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Booking Holdings Inc. (NASDAQ:BKNG)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Accounts payable 17.33 14.90 17.41 14.00 13.95 12.11 13.80 14.53 13.76 11.79 14.30 11.78 7.99 8.46 9.89 9.66 9.15 6.72 6.71 6.28 4.30 2.41
Accrued expenses and other current liabilities 12.82 16.15 15.22 17.24 13.71 20.51 21.82 18.90 13.66 17.22 19.04 16.31 13.04 14.22 12.79 13.26 9.65 8.38 7.47 8.86 6.78 5.71
Deferred merchant bookings 34.10 29.54 18.01 21.85 29.82 25.27 14.55 17.54 24.28 19.22 13.37 14.50 22.74 17.85 8.77 10.21 17.94 12.35 3.83 4.65 7.94 2.72
Short-term debt 6.74 10.88 6.42 3.47 3.26 2.41 6.30 8.65 12.08 12.49 8.06 7.46 3.22 3.39 1.97 5.59 5.24 5.96 8.41 4.96 9.13 16.51
Current liabilities 70.99% 71.47% 57.06% 56.57% 60.74% 60.29% 56.47% 59.61% 63.79% 60.70% 54.76% 50.06% 47.00% 43.92% 33.41% 38.72% 41.98% 33.41% 26.42% 24.76% 28.16% 27.34%
Non-current operating lease liabilities 1.73 1.91 1.90 1.85 1.68 1.75 1.74 1.82 1.85 2.01 2.46 2.13 2.01 2.14 2.18 1.30 1.32 1.56 1.48 1.26 1.31 1.40
Long-term U.S. transition tax liability 0.00 0.00 0.00 0.00 0.00 0.95 0.93 0.92 0.90 1.86 2.12 2.01 1.94 2.82 2.80 3.22 2.90 3.69 3.49 3.53 3.45 3.90
Other long-term liabilities 2.36 2.54 2.50 2.41 2.33 2.97 1.76 1.41 1.63 1.58 1.72 1.99 1.86 2.14 3.38 4.09 4.02 4.13 4.67 4.38 5.15 5.24
Long-term debt 61.25 55.55 57.60 55.64 56.94 56.52 53.61 49.30 46.81 48.46 50.21 46.25 49.70 44.72 47.26 36.03 33.44 37.68 37.80 42.31 41.82 41.98
Long-term liabilities 65.34% 60.00% 62.00% 59.90% 60.96% 62.19% 58.04% 53.45% 51.19% 53.91% 56.51% 52.38% 55.51% 51.82% 55.62% 44.64% 41.68% 47.06% 47.45% 51.48% 51.73% 52.52%
Total liabilities 136.33% 131.47% 119.06% 116.47% 121.70% 122.48% 114.51% 113.06% 114.98% 114.61% 111.27% 102.44% 102.50% 95.74% 89.03% 83.37% 83.66% 80.46% 73.87% 76.24% 79.88% 79.86%
Convertible debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00
Common stock, $0.008 par value 0.04 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Treasury stock -209.32 -210.45 -185.60 -181.47 -167.85 -184.37 -172.79 -167.04 -157.52 -156.27 -170.18 -151.92 -136.75 -131.63 -122.17 -129.76 -108.86 -113.43 -102.75 -104.05 -101.68 -102.62
Additional paid-in capital 29.09 30.63 28.55 28.47 26.16 28.93 27.82 27.29 26.20 26.44 29.48 27.29 25.79 26.63 25.59 28.94 25.63 27.53 26.05 26.00 25.37 25.22
Retained earnings 145.02 149.42 138.98 137.57 120.97 134.38 131.82 127.78 117.47 116.50 130.76 123.30 109.56 110.32 108.60 119.23 100.60 106.25 103.43 102.12 96.59 98.22
Accumulated other comprehensive loss -1.17 -1.12 -0.99 -1.05 -0.99 -1.42 -1.35 -1.08 -1.14 -1.28 -1.33 -1.11 -1.10 -1.06 -1.05 -1.77 -1.03 -0.82 -0.61 -0.31 -0.18 -0.68
Stockholders’ equity (deficit) -36.33% -31.47% -19.06% -16.47% -21.70% -22.48% -14.51% -13.06% -14.98% -14.61% -11.27% -2.44% -2.50% 4.26% 10.97% 16.63% 16.34% 19.54% 26.13% 23.76% 20.10% 20.14%
Total liabilities and stockholders’ equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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