Filing Flows › Booking Holdings (BKNG) › Q2 2025
Booking Holdings (BKNG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Booking Holdings (BKNG) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +43% from the quarter before. Operating margin was 33.1%, net earnings $895M (13.2% of revenue).
Booking Holdings, Q2 2025: revenue $6.8B (+16% year over year), operating margin 33.1%, net earnings $895M, operating cash flow $3.2B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.8B | +43% | +16% |
| Operating profit | $2.2B | +112% | +21% |
| Net earnings | $895M | +169% | -41% |
| Operating cash flow | $3.2B | -2% | +27% |
| Free cash flow | $3.1B | -0.8% | +32% |
What changed
Revenue was $6.8B in Q2 2025, up 16% year over year and up 43% from the previous quarter. Merchant revenues was the largest line at 66% of revenue. Merchant revenues added $1.0B year over year (up 29%), 108% of the total change. Agency revenues declined 5%.
Operating profit was $2.2B, a 33.1% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, above the 32% margin then. Total costs grew 14% against revenue growth of 16%. The fastest-growing cost line was General & admin (+78%). Net earnings were $0.90B, down 41% year over year. The effective tax rate was 18.9%.
Operating cash flow was $3.2B (up 27% year over year), 358% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.15B of share-based compensation. Working capital and other items added $2.0B. Capital expenditures of $0.06B left free cash flow of $3.1B.
Questions
What was Booking Holdings' revenue in the second quarter 2025?
Booking Holdings (BKNG) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +43% from the quarter before.
Was Booking Holdings profitable in the second quarter 2025?
Operating profit was $2.2B (33.1% of revenue) and net earnings $895M.
Source: Booking Holdings 10-Q on SEC EDGAR.