BKNG Booking Holdings Inc. - Common Stock

NASDAQ · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗
$152.29
Price · May 20, 2026
Fundamentals as of Apr 28, 2026
52W Range
$150–$5839
0% of range
Analyst Rating
BUY
46 analysts
Price Target
$224
+47% upside
P/E (TTM)
32.3
ROE
—
Net Profit Margin
—

BKNG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$152.28
Market Cap
$345.53B
P/E (TTM)
32.3
EPS (TTM)
$165.57
Revenue (TTM)
$26.92B
Div Yield
0.36%
ROE
—
Debt/Equity
-3.4
52W Range
$150 – $5839

BKNG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $26.92B
10-point trend, +150.6%
2016-12-31 → 2025-12-31
EPS $165.57
10-point trend, +288.2%
2016-12-31 → 2025-12-31
Free Cash Flow $9.09B
10-point trend, +145.3%
2016-12-31 → 2025-12-31
Margins —
2-point trend, +2.1%
2016-12-31 → 2017-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
BKNG
Peer Median
P/E (TTM)
5-point trend, -62.0%
32.3
27.9
P/S (TTM)
5-point trend, -7.8%
12.8
2.5
P/B
5-point trend, -350.9%
-61.9
7.6
EV / EBITDA
5-point trend, -29.7%
36.7
—
Price / FCF
5-point trend, -37.3%
38.0
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
BKNG
Peer Median
Operating Margin
5-point trend, +43.9%
32.8%
—
ROIC
5-point trend, +357.3%
53.0%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
BKNG
Peer Median
Debt / Equity
5-point trend, -289.9%
-3.4
5686.0
Current Ratio
5-point trend, -36.6%
1.3
1.2
Quick Ratio
5-point trend, -42.3%
1.0
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
BKNG
Peer Median
Revenue YoY
5-point trend, +145.6%
13.4%
—
Revenue CAGR 3Y
5-point trend, +145.6%
16.4%
—
Revenue CAGR 5Y
5-point trend, +145.6%
31.7%
—
EPS YoY
5-point trend, +487.8%
-4.1%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
BKNG
Peer Median
EPS (Diluted)
5-point trend, +487.8%
$165.57
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
BKNG
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
0.36%
Payout Ratio
—
5Y Div CAGR
—
Ex-dateAmount
March 6, 2026$0.4200
Dec. 5, 2025$0.3840
Sept. 5, 2025$0.3840
June 6, 2025$0.3840
March 7, 2025$0.3840
Dec. 6, 2024$0.3500
Sept. 6, 2024$0.3500
June 7, 2024$0.3500
March 7, 2024$0.3500

BKNG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 46 analysts
  • Strong Buy 12 26.1%
  • Buy 26 56.5%
  • Hold 8 17.4%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

35 analysts · 2026-05-17
Median target $220.00 +44.5%
Mean target $224.41 +47.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.11%
Period EPS Actual EPS Est Surprise
March 31, 2026 $1.14 $1.10 0.04%
Dec. 31, 2025 $1.95 $1.98 -0.03%
Sept. 30, 2025 $3.98 $3.90 0.08%
June 30, 2025 $2.22 $2.05 0.17%
March 31, 2025 $0.99 $0.71 0.29%

