Filing Flows › Booking Holdings (BKNG) › Q3 2025
Booking Holdings (BKNG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Booking Holdings (BKNG) reported revenue of $9.0B for the third quarter 2025 (Q3 2025), +13% from a year earlier and +33% from the quarter before. Operating margin was 38.7%, net earnings $2.7B (30.5% of revenue).
Booking Holdings, Q3 2025: revenue $9.0B (+13% year over year), operating margin 38.7%, net earnings $2.7B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.0B | +33% | +13% |
| Operating profit | $3.5B | +55% | +10% |
| Net earnings | $2.7B | +207% | +9% |
| Operating cash flow | $1.4B | -55% | -40% |
| Free cash flow | $1.4B | -56% | -40% |
What changed
Revenue was $9.0B in Q3 2025, up 13% year over year and up 33% from the previous quarter. Merchant revenues was the largest line at 68% of revenue. Merchant revenues added $1.2B year over year (up 23%), 114% of the total change. Agency revenues declined 7%.
Operating profit was $3.5B, a 38.7% margin (down 1.1 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, below the 40% margin then. Total costs grew 15% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+24%). Net earnings were $2.7B, up 9% year over year. The effective tax rate was 20.8%.
Operating cash flow was $1.4B (down 40% year over year), 52% 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 used $1.6B. Capital expenditures of $0.06B left free cash flow of $1.4B.
Questions
What was Booking Holdings' revenue in the third quarter 2025?
Booking Holdings (BKNG) reported revenue of $9.0B for the third quarter 2025 (Q3 2025), +13% from a year earlier and +33% from the quarter before.
Was Booking Holdings profitable in the third quarter 2025?
Operating profit was $3.5B (38.7% of revenue) and net earnings $2.7B.
Source: Booking Holdings 10-Q on SEC EDGAR.