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Booking Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q3 2026 · $9.2B over twelve months

Operating cash flow$1.1B
Capital spending−$68.0M
Free cash flow+$1.1B
Cash / net income0.4×

Analysis

In Q3 2026, Booking Holdings generated $1.1B of operating cash flow and spent $68.0M on capital projects, leaving free cash flow of $1.1B. That is $302M less than in Q3 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $9.6B; the largest uses were buybacks ($12.0B), dividends ($1.3B), capital spending ($324M); besides operations, cash came from net borrowing (+) / repaid (−) ($3.7B), other financing ($190M); the cash balance fell by $483M.

Operating cash flow was $1.1B against net income of $2.7B — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred taxes −$225M, depreciation & amortization +$183M, stock-based pay +$146M.

Free cash flow

Booking Holdings: free cash flow by quarterBooking Holdings: free cash flow by quarter$645MQ4 2024$3.2BQ1 2025$3.1BQ2 2025$1.4BQ3 2025$1.4BQ4 2025$3.1BQ1 2026$3.6BQ2 2026$1.1BQ3 2026
Operating cash flow less capital spending.
Booking Holdings: operating cash flow against capital spendingBooking Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$721M$76.0MQ4 2024$3.3B$121MQ1 2025$3.2B$64.0MQ2 2025$1.4B$64.0MQ3 2025$1.5B$73.0MQ4 2025$3.2B$107MQ1 2026$3.7B$76.0MQ2 2026$1.1B$68.0MQ3 2026
Latest (Q3 2026): Operating cash flow $1.1B, Capital spending $68.0M.

Capital allocation, year by year

Booking Holdings: where the cash came from (up) and went (down), by fiscal yearBooking Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.8BFY2021: Net borrowing −$1.1BFY2021: Shares issued $5.0MFY2021: Capital spending −$304MFY2021: Acquisitions −$1.2BFY2021: Buybacks −$163M$2.8BFY2021FY2022: Operating cash flow $6.6BFY2022: Net borrowing $1.7BFY2022: Shares issued $7.0MFY2022: Capital spending −$368MFY2022: Buybacks −$6.6B$8.3BFY2022FY2023: Operating cash flow $7.3BFY2023: Net borrowing $1.4BFY2023: Shares issued $134MFY2023: Capital spending −$345MFY2023: Buybacks −$10.4B$8.9BFY2023FY2024: Operating cash flow $8.3BFY2024: Net borrowing $3.5BFY2024: Shares issued $14.0MFY2024: Capital spending −$429MFY2024: Buybacks −$6.5BFY2024: Dividends −$1.2B$11.9BFY2024FY2025: Operating cash flow $9.4BFY2025: Net borrowing −$1.3BFY2025: Shares issued $15.0MFY2025: Capital spending −$322MFY2025: Buybacks −$6.4BFY2025: Dividends −$1.2B$9.4BFY2025
Over these 5 years operating cash flow totalled $34.5B; the largest uses were buybacks ($30.1B) and dividends ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.8B
Debt$18.7B
Net debt$2.9B
Due within a year$2.0B

Booking Holdings funds itself: free cash flow was $9.2B over the last twelve months, and $15.8B of cash and investments stands against $18.7B of debt ($2.0B due within a year, 8.0× covered by cash).

Where the cash came from and went

Booking Holdings: sources (+) and uses (−) of cash, Q3 2026Booking Holdings: sources (+) and uses (−) of cash, Q3 2026Buybacks−$2.1BCash drawn (+) / kept (−)$1.5BOperating cash flow$1.1BDividends−$314MOther financing−$70.0MCapital spending−$68.0MExchange rates−$5.0MOther investing−$2.0M
Booking Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Booking Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$12.0BOperating cash flow$9.6BNet borrowing (+) / repaid (−)$3.7BDividends−$1.3BCash drawn (+) / kept (−)$483MCapital spending−$324MExchange rates−$294MOther financing$190MOther investing−$13.0M

From profit to cash

Booking Holdings: net income to operating cash flow, Q3 2026Booking Holdings: net income to operating cash flow, Q3 2026Net income$2.7BDepreciation & amortization$183MStock-based pay$146MDeferred taxes−$225MOther non-cash$5.0MReceivables−$112MOther operating capital$1.0MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.1B−$68.0M−$2.1B−$314M——$1.5B$1.1B
Q2 2026$3.7B−$76.0M−$4.0B−$321M−$1.0B—−$1.3B$3.6B
Q1 2026$3.2B−$107M−$3.8B−$343M——$1.1B$3.1B
Q4 2025$1.5B−$73.0M−$2.1B−$307M$1.7B—−$742M$1.4B
Q3 2025$1.4B−$64.0M−$653M−$310M−$1.5B—$1.1B$1.4B
Q2 2025$3.2B−$64.0M−$1.5B−$312M$34.0M—−$2.0B$3.1B
Q1 2025$3.3B−$121M−$2.2B−$319M−$1.5B—$580M$3.2B
Q4 2024$721M−$76.0M−$1.2B−$289M$1.7B$3.0M−$385M$645M

Booking Holdings: income statement and cash flow

Booking Holdings, Q3 2026: revenue $8.9B (-1% year over year), operating margin 38.4%. The chart follows the revenue to costs, profit and cash.

Booking Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.