In 2025 Booking Holdings intermediated $186.1 billion of other people’s travel, kept $26.9 billion of it as revenue, and turned that into $9.1 billion of free cash flow from a business that spent $322 million on capital expenditure all year. It then handed shareholders $7.7 billion — more than it earned — as it has in most years for a decade. The cumulative effect is a balance sheet carrying $54.3 billion of treasury stock and a stockholders’ deficit that had reached $10.8 billion by 30 June 2026. In the same accounts, the company wrote $457 million off KAYAK, and its own Form 10-K names generative AI among the reasons. This is a full institutional-grade equity research report on Booking Holdings Inc. (Nasdaq: BKNG), built from the FY2025 10-K, the 10-Q for the quarter ended 30 June 2026, the annual reports back to fiscal 2000, SEC XBRL and the earnings calls, into eight structured chapters and 44 generated charts.
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