Financials Booking Holdings Inc.

Equities

BKNG

US09857L1089

Leisure & Recreation

Market Closed - Nasdaq Other stock markets 02:30:00 17/01/2026 am IST			5-day change	1st Jan Change
5,115.91 ^USD	-1.49%		-6.85%	-4.47%

09/01	HSBC Adjusts Booking Price Target to $7,656 From $7,447, Maintains Buy Rating	MT
09/01	Wells Fargo Adjusts PT on Booking Holdings to $5,954 From $5,523, Maintains Equalweight Rating	MT

Projected Income Statement: Booking Holdings Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	6,796	10,958	17,090	21,365	23,739	26,690	29,131	31,596
Change	-	61.24%	55.96%	25.01%	11.11%	12.43%	9.14%	8.46%
EBITDA ¹	879	2,904	5,295	7,112	8,306	9,859	11,077	12,337
Change	-	230.38%	82.33%	34.32%	16.79%	18.7%	12.36%	11.37%
EBIT ¹	-631	2,496	5,102	5,835	7,555	8,798	10,325	11,513
Change	-	495.56%	104.41%	14.37%	29.48%	16.45%	17.36%	11.51%
Interest Paid ¹	-356	-334	-391	-897	-1,295	-1,654	-1,143	-1,151
Earnings before Tax (EBT) ¹	567	1,465	3,923	5,481	7,292	6,879	10,163	11,447
Change	-	158.38%	167.78%	39.71%	33.04%	-5.67%	47.75%	12.64%
Net income ¹	59	1,165	3,058	4,289	5,882	5,482	8,181	9,179
Change	-	1,874.58%	162.49%	40.26%	37.14%	-6.79%	49.22%	12.2%
Announcement Date	24/02/21	23/02/22	23/02/23	22/02/24	20/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,238	1,141	2,160	4,676	2,981	2,695	4,294	6,052	4,049	3,778	5,462	7,341	4,784	4,415	5,859	7,994	5,471	4,762	6,798	9,008	6,119	5,333	7,379	9,725	6,643	5,759	8,049	10,494
Change	-	-7.84%	89.31%	116.48%	-36.25%	-9.59%	59.33%	40.94%	-33.1%	-6.69%	44.57%	34.4%	-34.83%	-7.71%	32.71%	36.44%	-31.56%	-12.96%	42.76%	32.51%	-32.07%	-12.83%	38.35%	31.8%	-31.69%	-13.31%	39.76%	30.39%
EBITDA ¹	-38	-195	48	2,111	940	310	1,086	2,658	1,241	586	1,778	3,284	1,464	898	1,895	3,665	1,848	1,088	2,423	4,231	2,104	1,329	2,715	4,632	2,390	1,640	3,108	5,175
Change	-	-413.16%	124.62%	4,297.92%	-55.47%	-67.02%	250.32%	144.75%	-53.31%	-52.78%	203.41%	84.7%	-55.42%	-38.66%	111.02%	93.4%	-49.58%	-41.13%	122.7%	74.62%	-50.28%	-36.82%	104.26%	70.63%	-48.4%	-31.37%	89.46%	66.51%
EBIT ¹	-153	-311	-56	2,015	848	174	1,000	2,583	1,345	450	1,673	3,103	609	791	1,856	3,179	1,729	1,062	2,250	3,483	1,906	1,144	2,523	4,460	2,159	1,384	2,846	4,912
Change	-	-103.27%	81.99%	3,698.21%	-57.92%	-79.48%	474.71%	158.3%	-47.93%	-66.54%	271.78%	85.48%	-80.37%	29.89%	134.64%	71.28%	-45.61%	-38.58%	111.86%	54.8%	-45.27%	-39.97%	120.46%	76.8%	-51.6%	-35.9%	105.72%	72.6%
Charge d'intérêts ¹	-98	-98	-81	-80	-75	-68	-76	-102	-145	-194	-241	-254	-208	-219	-264	-305	-507	-649	-418	-301	-279.6	-259.5	-254.4	-256.5	-254.7	-245	-250	-244
Earnings before Tax (EBT) ¹	245	-278	-41	968	816	-849	1,144	2,176	1,452	303	1,618	3,149	411	937	1,922	2,869	1,564	396	1,104	3,469	1,861	1,116	2,516	4,467	2,155	1,468	2,894	4,892
Change	-	-213.47%	85.25%	2,460.98%	-15.7%	-204.04%	234.75%	90.21%	-33.27%	-79.13%	433.99%	94.62%	-86.95%	127.98%	105.12%	49.27%	-45.49%	-74.68%	178.79%	214.22%	-46.36%	-39.99%	125.34%	77.57%	-51.76%	-31.9%	97.21%	69.06%
