Short answer
Booking Holdings (BKNG) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $26.9B (+13.4% year over year) and net income of $5.4B.
- Top risk flagged: Regulatory risk from EU designations as "gatekeeper" under Digital Markets Act and "Very Large Online Platform" under Digital Services Act, increasing compliance costs
FY2025 key financial metrics · XBRL
- Revenue
- $26.9B
- +13.4% YoY
- Net income
- $5.4B
- −8.1% YoY
- Operating margin
- 32.8%
- +1.0 pp YoY
- EPS (diluted)
- $165.57
- −4.1% YoY
- ROE
- -96.9%
- +49.4 pp YoY
- Operating cash flow
- $9.4B
- +13.0% YoY
Source: XBRL data from the Booking Holdings (BKNG) FY2025 10-K on SEC EDGAR. USD.
Booking Holdings FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.