# Booking Holdings Inc. (BKNG)

> Source: Nexqual · https://nexqual.com/BKNG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Booking Holdings Inc. (BKNG), nexqual.com/BKNG" · informational, not investment advice.

**Price:** USD 161.1 (+1.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 158.38 · day 157.49–164.73 · 52w 150.14–220.81 · market cap $121B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $28.2B, net income $7.21B (25.5% margin), free cash flow $9.54B (SEC filings).
- Valuation: P/E 16.8x (avg 30.4x at the last 3 fiscal year-ends).
- 6 of 80 tracked superinvestors hold BKNG (13F, Q2 2026): 6 new, 0 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y -20.2% vs S&P 500 +14.9%; 5Y +72.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 4.49, revenue estimate $9.54B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.0B | $17.1B | $21.4B | $23.7B | $26.9B | $28.2B |
| Operating income | $2.50B | $5.10B | $5.83B | $7.55B | $8.82B | $9.28B |
| Net income | $1.17B | $3.06B | $4.29B | $5.88B | $5.40B | $7.21B |
| EPS (diluted) | $1.13 | $3.05 | $4.70 | $6.91 | $6.62 | — |
| Free cash flow | $2.52B | $6.19B | $7.00B | $7.89B | $9.09B | $9.54B |
| Operating margin | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% | 32.9% |
| Net margin | 10.6% | 17.9% | 20.1% | 24.8% | 20.1% | 25.5% |
| Revenue growth | +61.2% | +56.0% | +25.0% | +11.1% | +13.4% | — |
| Cash + short-term investments | $11.2B | $12.4B | $12.7B | $16.2B | — | — |
| Total debt | $10.9B | $12.5B | $14.2B | $16.6B | $18.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.8x · P/S 4.3x · P/FCF 12.7x · FCF yield 7.88% · Earnings yield 5.96% · Dividend yield (paid, TTM) 1.06% · Buyback yield (TTM) 8.70%
P/E at fiscal year-ends: Dec 2025 32.3x, Dec 2024 28.8x, Dec 2023 30.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold BKNG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Pat Dorsey | Dorsey Asset Management | 8.46% | $132M | New position |
| David Rolfe | Wedgewood Partners | 4.91% | $23.8M | New position |
| Francois Rochon | Giverny Capital | 3.13% | $93.2M | New position |
| Dodge & Cox Funds | Dodge & Cox | 2.38% | $4.55B | New position |
| First Eagle Investment | First Eagle Investment Management | 1.46% | $876M | New position |
| Bill Nygren | Oakmark Funds | 0.37% | $278M | New position |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | BTIG | Reiterated | Buy | $250 |
| 2026-10-12 | Cantor Fitzgerald | Target lowered | Neutral | $220 → $170 |
| 2026-10-07 | Wells Fargo | Target lowered | Equal-Weight | $220 → $190 |
| 2026-09-30 | Truist Securities | Target lowered | Buy | $242 → $216 |
| 2026-09-24 | BTIG | Reiterated | Buy | $250 |
| 2026-09-01 | Rosenblatt | Initiated | Buy | $245 |
| 2026-08-27 | BTIG | Reiterated | Buy | $250 |
| 2026-08-24 | Evercore ISI Group | Target raised | Outperform | $245 → $270 |
| 2026-08-10 | Argus Research | Target raised | Buy | $210 → $245 |
| 2026-08-05 | UBS | Target raised | Buy | $266 → $274 |
| 2026-08-05 | Benchmark | Target raised | Buy | $220 → $250 |
| 2026-08-05 | Citigroup | Target raised | Buy | $225 → $236 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -20.2% | +72.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -20.3% | +11.4% |
| Volatility (annualized) | 37.7% | 32.4% |
| Max drawdown | -29.7% (Jan 2026→May 2026) | -37.3% (Nov 2021→Sep 2022) |

## Peers (Travel Services)
ABNB (Airbnb, Inc.) USD 175.76 +1.19% · RCL (Royal Caribbean Cruises Ltd.) USD 286.13 -0.80% · VIK (Viking Holdings Ltd) USD 85 -1.96% · CCL (Carnival Corporation Ltd.) USD 27.08 -0.81% · EXPE (Expedia Group, Inc.) USD 298.49 +4.50% · TCOM (Trip.com Group Limited) USD 39.57 +0.66%

## More
Full page: https://nexqual.com/BKNG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name BKNG in their own reports (relationship from BKNG's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Chewy, Inc. (CHWY) | 10-K 2026-03-25 | "Prior to Amazon, Mr. Singh served in senior management positions at Dell Technologies, Inc. Mr. Singh has served on the board of directors of Booking Holdings Inc. since April 2022." |
| supplier | trivago N.V. (TRVG) | 20-F 2026-02-26 | "We continue to generate the great majority of our revenue from our largest OTA advertisers, including brands affiliated with Booking Holdings, such as Booking.com, Agoda and priceline.com, and those a…" |
| supplier | American Airlines Group Inc. (AAL) | 10-K 2026-02-18 | "While our priority is to migrate an increasing portion of our customers to our modern, direct distribution channels in lieu of third party channels, we continue to rely on third-party distribution cha…" |
| competitor | Expedia Group, Inc. (EXPE) | 10-K 2026-02-13 | "Competitive entrants such as "metasearch" companies, including Kayak.com (owned by Booking Holdings), trivago (in which Expedia Group owns a majority interest) as well as TripAdvisor, introduced diffe…" |
| competitor | Airbnb, Inc. (ABNB) | 10-K 2026-02-12 | "•online travel agencies ("OTAs"), such as Booking Holdings (including the brand Booking.com), Expedia Group (including the brands Expedia and VRBO), Trip.com Group, and other regional OTAs;" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.49 | $4.55 | -1.2% | $9.54B | 26 |
| Next quarter (ends 2026-12-31) | $2.30 | $2.33 | -0.9% | $6.80B | 26 |
| Current fiscal year (ends 2026-12-31) | $10.45 | $10.46 | -0.0% | $29.25B | 32 |
| Next fiscal year (ends 2027-12-31) | $12.37 | $12.31 | +0.5% | $31.96B | 32 |