Booking 2025年度报告

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of common stock held by non-affiliates of Booking Holdings Inc. at June 30, 2025 was approximately $187.4billion based upon the closingprice reported for such date on the NASDAQ Global Select Market.For purposes of this disclosure, shares of common stock held by executive officers and directors ofBooking Holdings Inc. on June 30, 2025 have been excluded because such persons may be deemed to be affiliates of Booking Holdings Inc. This determination of affiliatestatus is not necessarily a conclusive determination for other purposes. The number of outstanding shares of Booking Holdings Inc.'s common stock was 31,673,346 at February10, 2026. DOCUMENTS INCORPORATED BY REFERENCE The information required by PartIII of this Annual Report on Form10-K, to the extent not set forth in this Form10-K, isincorporated herein by reference from Booking Holdings Inc.'s definitive proxy statement relating to its annual meeting of stockholdersto be held on June2, 2026, to be filed with the Securities and Exchange Commission within 120 days after the end of Booking HoldingsInc.'s fiscal year ended December31, 2025. Booking Holdings Inc. Annual Report on Form10-K for the Year Ended December31, 2025 Index Special Note Regarding Forward Looking StatementsPARTIItem 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity SecuritiesItem 6.[Reserved]Item 7.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 7A.Quantitative and Qualitative Disclosures About Market RiskItem 8.Financial Statements and Supplementary DataItem 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A.Controls and ProceduresItem 9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Item 10.Directors, Executive Officers and Corporate GovernanceItem 11.Executive CompensationItem 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMattersItem 13.Certain Relationships and Related Transactions, and Director IndependenceItem 14.Principal Accountant Fees and Services PARTIVItem 15.Exhibits and Financial Statement SchedulesItem 16.Form 10-K SummarySignaturesConsolidated Financial Statements Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K, including "Management's Discussion and Analysis of Financial Condition and Results ofOperation" in Part II, Item 7, and the documents incorporated by reference contain forward-looking statements. These statementsreflect our views regarding current expectations and projections about future events and conditions and are based on currently availableinformation. They are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult topredict, including the Risk Factors identified in Part I, Item 1A of this Annual Report. Our actual results could differ materially from thoseexpressed or implied in any such statements. Expressions of future goals and expectations and similar expressions, including "may,""will," "should," "could," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential,""targets," and "continue," ref