For the year ending 2025-12-31, BKNG had $1,076M increase in cash & cash equivalents over the period. $9,087M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 5,404 | 5,882 | 4,289 | 3,058 |
| Depreciation and amortization | 623 | 591 | 504 | 451 |
| Provision for expected credit losses and chargebacks | 416 | 412 | 330 | 232 |
| Deferred income taxes | -516 | 98 | -478 | -257 |
| Net (gains) losses on equity securities | 46 | 63 | -131 | -963 |
| Stock-based compensation expense | 617 | 599 | 530 | 404 |
| Operating lease amortization | 145 | 160 | 161 | 156 |
| Unrealized foreign currency transaction losses (gains) related to euro-denominated debt | -1,428 | 526 | -163 | 46 |
| Impairment | 457 | - | - | - |
| Impairment of goodwill | - | - | - | 0 |
| Loss on early extinguishment of debt | - | - | 0 | 0 |
| Loss related to the conversion option on convertible senior notes | - | 796 | - | - |
| Gain on sale and leaseback transaction | - | 0 | 0 | 240 |
| Amortization of debt discount and change in fair value of the conversion option related to the convertible senior notes | -360 | - | - | - |
| Other | 14 | -7 | -5 | -38 |
| Accounts receivable | 730 | 506 | 1,330 | 1,228 |
| Prepaid expenses and other current assets | -100 | 12 | -155 | 217 |
| Deferred merchant bookings and other current liabilities | 796 | 1,361 | 2,742 | 3,718 |
| Other | -369 | 476 | -142 | 478 |
| Net cash provided by operating activities | 9,409 | 8,323 | 7,344 | 6,554 |
| Purchase of investments | 0 | 33 | 12 | 768 |
| Proceeds from sale and maturity of investments | 0 | 590 | 1,840 | 32 |
| Additions to property and equipment | 322 | 429 | 345 | 368 |
| Acquisitions, net of cash acquired | - | - | 0 | 0 |
| Proceeds from sale and leaseback transaction | - | 0 | 0 | 601 |
| Other investing activities | -9 | -1 | -3 | 15 |
| Net cash (used in) provided by investing activities | -313 | 129 | 1,486 | -518 |
| Proceeds from the issuance of long-term debt | 3,681 | 4,836 | 1,893 | 3,621 |
| Payments on maturity, redemption, and conversion of debt | 4,970 | 1,312 | 500 | 1,880 |
| Payments for repurchase of common stock | 6,440 | 6,509 | 10,377 | 6,621 |
| Dividends paid | 1,248 | 1,174 | - | - |
| Proceeds from exercise of stock options | 15 | 14 | 134 | - |
| Other financing activities | 47 | -59 | -59 | -17 |
| Net cash used in financing activities | -8,915 | -4,204 | -8,909 | -4,897 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 895 | -190 | -37 | -40 |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 1,076 | 4,058 | -116 | 1,099 |
| Cash and cash equivalents at beginning of period | 16,193 | 12,135 | 12,251 | 11,152 |
| Cash and cash equivalents at end of period | 17,269 | 16,193 | 12,135 | 12,251 |
Booking Holdings Inc. (BKNG)
Booking Holdings Inc. (BKNG)