NASDAQ$BKNG
Booking Holdings Inc · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Booking Holdings reported Q4 2025 revenue of $6.3B and net income of $1.4B, with diluted EPS of $44.22.
Fourth quarter 2025 revenue was $6.35 billion (+16% YoY) with room nights up 9% and gross bookings up 16%. Net income was $1.43 billion ($44.22 diluted EPS); adjusted EPS was $48.80. Adjusted EBITDA was $2.20 billion (34.6% margin). FY 2025 revenue grew 13% to $26.9 billion; the Transformation Program reached ~$550 million annual run-rate savings.
- Q4 revenue $6.35B (+16%); room nights +9%.
- Net income $1.43B; adjusted EPS $48.80.
- Adjusted EBITDA margin 34.6%; free cash flow $1.42B in Q4.
- Board approved 25-for-1 stock split effective April 2026.
Headline financials
Revenue & EPS history
Booking · Revenue · Quarterly
$6.35B
Revenue by segment
Booking · $7.34B total across 3 segments · Q3 2023
- Merchant Revenue$3.95B+50.9%53.7%
- Agency Revenue$3.14B-2.1%42.7%
- Advertising & Other$261M+11.1%3.6%
Forward guidance
Management guides FY 2026 constant-currency gross bookings and revenue in the high single to low double digits, with adjusted EBITDA growth faster than revenue and mid-teens adjusted EPS growth.
Tailwinds
- Q1 2026 dividend raised 9.4% to $10.50 per share.
- $2.1B of buybacks in Q4; $21.8B authorization remaining.
- Generative AI investments and direct-channel mix improving.
Headwinds
- GAAP net income margin below 2024 on impairment and FX.
- Marketing spend rose to 4.5% of gross bookings.
- Macro and travel demand remain key sensitivities.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+1.4%
Avg return
Earnings day
-0.0%
Avg return
5 days after
+2.2%
Avg return
30 days after
57%
40 / 70 earnings
Positive
+26.9%
Q4 2009
Best reaction
-15.5%
Q2 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.6% | -4.5% | -3.5% | |
| Q4 2025 | -5.7% | -4.7% | +1.3% | |
| Q3 2025 | -4.4% | -1.8% | -4.0% | |
| Q2 2025 | +0.4% | -2.1% | +0.1% | |
| Q1 2025 | +3.9% | +5.7% | +12.4% | |
| Q4 2024 | -0.5% | +0.3% | -8.0% | |
| Q3 2024 | +5.6% | +7.9% | +17.5% | |
| Q2 2024 | -10.4% | -8.0% | +5.2% | |
| Q1 2024 | +4.7% | +5.6% | +10.6% | |
| Q4 2023 | -6.3% | -7.0% | -3.1% | |
| Q3 2023 | +3.3% | +8.9% | +14.2% | |
| Q2 2023 | +6.2% | +11.8% | +8.0% | |
| Q1 2023 | -2.9% | -0.4% | -0.8% | |
| Q4 2022 | +1.1% | +4.0% | +3.0% | |
| Q3 2022 | -3.4% | -2.9% | +10.4% | |
| Q2 2022 | -0.5% | -0.0% | -6.1% | |
| Q1 2022 | +3.1% | -3.9% | +10.9% | |
| Q4 2021 | -8.9% | -13.7% | -10.7% | |
| Q3 2021 | -0.7% | +7.6% | -13.8% | |
| Q2 2021 | +3.2% | +0.9% | +7.7% | |
| Q1 2021 | -4.3% | -5.0% | -2.8% | |
| Q4 2020 | -3.7% | -1.6% | -1.5% | |
| Q3 2020 | +4.1% | +17.2% | +24.0% | |
| Q2 2020 | +1.7% | +4.7% | +11.2% | |
| Q1 2020 | +3.8% | +0.5% | +31.5% | |
| Q4 2019 | -3.9% | +0.1% | -27.3% | |
| Q3 2019 | -6.6% | -6.8% | -4.1% | |
| Q2 2019 | +8.6% | +7.3% | +10.1% | |
| Q1 2019 | +4.5% | +2.4% | +1.5% | |
| Q4 2018 | -11.4% | -10.9% | -8.9% | |
| Q3 2018 | +4.0% | +3.3% | -0.6% | |
| Q2 2018 | -7.2% | -10.3% | -7.0% | |
| Q1 2018 | -3.8% | -4.1% | -1.2% | |
| Q4 2017 | +6.7% | +6.7% | +9.2% | |
| Q3 2017 | -13.1% | -10.4% | -9.3% | |
| Q2 2017 | -6.7% | -9.2% | -9.7% | |
| Q1 2017 | -4.2% | -4.5% | -0.6% | |
| Q4 2016 | +5.7% | +6.3% | +9.4% | |
| Q3 2016 | +10.8% | +8.2% | +7.2% | |
| Q2 2016 | +3.1% | +2.6% | +3.8% | |
| Q1 2016 | -8.4% | — | — | |
| Q4 2015 | +12.7% | — | — | |
| Q3 2015 | -8.7% | — | — | |
| Q2 2015 | +5.3% | — | — | |
| Q1 2015 | -4.7% | — | — | |
| Q4 2014 | +8.3% | — | — | |
| Q3 2014 | -8.6% | — | — | |
| Q2 2014 | +1.0% | — | — | |
| Q1 2014 | +0.4% | — | — | |
| Q4 2013 | +3.3% | — | — | |
| Q3 2013 | +1.4% | — | — | |
| Q2 2013 | +4.6% | — | — | |
| Q1 2013 | +4.1% | — | — | |
| Q4 2012 | +3.6% | — | — | |
| Q3 2012 | +10.6% | — | — | |
| Q2 2012 | -15.5% | — | — | |
| Q1 2012 | -4.9% | — | — | |
| Q4 2011 | +7.2% | — | — | |
| Q3 2011 | +7.7% | — | — | |
| Q2 2011 | +4.5% | — | — | |
| Q1 2010 | -0.9% | — | — | |
| Q1 2011 | +2.0% | — | — | |
| Q1 2009 | -1.8% | — | — | |
| Q4 2008 | -1.8% | — | — | |
| Q4 2010 | -1.8% | — | — | |
| Q3 2010 | +7.8% | — | — | |
| Q3 2009 | +7.8% | — | — | |
| Q2 2010 | +26.9% | — | — | |
| Q2 2009 | +26.9% | — | — | |
| Q4 2009 | +26.9% | — | — |
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