Common-Size Income Statement
Quarterly Data
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Booking Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 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
- Merchant revenues as a percentage of total revenues present an upward trend from 28.8% in March 2020 to 65.56% projected for December 2025, reflecting a gradual but consistent increase over the analyzed periods. Conversely, agency revenues exhibit a steady decline from 62.24% in March 2020 to 30.07% by June 2025, indicating a shifting revenue mix away from agency-based earnings. Advertising and other revenues demonstrate fluctuation, ranging roughly between 3% and 8%, without a clear long-term directional trend, though a mild oscillation is observed.
- Operating Expenses
- Marketing expenses, as a percentage of revenues, show significant volatility, with highs around -45.74% to lows near -26.91%, and no consistent trend toward either increase or decrease. Sales and other expenses generally remain between -20.79% and -4.89%, with periodic fluctuations but an overall tendency to stabilize in the mid to low teens in negative percentage terms. Personnel costs, including stock-based compensation, experience dramatic swings early on (notably the -71.75% figure) but more recently have moderated between roughly -10% and -21.57% of revenues. General and administrative expenses have generally decreased over time, falling from -16.51% in June 2020 to as low as -1.91% in June 2024, indicating improved cost control in administrative functions. Information technology and depreciation/amortization expenses show moderate fluctuations but no clear trend, generally remaining between approximately -1.8% and -7.6% of revenues.
- Special Charges and Other Expense Categories
- Impairment of goodwill is notable only in early quarters (March and September 2020) with significant negative values (-21.37% and -21.7%), then absent in subsequent periods. Transformation costs are minimal and appear only toward the later periods, around -0.5% to -0.67%. Restructuring, disposal, and other exit activities show irregular and mostly minor negative or positive impacts scattered across the timeline.
- Overall Operating Performance
- Operating expenses exceed total revenues consistently, reaching highly negative peaks (e.g., -176.83% in June 2020), indicating that non-operating income or other factors are necessary for profitability. Operating income shifted from negative in early 2020 to positive figures, peaking significantly (43.09% in September 2021) and showing improved profitability in recent quarters with values mostly above 10%, reaching projections above 30% by the end of the dataset.
- Financial Income and Expense
- Interest expense as a percentage of revenues is generally negative, fluctuating between about -1.69% and -15.24%, with an increasing trend in later periods showing spikes above -9%, suggesting some variability in financing costs. Interest and dividend income appear only from late 2022 onward, providing a positive contribution in the range of 3.44% to 6.03% of revenues, which may offset some interest expenses. Other income (expense), net, is highly variable, with pronounced positive and negative swings, suggesting episodic gains and losses unrelated to core operations.
- Income Before and After Taxes
- Income before income taxes moves from significantly negative values in early 2020 (-31.56%) to notable positive results peaking at over 40% in select quarters (e.g., 42.9% in September 2023). The trend implies a recovery and strengthening profitability. Income tax expense fluctuates widely, affecting net income volatility, with both positive and negative percentages recorded, indicating tax benefits in some periods and expenses in others, without a clear directional trend. Net income follows a similar pattern to income before taxes, transitioning from losses early in the period to consistent profitability in later periods, peaking around 34.21% in September 2023, but also experiencing some declines intermittently.