At a glance
Booking Holdings Inc is worth $115.52B, about 23 times its fiscal 2025 earnings. Revenue grew 13.4% to $26.92B in fiscal 2025, with 20.1% kept as profit; over 5 years it has grown 31.7% a year. It pays a 7.63% dividend yield, and returned $32.53B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −19.4% over the past year with dividends reinvested and +11.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 39.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 7 months after the lows.
The business in plain English
Booking Holdings runs online travel booking sites under five consumer brands: Booking.com, Priceline, Agoda, KAYAK and OpenTable. Travelers use them to reserve hotels and vacation rentals, flights, rental cars, tours and restaurant tables. The company acts as a go-between, connecting travelers with hotels, airlines, restaurants and other providers it calls "partners," and taking a cut. Booking.com is the core. As of December 31, 2025, it listed about 4.4 million properties in over 220 countries and territories, including about 3.9 million homes, apartments and other non-hotel stays.
Revenue for the year ended December 31, 2025, was $26.9 billion, in three buckets. Merchant revenue (66%) comes from bookings where Booking collects the traveler's payment, keeps its commission or margin and pays the provider; it also includes payment fees and travel insurance. Agency revenue (29.6%) is commission on bookings where Booking does not handle the payment, almost all from Booking.com stays. Advertising and other revenue (4.4%) comes mainly from KAYAK, a "meta-search" site that compares prices across hundreds of travel sites, and OpenTable's reservation and restaurant-management fees.
Booking is a U.S. company, but 90.4% of fiscal 2025 revenue came from outside the U.S. Booking.com is based in the Netherlands, Agoda in Singapore serves mainly Asia-Pacific travelers, and Priceline focuses on discount travel in North America.
Price history
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BKNG -19.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Merchant revenues | $17.75B | 66% |
| Agency revenues | $7.97B | 29.6% |
| Advertising and other revenues | $1.19B | 4.4% |
By geography
| Outside of the U.S. | $24.34B | 90.4% |
| U.S. | $2.58B | 9.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.35B, up 8.1% from a year earlier, and net income was $1.95B (+117.9%).
- For fiscal 2025, revenue was $26.92B (+13.4% year over year; +31.7% a year from FY2020 to FY2025) with a 20.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +31.7% good |
|---|---|
| Operating margin | 32.8% good |
| Free cash flow margin | 33.8% good |
| Return on assets (FY2025) | 18.5% good |
| Net cash (cash minus debt) | $-2.52B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.80B | $59.0M | $-201.0M |
| FY2021 | $10.96B | $1.17B | $2.52B |
| FY2022 | $17.09B | $3.06B | $6.19B |
| FY2023 | $21.36B | $4.29B | $7.00B |
| FY2024 | $23.74B | $5.88B | $7.89B |
| FY2025 | $26.92B | $5.40B | $9.09B |
Valuation snapshot
| Market value | $115.52B |
|---|---|
| P/E ratio | 23.2 |
| Dividend yield | 7.63% |
Rank among 1514 US companies
Market value at each year end
Booking Holdings’s market value went from $72.34B at the end of 2016 to $115.52B on Nov 2, 2026, up 60%; since the end of 2025 it is down 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $115.52B | -33.1% |
| 2025 | $172.62B | +5.0% |
| 2024 | $164.44B | +32.9% |
| 2023 | $123.76B | +58.3% |
| 2022 | $78.17B | -20.7% |
| 2021 | $98.52B | +8.0% |
| 2020 | $91.22B | +6.1% |
| 2019 | $85.96B | +7.7% |
| 2018 | $79.80B | -5.8% |
| 2017 | $84.75B | +17.1% |
| 2016 | $72.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BKNG price data to Nov 2, 2026 | -23.7% | -19.4% | +13.5% | +11.1% | +11.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.7% |
| 2025 | +8.6% |
| 2024 | +41.3% |
| 2023 | +76.0% |
| 2022 | -16.0% |
| 2021 | +7.7% |
| 2020 | +8.4% |
| 2019 | +19.2% |
| 2018 | -0.9% |
| 2017 | +18.5% |
| 2016 | +15.0% |
| 2015 | +11.8% |
| 2014 | -1.9% |
| 2013 | +87.4% |
| 2012 | +32.6% |
| 2011 | +17.1% |
| 2010 | +82.9% |
| 2009 | +196.6% |
| 2008 | -35.9% |
| 2007 | +163.4% |
| 2006 | +95.4% |
| 2005 | -5.4% |
| 2004 | +31.8% |
| 2003 | +90.2% |
| 2002 | -72.5% |
| 2001 | +343.4% |
| 2000 | -97.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 15.6% over that stretch · deepest drop along the way 66.3%, back to its old high 9.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.5% over that stretch · deepest drop along the way 41.5%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.9% over that stretch · deepest drop along the way 39.5%, back to its old high 6.7 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 27 sales ($27.9M), 27 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 26, 2026 | Peter J Millones EXECUTIVE VP, GENERAL COUNSEL | sell (plan) | $4.8M |
| May 26, 2026 | Peter J Millones EXECUTIVE VP, GENERAL COUNSEL | sell (plan) | $3.3M |
| Aug 17, 2026 | Peter J Millones EXECUTIVE VP, GENERAL COUNSEL | sell (plan) | $2.5M |
| Aug 17, 2026 | Peter J Millones EXECUTIVE VP, GENERAL COUNSEL | sell (plan) | $1.9M |
| Aug 17, 2026 | Peter J Millones EXECUTIVE VP, GENERAL COUNSEL | sell (plan) | $1.8M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.56% | Mar 31, 2026 |
ETFs with the most weight in BKNG
| BUL Pacer US Cash Cows Growth ETF | 5.31% |
| QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 5.16% |
| FDND FT Vest Dow Jones Internet & Target Income ETF | 4.96% |
| PKW Invesco BuyBack Achievers™ ETF | 4.88% |
| FDN First Trust Dow Jones Internet Index Fund | 4.85% |
| AWAY Amplify Travel Tech ETF | 4.77% |
| XLY Consumer Discretionary Select Sector SPDR Fund | 4.41% |
| JXX Janus Henderson Transformational Growth ETF | 4.34% |
What could go wrong
- AI assistants could bypass Booking's sites. Google links travel search to its search engine, Maps and Gemini AI. AI assistants from large tech firms could let travelers plan and book without visiting Booking's sites, reducing traffic and bookings.
