Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Booking Holdings Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Booking Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
The capital structure of the organization has undergone a significant transformation, shifting from a positive equity position to a substantial stockholders' deficit. Total liabilities as a percentage of total liabilities and stockholders' equity have increased steadily from 79.86% in March 2021 to 136.33% by June 2026. Concurrently, stockholders' equity transitioned from a positive 20.14% to a deficit of 36.33% over the same period.
- Current Liabilities and Operating Obligations
- A pronounced upward trend is observed in current liabilities, which rose from 27.34% in early 2021 to 70.99% by mid-2026. This growth is primarily driven by deferred merchant bookings, which expanded from 2.72% to 34.10%, indicating a substantial increase in prepayments or a shift in the business model regarding booking collections. Accounts payable and accrued expenses also trended upward, reaching 17.33% and 12.82% respectively by June 2026.
- Long-Term Debt and Non-Current Liabilities
- Long-term debt has remained a dominant component of the balance sheet, increasing from 41.98% in March 2021 to 61.25% by June 2026. Total long-term liabilities followed a similar trajectory, rising from 52.52% to 65.34%. Other long-term liabilities and the U.S. transition tax liability generally decreased as a percentage of the total structure, suggesting a consolidation of long-term obligations into primary debt instruments.
- Equity Components and Shareholder Returns
- The expansion of the stockholders' deficit is primarily attributed to an aggressive treasury stock program. Treasury stock as a percentage of total liabilities and equity moved from -102.62% to -209.32%, reflecting significant capital outflows for share repurchases. This activity has outweighed the growth in retained earnings, which, despite increasing from 98.22% to 145.02%, was insufficient to maintain a positive equity balance.
- Overall Financial Leverage
- The increasing reliance on debt and operating liabilities, coupled with the deepening equity deficit, indicates a strategy of high financial leverage. The balance sheet is increasingly funded by creditors and customer deposits rather than shareholder equity, as evidenced by total liabilities exceeding 100% of the total liabilities and equity base starting in the second quarter of 2023.