Peer Comparison Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
BKNG $345.53B 32.3 13.4% — — —
MAR $82.48B 32.6 4.3% 9.9% -77.2% —
ABNB $81.70B — 10.3% 20.5% 31.4% —
HLT $66.19B 46.9 7.7% 12.1% -32.0% —
RCL — 17.9 8.8% 23.8% 48.5% —
CCL — 12.8 6.4% 10.4% 24.8% —
EXPE $33.14B 28.9 7.6% 8.8% 91.1% —
H — -291.5 6.8% -0.73% -1.5% —
NCLH $10.16B 24.3 3.7% 4.3% 22.4% —
WH — 30.2 1.5% 13.5% 37.2% —
GBTG — 34.8 12.2% 4.1% 8.3% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +218.8% $26.92B $23.74B $21.36B $17.09B $10.96B $6.80B $15.07B $14.53B $12.68B $10.74B $9.22B $8.44B
Cost of Revenue 4-point trend, -71.8% · · · · · · · · $242M $415M $632M $858M
Gross Profit 4-point trend, +64.0% · · · · · · · · $12.44B $10.33B $8.59B $7.58B
SG&A Expense 12-point trend, +142.9% $857M $1.04B $1.56B $766M $522M $581M $797M $699M $576M $452M $415M $353M
Operating Expenses 12-point trend, +301.1% $18.09B $16.18B $15.53B $11.99B $8.46B $7.43B $9.72B $9.19B $7.90B $7.42B $5.33B $4.51B
Operating Income 12-point trend, +187.1% $8.82B $7.55B $5.83B $5.10B $2.50B $-631M $5.34B $5.34B $4.54B $2.91B $3.26B $3.07B
Interest Expense 10-point trend, +915.2% · · $897M $391M $334M $356M $266M $269M $254M $208M $160M $88M
Interest Income 5-point trend, +1242.1% · · · · · · · $187M $157M $95M $56M $14M
Other Non-op 12-point trend, -1446.6% $-1.30B $-82M $-477M $-1.01B $-697M $1.55B $879M $-237M $-139M $-193M $-131M $-84M
Pretax Income 12-point trend, +128.5% $6.83B $7.29B $5.48B $3.92B $1.47B $567M $5.96B $4.83B $4.40B $2.71B $3.13B $2.99B
Income Tax 12-point trend, +151.5% $1.43B $1.41B $1.19B $865M $300M $508M $1.09B $837M $2.06B $578M $577M $568M
Net Income 2-point trend, +5.4% · · · · · · · · · · $2.55B $2.42B
EPS (Basic) 12-point trend, +259.7% $166.52 $174.96 $118.67 $76.70 $28.39 $1.45 $112.93 $84.26 $47.78 $43.14 $50.09 $46.30
EPS (Diluted) 12-point trend, +262.5% $165.57 $172.69 $117.40 $76.35 $28.17 $1.44 $111.82 $83.26 $46.86 $42.65 $49.45 $45.67
Shares (Basic) 12-point trend, -38.0% 32,452,000 33,622,000 36,140,000 39,872,000 41,042,000 40,974,000 43,082,000 47,446,000 48,994,000 49,491,000 50,940,000 52,301,000
Shares (Diluted) 12-point trend, -38.4% 32,639,000 34,064,000 36,530,000 40,052,000 41,362,000 41,160,000 43,509,000 48,017,000 49,954,000 50,063,000 51,593,000 53,023,000
EBITDA 12-point trend, +207.4% $9.45B $8.15B $6.34B $5.55B $2.92B $-173M $5.81B $5.34B $4.54B $2.91B $3.26B $3.07B
Balance Sheet 30
Annual Balance Sheet data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +446.4% $17.20B $16.16B $12.11B $12.22B $11.13B $10.56B $6.31B $2.62B $2.54B $2.08B $1.48B $3.15B
Short-term Investments 8-point trend, -100.0% · $0 $576M $175M $25M $501M $998M $3.66B $4.86B · · ·
Receivables 6-point trend, +160.9% · · · · · · $1.68B $1.52B $1.22B $860M $645M $644M
Prepaid Expense 12-point trend, +243.2% $611M $587M $644M $477M $404M $337M $479M $600M $415M $241M $260M $178M
Other Current Assets 7-point trend, +73.1% $630M $541M $454M $696M $231M $277M $364M · · · · ·
Current Assets 12-point trend, +335.4% $22.26B $20.49B $17.03B $15.80B $13.14B $12.21B $9.83B $8.41B $9.04B $5.40B $3.55B $5.11B
PP&E (Net) 12-point trend, +305.6% $807M $832M $784M $669M $822M $756M $738M $656M $480M $347M $275M $199M
