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Booking Holdings

BKNG Q4 2025 Earnings

Reported Feb 18, 2026 at 4:02 PM ET · SEC Source

Q4 25 EPS

$48.80

BEAT +1.58%

Est. $48.04

Q4 25 Revenue

$6.35B

BEAT +3.49%

Est. $6.14B

vs S&P Since Q4 25

-101.3%

TRAILING MARKET

BKNG -96.0% vs S&P +5.3%

Full Year 2025 Results

FY 25 EPS

$228.06

BEAT +0.21%

Est. $227.59

FY 25 Revenue

$26.92B

BEAT +0.80%

Est. $26.70B

Market Reaction

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% yea… Read more 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.

Key Takeaways

  • • 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%
24/7 Wall St

BKNG YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

BKNG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“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.”

— Glenn Fogel, Q4 2025 Earnings Press Release

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