00%	-29.85%	0.00%	0.00%
SG&A Expenses to Revenue	-24.85%	10.56%	7.29%	17.44%	71.63%	8.45%	5.04%	20.48%	52.20%	21.73%	19.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.62%	68.98%	55.60%	57.73%	118.08%	63.37%	54.55%	60.23%	98.25%	77.70%	66.90%
Earnings before Interest and Taxes (EBIT)	1,378	269	1,593	3,114	382	913	1,893	2,847	1,820	804	1,288
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,541	430	1,753	3,283	557	1,090	2,074	3,037	2,023	1,380	1,613
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	27.85	92.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.53	5.47	5.13	5.30	5.74	5.74	6.00	6.13	6.93	6.28	7.53
Price to Earnings (P/E)	25.34	24.70	22.27	20.61	28.60	26.32	26.72	28.04	27.96	27.79	39.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.24%	0.44%	0.62%	0.70%	0.78%	0.63%
Earnings Yield	3.95%	4.05%	4.49%	4.85%	3.50%	3.80%	3.74%	3.57%	3.58%	3.60%	2.55%
Enterprise Value to Invested Capital (EV/IC)	118.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.41	5.32	5.07	5.30	5.82	5.79	6.02	6.15	6.94	6.29	7.56
Enterprise Value to EBITDA (EV/EBITDA)	16.02	16.17	15.42	15.12	20.64	16.53	16.82	18.21	20.04	17.80	23.50
Enterprise Value to EBIT (EV/EBIT)	18.40	18.03	17.11	16.62	23.21	18.13	18.43	20.08	22.06	20.58	28.00
Enterprise Value to NOPAT (EV/NOPAT)	18.94	22.69	20.20	20.45	27.23	26.27	27.08	26.83	27.05	24.04	28.38
Enterprise Value to Operating Cash Flow (EV/OCF)	11.49	12.49	14.43	13.37	16.93	17.78	16.98	15.83	19.80	17.03	19.76
Enterprise Value to Free Cash Flow (EV/FCFF)	11.64	12.78	15.84	14.88	19.79	20.17	19.40	18.07	19.06	16.83	21.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.69	11.79	-21.93	-22.91	-5.39	-4.31	-4.05	-4.58	-4.25	-2.70	-2.85
Long-Term Debt to Equity	4.51	11.00	-20.65	-19.84	-4.67	-3.45	-3.25	-3.91	-3.81	-2.59	-2.70
Financial Leverage	-0.58	-0.97	-1.65	-0.77	-12.84	0.54	0.11	-0.10	-0.30	-0.14	-0.13
Leverage Ratio	5.47	8.74	15.30	15.66	1,307.97	-17.78	-11.15	-12.53	-7.70	-5.40	-5.42
Compound Leverage Factor	5.76	9.84	15.54	15.84	1,407.27	-18.24	-11.32	-12.63	-6.61	-2.66	-4.64
Debt to Total Capital	82.41%	92.18%	104.78%	104.57%	122.79%	130.23%	132.74%	127.96%	130.78%	158.84%	153.98%
Short-Term Debt to Total Capital	3.16%	6.22%	6.14%	13.97%	16.29%	25.83%	26.39%	18.51%	13.36%	6.31%	8.10%
Long-Term Debt to Total Capital	79.25%	85.97%	98.64%	90.59%	106.50%	104.40%	106.35%	109.44%	117.42%	152.53%	145.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	17.59%	7.82%	-4.78%	-4.57%	-22.79%	-30.23%	-32.74%	-27.96%	-30.78%	-58.84%	-53.98%
Debt to EBITDA	2.77	2.12	2.29	1.98	2.45	2.27	2.16	2.15	2.08	1.94	2.36
Net Debt to EBITDA	-0.46	-0.44	-0.17	0.00	0.28	0.13	0.07	0.06	0.05	0.05	0.10
Long-Term Debt to EBITDA	2.67	1.97	2.16	1.72	2.13	1.82	1.73	1.84	1.86	1.86	2.23
