Booking Holdings Inc. (NASDAQ:BKNG)

Current liabilities as a percentage of total liabilities and stockholders’ equity exhibit a significant increasing trend over the observed periods. Beginning at 23.16% in March 2020, they decline to a low of 15.66% by December 2020, followed by a marked increase thereafter, peaking at 63.79% in June 2024 before slightly decreasing towards the end of the period. Key components, including accounts payable and accrued expenses, contribute to this rise, with accrued expenses notably increasing from 7.03% to over 20% in later quarters.

Accounts payable fluctuates but shows an overall upward movement from 5.18% in early 2020 to approximately 14% by 2025. Accrued expenses demonstrate a more pronounced rise, increasing steadily from roughly 7% to a peak exceeding 21%. This pattern suggests growing short-term obligations or operational expenses accruing over the observed timeframe.

This liability item shows volatility with notable peaks occurring in Q1 2022 (12.35%), Q2 2023 (22.74%), and further reaching almost 30% by mid-2025. After initial fluctuations in 2020, the deferred bookings generally increase, indicating enhanced advance customer payments or deferred revenue recognized as liabilities.

Short-term debt percentages vary, displaying a distinct spike in March 2021 at 16.51%, followed by a decrease and intermittent rises. From 2022 onward, it stabilizes at lower levels, between 2% and 12%, reflecting fluctuating reliance on short-term borrowings.

Long-term debt remains a major component of total liabilities, initially rising from 42.29% to an intermediate peak of nearly 50% in late 2020 and mid-2023. It maintains a generally high level in the high 40s to mid-50s percentage range through 2025, indicating sustained long-term borrowing. Overall, long-term liabilities track closely with this trend, constituting around half of the total long-term portion, fluctuating between mid-40s to high-50s.

Total liabilities show an ascending trajectory from approximately 78.5% in early 2020 to over 120% in the 2024-2025 period. The increase indicates that total liabilities have grown disproportionately compared to stockholders' equity, suggesting higher leverage and debt financing.

Stockholders’ equity experiences a declining trend, dropping from 21.45% in March 2020 to negative territory by late 2022 and persisting through 2025. This ongoing deficit indicates that the company’s liabilities exceed equity, which may reflect accumulated losses, treasury stock effects, or other equity deductions.

Treasury stock shows an increasing negative percentage, deepening from about -135% in early 2020 to beyond -180% by late 2025, highlighting significant repurchases or holdings of the company’s own stock. Additional paid-in capital remains relatively stable within a narrow range (approximately 25% to 29%), showing modest fluctuations without a clear trend.

Deferred income taxes steadily decline from 4.4% to near negligible levels by 2025, suggesting reduced tax deferrals or amortization over time. Other long-term liabilities maintain low levels under 3%, but an increase is noted near the end of the period, potentially indicating emerging obligations or reclassifications.

The data reflects a shift toward greater leverage with a rising proportion of total liabilities compared to stockholders’ equity, which turns negative. Current liabilities increase markedly, driven by accrued expenses and deferred bookings, implying heightened short-term operational commitments and customer prepayments. Long-term debt remains substantial, supporting sustained financing activities. The substantial increase in treasury stock as a negative equity component suggests aggressive stock repurchase activity or accounting classifications impacting equity negatively. This overall profile signals increased financial risk and heightened leverage over the observed timeframe.