Stock Analysis on Net
Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG) 

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Booking Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable 17.41 13.80 14.30 9.89 6.71
Current finance lease liabilities 0.02 0.09 0.14 0.08 0.02
Accrued expenses and other current liabilities 15.20 21.73 18.90 12.71 7.45
Deferred merchant bookings 18.01 14.55 13.37 8.77 3.83
Short-term debt 6.42 6.30 8.06 1.97 8.41
Current liabilities 57.06% 56.47% 54.76% 33.41% 26.42%
Deferred income taxes 0.06 1.04 1.06 2.70 3.83
Non-current operating lease liabilities 1.90 1.74 2.46 2.18 1.48
Long-term U.S. transition tax liability 0.00 0.93 2.12 2.80 3.49
Non-current finance lease liabilities 0.00 0.03 0.14 0.13 0.03
Other long-term liabilities 2.44 0.69 0.52 0.55 0.82
Long-term debt 57.60 53.61 50.21 47.26 37.80
Long-term liabilities 62.00% 58.04% 56.51% 55.62% 47.45%
Total liabilities 119.06% 114.51% 111.27% 89.03% 73.87%
Common stock, $0.008 par value 0.00 0.00 0.00 0.00 0.00
Treasury stock -185.60 -172.79 -170.18 -122.17 -102.75
Additional paid-in capital 28.55 27.82 29.48 25.59 26.05
Retained earnings 138.98 131.82 130.76 108.60 103.43
Accumulated other comprehensive loss -0.99 -1.35 -1.33 -1.05 -0.61
Stockholders’ equity (deficit) -19.06% -14.51% -11.27% 10.97% 26.13%
Total liabilities and stockholders’ equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of liabilities and stockholders’ equity has undergone significant shifts between 2021 and 2025. A notable trend is the increasing proportion of liabilities relative to equity, culminating in a negative stockholders’ equity position by 2025. Several liability accounts contribute to this dynamic, while equity components exhibit mixed performance.

Current Liabilities
Current liabilities demonstrate a consistent upward trend, increasing from 26.42% of total liabilities and stockholders’ equity in 2021 to 57.06% in 2025. This growth is primarily driven by substantial increases in accrued expenses and other current liabilities, and deferred merchant bookings. Accounts payable also increased significantly over the period. Short-term debt, however, decreased substantially between 2021 and 2022, then fluctuated before stabilizing.
Long-Term Liabilities
Long-term liabilities also show an increasing trend, rising from 47.45% in 2021 to 62.00% in 2025. Long-term debt is the primary driver of this increase, growing from 37.80% to 57.60% over the same period. The long-term U.S. transition tax liability decreased substantially, nearing zero by 2025. Non-current operating and finance lease liabilities remained relatively stable, though small, throughout the period.
Total Liabilities
As a result of the increases in both current and long-term liabilities, total liabilities have risen considerably, from 73.87% in 2021 to 119.06% in 2025. This indicates a growing reliance on debt financing and other obligations.
Stockholders’ Equity
Stockholders’ equity experienced a dramatic decline. While retained earnings increased consistently, this was more than offset by a substantial and accelerating increase in treasury stock, which is presented as a negative equity component. Accumulated other comprehensive loss remained relatively small but negative throughout the period. Common stock and additional paid-in capital represent a small and relatively stable portion of equity. By 2025, stockholders’ equity has become negative, reaching -19.06% of the total.
Key Observations
The increasing proportion of liabilities, coupled with the declining and ultimately negative stockholders’ equity, suggests a weakening financial position. The significant growth in accrued expenses and deferred merchant bookings warrants further investigation to understand the underlying operational drivers. The substantial increase in treasury stock is a key factor contributing to the equity decline and should be examined for its strategic rationale and potential impact on future earnings per share.

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