- Extra EU rules as a digital gatekeeper. The European Commission designated Booking a "gatekeeper" under the EU's Digital Markets Act, which adds rules for very large platforms. Breaking competition or consumer laws could bring fines or limits on its business.
- Losing a Dutch tax break. Booking benefits from the Netherlands' "Innovation Box," which taxes profits from qualifying innovation at a lower rate. Losing that benefit, or facing additional tax claims, could raise its tax costs and reduce earnings.
- Currency swings on mostly foreign revenue. Results are reported in U.S. dollars, but 90.4% of fiscal 2025 revenue came from outside the U.S. A stronger dollar shrinks the dollar value of foreign sales, and currency swings can also change travel habits.
- Direct booking and pressure on commissions. Hotels, airlines and rental car firms can take bookings directly, sometimes at lower prices. Some rivals may accept thin or negative margins, and mergers among providers could push Booking's commission rates down.
- Travel slumps can hit bookings fast. Travel spending often drops when the economy weakens, and pandemics, wars or disasters can abruptly cut demand. In pandemic-hit fiscal 2020, revenue was $6.8 billion and free cash flow was negative.
Recent events
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Bylaws or fiscal year changed
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
For income and retirement investors
Booking paid no dividend in fiscal 2022 or 2023, began in fiscal 2024 and raised its per-share dividend in fiscal 2025, one annual increase on record. Dividends used 23.1% of fiscal 2025 earnings and 13.7% of free cash flow (cash left after business investment). Those dividends, $1.25 billion, are small beside a market value of $111 billion as of October 28, 2026, so the stock provides little income; returns depend mostly on the share price. Buybacks (repurchases of its own shares) matter more: $30.1 billion from fiscal 2021 through 2025, versus $2.4 billion in dividends. The share count fell 26.8% in the five years to July 2026.
The stock fell hard in downturns: 66.3% in 2008, 41.5% in the 2020 COVID crash and 39.5% in the 2022 market slump. Each time it regained its prior high about 7 to 9 months after the low. Earlier, in 2000, the shares lost 97.2%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Booking Holdings make money?
Mostly by taking a cut of hotel and vacation-rental bookings, chiefly on Booking.com. For the year ended December 31, 2025, revenue was $26.9 billion. Merchant revenue, from bookings where Booking collects the traveler's payment, was 66% and also includes payment fees and travel insurance. Agency revenue, commissions on bookings where Booking does not handle payment, was 29.6%. Advertising and other revenue, mainly KAYAK referrals and ads plus OpenTable restaurant fees, was 4.4%. Operating profit equaled 32.8% of revenue.
Is Booking Holdings the same company as Priceline?
Yes. Booking Holdings is the renamed parent company; its former names include Priceline Group Inc. and priceline.com Inc. Priceline is now one of five consumer brands, focused on discount travel mainly in North America. The others are Booking.com, the largest, based in the Netherlands; Agoda, which serves mainly Asia-Pacific travelers from Singapore; KAYAK, a price-comparison search site; and OpenTable, a restaurant reservation service used mainly in the United States.
Does Booking Holdings pay a dividend?
Yes, but the dividend is new and modest. Booking paid no dividend in fiscal 2022 or 2023, started in fiscal 2024 and raised its per-share payout in fiscal 2025. Dividends totaled $1.25 billion in fiscal 2025, equal to 23.1% of earnings and 13.7% of free cash flow, so profits and cash flow cover it comfortably. The company returns far more cash through buybacks: $30.1 billion from fiscal 2021 through 2025, compared with $2.4 billion in dividends.
Did Booking Holdings split its stock?
Yes. Booking Holdings carried out a 25-for-1 stock split that took effect by April 28, 2026. Each share became 25 shares and the share price was divided by 25, so the total value of a holding did not change. Per-share figures from before the split are adjusted to match. For example, fiscal 2025 diluted earnings per share (profit per share, counting shares from stock awards) were about $6.62 after the adjustment. Booking had about 751 million shares outstanding as of July 27, 2026.
How has Booking Holdings stock performed over the long term?
It has gained over the long run but fallen sharply over the past year. As of October 28, 2026, the share price had risen about 171% over 10 years, or 10.5% a year, and 13.3% a year over three years. It was down 23.1% over one year and 26.6% year to date, and had dropped as much as 30.8% from a peak within that year. These are share-price returns that leave out dividends.