Q1 25 EPS
$24.81
BEAT +41.23%
Est. $17.57
Q1 25 Revenue
$4.76B
BEAT +3.75%
Est. $4.59B
vs S&P Since Q1 25
-126.3%
TRAILING MARKET
BKNG -96.4% vs S&P +30.0%
Market Reaction
Did BKNG Beat Earnings? Q1 2025 Results
Booking Holdings delivered a standout first quarter for 2025, with adjusted EPS of $24.81 beating the consensus estimate of $17.57 by 41.23%, while revenue of $4.76 billion topped expectations by 3.75% and grew 7.9% year over year. The driving force … Read more Booking Holdings delivered a standout first quarter for 2025, with adjusted EPS of $24.81 beating the consensus estimate of $17.57 by 41.23%, while revenue of $4.76 billion topped expectations by 3.75% and grew 7.9% year over year. The driving force behind the beat was a combination of disciplined cost management and globally diversified travel demand, with total operating expenses rising just 2% against 8% revenue growth and adjusted EBITDA climbing 21% to $1.09 billion, expanding the adjusted EBITDA margin to 22.9% from 20.3% a year ago. Room nights reached 319 million, up 7% year over year, while airline tickets surged 44.8% to 16 million, reflecting broad-based momentum across the platform. Free cash flow hit $3.16 billion, up 23%, and the company repurchased $1.80 billion in stock during the quarter. CEO Glenn Fogel acknowledged near-term geopolitical and macroeconomic uncertainty, but pointed to ongoing transformation efforts, including a targeted $450 million in cost savings by end of 2027, as evidence of the company's commitment to long-term efficiency and reinvestment.
Key Takeaways
- • Room nights grew 7% YoY to 319 million
- • Gross bookings grew 7% (10% constant currency) to $46.7 billion
- • Alternative accommodation room nights at Booking.com grew at a low double-digit percentage
- • Constant currency ADRs increased 1%
- • Airline tickets grew 44.8% YoY to 16 million
- • Direct channel room night mix remained in the mid-fifties percentage on a trailing four-quarter basis
- • Total operating expenses grew only 2% vs. 8% revenue growth
- • Adjusted fixed operating expenses declined 3% YoY
- • Adjusted EBITDA margin expanded to 22.9% from 20.3%
BKNG YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
BKNG Revenue by Segment
With YoY comparisons, source: SEC Filings
“I am pleased to report a good start to 2025 where healthy growth of room nights and gross bookings in the first quarter benefited from our globally diversified business.”
— Glenn Fogel, Q1 2025 Earnings Press Release
BKNG Earnings Trends
BKNG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BKNG EPS Trend
Earnings per share: estimate vs actual
BKNG Revenue Trend
Quarterly revenue: estimate vs actual
BKNG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.14 | — | $5.53B | +0.27% |
| Q4 25 BEAT FY | $48.04 | $48.80 | +1.58% | $6.35B | +3.49% |
| FY Full Year | $227.59 | $228.06 | +0.21% | $26.92B | +0.80% |
| Q3 25 BEAT | $95.92 | $99.50 | +3.74% | $9.01B | +3.15% |
| Q2 25 BEAT | $50.32 | $55.40 | +10.09% | $6.80B | +3.85% |
| Q1 25 BEAT | $17.57 | $24.81 | +41.23% | $4.76B | +3.75% |