Debt to NOPAT	3.28	2.97	3.00	2.68	3.24	3.60	3.48	3.17	2.80	2.62	2.85
Net Debt to NOPAT	-0.54	-0.62	-0.23	0.00	0.36	0.21	0.11	0.08	0.06	0.06	0.13
Long-Term Debt to NOPAT	3.15	2.77	2.83	2.32	2.81	2.89	2.79	2.71	2.52	2.51	2.70
Altman Z-Score	4.78	5.08	4.96	5.69	5.66	5.08	5.24	5.79	6.24	5.75	5.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.86	1.59	1.55	1.44	1.28	1.22	1.17	1.23	1.31	1.22	1.25
Quick Ratio	1.73	1.49	1.45	1.35	1.20	1.15	1.11	1.16	1.24	1.15	1.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,638	3,702	2,671	4,474	2,047	2,119	3,442	5,350	3,736	3,591	3,912
Operating Cash Flow to CapEx	2,897.33%	3,282.95%	1,888.04%	1,932.39%	1,431.91%	2,080.00%	1,729.45%	3,081.82%	948.68%	2,713.22%	5,001.56%
Free Cash Flow to Firm to Interest Expense	25.09	19.08	11.08	17.62	9.84	9.68	13.04	17.54	7.37	5.53	9.36
Operating Cash Flow to Interest Expense	14.99	14.89	7.21	5.40	6.47	12.35	9.56	7.78	1.42	5.06	7.66
Operating Cash Flow Less CapEx to Interest Expense	14.47	14.44	6.83	5.12	6.02	11.75	9.01	7.53	1.27	4.87	7.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.76	0.76	0.87	0.86	0.83	0.81	0.86	0.91	0.88	0.85
Accounts Receivable Turnover	9.53	9.93	7.65	7.20	7.79	8.23	6.77	6.50	7.36	7.31	6.12
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	22.92	23.56	24.33	25.60	29.41	29.26	27.88	28.55	29.38	28.98	29.05
Accounts Payable Turnover	1.20	1.43	1.53	1.30	0.00	0.04	0.05	0.04	0.00	0.00	0.00
Days Sales Outstanding (DSO)	38.30	36.75	47.69	50.70	46.83	44.33	53.93	56.18	49.60	49.90	59.68
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	303.03	256.11	238.18	281.20	0.00	9,475.96	6,945.33	8,132.15	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-264.73	-219.36	-190.49	-230.50	46.83	-9,431.63	-6,891.40	-8,075.98	49.60	49.90	59.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	634	-1,566	-1,761	-647	-1,084	-3,030	-3,734	-3,208	-3,639	-5,728	-5,822
Invested Capital Turnover	9.09	207.69	-17.70	58.44	-94.96	-9.57	-8.15	-11.96	-10.05	-5.50	-5.24
Increase / (Decrease) in Invested Capital	-2,494	-3,307	-1,337	-2,000	-1,718	-1,464	-1,973	-2,561	-2,555	-2,698	-2,088
Enterprise Value (EV)	75,336	96,735	98,154	109,264	124,334	127,308	134,946	141,654	164,819	151,561	189,219
Market Capitalization	77,484	99,375	99,250	109,286	122,674	126,286	134,404	141,209	164,438	151,177	188,384
Book Value per Share	$71.72	$28.53	($18.01)	($17.51)	($78.65)	($118.46)	($126.03)	($108.97)	($121.46)	($186.26)	($204.58)
Tangible Book Value per Share	($47.80)	($93.47)	($141.01)	($142.58)	($205.88)	($246.16)	($253.13)	($236.87)	($247.79)	($312.69)	($331.99)
Total Capital	15,819	13,739	13,921	13,691	12,039	13,404	13,061	13,067	13,061	10,388	12,332
