Booking Holdings Reports 16% Revenue Growth to $6.8 Billion in Q2 2025

Booking Holdings Inc. reported significant financial results for the second quarter of 2025, with total revenues reaching $6.8 billion, a 16% increase from $5.9 billion in the same period last year. The company's merchant revenues surged by 29.3% to $4.5 billion, while agency revenues decreased by 4.7% to $2.0 billion. For the first half of 2025, total revenues amounted to $11.6 billion, up 12.5% from $10.3 billion in the prior year. The net income for the quarter was $895 million, down from $1.5 billion in Q2 2024, reflecting a decrease in profitability attributed to higher operating expenses and interest costs.

The company experienced notable changes in its operational metrics, with global room nights increasing by 8% year-over-year in Q2 2025, driven primarily by strong travel demand in Europe and Asia. The shift from agency to merchant bookings continued, with merchant gross bookings rising by 25.1% to $32.3 billion, while agency gross bookings fell by 7.5% to $14.4 billion. The total number of properties listed on Booking.com increased to approximately 4.3 million, up from 3.8 million a year earlier, indicating a continued expansion in the company's accommodation offerings.

In terms of strategic developments, Booking Holdings has been implementing a Transformation Program aimed at improving operational efficiency and agility. The company recorded transformation costs of $38 million in Q2 2025, with expectations of achieving annual savings of $400 to $450 million over the next three years. Additionally, the company has authorized a $20 billion share repurchase program, with $24.6 billion remaining under this authorization as of June 30, 2025.

The financial outlook for Booking Holdings remains cautiously optimistic, despite the challenges posed by geopolitical and macroeconomic uncertainties. The company noted that while the cancellation rate in Q2 2025 was slightly lower than the previous year, it continues to monitor market conditions that could impact travel demand. The management emphasized a long-term focus on delivering value to travelers and partners, maintaining disciplined cost management, and making strategic investments to enhance its service offerings.

As of June 30, 2025, Booking Holdings reported total assets of $30.7 billion, with cash and cash equivalents amounting to $17.6 billion. The company’s total liabilities stood at $37.3 billion, resulting in a stockholders' deficit of $6.7 billion. The company continues to navigate a complex regulatory environment, with ongoing investigations and legal proceedings that could impact its operations and financial results.