Booking Holdings (BKNG) Q3 2025 10-Q Quarterly Report
Booking Holdings (BKNG) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 28, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Booking Holdings Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $9.01B Q3 2025, up 12.7% YoY vs $7.99B Q3 2024; nine-month revenue $20.57B, up 12.6% YoY
- • Operating expenses: marketing 26.0% of revenue Q3 2025 vs 26.9% YoY; sales & other expenses 11.4% Q3 2025 vs 10.9% YoY
- • Merchant segment best: merchant revenues $6.13B Q3 2025 up 23.3% YoY; agency revenues worst: $2.57B down 6.7% YoY
- • Cash $17.2B at Sept 30, 2025; operating cash flow $7.92B YTD 2025 vs $7.60B YTD 2024; $4.3B stock repurchases and $941M dividends paid YTD
- • Management raised Transformation Program savings to $500–550M annual run-rate by 2027; noted headwinds from KAYAK goodwill impairment and potential tax impacts
Risk Factors
- • No material changes to risk factors from 2024 10-K
- • Carried-forward risk: exposure to global travel market volatility affecting booking volumes and revenue
- • Carried-forward regulatory risk: compliance with evolving international data privacy laws impacting operations
- • Carried-forward financial risk: dependency on foreign currency fluctuations due to global transactions affecting margins
Booking Holdings Q3 2025 Quarterly FinancialsXBRL
Revenue
$9.0B
▲ +12.7% YoY▲ +32.5% QoQ
Net Income
$2.7B
▲ +9.2% YoY▲ +207.0% QoQ
Operating Margin
38.7%
▼ -110bp YoY▲ +557bp QoQ
Net Margin
30.5%
▼ -98bp YoY▲ +1734bp QoQ
ROE
-58.0%
Total Assets
$28.8B
EPS (Diluted)
$84.01
▲ +13.8% YoY▲ +207.6% QoQ
Operating Cash Flow
$1.4B
▼ -39.5% YoY▼ -55.2% QoQ
Source: XBRL data from Booking Holdings Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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