Total Debt	13,037	12,665	14,586	14,316	14,783	17,456	17,337	16,720	17,081	16,500	18,989
Total Long-Term Debt	12,537	11,811	13,731	12,403	12,822	13,994	13,890	14,301	15,336	15,845	17,990
Net Debt	-2,148	-2,640	-1,096	-22	1,660	1,022	542	445	381	384	835
Capital Expenditures (CapEx)	75	88	92	71	94	130	146	77	76	121	64
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,572	-7,083	-7,519	-6,358	-7,018	-8,885	-9,793	-9,505	-9,575	-11,367	-11,969
Debt-free Net Working Capital (DFNWC)	7,824	7,416	7,723	7,560	5,665	7,106	6,534	6,270	6,589	4,211	5,626
Net Working Capital (NWC)	7,324	6,562	6,868	5,647	3,704	3,644	3,087	3,851	4,844	3,556	4,627
Net Nonoperating Expense (NNE)	-91	129	44	-37	107	-121	-52	272	113	560	929
Net Nonoperating Obligations (NNO)	-2,148	-2,640	-1,096	-22	1,660	1,022	542	445	381	384	835
Total Depreciation and Amortization (D&A)	163	161	160	169	175	177	181	190	203	576	325
Debt-free, Cash-free Net Working Capital to Revenue	-26.75%	-38.98%	-38.88%	-30.82%	-32.85%	-40.38%	-43.72%	-41.23%	-40.33%	-47.19%	-47.83%
Debt-free Net Working Capital to Revenue	45.78%	40.81%	39.93%	36.65%	26.52%	32.30%	29.17%	27.20%	27.76%	17.48%	22.48%
Net Working Capital to Revenue	42.86%	36.11%	35.51%	27.37%	17.34%	16.56%	13.78%	16.71%	20.41%	14.76%	18.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$30.55	$7.07	$35.16	$70.62	$5.82	$22.69	$44.94	$75.37	$31.96	$10.14	$27.54
Adjusted Weighted Average Basic Shares Outstanding	39.87M	37.62M	36.68M	35.57M	36.14M	34.21M	33.84M	33.40M	33.62M	32.85M	32.49M
Adjusted Diluted Earnings per Share	$30.40	$7.00	$34.89	$69.80	$5.71	$22.37	$44.38	$74.34	$31.60	$10.07	$27.43
Adjusted Weighted Average Diluted Shares Outstanding	40.05M	37.98M	36.96M	35.99M	36.53M	34.71M	34.27M	33.86M	34.06M	33.09M	32.62M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.65M	36.93M	35.69M	34.89M	34.17M	33.93M	33.52M	33.10M	32.82M	32.54M	32.41M
Normalized Net Operating Profit after Tax (NOPAT)	1,144	395	1,334	2,474	329	655	1,469	2,789	1,181	893	1,824
Normalized NOPAT Margin	28.25%	10.46%	24.42%	33.71%	6.88%	14.84%	25.07%	34.89%	21.58%	18.75%	26.83%
Pre Tax Income Margin	35.86%	8.02%	29.62%	42.90%	8.59%	21.22%	32.80%	35.89%	28.59%	8.32%	16.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.50	1.39	6.61	12.26	1.84	4.17	7.17	9.33	3.59	1.24	3.08
NOPAT to Interest Expense	7.89	2.04	5.53	9.74	1.58	2.99	5.56	9.14	2.33	1.38	4.36
EBIT Less CapEx to Interest Expense	8.99	0.93	6.23	11.98	1.38	3.58	6.62	9.08	3.44	1.05	2.93
NOPAT Less CapEx to Interest Expense	7.37	1.58	5.15	9.46	1.13	2.40	5.01	8.89	2.18	1.19	4.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.96%	21.95%	25.16%
Augmented Payout Ratio	216.51%	191.90%	214.99%	192.98%	241.94%	210.11%	171.89%	154.29%	130.62%	147.40%	163.52%

