Booking
BKNG · NasdaqTransportation Services · Fiscal year ends Dec 31
Booking reported revenue of $26.9B in the fiscal year ended Dec 2025, up 13.4% from the year before. Operating income was $8.8B, an operating margin of 32.8%, and net income was $5.4B. Operating cash flow of $9.4B less capital expenditure of $322M left free cash flow of $9.1B. Net debt was $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11B | $17.1B | $21.4B | $23.7B | $26.9B |
| Operating income | $2.5B | $5.1B | $5.8B | $7.6B | $8.8B |
| Interest expense | $334M | $391M | $897M | $1.3B | $1.6B |
| Pre-tax income | $1.5B | $3.9B | $5.5B | $7.3B | $6.8B |
| Income tax | $300M | $865M | $1.2B | $1.4B | $1.4B |
| Net income | $1.2B | $3.1B | $4.3B | $5.9B | $5.4B |
| Diluted EPS | 28.17 | 76.35 | 117.40 | 172.69 | 165.57 |
| Diluted shares | 41M | 40M | 37M | 34M | 33M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $11.1B | $12.2B | $12.1B | $16.2B | $17.2B |
| Current assets | $13.1B | $15.8B | $17B | $20.5B | $22.3B |
| Net PP&E | $822M | $669M | $784M | $832M | $807M |
| Goodwill | $2.9B | $2.8B | $2.8B | $2.8B | $2.7B |
| Total assets | $23.6B | $25.4B | $24.3B | $27.7B | $29.3B |
| Payables | $1.6B | $2.5B | $3.4B | $3.8B | $5.1B |
| Current liabilities | $6.2B | $8.5B | $13.3B | $15.6B | $16.7B |
| Short-term debt | $2B | $500M | $2B | $1.7B | $1.9B |
| Long-term debt | $8.9B | $12B | $12.2B | $14.9B | $16.9B |
| Total liabilities | $17.5B | $22.6B | $27.1B | $31.7B | $34.8B |
| Shareholders' equity | $6.2B | $2.8B | −$2.7B | −$4B | −$5.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $6.6B | $7.3B | $8.3B | $9.4B |
| Capital expenditure | $304M | $368M | $345M | $429M | $322M |
| Free cash flow | $2.5B | $6.2B | $7B | $7.9B | $9.1B |
| Depreciation & amortisation | $421M | $451M | $504M | $591M | $623M |
| Stock-based compensation | $370M | $404M | $530M | $599M | $613M |
| Acquisitions | $1.2B | $0 | $0 | – | – |
| Share buybacks | $163M | $6.6B | $10.4B | $6.5B | $6.4B |
| Dividends paid | – | $0 | $0 | $1.2B | $1.2B |
| Dividend per share | – | – | – | 8.75 | 9.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 56.0% | 25.0% | 11.1% | 13.4% |
| Operating income growth (YoY) | – | 104.4% | 14.4% | 29.5% | 16.8% |
| EPS growth (YoY) | – | 171.0% | 53.8% | 47.1% | −4.1% |
| Operating margin | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% |
| Net margin | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% |
| Return on equityBlank when equity is negative | 18.9% | 109.9% | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 14.3% | 30.2% | 53.0% | 62.6% | 70.2% |
| Free cash flow margin | 23.0% | 36.2% | 32.8% | 33.3% | 33.8% |
| Cash conversion (CFO ÷ net income) | 2.42x | 2.14x | 1.71x | 1.41x | 1.74x |
| Interest cover | 7.47x | 13.0x | 6.51x | 5.83x | 5.46x |
| Debt ÷ equity | 1.77x | 4.49x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$201M | $264M | $2.1B | $434M | $1.5B |
| Current ratio | 2.10x | 1.86x | 1.28x | 1.31x | 1.33x |
Recent filings
More in Transportation Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.