Booking (BKNG) financial statements
Booking reported revenue of $26.9B in fiscal 2025, up 10.7% a year over 9 years.
Net income was $5.4B and the operating margin 32.8%, against 27.1% in 2016.
Free cash flow was $9.1B, and the company returned $1.2B in dividends and $6.4B in net buybacks.
The diluted share count fell 97% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Booking's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.7B | $12.7B | $14.5B | $15.1B | $6.8B | $11.0B | $17.1B | $21.4B | $23.7B | $26.9B |
| Cost of revenue | $415M | $242M | — | — | — | — | — | — | — | — |
| Gross profit | $10.3B | $12.4B | — | — | — | — | — | — | — | — |
| Selling, general and admin | $887M | $1.1B | $5.7B | $5.8B | $2.8B | $4.3B | $6.8B | $8.3B | $8.3B | $9.0B |
| Operating income | $2.9B | $4.5B | $5.3B | $5.3B | -$631M | $2.5B | $5.1B | $5.8B | $7.6B | $8.8B |
| Interest expense | $208M | $254M | $269M | $266M | $356M | $334M | $391M | $897M | $1.3B | $1.6B |
| Pre-tax income | $2.7B | $4.4B | $4.8B | $6.0B | $567M | $1.5B | $3.9B | $5.5B | $7.3B | $6.8B |
| Income tax | $578M | $2.1B | $837M | $1.1B | $508M | $300M | $865M | $1.2B | $1.4B | $1.4B |
| Net income | $2.1B | $2.3B | $4.0B | $4.9B | $59M | $1.2B | $3.1B | $4.3B | $5.9B | $5.4B |
| EPS (diluted) | $1.71 | $1.87 | $3.33 | $4.47 | $0.06 | $1.13 | $3.05 | $117.40 | $172.69 | $165.57 |
| Diluted shares | 1.25B | 1.25B | 1.20B | 1.09B | 1.03B | 1.03B | 1.00B | 37M | 34M | 33M |
| Gross margin | 96.1% | 98.1% | — | — | — | — | — | — | — | — |
| Operating margin | 27.1% | 35.8% | 36.8% | 35.5% | -9.3% | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% |
| Net margin | 19.9% | 18.5% | 27.5% | 32.3% | 0.9% | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% |
Balance sheet
Fiscal years, from Booking's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.3B | $7.4B | $6.3B | $7.3B | $11.1B | $11.2B | $12.4B | $12.7B | $16.2B | $17.2B |
| Receivables | $860M | $1.2B | $1.5B | $1.7B | — | — | — | — | — | — |
| Total current assets | $5.4B | $9.0B | $8.4B | $9.8B | $12.2B | $13.1B | $15.8B | $17.0B | $20.5B | $22.3B |
| Property, plant and equipment | $347M | $480M | $656M | $738M | $756M | $822M | $669M | $784M | $832M | $807M |
| Goodwill | $2.4B | $2.7B | $2.9B | $2.9B | $1.9B | $2.9B | $2.8B | $2.8B | $2.8B | $2.7B |
| Total assets | $19.8B | $25.5B | $22.7B | $21.4B | $21.9B | $23.6B | $25.4B | $24.3B | $27.7B | $29.3B |
| Total current liabilities | $2.9B | $3.5B | $3.6B | $5.4B | $3.4B | $6.2B | $8.5B | $13.3B | $15.6B | $16.7B |
| Long-term debt | $6.2B | $8.8B | $8.6B | $7.6B | $11.0B | $8.9B | $12.0B | $12.2B | $14.9B | $16.9B |
| Total liabilities | $10.0B | $14.2B | $13.9B | $15.5B | $17.0B | $17.5B | $22.6B | $27.1B | $31.7B | $34.8B |
| Shareholders' equity | $9.8B | $11.3B | $8.8B | $5.9B | $4.9B | $6.2B | $2.8B | -$2.7B | -$4.0B | -$5.6B |
| Net debt | $4.1B | $6.3B | $6.0B | $1.3B | $1.5B | -$201M | $264M | $2.1B | $434M | $1.5B |
Cash flow
Fiscal years, from Booking's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.0B | $4.7B | $5.3B | $4.9B | $85M | $2.8B | $6.6B | $7.3B | $8.3B | $9.4B |
| Capital spending | $220M | $288M | $442M | $368M | $286M | $304M | $368M | $345M | $429M | $322M |
| Free cash flow | $3.8B | $4.4B | $4.9B | $4.5B | -$201M | $2.5B | $6.2B | $7.0B | $7.9B | $9.1B |
| Stock-based compensation | $250M | $261M | $317M | $308M | $233M | $370M | $404M | $530M | $599M | $613M |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $1.2B | $1.2B |
| Share buybacks (net) | -$1.0B | -$1.8B | -$6.0B | -$8.2B | -$1.3B | -$163M | -$6.6B | -$10.4B | -$6.5B | -$6.4B |
| Net borrowing | $995M | $2.0B | $0 | $0 | $2.9B | -$1.1B | $1.7B | $1.4B | $3.5B | -$1.3B |
| Free cash flow margin | 35.0% | 34.5% | 33.7% | 29.8% | -3.0% | 23.0% | 36.2% | 32.8% | 33.3% | 33.8% |
| Dividends per share | — | — | — | — | — | — | — | — | $34.46 | $38.24 |
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Open BKNG in InvestinglyQuestions
What was Booking's revenue in 2025?
$26.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Booking generate?
$9.1B in fiscal 2025 (operating cash flow minus capital spending).
From Booking's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.