Booking Holdings Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.25%.
Did BKNG Beat Earnings? Q4 2025 Results
Booking Holdings closed out 2025 with a convincing fourth quarter, posting adjusted EPS of $48.80 against a consensus estimate of $48.04, a beat of 1.58%, while revenue of $6.35 billion topped expectations of $6.14 billion by 3.49% and grew 16.1% year over year. The primary engine behind the quarter was a sustained acceleration in room night growth across every quarter of 2025, reflecting durable travel demand and a continued mix shift toward the higher-margin merchant model, where revenues surged 27% year over year to $4.25 billion. Adjusted EBITDA margin expanded to 34.6% from 33.8% a year earlier, underscoring improving operational efficiency even as the company leaned into strategic marketing investments. Investor enthusiasm was further bolstered by a 9.4% dividend increase to $10.50 per share and a landmark 25-to-1 stock split set for April 2026. Looking ahead, management guided for full-year 2026 mid-teens adjusted EPS growth and constant currency revenue growth in the high single digits, with Q1 room night growth expected in the 5% to 7% range.
- Room nights grew 9% in Q4 2025, accelerating from prior quarters
- Merchant gross bookings grew 27.2% year-over-year in Q4
- Airline ticket volumes surged 27.7% year-over-year in Q4
- Adjusted EBITDA margin expanded to 34.6% in Q4 from 33.8%
- Direct channel mix in mid-fifties percentage of total room nights, increasing year-over-year
- Constant currency ADRs increased approximately 1% in Q4
- Alternative accommodation room nights at Booking.com grew approximately 9%
“We are pleased to report strong results for 2025, delivering double-digit revenue growth, expanding Adjusted EBITDA margin by 193 basis points (Net income margin was 20.1% in 2025 and 24.8% in 2024), and accelerating room night growth in every quarter. These results highlight the strength of our platform and the discipline of our execution.”
Booking Holdings CEO, on the earnings call
Forward Guidance & Outlook
For Q1 2026, Booking Holdings guides room night growth of 5%-7%, gross bookings growth of 14%-16% (7%-9% on a constant currency basis), revenue growth of 14%-16% (7%-9% CC, with approximately 7% FX benefit), and Adjusted EBITDA growth of 10%-14%. For full year 2026, management targets low double-digit gross bookings and revenue growth (high single digits on a constant currency basis), Adjusted EBITDA growth faster than revenue growth, and mid-teens Adjusted EPS growth. The company assumes travel industry growth in line with recent years and is targeting constant currency top-line growth approximately 100 basis points ahead of its long-term growth algorithm.
BKNG YoY Financials
BKNG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.