Filing Flows › Booking Holdings (BKNG) › Q4 2025
Booking Holdings (BKNG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Booking Holdings (BKNG) reported revenue of $6.3B for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and -30% from the quarter before. Operating margin was 32.0%, net earnings $1.4B (22.5% of revenue).
Booking Holdings, Q4 2025: revenue $6.3B (+16% year over year), operating margin 32.0%, net earnings $1.4B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.3B | -30% | +16% |
| Operating profit | $2.0B | -42% | +17% |
| Net earnings | $1.4B | -48% | +34% |
| Operating cash flow | $1.5B | +4% | +107% |
| Free cash flow | $1.4B | +3% | +120% |
What changed
Revenue was $6.3B in Q4 2025, up 16% year over year and down 30% from the previous quarter. Merchant revenues was the largest line at 67% of revenue.
Operating profit was $2.0B, a 32.0% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 34% reached operating profit, above the 32% margin then. Total costs grew 15% against revenue growth of 16%. The fastest-growing cost line was General & admin (+61%). Net earnings were $1.4B, up 34% year over year. The effective tax rate was 23.3%.
Operating cash flow was $1.5B (up 107% year over year), 104% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $0.07B left free cash flow of $1.4B.
Questions
What was Booking Holdings' revenue in the fourth quarter 2025?
Booking Holdings (BKNG) reported revenue of $6.3B for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and -30% from the quarter before.
Was Booking Holdings profitable in the fourth quarter 2025?
Operating profit was $2.0B (32.0% of revenue) and net earnings $1.4B.
Source: Booking Holdings 10-K on SEC EDGAR.