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Side-by-side financial comparison of Booking Holdings (BKNG) and Victoria's Secret & Co. (VSCO). Click either name above to swap in a different company.
Booking Holdings is the larger business by last-quarter revenue ($6.3B vs $1.5B, roughly 4.3× Victoria's Secret & Co.). On growth, Booking Holdings posted the faster year-over-year revenue change (16.0% vs 9.3%). Booking Holdings produced more free cash flow last quarter ($1.4B vs $-232.0M). Over the past eight quarters, Booking Holdings's revenue compounded faster (19.9% CAGR vs -15.9%).
Booking Holdings is a leading global travel services group that operates a portfolio of well-known online platforms including Booking.com, Priceline, Agoda, KAYAK, Rentalcars.com and OpenTable. It offers leisure and business travelers services covering accommodation reservations, flight ticketing, car rentals, vacation packages and restaurant reservations, serving markets across North America, Europe, Asia Pacific and other regions, partnering with millions of travel and hospitality merchants worldwide.
Victoria's Secret is an American lingerie, clothing and beauty retailer. Founded in 1977 by Stanford graduate student Roy Raymond and his wife Gaye, the company's five lingerie stores were sold to Les Wexner in 1982. Wexner rapidly expanded into American shopping malls, expanding the company into 350 stores nationally with sales of $1 billion by the early 1990s, when Victoria's Secret became the largest lingerie retailer in the United States.
BKNG vs VSCO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2026
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $1.5B |
| Net Profit | — | $-37.0M |
| Gross Margin | — | 36.4% |
| Operating Margin | 32.0% | -1.3% |
| Net Margin | — | -2.5% |
| Revenue YoY | 16.0% | 9.3% |
| Net Profit YoY | — | 33.9% |
| EPS (diluted) | $43.66 | $-0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $6.3B | $1.5B | ||
| Q3 25 | $9.0B | $1.5B | ||
| Q2 25 | $6.8B | $1.4B | ||
| Q1 25 | $4.8B | $2.1B | ||
| Q4 24 | $5.5B | $1.3B | ||
| Q3 24 | $8.0B | $1.4B | ||
| Q2 24 | $5.9B | $1.4B | ||
| Q1 24 | $4.4B | $2.1B |
| Q4 25 | — | $-37.0M | ||
| Q3 25 | — | $16.0M | ||
| Q2 25 | — | $-2.0M | ||
| Q1 25 | — | $193.0M | ||
| Q4 24 | — | $-56.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $-4.0M | ||
| Q1 24 | — | $180.0M |
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
| Q4 25 | 32.0% | -1.3% | ||
| Q3 25 | 38.7% | 2.8% | ||
| Q2 25 | 33.1% | 1.5% | ||
| Q1 25 | 22.3% | 12.8% | ||
| Q4 24 | 31.6% | -3.5% | ||
| Q3 24 | 39.8% | 4.4% | ||
| Q2 24 | 31.7% | 1.9% | ||
| Q1 24 | 17.9% | 12.4% |
| Q4 25 | — | -2.5% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | -0.3% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | $43.66 | $-0.46 | ||
| Q3 25 | $84.41 | $0.20 | ||
| Q2 25 | $27.43 | $-0.02 | ||
| Q1 25 | $10.07 | $2.41 | ||
| Q4 24 | $31.60 | $-0.71 | ||
| Q3 24 | $74.34 | $0.40 | ||
| Q2 24 | $44.38 | $-0.05 | ||
| Q1 24 | $22.37 | $2.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $17.2B | $249.0M |
| Total DebtLower is stronger | $18.7B | — |
| Stockholders' EquityBook value | $-5.6B | $653.0M |
| Total Assets | $29.3B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.2B | $249.0M | ||
| Q3 25 | $16.5B | $188.0M | ||
| Q2 25 | $17.6B | $138.0M | ||
| Q1 25 | $15.6B | $227.0M | ||
| Q4 24 | $16.2B | $161.0M | ||
| Q3 24 | $15.8B | $169.0M | ||
| Q2 24 | $16.3B | $105.0M | ||
| Q1 24 | $16.0B | $270.0M |
| Q4 25 | $18.7B | — | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | — | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
| Q4 25 | $-5.6B | $653.0M | ||
| Q3 25 | $-4.7B | $680.0M | ||
| Q2 25 | $-6.7B | $645.0M | ||
| Q1 25 | $-6.1B | $640.0M | ||
| Q4 24 | $-4.0B | $429.0M | ||
| Q3 24 | $-3.7B | $472.0M | ||
| Q2 24 | $-4.3B | $423.0M | ||
| Q1 24 | $-4.1B | $417.0M |
| Q4 25 | $29.3B | $5.1B | ||
| Q3 25 | $28.8B | $4.8B | ||
| Q2 25 | $30.7B | $4.6B | ||
| Q1 25 | $27.2B | $4.5B | ||
| Q4 24 | $27.7B | $4.9B | ||
| Q3 24 | $28.0B | $4.6B | ||
| Q2 24 | $28.5B | $4.4B | ||
| Q1 24 | $27.7B | $4.6B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $-180.0M |
| Free Cash FlowOCF − Capex | $1.4B | $-232.0M |
| FCF MarginFCF / Revenue | 22.3% | -15.8% |
| Capex IntensityCapex / Revenue | 1.1% | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $9.1B | $309.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $-180.0M | ||
| Q3 25 | $1.4B | $156.0M | ||
| Q2 25 | $3.2B | $-150.0M | ||
| Q1 25 | $3.3B | $674.0M | ||
| Q4 24 | $721.0M | $-248.0M | ||
| Q3 24 | $2.4B | $115.0M | ||
| Q2 24 | $2.5B | $-116.0M | ||
| Q1 24 | $2.7B | $589.0M |
| Q4 25 | $1.4B | $-232.0M | ||
| Q3 25 | $1.4B | $88.0M | ||
| Q2 25 | $3.1B | $-193.0M | ||
| Q1 25 | $3.2B | $646.0M | ||
| Q4 24 | $645.0M | $-299.0M | ||
| Q3 24 | $2.3B | $55.0M | ||
| Q2 24 | $2.4B | $-155.0M | ||
| Q1 24 | $2.6B | $557.0M |
| Q4 25 | 22.3% | -15.8% | ||
| Q3 25 | 15.2% | 6.0% | ||
| Q2 25 | 46.1% | -14.3% | ||
| Q1 25 | 66.4% | 30.7% | ||
| Q4 24 | 11.8% | -22.2% | ||
| Q3 24 | 28.7% | 3.9% | ||
| Q2 24 | 40.6% | -11.4% | ||
| Q1 24 | 58.3% | 26.7% |
| Q4 25 | 1.1% | 3.5% | ||
| Q3 25 | 0.7% | 4.7% | ||
| Q2 25 | 0.9% | 3.2% | ||
| Q1 25 | 2.5% | 1.3% | ||
| Q4 24 | 1.4% | 3.8% | ||
| Q3 24 | 1.0% | 4.2% | ||
| Q2 24 | 2.5% | 2.9% | ||
| Q1 24 | 2.9% | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
