Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Booking Holdings Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Booking Holdings Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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 financial data reveals several notable trends in the company’s liabilities, equity, and overall financial position over the five-year period.
- Current Liabilities
- There is a significant and consistent increase in current liabilities from US$3,425 million in 2020 to US$15,647 million in 2024. Key components such as accounts payable rose markedly from US$735 million to US$3,824 million, while accrued expenses and other current liabilities more than quadrupled from US$1,382 million to US$6,021 million. Deferred merchant bookings also saw a substantial rise from US$323 million to US$4,031 million over the same period. However, short-term debt showed volatility, initially increasing to US$1,989 million in 2021, dropping sharply to US$500 million in 2022, then rebounding to US$1,745 million by 2024.
- Long-Term Liabilities
- Long-term liabilities exhibited an overall increase from US$13,556 million in 2020 to US$16,081 million in 2024, despite some fluctuations. Long-term debt declined from US$11,029 million to US$8,937 million by 2021 but increased continuously thereafter, reaching US$14,853 million in 2024. The reduction in deferred income taxes from US$1,127 million down to US$289 million and the significant decrease in long-term U.S. transition tax liability from US$923 million to US$257 million suggest a lower long-term tax burden. Operating lease liabilities had minor fluctuations but remained relatively stable.
- Total Liabilities
- Total liabilities grew steadily and substantially from US$16,981 million in 2020 to US$31,728 million in 2024, reflecting expanded obligations, predominantly driven by increases in current liabilities and long-term debt.
- Stockholders’ Equity and Treasury Stock
- Stockholders’ equity experienced a decline over the period. Starting at US$4,893 million in 2020, equity initially increased to US$6,178 million in 2021 but then decreased substantially, turning negative at US$-2,744 million in 2023 and further to US$-4,020 million in 2024. This erosion is heavily influenced by the increasing treasury stock, which more than doubled in magnitude, moving from US$-24,128 million in 2020 to US$-47,877 million in 2024. Retained earnings showed steady growth from US$23,288 million to US$36,525 million, partially offsetting the negative impact. The accumulated other comprehensive loss also increased modestly, indicating rising declines in certain comprehensive income areas.
- Total Assets (Implied by Total Liabilities and Equity)
- Total liabilities plus stockholders’ equity, which approximates total assets, increased from US$21,874 million in 2020 to US$27,708 million in 2024, with some fluctuations in the intermediate years. Notably, total assets remained relatively stable from 2022 to 2024, suggesting that the increase in liabilities outpaced equity growth, potentially indicating leverage expansion.
Overall, the data highlights a trend of growing liabilities, especially current liabilities and long-term debt, alongside a weakening equity position driven primarily by increased treasury stock repurchases. The company appears to be leveraging its balance sheet more aggressively, with retained earnings growing steadily but insufficient to counterbalance the large scale of treasury stock accumulation and rising liabilities. This pattern may warrant further examination of debt servicing capacity and capital structure strategy to assess financial risk implications.