Operating Profit Margin
since 2005
Calculation
Booking Holdings Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income (loss)1 | ÷ | Revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 32.79% | = | 100 | × | 8,825) | ÷ | 26,917) |
| Dec 31, 2024 | 31.83% | = | 100 | × | 7,555) | ÷ | 23,739) |
| Dec 31, 2023 | 27.31% | = | 100 | × | 5,835) | ÷ | 21,365) |
| Dec 31, 2022 | 29.85% | = | 100 | × | 5,102) | ÷ | 17,090) |
| Dec 31, 2021 | 22.78% | = | 100 | × | 2,496) | ÷ | 10,958) |
| Dec 31, 2020 | -9.28% | = | 100 | × | (631) | ÷ | 6,796) |
| Dec 31, 2019 | 35.48% | = | 100 | × | 5,345) | ÷ | 15,066) |
| Dec 31, 2018 | 36.77% | = | 100 | × | 5,341) | ÷ | 14,527) |
| Dec 31, 2017 | 35.79% | = | 100 | × | 4,538) | ÷ | 12,681) |
| Dec 31, 2016 | 27.05% | = | 100 | × | 2,906) | ÷ | 10,743) |
| Dec 31, 2015 | 35.33% | = | 100 | × | 3,259) | ÷ | 9,224) |
| Dec 31, 2014 | 36.41% | = | 100 | × | 3,073) | ÷ | 8,442) |
| Dec 31, 2013 | 35.51% | = | 100 | × | 2,412) | ÷ | 6,793) |
| Dec 31, 2012 | 34.78% | = | 100 | × | 1,830) | ÷ | 5,261) |
| Dec 31, 2011 | 32.12% | = | 100 | × | 1,399) | ÷ | 4,356) |
| Dec 31, 2010 | 25.50% | = | 100 | × | 787) | ÷ | 3,085) |
| Dec 31, 2009 | 20.14% | = | 100 | × | 471) | ÷ | 2,338) |
| Dec 31, 2008 | 15.36% | = | 100 | × | 289) | ÷ | 1,885) |
| Dec 31, 2007 | 9.79% | = | 100 | × | 138) | ÷ | 1,409) |
| Dec 31, 2006 | 5.52% | = | 100 | × | 62) | ÷ | 1,123) |
| Dec 31, 2005 | 3.73% | = | 100 | × | 36) | ÷ | 963) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The operating profit margin exhibited a generally increasing trend from 2005 through 2018, followed by a significant disruption in 2020, and subsequent recovery. This analysis details the observed patterns and fluctuations in the operating profit margin over the period from 2005 to 2025.
- Initial Growth Phase (2005-2009)
- From 2005 to 2009, the operating profit margin increased steadily, rising from 3.73% to 20.14%. This indicates improving operational efficiency and profitability during this period. The rate of increase accelerated in the later years of this phase.
- Peak and Stabilization (2010-2013)
- The operating profit margin continued to climb, reaching a peak of 36.41% in 2013. Between 2010 and 2013, the margin experienced its most rapid growth, suggesting successful scaling of operations and effective cost management. The margin then stabilized in a narrow range between 34.78% and 35.51%.
- Mid-Range Fluctuation (2014-2018)
- From 2014 to 2018, the operating profit margin fluctuated within a range of 35.33% to 36.77%. While remaining at a high level, the absence of consistent growth suggests a maturing business with limited opportunities for substantial margin expansion.
- Significant Disruption (2019-2020)
- In 2020, the operating profit margin experienced a dramatic decline to -9.28%, representing a substantial loss. This is a significant departure from prior performance and likely reflects the impact of external factors, such as the global pandemic, on revenue and operational costs. Revenues also decreased significantly in 2020.
- Recovery and Continued Growth (2021-2025)
- Following the disruption in 2020, the operating profit margin demonstrated a strong recovery, increasing to 22.78% in 2021, 29.85% in 2022, 27.31% in 2023, 31.83% in 2024, and 32.79% in 2025. This indicates successful adaptation to changing conditions and a return to profitability. While not reaching the peak levels of 2013, the margin has stabilized in a healthy range.
Overall, the operating profit margin demonstrates a resilient business model capable of navigating significant challenges. The period from 2005 to 2019 showcases consistent profitability and growth, while the events of 2020 highlight the vulnerability to external shocks. The subsequent recovery underscores the company’s ability to rebound and maintain a strong financial position.
Comparison to Competitors
Booking Holdings Inc., operating profit margin, long-term trends, comparison to competitors
| Booking Holdings Inc. | Airbnb Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Dec 31, 2025 | 32.79% | 20.78% | 16.23% | 5.27% | 46.10% | 7.90% |
| Dec 31, 2024 | 31.83% | 23.00% | 16.94% | -0.35% | 45.19% | 14.95% |
| Dec 31, 2023 | 27.31% | 15.31% | 15.78% | -6.71% | 45.68% | 16.32% |
| Dec 31, 2022 | 29.85% | 21.45% | 13.44% | -17.07% | 40.42% | 14.32% |
| Dec 31, 2021 | 22.78% | 7.17% | 10.67% | -9.25% | 44.59% | 16.77% |
| Dec 31, 2020 | -9.28% | -106.27% | 4.85% | -15.11% | 38.13% | 6.64% |
| Dec 31, 2019 | 35.48% | — | 7.95% | — | 43.03% | 15.38% |
| Dec 31, 2018 | 36.77% | — | 5.31% | — | 41.96% | 15.71% |
| Dec 31, 2017 | 35.79% | — | 6.05% | — | 41.86% | 18.47% |
| Dec 31, 2016 | 27.05% | — | 0.89% | — | 31.45% | 19.57% |
| Dec 31, 2015 | 35.33% | — | 16.96% | — | 28.12% | 18.79% |
| Dec 31, 2014 | 36.41% | — | 17.30% | — | 28.97% | 18.73% |
| Dec 31, 2013 | 35.51% | — | 16.57% | — | 31.18% | -2.19% |
| Dec 31, 2012 | 34.78% | — | 16.69% | — | 31.21% | 15.02% |
| Dec 31, 2011 | 32.12% | — | 15.45% | — | 31.58% | 14.77% |
| Dec 31, 2010 | 25.50% | — | 15.68% | — | 31.04% | 13.26% |
| Dec 31, 2009 | 20.14% | — | 13.42% | — | 30.08% | 5.75% |
| Dec 31, 2008 | 15.36% | — | 9.31% | — | 27.39% | 4.85% |
| Dec 31, 2007 | 9.79% | — | 9.96% | — | 17.02% | 11.20% |
| Dec 31, 2006 | 5.52% | — | 7.53% | — | 20.59% | 11.48% |
| Dec 31, 2005 | 3.73% | — | 4.94% | — | 19.66% | 12.26% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).