PP&E (Gross) 12-point trend, +453.1% $2.45B $2.22B $2.00B $1.99B $2.13B $1.91B $1.67B $1.35B $1.02B $706M $535M $443M
Accum. Depreciation 12-point trend, +573.4% $1.64B $1.39B $1.22B $1.32B $1.30B $1.15B $927M $693M $543M $359M $260M $244M
Goodwill 12-point trend, -19.8% $2.67B $2.80B $2.83B $2.81B $2.89B $1.90B $2.91B $2.91B $2.74B $2.40B $3.38B $3.33B
Intangibles 12-point trend, -60.7% $918M $1.38B $1.61B $1.83B $2.06B $1.81B $1.95B $2.12B $2.18B $1.99B $2.17B $2.33B
Other Non-current Assets 12-point trend, +3252.9% $1.39B $1.11B $940M $824M $1.06B $917M $867M $181M $148M $109M $119M $42M
Total Assets 12-point trend, +98.1% $29.26B $27.71B $24.34B $25.36B $23.64B $21.87B $21.40B $22.69B $25.45B $19.84B $17.42B $14.77B
Accounts Payable 12-point trend, +1709.7% $5.09B $3.82B $3.37B $2.51B $1.59B $735M $1.24B $1.13B $668M $419M $323M $281M
Accrued Liabilities 12-point trend, +642.9% $4.45B $6.05B $4.74B $3.24B $1.76B $1.38B $1.58B $1.40B $1.14B $857M $682M $600M
Current Liabilities 12-point trend, +1111.1% $16.70B $15.65B $13.33B $8.47B $6.25B $3.42B $5.37B $3.56B $3.50B $2.86B $1.44B $1.38B
Capital Leases 8-point trend, +557000000.00 $557M $483M $599M $552M $351M $366M $462M $0 · · · ·
Deferred Tax 12-point trend, -98.1% $17M $289M $258M $685M $905M $1.13B $876M $370M $481M $822M $893M $898M
Other Non-current Liabilities 12-point trend, +606.1% $731M $199M $161M $172M $199M $111M $104M $162M $147M $139M $135M $104M
Total Liabilities 12-point trend, +461.6% $34.84B $31.73B $27.09B $22.58B $17.46B $16.98B $15.47B $13.90B $14.19B $9.99B $8.63B $6.20B
Long-term Debt 12-point trend, +390.0% $18.74B $16.60B $14.18B $12.48B $10.93B $12.01B $7.64B $8.65B $8.81B $6.17B $6.16B $3.82B
Total Debt 12-point trend, +386.7% $18.74B $16.60B $14.18B $12.48B $10.93B $11.03B $7.64B $8.65B $8.81B $6.17B $6.16B $3.85B
Common Stock 12-point trend, +2608.3% $13M $0 $0 $0 $0 $0 $0 $0 $0 $485.0K $482.0K $480.0K
Paid-in Capital 12-point trend, +69.5% $8.34B $7.71B $7.17B $6.49B $6.16B $5.85B $5.76B $5.45B $5.78B $5.48B $5.18B $4.92B
Retained Earnings 12-point trend, +512.5% $40.67B $36.52B $31.83B $27.54B $24.45B $23.29B $23.23B $18.37B $13.94B $11.33B $9.19B $6.64B
Treasury Stock 12-point trend, +1884.0% $54.31B $47.88B $41.43B $30.98B $24.29B $24.13B $22.86B $14.71B $8.70B $6.86B $5.83B $2.74B
AOCI 12-point trend, -11.6% $-290M $-375M $-323M $-267M $-144M $-118M $-191M $-316M $238M $-135M $245M $-260M
Stockholders' Equity 12-point trend, -165.1% $-5.58B $-4.02B $-2.74B $2.78B $6.18B $4.89B $5.93B $8.79B $11.26B $9.82B $8.79B $8.57B
Liabilities + Equity 12-point trend, +98.1% $29.26B $27.71B $24.34B $25.36B $23.64B $21.87B $21.40B $22.69B $25.45B $19.84B $17.42B $14.77B
Shares Outstanding 12-point trend, +2509.1% 1,613,000,000 1,607,000,000 64,048,000 63,781,000 63,584,000 63,406,000 63,179,000 62,949,000 62,689,000 62,379,000 62,040,000 61,821,000
Cash Flow 17
Annual Cash Flow data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +199.8% $623M $591M $504M $451M $421M $458M $469M $426M $363M $309M $272M $208M
Deferred Tax 12-point trend, -1727.4% $-516M $98M $-478M $-257M $-445M $213M $122M $-150M $-32M $-112M $-61M $32M
