Analysis of Debt
Total Debt (Carrying Amount)
Booking Holdings Inc., balance sheet: debt
US$ in millions
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).
The carrying amount of total outstanding debt and finance lease liabilities exhibited a consistent upward trend over the five-year period. Increases were observed across both short-term and long-term debt components, though with differing patterns. A more detailed examination of the individual components reveals nuanced shifts in the company’s debt structure.
- Short-Term Debt
- Short-term debt demonstrated significant volatility. It decreased substantially from US$1,989 million in 2021 to US$500 million in 2022. However, it rebounded sharply to US$1,961 million in 2023, followed by a slight decrease to US$1,745 million in 2024, and a further increase to US$1,880 million in 2025. This suggests active management of short-term financing needs, potentially linked to operational cash flow or strategic investments.
- Long-Term Debt
- Long-term debt consistently increased throughout the period, rising from US$8,937 million in 2021 to US$16,856 million in 2025. The rate of increase accelerated between 2022 and 2024, indicating a potential increase in reliance on long-term financing for growth initiatives or capital expenditures. The increase from US$14,853 million in 2024 to US$16,856 million in 2025 represents the largest single-year increase in this category.
- Finance Lease Liabilities
- Both current and non-current finance lease liabilities increased initially, then showed signs of decreasing. Current finance lease liabilities rose from US$4 million in 2021 to US$34 million in 2023, before decreasing to US$26 million in 2024 and US$6 million in 2025. Non-current finance lease liabilities followed a similar pattern, increasing from US$6 million in 2021 to US$34 million in 2023, then decreasing to US$7 million in 2024, with no value reported for 2025. This suggests a potential shift in the company’s leasing strategy or the maturity of existing lease agreements.
Overall, the company’s total debt increased from US$10,936 million in 2021 to US$18,742 million in 2025. The primary driver of this increase was the growth in long-term debt, while short-term debt experienced more fluctuation. The trend in finance lease liabilities suggests a possible recalibration of leasing activities.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Outstanding debt | 18,900) |
| Finance lease liabilities | 6) |
| Total outstanding debt and finance lease liabilities (fair value) | 18,906) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.01 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt and finance lease liabilities: 3.71%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.70% | 1,000) | 37) | |
| 4.08% | 880) | 36) | |
| 1.86% | 1,173) | 22) | |
| 3.63% | 499) | 18) | |
| 0.63% | 879) | 6) | |
| 3.74% | 585) | 22) | |
| 3.61% | 585) | 21) | |
| 4.35% | 877) | 38) | |
| 3.13% | 876) | 27) | |
| 3.32% | 582) | 19) | |
| 4.57% | 1,169) | 53) | |
| 3.71% | 760) | 28) | |
| 3.41% | 698) | 24) | |
| 4.26% | 1,456) | 62) | |
| 4.81% | 1,167) | 56) | |
| 3.82% | 867) | 33) | |
| 3.92% | 984) | 39) | |
| 3.81% | 584) | 22) | |
| 4.25% | 870) | 37) | |
| 4.15% | 865) | 36) | |
| 4.03% | 805) | 32) | |
| 4.66% | 575) | 27) | |
| 3.50% | 6) | —) | |
| Total | 18,742) | 696) | |
| 3.71% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 696 ÷ 18,742 = 3.71%