Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Booking Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition
- The proportion of merchant revenues as a percentage of total revenues has shown a consistent upward trend, increasing from 28.8% in Q1 2020 to 68.06% by Q3 2025. Conversely, agency revenues have exhibited a steady decline over the same period, decreasing from 62.24% to 28.52%. Advertising and other revenues have remained relatively small and fluctuating without a clear directional trend, generally staying under 7%. This shift suggests a strategic pivot or market change favoring merchant revenue streams over agency-based income.
- Operating Expenses
- Operating expenses expressed as a percentage of revenues have been highly volatile but show a general decline in magnitude since Q1 2020. After peak negative values in mid-2020, operating expenses have moderated, moving from extreme levels (e.g., -176.83% in Q2 2020) toward lower absolute percentages (around -60% to -77% in recent quarters). This indicates improved cost control or operational efficiencies over the five-year period.
- Marketing Expenses
- Marketing expenses have fluctuated considerably but generally remain a significant cost component, ranging roughly between -25.98% and -45.74% of revenues. The pattern involves large expenditures early in the period with some reduction and variability in recent years. The outlier high marketing costs in Q2 2021 (-45.74%) may point to aggressive sales campaigns or investments during that quarter.
- Sales and Other Expenses
- Sales and other expenses have shown a declining trend in significance relative to revenues, with percentages generally decreasing from around -20.79% in mid-2020 to values near -11.35% by late 2025. This suggests better management or structural changes in sales-related cost categories.
- Personnel Expenses
- Personnel costs have experienced substantial volatility, peaking to an extreme of -71.75% in Q2 2020, likely due to extraordinary charges or stock-based compensation adjustments, and then stabilizing at lower levels around -10% to -19% subsequently. The sharp swings indicate episodic staffing or compensation-related expenses, with overall improvement in recent years.
- General & Administrative Expenses
- These expenses have remained fairly stable, mostly ranging between -1.91% and -16.51%. Recent quarters show a trend toward lower relative expenses closer to -2.82%, signaling ongoing efforts to control overhead costs.
- Information Technology, Depreciation, and Amortization
- Costs related to IT and depreciation/amortization have generally declined as a percentage of revenues, with IT expenses moving from double digits in some early quarters to below -3.0% in later periods. Depreciation and amortization have likewise decreased from values near -17.78% to less than -2%. This may reflect changes in asset base intensity or capitalization policies.
- Special Items
- Impairments primarily occurred in early periods, with significant charges around Q1 2020 and minor impacts toward Q3 2025. Transformation costs appear only in the later quarters and remain minimal as a percentage of revenues. Restructuring and other exit activities were sporadically reported, indicating occasional adjustments in operational structure.
- Profitability Metrics
- Operating income (loss) as a percentage of revenues has improved markedly. After substantial losses in early 2020 (down to -76.83%), the company has turned to consistent profitability, with operating income reaching above 38% of revenues by Q3 2025. Net income margins followed a similar trend, recovering from negative territory to attain positive levels exceeding 30% of revenues in recent quarters.
- Interest and Other Income/Expenses
- Interest expense showed a general decline as a percentage of revenues but spiked notably toward mid-2025, suggesting possible changes in debt structure or interest rates. Interest and dividend income data are limited to recent years but indicate positive contributions. Other income/expense fluctuated significantly without a clear trend, occasionally showing large positive or negative impacts on earnings.
- Tax Impact
- Income tax expense as a percentage of revenues has been volatile, with both positive and negative values over time. This suggests fluctuations in taxable income, tax rates, or special tax provisions affecting net income throughout the timeline.