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How Booking Holdings (BKNG) makes money

Booking Holdings (BKNG) made $8.9B of revenue in the third quarter 2026 (Q3 2026), -1% from a year earlier. Of every dollar of revenue, 38¢ was left as operating profit, 31¢ was left as net earnings.

Drawing the Sankey…

Booking Holdings: revenue by line, Q1 2025 to Q2 2026Booking Holdings: revenue by line, Q1 2025 to Q2 2026Merchant revenuesAgency revenuesAdvertising and other…Merchant revenues: $5.1B latest$5.1BAgency revenues: $1.9B latest$1.9BAdvertising and other revenues: $322M latestQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Merchant revenues went from 61% of revenue in Q1 2025 to 70% in Q2 2026, the largest shift in the mix.
Booking Holdings revenue by quarterBooking Holdings revenue by quarter$4.8BQ1 2025$6.8BQ2 2025$9.0BQ3 2025$6.3BQ4 2025$5.5BQ1 2026$7.4BQ2 2026$8.9BQ3 2026
Booking Holdings: where each dollar of revenue goesBooking Holdings: where each dollar of revenue goesOperating profit38¢Income tax8¢Net earnings31¢Operating cash flow13¢Free cash flow12¢

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$8.9B100.0%
Operating profit$3.4B38.4%
Income tax$706M7.9%
Net earnings$2.7B30.6%
Operating cash flow$1.1B12.8%
Free cash flow$1.1B12.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$8.9B-1%
Q2 2026$7.4B+8%
Q1 2026$5.5B+16%
Q4 2025$6.3B+16%
Q3 2025$9.0B+13%
Q2 2025$6.8B+16%
Q1 2025$4.8B+8%

From Booking Holdings' 10-Q filed Nov 3, 2026 (on EDGAR).

Questions

How does Booking Holdings make money?

Booking Holdings (BKNG) made $8.9B of revenue in the third quarter 2026 (Q3 2026), -1% from a year earlier. Of every dollar of revenue, 38¢ was left as operating profit, 31¢ was left as net earnings.

What is Booking Holdings' profit margin?

Net earnings were $2.7B, 30.6% of revenue, in the third quarter 2026; the operating margin was 38.4%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.