Key Financial Trends

Booking Holdings Inc. (NASDAQ: BKNG) has demonstrated robust financial performance in recent years, highlighted by steadily increasing revenues, solid net income growth, and a strong cash position. Below are the key financial trends and observations from the last several quarters and years ending Q2 2025.

Consistent Revenue Growth: Operating revenues increased from $3.78 billion in Q1 2023 to $6.80 billion by Q2 2025, almost doubling in just over two years. This indicates strong demand for Booking's services and effective business expansion strategies.
Rising Net Income: Net income attributable to common shareholders grew from $266 million in Q1 2023 to $895 million in Q2 2025, with quarterly spikes such as $2.5 billion in Q3 2024. This improvement reflects effective cost control and profit maximization efforts.
Substantial Operating Cash Flow: Net cash from operating activities was strong, reaching $3.2 billion in Q2 2025, supporting ongoing investments and shareholder returns without heavy reliance on external financing.
Healthy Cash and Equivalents Balance: The company’s cash and equivalents increased to $17.6 billion in Q2 2025 from $14.1 billion in Q1 2023, showing strong liquidity and flexibility to fund operations and potential acquisitions.
Capital Investments Steadily Managed: Capital expenditures remained moderate, approximately $60 million in Q2 2025, compared to robust cash flows, ensuring efficient asset management without overextension.
Increasing Long-Term Debt: Long-term debt rose from $11.3 billion in Q1 2023 to $17.5 billion by Q2 2025. While manageable due to strong cash flows, this increase warrants monitoring to ensure it does not impact financial stability.
Negative Total Common Equity: The company reported negative total common equity balances in recent quarters (e.g., -$6.7 billion in Q2 2025), mainly due to aggressive share repurchases and treasury stock. This is offset by strong retained earnings but could concern some investors focused on book equity.
Declining Share Count with High Share Repurchases: Substantial repurchases of common equity occurring regularly (e.g., almost $1.5 billion in Q2 2025, $2.17 billion in Q1 2025) depress equity and may reduce liquidity, though they can boost EPS.
Volatile Other Income/Expense: The company saw significant fluctuations in other income/expense, with net expense impacting pre-tax income negatively in some quarters (e.g., -$962 million in Q2 2025). This volatility adds some earnings unpredictability.
Dividend Payments Increasing: Dividends paid rose slightly from $0.28 billion in Q1 2023 to $0.31 billion in Q2 2025, reflecting confidence but also a steady drain on cash resources.

Summary: Booking Holdings showcases strong top-line growth and profitability improvements supported by healthy operating cash flows. The company benefits from significant liquidity and tight capital expenditure controls. However, the increase in debt and aggressive share repurchasing leading to negative common equity require attention. Investors should watch for continued earnings stability amid fluctuating net other income and ensure debt levels remain sustainable.

08/29/25 01:10 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Booking's Financials

When does Booking's financial year end?

According to the most recent income statement we have on file, Booking's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Booking's net income changed over the last 10 years?

Booking's net income appears to be on an upward trend, with a most recent value of $5.88 billion in 2024, rising from $2.42 billion in 2014. The previous period was $4.29 billion in 2023. Check out Booking's forecast to explore projected trends and price targets.

What is Booking's operating income?

Booking's total operating income in 2024 was $7.56 billion, based on the following breakdown:

Total Gross Profit: $23.74 billion
Total Operating Expenses: $16.18 billion

How has Booking's revenue changed over the last 10 years?

Over the last 10 years, Booking's total revenue changed from $8.44 billion in 2014 to $23.74 billion in 2024, a change of 181.2%.

How much debt does Booking have?

Booking's total liabilities were at $31.73 billion at the end of 2024, a 17.1% increase from 2023, and a 411.4% increase since 2014.

How much cash does Booking have?

In the past 10 years, Booking's cash and equivalents has ranged from $1.48 billion in 2015 to $16.16 billion in 2024, and is currently $16.16 billion as of their latest financial filing in 2024.

How has Booking's book value per share changed over the last 10 years?

Over the last 10 years, Booking's book value per share changed from 163.62 in 2014 to -121.46 in 2024, a change of -174.2%.

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This page (NASDAQ:BKNG) was last updated on 8/29/2025 by MarketBeat.com Staff

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Booking (BKNG) Financials

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