Booking Holdings Inc（BKNG）の決算・業績分析
Booking Holdings Incの2025年有価証券報告書をAI分析。売上高$26.9B(+13.4%)。営業利益$8.8B。Industrials。
目次
Booking Holdings Incの2025年度 業績サマリー
Booking Holdings Inc（証券コード: BKNG）の2025年度決算・業績分析。売上高は$26.9B（前年比+13.4%）。営業利益は$8.8B（前年比+16.8%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Booking Holdings Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 56.0% YoY to $17.1B (XBRL), driven by strong travel demand and expanded booking windows (10-K).
- Operating income jumped 104.4% YoY to $5.1B (XBRL), with operating margin expanding to 29.9% (XBRL).
- Net income exploded 162.5% YoY to $3.1B (XBRL), supported by robust profitability and $6.6B in share repurchases (XBRL).
- ROE reached 49.5% (XBRL), reflecting strong returns despite a high debt-to-equity ratio of 4.38x (XBRL).
- Net debt was $116M (0.0x EBITDA) (XBRL), indicating a highly liquid balance sheet with $12.1B in cash (XBRL).
Booking Holdings Incの売上高変化の要因
- •Total revenue reached $17.1B (XBRL), a 56.0% YoY increase, driven by a 9% rise in global room nights and strong demand in Europe/Asia (10-K). Segment-specific revenue data is not disclosed (N/A). Growth was also supported by an expanded booking window and mobile app adoption (10-K). Historical data shows revenue growth from $6.8B in FY2022 to $17.1B in FY2024 (XBRL).
Booking Holdings Incの営業利益変化の要因
- •Operating income rose 104.4% YoY to $5.1B (XBRL), with operating margin at 29.9% (XBRL). Net income surged 162.5% YoY to $3.1B (XBRL), translating to a net margin of 17.9% (XBRL). Gross profit data is unavailable (N/A). EBITDA of $5.6B (32.5% margin) (XBRL) reflects strong cost management and operational efficiency.
Booking Holdings Incの事業リスクと対応
Adverse travel market conditions (e.g., pandemics, economic downturns) could reduce demand and revenue (10-K).
Intense competition from tech giants and AI-driven platforms threatens market share (10-K).
High debt levels (D/E 4.38x) and currency fluctuations increase financial vulnerability (XBRL, 10-K).
Cybersecurity risks and data privacy breaches could harm reputation and operations (10-K).
Regulatory challenges related to data privacy, tax liabilities, and payment facilitation pose compliance risks (10-K).
Global growth management and third-party relationship complexities may disrupt operations (10-K).
Booking Holdings Incの今後の見通し・業績予想
Booking Holdings Incの事業内容
Booking Holdings Inc. operates a global online travel platform, generating revenue through merchant/agency travel bookings, advertising, and restaurant reservation management (10-K). Key brands include Booking.com, Priceline, Agoda, KAYAK, and OpenTable (10-K). The company leverages AI technology, loyalty programs, and a diversified portfolio of travel services as competitive advantages (10-K). Its business model relies on facilitating payments for accommodations, flights, ground transportation, and activities, with no significant customer concentration (10-K).
Booking Holdings IncのAI業績分析レポート（2024年度）
Booking Holdings Inc. (BKNG) FY2024 Annual Report Analysis
Highlights
Business Overview
Booking Holdings operates a global online travel platform, generating revenue through merchant/agency travel bookings, advertising, and restaurant reservations (10-K). Key brands include Booking.com, Priceline, Agoda, KAYAK, and OpenTable (10-K). Competitive advantages include AI integration, loyalty programs, and a diversified service portfolio (10-K). No significant customer concentration exists (10-K).
Revenue Analysis
Total revenue grew 56.0% YoY to $17.1B (XBRL), driven by a 9% increase in global room nights and strong demand in Europe/Asia (10-K). Historical revenue growth: $6.8B (FY2022) → $11.0B (FY2023) → $17.1B (FY2024) (XBRL). Segment-specific revenue data is not disclosed (N/A).
Profitability Analysis
Operating income surged 104.4% YoY to $5.1B (XBRL), with operating margin at 29.9% (XBRL). Net income jumped 162.5% YoY to $3.1B (XBRL), translating to a net margin of 17.9% (XBRL). EBITDA of $5.6B (32.5% margin) (XBRL) reflects strong cost management.
Balance Sheet Analysis
Cash totaled $12.1B (XBRL), while long-term debt was $12.2B (XBRL), resulting in net debt of $116M (0.0x EBITDA) (XBRL). Equity ratio was 25.4% (XBRL), with total equity at $6.2B (XBRL). Current ratio of 1.28x (XBRL) indicates moderate liquidity.
Cash Flow Analysis
Operating cash flow reached $6.6B (XBRL), significantly outpacing net income of $3.1B (XBRL). Free cash flow was $6.2B (XBRL), calculated as operating cash flow ($6.6B) minus CapEx of $368M (XBRL). $6.6B was returned to shareholders via share repurchases (XBRL), with no dividends paid (XBRL).
Risks
Outlook
Management guided FY2025 revenue to $21.4B (10-K), driven by 9% YoY room night growth, mobile app adoption (low-fifties% of bookings), and expanded merchant-based transactions. Key trends include regional demand dynamics, ADR fluctuations, and continued AI integration (10-K).
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