Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Booking Holdings Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Merchant revenues	14,142)	10,936)	7,193)	3,696)	2,117)
Agency revenues	8,524)	9,414)	9,003)	6,663)	4,314)
Advertising and other revenues	1,073)	1,015)	894)	599)	365)
Revenues	23,739)	21,365)	17,090)	10,958)	6,796)
Marketing expenses	(7,278)	(6,773)	(5,993)	(3,801)	(2,179)
Sales and other expenses	(3,120)	(2,744)	(1,818)	(881)	(755)
Personnel, including stock-based compensation	(3,354)	(3,294)	(2,465)	(2,314)	(1,944)
General and administrative	(1,036)	(1,555)	(934)	(620)	(581)
Information technology	(771)	(655)	(526)	(412)	(299)
Depreciation and amortization	(591)	(504)	(451)	(421)	(458)
Transformation costs	(34)	—)	—)	—)	—)
Other operating expenses	—)	(5)	199)	(13)	(149)
Impairment of goodwill	—)	—)	—)	—)	(1,062)
Operating expenses	(16,184)	(15,530)	(11,988)	(8,462)	(7,427)
Operating income (loss)	7,555)	5,835)	5,102)	2,496)	(631)
Interest expense	(1,295)	(897)	(391)	(334)	(356)
Interest and dividend income	1,114)	1,020)	219)	16)	54)
Foreign currency transaction gains (losses)	383)	(348)	(43)	111)	(207)
Net gains (losses) on equity securities	63)	(131)	(963)	(569)	1,813)
Loss related to the conversion option on convertible senior notes	(517)	—)	—)	—)	—)
Impairment of investment	—)	—)	—)	—)	(100)
Loss on early extinguishment of debt	—)	—)	—)	(242)	—)
Other	(11)	2)	(1)	(13)	(6)
Other income (expense), net	(82)	(477)	(1,007)	(713)	1,500)
Earnings before income taxes	7,292)	5,481)	3,923)	1,465)	567)
Income tax expense	(1,410)	(1,192)	(865)	(300)	(508)
Net income	5,882)	4,289)	3,058)	1,165)	59)

Based on: 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), 10-K (reporting date: 2020-12-31).

The analysis of the annual financial data reveals a consistent upward trend in total revenues over the five-year period from 2020 to 2024. Revenues increased substantially from $6,796 million in 2020 to $23,739 million in 2024, supported by significant growth in merchant revenues and moderate changes in agency and advertising revenues. Merchant revenues showed the most dramatic rise, from $2,117 million in 2020 to $14,142 million in 2024, indicating a strong expansion in this segment. Agency revenues grew steadily until 2023, peaking at $9,414 million, before a slight decline to $8,524 million in 2024. Advertising and other revenues showed continuous growth throughout the period, reflecting an increasing contribution to the overall revenue mix.

Operating expenses also increased over the years, from $7,427 million in 2020 to $16,184 million in 2024, reflecting the scaling of operations to support revenue growth. Marketing expenses represented the largest area of expenditure, rising from $2,179 million to $7,278 million, which aligns with the company's investment in customer acquisition and retention. Sales and other expenses, personnel costs including stock-based compensation, and general and administrative expenses all increased, though general and administrative expenses experienced a dip in 2024 after a rise in the previous year. Information technology and depreciation and amortization costs steadily increased, signaling ongoing investments in technology and asset base management. Notably, transformation costs appeared only in 2024, representing a minor additional expense.

Operating income demonstrated significant improvement, moving from a loss of $631 million in 2020 to a profit of $7,555 million in 2024, highlighting enhanced operational efficiency and profitability amid rising revenues. Interest expense increased notably in 2023 and 2024, reaching $1,295 million, which could be related to higher debt levels or increased borrowing costs. Conversely, interest and dividend income increased sharply from $54 million in 2020 to over $1,100 million in later years, partially offsetting interest expenses. Foreign currency transaction gains and losses fluctuated, with a major loss in 2023 but a gain in 2024, reflecting exposure to currency volatility.

Net gains and losses on equity securities showed volatility with gains of $1,813 million in 2020 but subsequent losses in 2021 through 2023, before returning to a modest gain in 2024. Impairments of goodwill and investments appeared only in the early years and not later, suggesting stabilization or improvement in asset valuations. Other income and expense items varied, with a significant positive impact in 2020 but negative effects in subsequent years. The loss related to the conversion option on convertible senior notes in 2024 added a unique non-recurring expense.

Earnings before income taxes increased steadily, from $567 million in 2020 to $7,292 million in 2024, reflecting core operational strength and net other income trends. Income tax expenses rose over the years, consistent with increased profitability, but the effective tax rate appears stable. Net income displayed a strong upward trajectory, increasing from $59 million in 2020 to $5,882 million in 2024, indicating significant growth in bottom-line profitability and overall financial health.

Download chart

Booking Holdings Inc. (NASDAQ:BKNG)

Income Statement