Booking Holdings (BKNG) FY2025 10-K Annual Report
Booking Holdings (BKNG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Booking Holdings FY2025 10-K Analysis
Business Overview
- • Core business model: Online travel reservation services via five main brands Booking.com, Priceline, Agoda, KAYAK, OpenTable
- • New emphasis on integrating generative AI features and expanding Connected Trip vision for personalized planning, booking, and in-trip experience
- • Strategic focus on payments platform adoption, brand localization in Asia and U.S., and growth in flight (37% YoY) and attraction ticket bookings (80% YoY)
- • Employee count increased to approximately 24,300 with 2,900 in U.S. and 21,400 internationally as of December 31, 2025
- • Subject to new EU regulations as gatekeeper under Digital Markets Act and a Very Large Online Platform under Digital Services Act, increasing compliance complexity
Management Discussion & Analysis
- • Operating cash flow $9.4B in 2025 vs $8.3B in 2024, net income $5.4B in 2025 vs $5.9B in 2024
- • Financing cash outflow $8.9B in 2025 vs $4.2B in 2024, driven by $6.4B share repurchases and $1.2B dividends in 2025
- • Investing cash outflow $313M in 2025 vs inflow $129M in 2024, mainly payments for property and equipment
- • Deferred merchant bookings $5.3B at end 2025, with merchant revenues up and agency revenues down year-over-year
- • $17.8B cash and investments at Dec 31, 2025; $12.2B held by international subsidiaries in Euros, USD, GBP
Risk Factors
- • Regulatory risk from EU designations as "gatekeeper" under Digital Markets Act and "Very Large Online Platform" under Digital Services Act, increasing compliance costs
- • Geopolitical exposure to foreign currency fluctuations, with 2025 revenues including 3% benefit from currency changes, mainly Euros and British Pounds
- • Operational risk from increasing alternative accommodation mix (36% of room nights in 2025) causing lower profit margins due to higher service and partner costs
- • Competitive pressure from meta-search business KAYAK facing impairment of $180M goodwill and $277M intangible assets due to rising customer acquisition costs
- • Financial risk from restructuring and transformation program costs estimated below 1x expected $500-550M annual savings run-rate by end of 2026
Booking Holdings FY2025 Key Financial MetricsXBRL
Revenue
$26.9B
▲ +13.4% YoY
Net Income
$5.4B
▼ -8.1% YoY
Operating Margin
32.8%
▲ +96bp YoY
Net Margin
20.1%
▼ -470bp YoY
ROE
-96.9%
▲ +4944bp YoY
Total Assets
$29.3B
▲ +5.6% YoY
EPS (Diluted)
$165.57
▼ -4.1% YoY
Operating Cash Flow
$9.4B
▲ +13.0% YoY
Source: XBRL data from Booking Holdings FY2025 10-K filing on SEC EDGAR. All figures in USD.
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