Stock Analysis on Net
Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

Common-Size Balance Sheet: Assets
Quarterly Data

Booking Holdings Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 57.81 58.79 57.42 57.34 57.29 58.34 56.38 57.08 56.37 49.74 51.86 54.98 56.10 48.19 40.89 48.34 47.13 47.07 49.88 47.03 51.37
Short-term investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.13 1.31 2.37 2.43 2.41 1.42 0.69 0.53 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, net of allowance for expected credit losses 12.70 13.05 13.96 14.24 12.10 11.55 13.04 13.36 11.89 13.36 13.45 10.56 8.13 8.79 10.35 9.18 7.20 5.74 6.66 5.40 2.48
Prepaid expenses, net 2.23 2.09 2.01 2.04 1.95 2.12 1.75 2.35 2.66 2.65 2.65 3.20 2.60 1.88 2.77 2.01 1.76 1.71 1.69 1.39 1.21
Other current assets 2.78 2.15 2.09 2.19 2.03 1.95 2.20 1.69 1.63 1.87 1.69 1.71 1.71 2.74 1.71 1.40 1.43 1.08 3.26 3.92 4.59
Current assets 75.52% 76.08% 75.48% 75.81% 73.37% 73.95% 73.38% 74.60% 73.85% 69.98% 72.09% 72.86% 69.95% 62.29% 56.25% 60.93% 57.52% 55.60% 61.49% 57.74% 59.64%
Property and equipment, net 2.83 2.76 2.84 2.76 3.15 3.00 3.15 3.07 2.90 3.22 2.86 2.76 2.77 2.64 3.98 3.50 3.77 3.48 3.26 3.13 3.10
Operating lease assets 2.19 2.16 2.10 1.93 2.04 2.02 2.14 2.23 2.39 2.90 2.51 2.29 2.47 2.54 1.82 1.82 2.18 2.10 1.91 1.91 2.03
Intangible assets, net 3.18 3.14 3.34 4.21 4.90 4.99 5.18 5.25 5.60 6.63 6.48 6.48 7.05 7.21 8.41 7.86 8.92 8.70 7.18 7.22 7.45
Goodwill 9.60 9.12 9.28 9.30 10.36 10.10 10.14 9.86 10.15 11.61 10.94 10.62 11.17 11.07 12.73 11.60 12.86 12.21 8.02 7.90 7.96
Long-term investments 1.71 1.99 2.26 1.82 1.98 1.93 1.79 1.64 1.60 1.81 1.64 1.66 3.20 11.00 12.01 9.72 9.83 13.43 14.07 18.09 16.01
Other assets, net 4.97 4.76 4.68 4.16 4.20 4.00 4.21 3.35 3.51 3.86 3.50 3.34 3.39 3.25 4.80 4.56 4.93 4.48 4.07 4.01 3.81
Long-term assets 24.48% 23.92% 24.52% 24.19% 26.63% 26.05% 26.62% 25.40% 26.15% 30.02% 27.91% 27.14% 30.05% 37.71% 43.75% 39.07% 42.48% 44.40% 38.51% 42.26% 40.36%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

An analysis of the asset composition reveals a significant structural shift toward liquidity over the observed period. Total current assets increased from approximately 60% of total assets in early 2021 to over 75% by the first quarter of 2026, reflecting a strategic transition toward a more liquid balance sheet.

Liquid Asset Trends
Cash and cash equivalents consistently represent the largest portion of the asset base, exhibiting a general upward trend from approximately 47% to 58% of total assets. This indicates a substantial strengthening of the immediate cash position over the five-year period.
Accounts Receivable Dynamics
A notable expansion in accounts receivable is observed, rising from 2.48% in March 2021 to a range of 12% to 14% by 2025 and 2026. This suggests a substantial increase in the volume of credit extended to customers or a shift in the timing of revenue collections relative to total asset growth.
Short-term Investment Fluctuations
Short-term investments remained a negligible component of the asset structure, appearing intermittently between September 2022 and June 2024, peaking at 2.43% before returning to zero or missing values in the final periods.
Long-term Investment Divestment
The most significant decrease occurred in long-term investments, which plummeted from a peak of 18.09% in June 2021 to approximately 1.71% by March 2026. This contraction is the primary driver behind the overall reduction in the weight of long-term assets.
Intangible Assets and Goodwill
Intangible assets showed a steady decline from 7.45% to 3.18%, likely reflecting the effects of amortization. Goodwill remained relatively stable in nominal terms but experienced a proportional decline from a peak of 12.86% in March 2022 to 9.60% by March 2026, largely due to the dilution caused by the growth of current assets.
Fixed and Operating Assets
Property, plant, and equipment, as well as operating lease assets, remained consistently low and stable, collectively representing less than 6% of total assets throughout the entire period, indicating a low-capital-intensity asset model.

The transition from long-term investments to cash and receivables has fundamentally altered the asset profile, resulting in the reduction of long-term assets from a high of 44.40% in December 2021 to approximately 24.48% by March 2026. The resulting balance sheet reflects a high degree of financial flexibility and a concentrated reliance on highly liquid current assets.

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