Booking Holdings Inc.

“We offer these services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable”

“We derive substantially all of our revenues from providing online travel reservation services, which facilitate online travel purchases by travelers from travel service providers”

“December 31, 2025$110 $447 $131 $332 $1,020”

“The mix of our room nights booked on our mobile apps in 2025 was a mid-fifties percentage, up from a low-fifties percentage in 2024.”

“Booking.com offered accommodation reservation services for approximately 4.4 million properties in over 220 countries and territories and in over 40 languages”

“AccommodationsGround TransportationFlightsActivitiesRestaurantsMeta Search”

“December 31, 2025$2,579 $24,338 $26,917”

“For the year ended December 31, 2025, we had revenues of $26.9 billion, which we classify as "merchant" revenues, "agency" revenues, and "advertising and other" revenues.”

“The Company's portfolio of brands is organized into five operating segments... The operating segments are aggregated into one reportable segment”

“When the U.S. Dollar weakens against other currencies in which we transact, our foreign-currency-denominated net assets, gross bookings, revenues, operating expenses, and net income are higher as expressed in U.S. Dollars.”

“We rely on third-party computer systems and third-party service providers, including GDSs and computerized central reservation systems of the accommodation, rental car, and airline industries”

“For example, Google links travel search to its dominant search engine and has integrated travel products into Google Maps and its Gemini generative AI ("Gen AI") offering.”

“Our global room nights in 2025 increased 8% year-over-year driven primarily by healthy travel demand in Europe and Asia.”

“The mix of Booking.com's room nights booked for alternative accommodation properties in 2025 was approximately 36%, up versus approximately 35% in 2024.”

“Excluding the changes in regional mix, our global ADRs on a constant currency basis were up approximately 1% year-over-year, driven primarily by higher ADRs in Europe.”

“We continue to grow our Connected Trip verticals in 2025, including 37% year-over-year flight ticket growth, and about 80% attraction ticket growth off a small base.”

“achieving record annual room nights in 2025;•integrating new generative artificial intelligence ("Gen AI") features”

“executing on our Transformation Program (as defined below) to drive efficiency and help create capacity for reinvestments in our strategic priorities for long-term value creation”

“Our total performance and brand marketing expenses, which are substantially variable in nature, were $8.2 billion in 2025, up 12.5% versus 2024”

“Our outstanding senior notes at December 31, 2025 had cumulative interest to maturity (based on coupon interest rates) of $5.7 billion, with $662 million payable within the next twelve months.”

“We believe that our existing cash balances, liquid resources, and access to capital markets will be sufficient to fund our operating activities and other obligations in the short term and into the foreseeable future.”

“At December 31, 2025, we had $17.8 billion in cash, cash equivalents, and investments, of which approximately $12.2 billion is held by our international subsidiaries.”

“In February 2026, the Board declared a cash dividend of $10.50 per share of common stock, payable on March 31, 2026”

“Net cash provided by operating activities$9,409 $8,323”

“Income tax expense$1,428 $1,410 1.3 %”

“Foreign currency transaction (losses) gains include losses of $1.4 billion, gains of $526 million, and losses of $163 million for the years ended December 31, 2025, 2024, and 2023, respectively, related to Euro-denominated debt”

“In February 2026, the Company entered into favorable settlement agreements to resolve litigation matters in which it was a plaintiff, for which it expects to receive a benefit of approximately $90 million”

“The Netherlands corporate income tax law provides that income generated from qualifying innovative activities is taxed at the rate of 9% ("Innovation Box Tax") rather than the Dutch statutory rate of 25.8%.”

“Demand for and sales of travel services often decline during periods of perceived or actual adverse economic conditions and times of political or economic uncertainty.”

“AI agents may further evolve into full-service booking platforms, increasing competitive pressure and disintermediating OTCs.”

“A significant portion of consumer traffic to our services is derived from third-party platforms, including Google and other search engines”

“Certain countries or regulatory authorities have introduced or are considering digital services taxes that may apply to us even if we have no physical presence”

“In some markets such as China, local requirements may restrict participation by foreign businesses, making entry into and expansion in those markets costly, difficult, or impossible.”

“certain jurisdictions have instituted regulations intended to address overtourism, including by restricting accommodation offerings near popular tourist destinations”