)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Booking Holdings
Booking Holdings (BKNG) investor relations material
Booking Holdings Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Delivered strong financial and operational performance in 2025, with resilient travel demand and robust execution across global markets; Q4 room nights grew 9% year-over-year, exceeding guidance.
Advanced strategic priorities including Connected Trip, AI-powered capabilities, and growth in Asia and the U.S.
Transformation program enabled significant cost savings, with $550 million in annual run-rate savings by year-end, supporting reinvestment.
FY 2025 revenue reached $26.9 billion, up 13% year-over-year, with adjusted EBITDA of $9.9 billion, up 20%.
25-for-1 stock split approved, effective April 2, 2026.
Financial highlights
Q4 2025 revenue: $6.35 billion, up 16% year-over-year; Q4 net income: $1.43 billion, up 34%; adjusted net income: $1.58 billion, up 13%.
Q4 gross bookings and revenue both up 16%; adjusted EBITDA up 19% to $2.2 billion; adjusted EPS up 17% to $48.80.
Full-year room nights surpassed 1.2 billion (+8% YoY); gross bookings and revenue up 12% and 13%, respectively.
Free cash flow for 2025: $9.1 billion (+15% YoY); Q4 free cash flow: $1.4 billion, up 120%.
Marketing as % of gross bookings: 4.4% for the year, 4.5% in Q4; total operating expenses increased 15% in Q4, slower than revenue growth.
Outlook and guidance
FY 2026 guidance: gross bookings and revenue expected to grow in low double digits, about 100 bps above long-term ambition on a constant currency basis.
Adjusted EBITDA growth expected to outpace revenue; adjusted EPS growth targeted in the mid-teens.
Q1 2026 room night growth expected at 5–7%; gross bookings and revenue up 14–16%.
Transformation program to deliver $500–$550 million in 2026 savings, enabling $700 million in reinvestments.
Reinvestment strategy for Transformation savings
Generative AI's role in traveler/partner value
Mitigating rising cloud computing costs
Agentic AI's impact on customer behavior and costs
Challenges for LLMs as merchant of record
2026 reinvestment funding and EBITDA impact
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Booking Holdings earnings date
Q1 202628 Apr, 2026
Booking Holdings
Next Booking Holdings earnings date
Q1 202628 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
The online travel behemoth
If you’ve ever booked hotels, rental cars, or airplane tickets, chances are you have used some of the Booking Holdings platforms. With customers and partners in more than 220 countries, Booking is the world’s leading provider of online travel bookings and related services.
Booking was originally founded in 1997 by Jay Walker as The Priceline Group, with the online travel site Priceline.com and its famous Name Your Own Price bidding model. From 2005 through 2007, Priceline struck gold by making a number of acquisitions in the European and Asian markets, adding Booking.com, Active Hotels, and Agoda to its brand portfolio, and seizing the then fragmented online travel agency (OTA) market. Some of Booking’s main competitors are Airbnb, Expedia Group, and Trip.com Group.
The Booking universe
The Booking universe is spread over six primary consumer-facing brands: Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK, and OpenTable, as well as several subsidiary brands. Consisting of more than 28 million hotels, homes, apartments, and other unique places to stay, its gross travel bookings are growing rapidly despite taking a heavy hit during COVID-19.
The main revenue driver for Booking Holdings
Booking.com is the main revenue driver in the business, hence the company name, and earns its money through the room rates and referral fees for each reservation through the platform. These are different business models, and they are structured in two legs: The merchant leg, where prices and allocations are negotiated with the property owners and then distributed on the Booking platform. And then there is the simplified agency leg, where Booking serves as the agent and collects commission fees for passing the reservations to hotels.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage