Analysis of Debt
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Booking Holdings Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
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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 | |
| Finance lease liabilities | |
| Total outstanding debt and finance lease liabilities (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
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:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =