Common-Size Income Statement
Quarterly Data
Booking Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
A fundamental shift in the revenue composition is evident, characterized by a systemic transition from an agency-based model to a merchant-based model. This structural change is accompanied by a stabilization of operating expenses and a recovery in overall profitability margins over the analyzed period.
- Revenue Mix Evolution
- Merchant revenues have experienced a consistent and significant upward trajectory, increasing from 32.69% of total revenues in March 2021 to 69.74% by June 2026. Conversely, agency revenues have declined proportionally, falling from a peak of 62.84% to 25.88% over the same period. Advertising and other revenues have remained a minor component of the total revenue stream, generally fluctuating between 3% and 8%.
- Operating Expense Dynamics
- Marketing expenses represent the most substantial and volatile cost driver, typically ranging between 25% and 45% of revenues, with observable seasonal dips occurring in the third quarter of most years. Personnel costs, including stock-based compensation, showed a sharp initial decline from 48.38% in March 2021, eventually stabilizing within a range of 10% to 20%. General and administrative expenses, as well as information technology costs, have trended downward as a percentage of revenue, indicating improved operational leverage as the company scaled.
- Profitability and Margin Trends
- Operating income has transitioned from significant losses—bottoming at -27.26% in March 2021—to consistent profitability. Following the initial recovery, operating margins have largely stabilized between 20% and 40%, with several peaks exceeding 30%. Net income followed a similar recovery path, moving from early losses to a sustainable positive range, frequently reaching between 20% and 30% of revenues in recent periods.
- Non-Operating Items and Taxation
- Interest expenses have shown volatility, with a notable peak of 13.63% in March 2025 before moderating. This is partially offset by a consistent stream of interest and dividend income that emerged prominently from 2023 onwards, averaging between 3% and 6%. Income tax expenses have transitioned from benefits during loss-making periods to a consistent drag on net income, typically ranging from 4% to 9% of revenues during profitable quarters.
AI Ask an analyst for more