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Mar 31
Booking Q1 2025 Earnings Report
Booking Holdings reported mixed Q1 2025 results with strong gross bookings growth but declining profitability.
Key Takeaways
Booking Holdings posted 8% revenue growth to $4.8B with 7% growth in room nights and gross bookings, while GAAP net income declined 57% due to higher interest expenses and one-time items. Adjusted EBITDA grew 21% with strong free cash flow generation of $3.2B.
Revenue grew 8% to $4.8B (10% constant currency)
GAAP EPS declined 55% to $10.07 while Adjusted EPS grew 22% to $24.81
Room nights grew 7% to 319M with gross bookings up 7% to $46.7B
Generated $3.2B free cash flow and repurchased $1.8B in shares
Booking
Booking
Booking Revenue by Segment
Revenue by Segment
Merchant Revenue
CapyFin.comAgency Revenue
CapyFin.comAdvertising & Other Revenue
CapyFin.com Forward Guidance
While noting near-term macroeconomic uncertainty, management remains focused on long-term growth through strategic execution.
Positive Outlook
- Strong 7% growth in room nights and gross bookings
- 21% growth in Adjusted EBITDA
- $25.9B remaining share repurchase authorization
- 10% constant currency revenue growth
- Robust free cash flow generation at $3.2B
Challenges Ahead
- 57% decline in GAAP net income
- Significant increase in interest expenses
- Agency revenue declined 12.8% YoY
- Macroeconomic and geopolitical uncertainty
- Foreign exchange headwinds
Revenue & Expenses
Visualization of income flow from segment revenue to net income