Common-Size Income Statement
Quarterly Data
Booking Holdings Inc., common-size consolidated income statement (quarterly data)
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).
A significant structural shift in revenue composition is evident over the analyzed period. There is a consistent and pronounced transition from an agency-based revenue model toward a merchant-based model. Merchant revenues have more than doubled as a percentage of total revenues, while agency revenues have seen a corresponding and steady decline.
- Revenue Stream Dynamics
- Merchant revenues increased from 32.69% in March 2021 to a peak of 68.06% in June 2025, ending at 66.85% in March 2026. Conversely, agency revenues decreased from 62.84% in March 2021 to 27.62% in March 2026. Advertising and other revenues remained a minor component, typically fluctuating between 3% and 8% of total revenues.
Operating expenses exhibit a general trend of optimization, although marketing costs remain a primary and volatile expenditure. The most notable reduction is seen in personnel and stock-based compensation, which plummeted from an initial high of 48.38% of revenue in early 2021 to a more stable range between 10% and 16% in subsequent years.
- Expense Management Patterns
- Marketing expenses show seasonal volatility, ranging from highs of approximately 45% to lows of approximately 26%, though there is a slight downward trajectory in the peaks over time. General and administrative expenses, as well as information technology costs, have both contracted significantly, moving from high single-digit percentages to lower ranges, often below 4% of revenue.
- Fixed Cost Trends
- Depreciation and amortization have declined from 9.90% in March 2021 to approximately 2.37% by March 2026, suggesting improved asset utilization or a change in the asset base relative to revenue growth.
Profitability margins have transitioned from early losses to consistent positive returns. Operating income, which began at -27.26% in March 2021, stabilized into a positive range, frequently peaking between 30% and 43% of revenue.
- Income Margin Performance
- Operating income exhibits cyclicality but maintains a strong positive trajectory, with a notable peak of 43.09% in September 2021 and remaining largely above 20% from 2022 onward. Net income reflects similar volatility but established a positive baseline, often ranging between 15% and 30% of revenue in the latter half of the period.
Financial items and tax impacts show varying influences on the bottom line. Interest expenses experienced a sharp increase in late 2024 and early 2025, while interest and dividend income provided a steady offset starting in 2023.
- Non-Operating Factors
- Interest expense spiked to 13.63% of revenue in March 2025 before moderating. Interest and dividend income have consistently contributed between 3% and 6% of revenue since March 2023. Income tax expenses have remained relatively consistent as a percentage of revenue, typically ranging between 4% and 9% during profitable quarters.
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