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Booking Holdings Inc. BKNG Merchant revenues — Total revenues

Other product segments

Agency revenues
$1.53B-2.3%
Advertising and other revenues
$306M+9.3%

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Other financials

Income statement

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Revenue$5.5B+16.2%
Operating income$1.3B+19.7%
Net income$1.1B+225%
EPS (diluted)$1.36+240%

Balance sheet

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Cash & equivalents$16.0B+2.9%
Total debt$18.9B+14.8%
Total equity-$8.7B-42.7%
Total assets$27.7B+1.9%

Cash flow

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Operating cash flow$3.2B-2.1%
CapEx$107.0M-11.6%
Free cash flow$3.1B-1.7%

Valuation

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Market cap$155.83B-13.2%
Enterprise value$158.75B-12.2%
P/E25.3×-12.0×
P/S5.6×-1.5×

Profitability

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Gross margin98.1%
Operating margin32.6%+0.1pp
Net margin22.2%-0.4pp
FCF margin32.6%-2.6pp

Returns & leverage

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Return on equity147.8%+136pp
Debt / equity11.8×+9.5×
Current ratio1.1×-0.2×

Where this comes from

Reported directly by Booking Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The source filing: Booking Holdings Inc.’s 10-Q, filed April 28, 2026.

Filed
Apr 28, 2026, 5:12 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001075531-26-000025
Line itemThree Months Ended March 31, 20262025
Merchant revenues$3,698$2,918
Agency revenues1,5281,564
Advertising and other revenues306280
Total revenues5,5324,762
Operating expenses:
Marketing expenses2,0681,777
Sales and other expenses804702
Personnel, including stock-based compensation of $141 and $142, respectively893693

Item 1. Financial Statements

FAQ

What is Booking Holdings Inc.'s merchant revenues — total revenues?
Booking Holdings Inc. (BKNG) reported merchant revenues — total revenues of $3.7B in Q1 2026.
How has Booking Holdings Inc.'s merchant revenues — total revenues changed year-over-year?
Booking Holdings Inc.'s merchant revenues — total revenues increased by 26.7% year-over-year, from $2.92B to $3.7B.
What is the long-term trend for Booking Holdings Inc.'s merchant revenues — total revenues?
Over 4 years (2021 to 2025), Booking Holdings Inc.'s merchant revenues — total revenues has grown at a 48.0% compound annual growth rate (CAGR), from $3.7B to $17.76B.
What does merchant revenues — total revenues mean?
Merchant revenues represent the portion of total revenue generated from travel booking transactions where the company acts as the merchant of record, collecting payment directly from the customer at the time of booking. This segment includes the net commission or margin earned on accommodation, rental car, and ancillary service bookings after remitting the portion owed to the underlying travel service providers. It reflects the company's ability to capture value by managing the end-to-end payment and fulfillment process for travel services.

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