01—Abstract
Summary
Summary of the 10-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
Booking Holdings Inc. reported strong performance for the fiscal year ended December 31, 2025, with total revenues reaching $26.9 billiona, a 13.4% increase year-over-year, driven by robust growth in merchant revenues and a consistent rise in room nights booked.
The company is strategically investing in generative AI (Gen AI) to enhance customer experiences and operational efficiencies, aligning with its long-term vision for a "Connected Trip" that simplifies and personalizes the entire travel journey. Despite facing intense competition and evolving regulatory landscapes, Booking Holdings demonstrated resilience, with total gross bookings growing 12.4% to $186.1 billionb, indicating healthy demand across its diverse brand portfolio. The company also continued its commitment to shareholder returns through significant share repurchases totaling $6.4 billion and paid out $1.2 billion in dividends.
Key operational highlights include an 8% increase in room nights booked, a growing mix of alternative accommodations (36% of Booking.com's room nights), and an expanding adoption of its payments platform, which contributed to a higher percentage of merchant bookings. Management's focus on efficiency is evident through the successful execution of its Transformation Program, which achieved $550 millionc in annual run-rate savings by year-end 2025. While the company navigates macroeconomic uncertainties and regulatory challenges, its diversified global presence, technological investments in AI, and strategic focus on customer value position it for continued growth and market leadership.
02—Key points
Key Highlights
- Achieved record annual room nights in 2025 with an 8% year-over-year increase, supported by healthy travel demand in Europe and Asia.
- Generated total revenues of $26.9 billion, a 13.4% increase year-over-year, driven by a significant 25.5% rise in merchant revenues.
- Invested in Generative AI (Gen AI) for enhancing consumer and partner experiences and operational efficiencies, including trip planners and AI assistants.
- Total gross bookings grew 12.4% to $186.1 billion, with merchant gross bookings up 24.8%, reflecting a strategic shift towards the merchant model.
- Successfully executed its Transformation Program, achieving $550 million in annual run-rate savings by year-end 2025, exceeding initial targets.
- Returned $7.6 billion to shareholders through $6.4 billion in share repurchases and $1.2 billion in dividends during 2025.
- Continued expansion of alternative accommodations, which now represent 36% of Booking.com's room nights booked, indicating evolving consumer preferences.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 18, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $26.92B$23.74B | +13.4% |
| Operating Expenses | $18.09B$16.18B | +11.8% |
| Operating Income | $8.82B$7.55B | +16.8% |
| Net Income | $5.40B$5.88B | −8.1% |
| EPS (Basic) | $6.66$7.00 | −4.8% |
| EPS (Diluted) | $6.62$6.91 | −4.1% |
| Shares Outstanding (Basic) | 811.30M840.55M | −3.5% |
| Shares Outstanding (Diluted) | 815.98M851.60M | −4.2% |
05—Questions
Frequently Asked Questions
What were Booking Holdings' key financial performance indicators for fiscal year 2025?
For the fiscal year ended December 31, 2025, Booking Holdings reported total revenues of $26.9 billion, an increase of 13.4% year-over-year. Total gross bookings reached $186.1 billion, up 12.4% year-over-year, with merchant gross bookings showing significant growth of 24.8%.
How is Booking Holdings leveraging Artificial Intelligence (AI) in its business strategy?
Booking Holdings is making significant investments in Generative AI (Gen AI) to enhance both the consumer and partner experience, as well as to drive operational efficiencies. This includes integrating AI-powered features like trip planners and AI assistants into their platforms, improving customer service, and supporting their 'Connected Trip' vision for a more personalized and seamless travel journey.
What is the company's strategy for managing operational efficiency and costs?
The company is executing a 'Transformation Program' aimed at improving operating expense efficiency and agility. By the end of 2025, this program had already achieved $550 million in annual run-rate savings, exceeding initial projections and positioning the company to reinvest in strategic priorities for long-term growth.
How is Booking Holdings returning value to its shareholders?
In 2025, Booking Holdings demonstrated a strong commitment to shareholder returns by repurchasing $6.4 billion of its common stock and paying out $1.2 billion in cash dividends, totaling $7.6 billion in capital returned to shareholders.
06—Continue