Net income ¹	-165	-55	-167	769	618	-700	857	1,666	1,235	266	1,290	2,511	222	776	1,521	2,517	1,068	333	895	2,748	1,481	905.9	2,014	3,585	1,702	1,215	2,316	3,927
Change	-	66.67%	-203.64%	560.48%	-19.64%	-213.27%	222.43%	94.4%	-25.87%	-78.46%	384.96%	94.65%	-91.16%	249.55%	96.01%	65.48%	-57.57%	-68.82%	168.77%	207.04%	-46.1%	-38.84%	122.36%	77.97%	-52.53%	-28.61%	90.66%	69.52%
Announcement Date	24/02/21	05/05/21	04/08/21	03/11/21	23/02/22	04/05/22	03/08/22	02/11/22	23/02/23	04/05/23	03/08/23	02/11/23	22/02/24	02/05/24	01/08/24	30/10/24	20/02/25	29/04/25	29/07/25	28/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Booking Holdings Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	951	-226	89	1,501	434	-413	-2,292	-5,326
Change	-	-123.76%	139.38%	1,586.52%	-71.09%	-195.16%	-454.96%	-132.37%
Announcement Date	24/02/21	23/02/22	23/02/23	22/02/24	20/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Booking Holdings Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	286	304	368	345	429	373.9	468.2	496.3
Change	-	6.29%	21.05%	-6.25%	24.35%	-12.85%	25.24%	5.98%
Free Cash Flow (FCF) ¹	-201	2,516	6,186	6,999	7,893	9,176	10,576	11,165
Change	-	1,351.74%	145.87%	13.14%	12.77%	16.25%	15.26%	5.57%
Announcement Date	24/02/21	23/02/22	23/02/23	22/02/24	20/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Booking Holdings Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	12.93%	26.5%	30.98%	33.29%	34.99%	36.94%	38.03%	39.05%
EBIT Margin (%)	-9.28%	22.78%	29.85%	27.31%	31.83%	32.96%	35.44%	36.44%
EBT Margin (%)	8.34%	13.37%	22.95%	25.65%	30.72%	25.77%	34.89%	36.23%
Net margin (%)	0.87%	10.63%	17.89%	20.07%	24.78%	20.54%	28.08%	29.05%
FCF margin (%)	-2.96%	22.96%	36.2%	32.76%	33.25%	34.38%	36.3%	35.34%
FCF / Net Income (%)	-340.68%	215.97%	202.29%	163.18%	134.19%	167.37%	129.27%	121.63%
Profitability
ROA	0.9%	8.32%	16.32%	22.38%	24.49%	23.5%	28.63%	32.04%
ROE	3.58%	34.2%	89.24%	-	-	-	-	-
Financial Health
Leverage (Debt/EBITDA)	1.08x	-	0.02x	0.21x	0.05x	-	-	-
Debt / Free cash flow	-4.73x	-	0.01x	0.21x	0.05x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.21%	2.77%	2.15%	1.61%	1.81%	1.4%	1.61%	1.57%
CAPEX / EBITDA (%)	32.54%	10.47%	6.95%	4.85%	5.16%	3.79%	4.23%	4.02%
CAPEX / FCF (%)	-142.29%	12.08%	5.95%	4.93%	5.44%	4.07%	4.43%	4.44%
Items per share
Cash flow per share ¹	2.065	68.18	163.6	201	244.3	298.1	335.8	394.2
Change	-	3,201.46%	140.01%	22.86%	21.53%	22.01%	12.64%	17.38%
Dividend per Share ¹	-	-	-	-	35	38.38	43.19	47.85
Change	-	-	-	-	-	9.65%	12.53%	10.8%
Book Value Per Share ¹	119.5	150.4	73.48	-79.77	-122	-154.5	-126.7	-66.52
Change	-	25.93%	-51.16%	-208.56%	-52.95%	-26.61%	17.97%	47.5%
EPS ¹	1.44	28.17	76.35	117.4	172.7	167.6	257.6	299.6
Change	-	1,856.25%	171.03%	53.77%	47.1%	-2.94%	53.67%	16.33%
Nbr of stocks (in thousands)	40,955	41,063	38,789	34,890	33,097	32,234	32,234	32,234
Announcement Date	24/02/21	23/02/22	23/02/23	22/02/24	20/02/25	-	-	-