Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Booking Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
The company's capital structure has undergone a fundamental transformation, shifting from a positive equity position to a significant stockholders' deficit over the analyzed period. Total liabilities have increased from 79.86% of total liabilities and stockholders' equity in March 2021 to 131.47% by March 2026. This trend indicates an increasing reliance on debt and operational liabilities to fund the balance sheet, resulting in a negative book value.
- Current Liability Dynamics
- Current liabilities have experienced substantial growth, rising from 27.34% in March 2021 to 71.47% by March 2026. A primary driver of this increase is the expansion of deferred merchant bookings, which fluctuated significantly but trended upward, reaching 29.54% in the final period. Additionally, accrued expenses and other current liabilities grew from 5.71% to 16.15%, and accounts payable increased from 2.41% to 14.90%, reflecting higher short-term operational obligations.
- Long-Term Debt and Obligations
- Long-term debt has remained a dominant component of the balance sheet, generally trending upward from 41.98% in March 2021 to 55.55% in March 2026. While total long-term liabilities have remained relatively stable as a percentage of the total (ranging between 41% and 62%), the increasing weight of long-term debt underscores a sustained commitment to long-term leverage. Conversely, the long-term U.S. transition tax liability has declined from 3.90% to 0.95% before becoming an unlisted item in later quarters.
- Stockholders' Equity and Treasury Stock
- The transition to a stockholders' deficit began in early 2023, with equity moving from 4.26% in March 2023 to -31.47% by March 2026. This deficit is primarily driven by an aggressive treasury stock program, with the negative value of treasury stock expanding from -102.62% to -210.45%. This indicates massive share repurchases that have far exceeded the company's internal capital generation.
- Retained Earnings and Profitability
- Despite the overall equity deficit, retained earnings have shown a consistent upward trajectory, increasing from 98.22% in March 2021 to 149.42% in March 2026. This divergence between growing retained earnings and a deepening equity deficit confirms that the company remains profitable but is choosing to return capital to shareholders at a rate that exceeds its earnings growth, thereby utilizing debt to maintain its operational and financial structure.
In summary, the balance sheet reveals a strategic pivot toward a highly leveraged capital structure characterized by negative equity. The growth in current liabilities, specifically deferred bookings and payables, suggests an increase in operational scale, while the expansion of the treasury stock account confirms a prioritized strategy of shareholder distributions over the accumulation of book equity.
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