Amort. of Intangibles 12-point trend, +57.4% $204M $221M $222M $224M $162M $167M $175M $178M $176M $169M $171M $130M
Restructuring 4-point trend, +13000000.00 · · · · $13M $149M $0 $0 · · · ·
Operating Cash Flow 12-point trend, +222.8% $9.41B $8.32B $7.34B $6.55B $2.82B $85M $4.87B $5.34B $4.66B $3.98B $3.20B $2.91B
CapEx 12-point trend, +144.9% $322M $429M $345M $368M $304M $286M $368M $442M $288M $220M $174M $132M
Investing Cash Flow 10-point trend, +90.6% $-313M $129M $1.49B $-518M $-998M $2.64B $7.05B $2.21B $-4.20B $-3.33B · ·
Debt Issued 12-point trend, +62.5% $3.68B $4.84B $1.89B $3.62B $2.02B $4.11B $0 $0 $2.04B $995M $2.40B $2.26B
Net Debt Issued 12-point trend, -156.5% $-1.29B $3.52B $1.39B $1.74B $-1.05B $4.11B $0 $0 $2.04B $995M $2.40B $2.28B
Stock Repurchased 12-point trend, +758.2% $6.44B $6.51B $10.38B $6.62B $163M $1.30B $8.19B $5.97B $1.83B $1.01B $3.09B $750M
Net Stock Activity 12-point trend, -758.2% $-6.44B $-6.51B $-10.38B $-6.62B $-163M $-1.30B $-8.19B $-5.97B $-1.83B $-1.01B $-3.09B $-750M
Dividends Paid 4-point trend, +1248000000.00 $1.25B $1.17B $0 $0 · · · · · · · ·
Financing Cash Flow 10-point trend, -891400.0% $-8.91B $-4.20B $-8.91B $-4.90B $-1.24B $1.53B $-8.22B $-7.43B $-79M $-1M · ·
Net Change in Cash 12-point trend, -42.1% $1.08B $4.06B $-116M $1.10B $570M $4.25B $3.69B $82M $481M $604M $-1.67B $1.86B
Taxes Paid 12-point trend, +363.7% $2.28B $1.93B $1.79B $600M $735M $319M $1.07B $1.17B $702M $637M $534M $492M
Free Cash Flow 12-point trend, +226.5% $9.09B $7.89B $7.00B $6.19B $2.52B $-201M $4.50B $4.90B $4.37B $3.70B $2.93B $2.78B
Levered FCF 10-point trend, +132.3% · · $6.30B $5.88B $2.25B $-238M $4.28B $4.67B $4.24B $3.54B $2.80B $2.71B
Profitability 8
Annual Profitability data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 4-point trend, +9.1% · · · · · · · · 98.0% 96.0% 93.2% 89.8%
Operating Margin 12-point trend, -9.9% 32.8% 31.8% 27.3% 29.8% 22.8% -9.3% 35.5% 36.8% 35.8% 27.1% 35.3% 36.4%
Net Margin 2-point trend, -3.6% · · · · · · · · · · 27.7% 28.7%
Pretax Margin 12-point trend, -28.3% 25.4% 30.7% 25.7% 22.9% 13.4% 8.3% 39.6% 33.3% 34.7% 25.3% 33.9% 35.4%
EBITDA Margin 12-point trend, -3.6% 35.1% 34.3% 29.7% 32.5% 26.6% -2.5% 38.6% 36.8% 35.8% 27.1% 35.3% 36.4%
ROA 2-point trend, -16.9% · · · · · · · · · · 15.8% 19.1%
ROE 2-point trend, -6.1% · · · · · · · · · · 29.4% 31.3%
ROIC 12-point trend, +164.6% 53.0% 48.4% 39.9% 26.1% 11.6% -0.41% 32.2% 25.3% 12.0% 14.3% 17.8% 20.1%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -65.1% 1.3 1.3 1.3 1.9 2.1 3.6 1.8 2.4 2.6 1.9 2.5 3.8
Quick Ratio 12-point trend, -62.5% 1.0 1.0 1.0 1.5 1.8 3.2 1.4 1.2 1.1 1.0 1.5 2.7
Debt / Equity 12-point trend, -847.4% -3.4 -4.1 -5.2 4.5 1.8 2.3 1.3 1.0 0.8 0.6 0.7 0.4
LT Debt / Equity 12-point trend, -772.4% -3.0 -3.7 -4.5 4.3 1.4 2.3 1.3 1.0 0.8 0.6 0.7 0.4
Interest Coverage 10-point trend, -81.3% · · 6.5 13.0 7.5 -1.8 20.1 19.9 17.9 14.0 20.3 34.8
Efficiency 2
Annual Efficiency data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +42.1% 0.9 0.9 0.9 0.7 0.5 0.3 0.7 0.6 0.6 0.6 0.6 0.7
Receivables Turnover 5-point trend, -31.1% · · · · · · · 9.9 12.2 14.3 14.3 14.3
Per Share 6
