Booking Holdings (BKNG) Operating Margin (2009 - 2026)
Booking Holdings' (BKNG) quarterly Operating Margin came in at 22.98% in Q1 2026, up 67.0% YoY from 13.76% in Q1 2025, and down 28.14% on a QoQ basis from 31.97% in Q4 2025.
Booking Holdings (BKNG) Operating Margin (2009 - 2026) Analysis & Trends
Booking Holdings (BKNG) has 18 years of Operating Margin data on file, last reported at 22.98% in Q1 2026.
- Quarterly Operating Margin rose 67.0% year-over-year to 22.98% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 32.63% (up 14.0% YoY) and the FY2025 annual result came in at 32.79%, up 96.0% from the prior year.
- Operating Margin declined to 22.98% in Q1 2026, from 31.97% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 42.68% in Q3 2022 to a low of 6.46% in Q1 2022.
- A 5-year average of 27.83% and a median of 31.6% in 2024 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin soared 3371 bps — and 2023, when it sank 2049 bps.
- Tracing BKNG's Operating Margin over 5 years: stood at 33.22% in 2022, then sank by 62 bps to 12.73% in 2023, then jumped by 148 bps to 31.6% in 2024, then gained by 1 bps to 31.97% in 2025, then fell by 28 bps to 22.98% in 2026.
- The last three Operating Margin figures came in at 22.98% (Q1 2026), 31.97% (Q4 2025), and 38.67% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 159.34 Bn | 142.12 Bn | 4.98 Bn | 34.00% |
| 2 | Airbnb | 108.60 Bn | 96.53 Bn | 2.98 Bn | 21.01% |
| 3 | Royal Caribbean Cruises | 81.57 Bn | 80.88 Bn | 2.29 Bn | 27.05% |
| 4 | Viking Holdings | 44.18 Bn | 40.38 Bn | 713.43 Mn | 20.91% |
| 5 | Carnival | 38.51 Bn | 36.29 Bn | - | 12.77% |
| 6 | Expedia | 38.08 Bn | 30.96 Bn | 3.91 Bn | 18.54% |
| 7 | Trip.com | 29.19 Bn | 17.73 Bn | 1.86 Bn | 24.34% |
| 8 | Norwegian Cruise Line Holdings | 8.73 Bn | 8.51 Bn | 1.05 Bn | 13.76% |
| 9 | MakeMyTrip | 5.85 Bn | 5.09 Bn | 212.91 Mn | 15.30% |
| 10 | Global Business Travel | 4.94 Bn | 4.47 Bn | 514.00 Mn | 2.76% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 34.00% |
| Mar 31, 2026 | 22.98% |
| Dec 31, 2025 | 31.97% |
| Sep 30, 2025 | 38.67% |
| Jun 30, 2025 | 33.10% |
| Mar 31, 2025 | 22.30% |
| Dec 31, 2024 | 31.60% |
| Sep 30, 2024 | 39.77% |
| Jun 30, 2024 | 31.68% |
| Mar 31, 2024 | 17.92% |
| Dec 31, 2023 | 12.73% |
| Sep 30, 2023 | 42.27% |
| Jun 30, 2023 | 30.63% |
| Mar 31, 2023 | 11.91% |
| Dec 31, 2022 | 33.22% |
| Sep 30, 2022 | 42.68% |
| Jun 30, 2022 | 23.29% |
| Mar 31, 2022 | 6.46% |
| Dec 31, 2021 | 28.45% |
| Sep 30, 2021 | 43.09% |