How does Booking Holdings (BKNG) make money?

Booking Holdings (BKNG) primarily makes money through Merchant Revenue, which accounts for 66% of total revenue. For TTM through Q4 2025, Booking Holdings generated $26.92B in total revenue with a net profit margin of 20.1%.

What is Booking Holdings (BKNG) gross profit margin?

Booking Holdings (BKNG) reported a gross profit margin of 100% for TTM through Q4 2025, equivalent to $26.92B in gross profit. This means Booking Holdings retains 100% of each revenue unit after direct costs of production.

What is Booking Holdings (BKNG) operating profit margin?

Booking Holdings (BKNG) reported an operating profit margin of 34.5% for TTM through Q4 2025, equivalent to $9.28B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Booking Holdings (BKNG) net profit margin?

Booking Holdings (BKNG) reported a net profit margin of 20.1% for TTM through Q4 2025, equivalent to $5.40B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Booking Holdings (BKNG) spend on capital expenditures?

Booking Holdings (BKNG) spent $322.00M on capital expenditures in TTM through Q4 2025 (1.2% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Booking Holdings (BKNG) free cash flow?

Booking Holdings (BKNG) generated $9.09B in free cash flow for TTM through Q4 2025 (33.8% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Booking Holdings (BKNG) effective tax rate?

Booking Holdings (BKNG) had an effective tax rate of 20.9% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.

How Booking Holdings (BKNG) Makes Money: A Visual Guide

Booking Holdings (BKNG) generated $26.92B in revenue, earning $5.40B in net profit (20.1% margin). Its largest revenue source is Merchant Revenue (66% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Booking Holdings (BKNG) Income Statement Flow — TTM through Q4 2025

Calculated from the four most recent reported quarters, ending December 31, 2025 (reported February 18, 2026).

Frequently asked questions

How does Booking Holdings (BKNG) make money?: Booking Holdings (BKNG) primarily makes money through Merchant Revenue, which accounts for 66% of total revenue. For TTM through Q4 2025, Booking Holdings generated $26.92B in total revenue with a net profit margin of 20.1%.
What is Booking Holdings (BKNG) gross profit margin?: Booking Holdings (BKNG) reported a gross profit margin of 100% for TTM through Q4 2025, equivalent to $26.92B in gross profit. This means Booking Holdings retains 100% of each revenue unit after direct costs of production.
What is Booking Holdings (BKNG) operating profit margin?: Booking Holdings (BKNG) reported an operating profit margin of 34.5% for TTM through Q4 2025, equivalent to $9.28B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Booking Holdings (BKNG) net profit margin?: Booking Holdings (BKNG) reported a net profit margin of 20.1% for TTM through Q4 2025, equivalent to $5.40B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Booking Holdings (BKNG) spend on capital expenditures?: Booking Holdings (BKNG) spent $322.00M on capital expenditures in TTM through Q4 2025 (1.2% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Booking Holdings (BKNG) free cash flow?: Booking Holdings (BKNG) generated $9.09B in free cash flow for TTM through Q4 2025 (33.8% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Booking Holdings (BKNG) effective tax rate?: Booking Holdings (BKNG) had an effective tax rate of 20.9% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q4 2025.