Annual Per Share data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, -162.4% $-86.45 $-62.54 $-42.84 $43.62 $97.16 $77.17 $93.91 $139.56 $179.63 $157.43 $141.77 $138.57
Revenue / Share 12-point trend, +418.0% $824.69 $696.89 $584.86 $426.70 $264.93 $165.11 $346.27 $302.54 $253.86 $214.59 $178.78 $159.21
Cash Flow / Share 12-point trend, +424.5% $288.27 $244.33 $201.04 $163.64 $68.18 $2.07 $111.82 $111.17 $93.33 $78.40 $60.13 $54.96
Cash / Share 12-point trend, +423.5% $266.63 $251.48 $189.03 $191.61 $175.00 $166.58 $99.91 $41.68 $40.54 $33.36 $23.81 $50.93
Dividend / Share 2-point trend, +9.7% $10 $9 · · · · · · · · · ·
EPS (TTM) 12-point trend, +262.5% $165.57 $172.69 $117.40 $76.35 $28.17 $1.44 $111.82 $83.26 $46.86 $42.65 $49.45 $45.67
Growth Rates 6
Annual Growth Rates data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -78.1% 13.4% 11.1% 25.0% 56.0% 61.2% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -64.8% 16.4% 29.4% 46.5% · · · · · · · · ·
Revenue CAGR 5Y 31.7% · · · · · · · · · · ·
EPS YoY 5-point trend, -100.2% -4.1% 47.1% 53.8% 171.0% 1856.2% · · · · · · ·
EPS CAGR 3Y 3-point trend, -91.2% 29.4% 83.0% 333.6% · · · · · · · · ·
EPS CAGR 5Y 158.3% · · · · · · · · · · ·
Valuation (TTM) 16
Annual Valuation (TTM) data for BKNG
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +218.8% $26.92B $23.74B $21.36B $17.09B $10.96B $6.80B $15.07B $14.53B $12.68B $10.74B $9.22B $8.44B
Net Income TTM 12-point trend, +5.4% $2.55B $2.55B $2.55B $2.55B $2.55B $2.55B $2.55B $2.55B $2.55B $2.55B $2.55B $2.42B
Market Cap 12-point trend, +390.2% $345.53B $319.35B $227.19B $128.54B $152.55B $141.22B $129.75B $108.42B $108.94B $91.45B $79.10B $70.49B
Enterprise Value 12-point trend, +387.5% $347.06B $319.78B $228.69B $128.63B $152.33B $141.19B $130.08B $114.45B $115.21B $95.54B $83.78B $71.19B
P/E 12-point trend, +29.6% 32.3 28.8 30.2 26.4 85.2 1546.7 18.4 20.7 37.1 34.4 25.8 25.0
P/S 12-point trend, +53.7% 12.8 13.5 10.6 7.5 13.9 20.8 8.6 7.5 8.6 8.5 8.6 8.3
P/B 12-point trend, -852.8% -61.9 -79.4 -82.8 46.2 24.7 28.9 21.9 12.3 9.7 9.3 9.0 8.2
P / Tangible Book 2-point trend, +3.8% · · · · 123.6 119.1 · · · · · ·
P / Cash Flow 12-point trend, +51.8% 36.7 38.4 30.9 19.6 54.1 1661.4 26.7 20.3 23.4 23.3 25.5 24.2
P / FCF 12-point trend, +50.1% 38.0 40.5 32.5 20.8 60.6 -702.6 28.9 22.1 24.9 24.7 27.0 25.3
EV / EBITDA 12-point trend, +58.6% 36.7 39.3 36.1 23.2 52.2 -816.1 22.4 21.4 25.4 32.9 25.7 23.2
EV / FCF 12-point trend, +49.3% 38.2 40.5 32.7 20.8 60.5 -702.4 28.9 23.4 26.3 25.8 28.6 25.6
EV / Revenue 12-point trend, +52.9% 12.9 13.5 10.7 7.5 13.9 20.8 8.6 7.9 9.1 8.9 9.1 8.4
Dividend Yield 4-point trend, +0.00 0.36% 0.37% 0.00% 0.00% · · · · · · · ·
Earnings Yield 12-point trend, -22.9% 3.1% 3.5% 3.3% 3.8% 1.2% 0.06% 5.4% 4.8% 2.7% 2.9% 3.9% 4.0%
Annual Payout 4-point trend, +1248000000.00 $1.25B $1.17B $0 $0 · · · · · · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $26.92B$23.74B$21.36B$17.09B$10.96B
Operating Margin % 32.8%31.8%27.3%29.8%22.8%
Diluted EPS $165.57$172.69$117.40$76.35$28.17
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity -3.4-4.1-5.24.51.8
Current Ratio 1.31.31.31.92.1
Quick Ratio 1.01.01.01.51.8
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $9.09B$7.89B$7.00B$6.19B$2.52B

BKNG AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

Booking Holdings owns the online travel booking game with platform economics that deliver unbeatable profitability, positioning it for a boom if global travel surges in 2026. Gross margin sits steady at 98%. That leaves almost no room for costs eating into revenue, a moat peers like Marriott or Airbnb can't match. EPS TTM climbed to 153.86. This earnings growth proves demand is rebounding strongly post any slowdowns. ROE towers at 139%. Such returns on equity highlight pricing power that sustains even in choppy markets, amplified by AI initiatives and the upcoming stock split.

↓ Bearish

Booking's enormous debt pile makes it a ticking time bomb if travel spending cools or rates stay high into 2026Q2. Debt-to-equity ratio hits 1129. That's over 11 times leverage, meaning any revenue hiccup could strain liquidity despite a current ratio above 1.3. P/B stands at 28. Such a premium to book value assumes flawless execution, but peers trade cheaper on fundamentals. Market cap dipped to 172 billion from recent peaks. This pullback signals investor worries over geopolitical risks like wars denting leisure travel.

Claude NEUTRAL 0.68
↑ Bullish

Booking is printing cash from a near-monopoly position in online travel, and the market is finally pricing it rationally. The stock has compressed from a 37.8 P/E down to 34.2 over three quarters, yet earnings per share climbed to $153.86. That tells me the market is no longer paying a bubble premium for growth that's already here. A 98% gross margin is structural—the platform barely touches inventory costs. With a 139.6% ROE, management is converting shareholder capital into profit at a rate most companies can't touch. The March stock split signals confidence, and AI integration could unlock new booking flows without proportional cost.

↓ Bearish

Booking's valuation still assumes perfection in a travel market that faces real headwinds. At 34.2 times earnings, you're paying for years of flawless execution in an industry sensitive to recession, geopolitical shocks, and currency swings. The debt-to-equity ratio of 1,129% is alarming—that's not a typo, and it means the company is levered to the hilt. Even a modest slowdown in travel demand or a credit event could force writedowns. The 19.4% net margin, while solid, leaves little room for error. A P/S of 6.63 is still elevated for a platform business, and new competition from AI-native travel startups could erode pricing power faster than the market expects.

Gemini NEUTRAL 0.65
↑ Bullish

Booking Holdings is a cash-generating machine that effectively uses its scale to dominate the travel sector. The company maintains an incredible 98.09% gross margin. This means nearly every dollar of revenue flows directly toward covering operating expenses and profit, highlighting an unmatched competitive moat in online travel. Furthermore, the 139.63% ROE demonstrates that management is exceptionally efficient at deploying shareholder capital to drive returns. Even with recent market volatility, the company’s ability to turn massive platform traffic into consistent, high-margin earnings makes it a foundational play for long-term growth in the travel space.

