Booking Holdings Inc. Common Stock · NASDAQ:BKNG
Booking Holdings Inc. Common Stock — Q4 2025 Earnings Presentation
22 slides from Booking Holdings Inc. Common Stock's earnings presentation, Feb 18, 2026
Slide 1: Q4 2025 Earnings Presentation
Confidential - Do not distribute Q4 2025 Earnings Presentation February 18, 2026
Slide 2: Disclaimer
Disclaimer Disclosure Regarding Forward-Looking Statements This presentation contains forward-looking statements including regarding our outlook. These forward-looking statements reflect the views of Booking Holdings Inc.’s (the “Company” or “Booking Holdings”) management regarding current expectati
Slide 3: Q4 2025 Financial Summary
Q4 2025 Financial Summary Quarterly Revenue Q4 2025 GAAP and Adjusted P&L (figures in billions) (in millions, except for EPS) GAAP YoY% Adjusted(1) YoY% Revenue $6,349 16% $6,349 16% Marketing $1,930 22% $1,930 22% Expenses Sales and Other $830 11% $830 11% Expenses Adjusted Fixed Operating NA NA $1
Slide 4: Full Year 2025 Financial Summary
Full Year (“FY”) 2025 Financial Summary Trailing Twelve Months “TTM” Revenue FY 2025 GAAP and Adjusted P&L (figures in billions) (in millions, except for EPS) GAAP YoY% Adjusted(1) YoY% Revenue $26,917 13% $26,917 13% Marketing $8,186 12% $8,186 12% Expenses Sales and Other $3,453 11% $3,453 11% Exp
Slide 5: Q4 Room Night Growth of 9% Driven by Healthy Travel Demand
Q4 Room Night Growth of 9% Driven by Healthy Travel Demand Across All Our Major Regions Room Nights by Quarter Q4 Highlights (figures in millions) ● Room Night Growth (“RNG”) exceeded the high end of our guidance by three percentage points (1) ● Room Night Growth by region : ○ Europe: up high single
Slide 6: FY 2025 Room Night Growth
FY 2025 Room Night Growth Trailing Twelve Months (“TTM”) Room Nights FY 2025 Highlights (figures in millions) ● Room Night Growth by region(1): ○ Europe: up high single digits ○ Asia: up low double digits ○ RoW: up high single digits ○ U.S.: up mid single digits (1) ● Regional mix of Global Room Nig
Slide 7: FY 2025 Key Highlights
FY 2025 “FY25” Key Highlights Booking.com Alternative FY25 Alternative Accommodation (“AA”) Room Nights grew about 10% YoY with mix(1) Accommodations increasing YoY to about 36%. Year-end AA listings up 8% YoY Mobile App Mix FY25 Mobile App mix(2) was in the mid 50%’s (up from the low 50%’s in FY24)
Slide 8: Alternative Accommodations Room Night Growth at Booking.com
Alternative Accommodations Room Night Growth at Booking.com Was in Line With Total Room Night Growth in Q4 2025 Booking.com: (figures in millions) AA Listings 7.4 7.8 7.9 7.9 8.1 8.4 8.6 8.6 AA Listings 11% 11% 10% 8% 9% 8% 10% 8% Growth YoY 8
Slide 9: Mobile App Mix Continues to Steadily Increase Over Time
Mobile App Mix Continues to Steadily Increase Over Time FY 2023 FY 2024 FY 2025 mid low 50%’s high 50%’s 40%’s 9
Slide 10: Q4 Gross Bookings Growth of 16%
Q4 Gross Bookings Growth of 16% Driven by Room Night Growth and a Benefit From Changes in FX Gross Bookings by Quarter (figures in billions) Q4 Highlights ● Gross Bookings growth exceeded the high end of our guidance by about three percentage points, driven primarily by the room night outperformance
Slide 11: Q4 Revenue Growth of 16% Was in Line With Gross Bookings
Q4 Revenue Growth of 16% Was in Line With the Growth in Gross Bookings Revenue by Quarter Q4 Highlights (figures in billions) ● Revenue growth exceeded the high end of our guidance by about four percentage points, slightly higher than the outperformance on gross bookings due to higher than expected
Slide 12: Q4 Adjusted Fixed OpEx Grew 10% and Grew Slower than Revenue
Q4 Adjusted Fixed OpEx Grew 10% and Grew Slower than Revenue ● Q4 Adjusted Fixed OpEx was up low single digits year-over-year after normalizing for changes in FX and a $44 million accrual for an indirect tax matter (1) Adjusted Fixed OpEx by Quarter Approximate Headcount at Quarter-End (figures in b
Slide 13: Q4 Adjusted EBITDA Grew Faster than Revenue
Q4 Adjusted EBITDA Grew Faster than Revenue ● Q4 Adjusted EBITDA grew 19%, which was about 5 percentage points faster than the high end of our guidance (1) (1) Adjusted EBITDA by Quarter Adjusted EPS by Quarter (figures in billions) Adjusted EBITDA Growth YoY Adjusted EPS Growth YoY 53% 7% 12% 26% 2
Slide 14: Q4 Capital Return of $2.4B Was Highest Since 2023
Q4’s Capital Return of $2.4B Was the Highest Quarterly Amount since 2023 ● Q4 Free Cash Flow of $1.4 billion was up 120% year-over-year. ● FY Free Cash Flow of $9.1 billion was up 15% year-over-year. (1) Free Cash Flow by Quarter Capital Return by Quarter (figures in billions) (figures in billions)
Slide 15: FY 2026 Guidance
FY 2026 Guidance Reported YoY (1) Growth ● Assuming 2026 travel industry growth is in line with recent years, we are targeting full-year gross bookings and Gross Bookings Low Double Digits revenue growth that is approximately 100 basis points ahead of our long-term growth ambition of 8% on a Revenue
Slide 16: Q1 2026 Guidance
Q1 2026 Guidance Reported YoY (1) Growth ● We are encouraged by the positive momentum we have seen so far in the Room Nights 5% to 7% new year. ● Adjusted EBITDA growth is expected to Gross Bookings 14% to 16% reach about 20% YoY at the high end of the range after normalizing for one-time items that
Slide 17: Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding. 17
Slide 18: Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding. 18
Slide 19: Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding. Tax Act: U.S. Tax Cuts and Jobs Act enacted in December 2017. 19
Slide 20: Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding. 20
Slide 21: Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Reconciliation of GAAP to Non-GAAP Financial Information 21
Slide 22: Appendix: Reconciliation of GAAP to Non-GAAP Financial Information
Appendix: Reconciliation of GAAP to Non-GAAP Financial Information (figures in millions) Note: Amounts may not total due to rounding. NM: Not meaningful. 22