Booking Holdings (BKNG) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered strong results with revenue up 16% to $6.8 billion, gross bookings up 13%, and room nights up 8%, all exceeding guidance, driven by robust global travel demand and effective expense management.

• Adjusted EBITDA grew 28% year-over-year to $2.4 billion, and adjusted EPS increased 32% to $55.40, reflecting revenue outperformance and disciplined cost control.

• Net income for Q2 was $895 million, down 41% year-over-year, primarily due to higher operating and transformation costs and significant FX losses.

• Strategic initiatives advanced in alternative accommodations, Genius loyalty program, Connected Trip vision, and AI innovation.

Financial highlights

• Q2 2025 revenue was $6.8 billion, up 16% year-over-year; gross bookings reached $46.7 billion, up 13%; room nights were 309 million, up 8%.

• Adjusted EBITDA was $2.4 billion, up 28% year-over-year; adjusted EPS was $55.40, up 32%; free cash flow was $3.1 billion, up 32%.

• Net income margin was 13.2% (down from 26.0% in Q2 2024); adjusted EBITDA margin was 35.6% (up from 32.4%).

• Cash and investments at quarter-end were $18.2 billion, up from $16.1 billion in Q1.

Outlook and guidance

• Q3 2025 room night growth expected at 3.5%-5.5%, gross bookings up 8%-10%, revenue up 7%-9%, and adjusted EBITDA projected at $3.9–$4.0 billion.

• Full year 2025 guidance raised: gross bookings and revenue to grow low double digits, adjusted EBITDA up mid-teens, and adjusted EPS up high teens; adjusted EBITDA margin expected to expand by about 125 basis points.

• Guidance notes potential impact from macroeconomic and geopolitical uncertainty.