↓ Bearish

The company is essentially operating on a mountain of debt that masks the true risk to shareholders. The debt-to-equity ratio sits at 1129.05. This level of leverage is extreme and suggests the balance sheet is highly sensitive to any downturn in travel demand or interest rate shifts. Additionally, the P/B ratio of 28.099 is exceptionally high. This indicates that the market is paying a massive premium over the company's tangible assets, leaving little room for error if growth slows. I worry that if consumer travel spending cools, the high debt load will quickly become a major liability.

Chatgpt NEUTRAL 0.58
↑ Bullish

BKNG's strongest bullish case rests on its durable platform moat and exceptional profitability that can power upside into 2026. ROE TTM 139.63%. That means BKNG turns equity into profits at an extraordinary rate, signaling efficient capital use and strong earnings power. Gross margin TTM 98.09%. That margin implies platform economics with minimal incremental cost, giving BKNG operating leverage as revenue grows. EPS TTM: 153.86. The earnings per share level suggests momentum and room for upside if revenue growth re-accelerates.

↓ Bearish

BKNG could face a fragile balance between outsized profitability and extreme leverage, which could unravel if travel demand softens. Debt/Equity 1129.05. That level of leverage makes the company vulnerable to slower cash flows or higher interest costs. P/E TTM 34.2234. A high multiple relies on continued growth; any slowdown could trigger multiple compression. Current ratio 1.3343. Liquidity is modest, so a downturn could stress working capital needs.

Round 2 — Responses & Rebuttals

Grok

Gemini, your focus on the 1129 debt-to-equity ratio as a balance sheet time bomb overlooks how Booking's profitability services it with ease. That extreme leverage boosts the 139.6% ROE by turning borrowed funds into high-margin bookings—nearly every revenue dollar at 98% gross margin flows to the bottom line. Travel demand is rebounding per recent price action from $4,800 to $5,700, signaling cash flows that dwarf interest costs ahead of 2026Q2.

Claude

I need to push back on Grok's read of that debt-to-equity ratio. Grok, you're calling 1129% 'over 11 times leverage,' but that's not how this metric works for a platform business like Booking. A D/E of 11.29 means debt is 11 times equity—yes, extreme on paper. But Booking's business model converts nearly every revenue dollar to cash flow; the 98% gross margin funds operations and debt service without touching the balance sheet. The real question isn't the ratio itself—it's whether cash generation covers interest. At a 19.4% net margin on $172 billion market cap, Booking is printing roughly $33 billion annually in net profit. That dwarfs debt service. The leverage looks scarier than it actually is because the denominator, equity, is artificially compressed by buybacks and the business model itself.

Gemini

Grok, I disagree with your buy rating because you are underestimating the structural danger posed by the company's leverage. You noted a debt-to-equity ratio of 1,129. That figure represents a massive reliance on borrowed capital, which essentially means the company is one credit event away from a liquidity crisis. While you see a moat in their platform economics, I see a balance sheet that is far too fragile to survive a sustained downturn in consumer travel spending. Paying a 28 times premium over book value for that level of debt risk is simply too expensive.

Chatgpt

I think Claude, your point about D/E misses the bigger picture: BKNG uses leverage to fund buybacks and investments that turbocharge cash flow, not reckless expansion. Debt/Equity: 1129.05. That level of leverage makes the balance sheet highly sensitive to any downturn in travel demand or rate shifts, which means BKNG's cash flow generation needs to stay resilient to macro shocks and policy changes.

Round 3 — Final Rebuttals

G
Grok

Claude, your claim of $33 billion in annual net profit doesn't add up from the data and weakens the debt defense. With a $172 billion market cap and 6.6 P/S ratio, TTM revenue is about $26 billion. That 19.4% net margin delivers roughly $5 billion in profits—impressive coverage for debt service, but far short of $33 billion. This cash flow still services leverage comfortably amid rebounding travel demand into 2026Q2, keeping my buy intact.

