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Global online travel company operating Booking.com, Priceline, Agoda, Kayak and OpenTable for hotel, flight and dining bookings.
Global online travel company operating Booking.com, Priceline, Agoda, Kayak and OpenTable for hotel, flight and dining bookings.
Earns commissions from hotels and other suppliers for bookings made on its sites, mostly Booking.com, usually when the guest stays, plus advertising on Kayak and fees from restaurants on OpenTable. Online marketing is its biggest cost, and most revenue comes from outside the US, especially Europe.
Moat: wide (network effects, brand, scale). Booking.com's scale creates a two-sided network of travelers and properties that is very costly to replicate.
Headquarters: Norwalk, Connecticut, US · Founded: 1997 · Employees: 24,300
Size Booking (BKNG) is a United States Consumer Discretionary company (Other Consumer Services) with a market value of $119B, the 108th largest of 3,117 United States companies the cockpit tracks. Shares closed at $160.66 on 6 Nov 2026.
Performance Over six months the shares fell 2.9%, against +9.8% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +12.3%); the operating margin is 33.5% (peer median 16.9%).
Valuation It trades at 13.6× forward earnings against a peer median of 12.8× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -25 pp: the price already allows for a slowdown.
Credit Booking has 25 bonds outstanding ($19.9B), rated A- by the agencies and trading like BBB+ at a weighted spread of 121 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $28.1B | $26.9B | $23.7B | $21.4B | $17.1B |
| Revenue growth | — | +13% | +11% | +25% | — |
| Gross profit | $27.4B | $26.1B | $23.0B | $20.7B | $16.5B |
| EBITDA | $10.2B | $10.3B | $8.34B | $6.50B | $5.51B |
| Net income | $7.18B | $5.40B | $5.88B | $4.29B | $3.06B |
| Free cash flow | $9.24B | $9.09B | $7.89B | $7.00B | $6.19B |
| Capital expenditure | $324M | $322M | $429M | $345M | $368M |
| Total debt | $20.6B | $19.4B | $17.2B | $15.0B | $13.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Booking BKNG | $119B | -3% | +8% | 34% | 13.6× | 7.0% |
| Expedia EXPE | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% |
| Airbnb ABNB | $114B | +34% | +14% | 21% | 30.7× | 26.0% |
| Trip.com Group Ltd. Sponsored ADR TCOM | $27.0B | -16% | +18% | 16% | 11.5× | -2.9% |
| trivago N.V. Sponsored ADR TRVG | n/a | +7% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BKNG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +6.4% | 8th lowest of 21 |
| 6-month return | -2.9% | +9.8% | 8th lowest of 21 |
| Distance from 52-week high | -26.9% | -17.9% | 7th lowest of 21 |
| Revenue growth (TTM) | +8.0% | +12.3% | 8th lowest of 21 |
| Operating margin | 33.5% | 16.9% | highest of 21 |
| Forward P/E | 13.6× | 12.8× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.0% | 4.6% | 7th most demanding of 18 |
| Growth delivered (Del g) | +31.7% | +16.6% | 3rd highest of 18 |
| Hurdle (Req g minus delivered) | -24.7 pp | -20.3 pp | 5th least demanding of 18 |
| EV / EBITDA | 12.2× | 11.6× | 8th most expensive of 19 |
| Net debt / EBITDA | 0.5× | 0.7× | 10th least indebted of 19 |
| Bond spread | 121 bp | 120 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Booking BKNG | United States | $119B | -3% | +8% | 34% | 13.6× | 7.0% | +31.7% |
| Expedia EXPE | United States | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% | +23.2% |
| Trip.com-s 9961.HK | Hong Kong | $29.0B | -17% | +18% | 16% | 12.6× | 4.6% | +26.9% |
| Life Time LTH | United States | $10.6B | +48% | +13% | 17% | 26.7× | n/a | n/a |
| Service Corporation International SCI | United States | $10.0B | -5% | +3% | 22% | 17.5× | 3.4% | +4.2% |
| New Oriental Education & Technology 9901.HK | Hong Kong | $7.58B | -3% | +21% | 12% | 12.8× | -16.4% | +5.9% |
| Andersen ANDG | United States | $7.34B | +78% | +18% | 14% | 32.4× | 29.0% | +18.0% |
| H&R Block HRB | United States | $6.45B | +43% | +5% | 24% | 8.4× | -15.4% | +2.9% |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| Kakaku.com 2371.T | Japan | $4.63B | +42% | +17% | 27% | 31.3× | 4.6% | +13.0% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Tui TUI1.DE | Germany | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% | +24.9% |
| Indian Railway Catering & Tourism IRCTC.NS | India | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% | +46.4% |
| Marriott Vacations Worldwide VAC | United States | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% | +11.8% |
| Covista CVSA | United States | $3.67B | -18% | +9% | 20% | 12.0× | -3.7% | +16.6% |
| Jet2 JET2.L | United Kingdom | $3.61B | +34% | +4% | 6% | 11.1× | n/a | n/a |
| Tongcheng Travel 0780.HK | Hong Kong | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% | +25.8% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
Booking has 25 bonds outstanding with $19.9B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 4.47%, a spread of 121 bp over government bonds.