C
Claude ⇄ Mind changed

I want to push back on something ChatGPT said that nobody's challenged yet: that BKNG uses leverage to fund buybacks and investments that 'turbocharge cash flow.' ChatGPT, that's backwards. Buybacks don't generate cash flow—they consume it. If Booking is levered at 1,129% and using debt proceeds to repurchase shares, that's financial engineering masking a real problem: the company is borrowing to return capital to shareholders instead of deleveraging or investing in competitive moats. The 139.6% ROE you're all citing gets inflated precisely because equity is shrinking via buybacks while debt stays constant. That's not a sign of strength; it's a sign management believes the stock is fairly valued or overvalued, which contradicts the bull case. I'm revising down my confidence from 0.68 to 0.55 on hold.

G
Gemini

I am widening the frame to address the macro regime, specifically the impact of the US Dollar's strength on Booking's international revenue. Claude and Grok are debating the balance sheet, but they are ignoring that Booking generates a massive portion of its earnings in non-dollar currencies. A strong dollar acts as a direct headwind to reported earnings, effectively shaving off value before it even hits the income statement. With the current rate cycle keeping the greenback elevated, this currency drag will likely offset the AI-driven efficiency gains we discussed earlier. I remain a hold because the company is fighting both a leveraged balance sheet and a persistent currency headwind.

C
Chatgpt

Claude, your near-monopoly framing is too absolute; BKNG will still confront credible competition from Expedia, Google travel, and AI-driven startups that can erode pricing power in 2026. Gross margin is 98.09%. That level of efficiency means a small margin compression would have outsized profit impact, so competitive pressure could matter even with a strong platform moat.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $6100.00 6M Target $6700.00 Reasoning I expect Booking Holdings to climb steadily into 2026Q2 as rebounding global travel volumes supercharge its 98% gross margins into higher cash flows that easily service leverage. My key catalyst is the Q2 2026 earnings print in late July 2026, delivering an EPS beat from AI-driven booking growth highlighted in March news. The big risk is escalation of Middle East tensions, slashing leisure demand as Cramer noted on April 16. Targeting a P/E of 38 at $6700 means the market pays modestly more for sustained 150+ EPS, fair for this moat versus peers at 30-50.
C Claude 3M Target $5520.00 6M Target $5950.00 Reasoning Booking's platform moat and 98% gross margin are real, but I'm anchoring my forecast to cash flow reality, not financial engineering. Grok caught my math error—$5 billion net profit, not $33 billion—which actually strengthens the debt case: that's still 8–10x coverage of interest, so leverage is manageable but not a strength. My thesis: the stock re-rates higher as travel demand holds and AI booking features drive incremental GMV, but multiple compression from 34.2 P/E to 31–32 P/E offsets earnings growth. The 3-month target assumes near-term consolidation after the 25-for-1 split settles; the 6-month target reflects a modest earnings beat and modest multiple recovery as Q2 2026 travel data confirms resilience. Catalyst: Q1 2026 earnings beat on AI-driven conversion rates. Risk: a recession-driven travel slowdown forces guidance cut, triggering 15% selloff. At 34.2 P/E on $153.86 EPS, the market is pricing perfection—one stumble breaks it.
G Gemini 3M Target $5350.00 6M Target $5600.00 Reasoning My thesis is that Booking’s extreme efficiency will allow it to drift higher as the market focuses on its AI-driven margin expansion rather than its debt. A key catalyst for the 6-month target is the Q3 2026 earnings print, where I expect management to demonstrate that AI tools are successfully driving higher conversion rates. Conversely, a sharp rise in global interest rates would break my thesis by making the company's massive debt load significantly more expensive to service. The current P/E of 34.2 suggests investors are willing to pay a premium for this growth, but that multiple will contract quickly if travel demand shows even a minor cooling effect.
C Chatgpt 3M Target $5000.00 6M Target $5400.00 Reasoning I think BKNG should drift higher on durable profitability, but a fragile balance sheet and travel cyclicality cap upside. Catalyst: I think a strong Q2 earnings print with upbeat guidance and AI-led monetization would push the stock toward the target. Risk: I worry that travel slowdown or a margin miss would unwind multiples and break the thesis. Metric: P/E around 34.2. Meaning: The market is pricing in continued outsized profits; BKNG must sustain growth to justify the multiple.

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