Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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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- Income Statement
- Common-Size Balance Sheet: Assets
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Booking Holdings Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
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 overall liability profile exhibits a significant upward trajectory over the analyzed period, with total liabilities increasing from 18,891 million USD in March 2021 to 36,444 million USD by March 2026. This expansion is driven by simultaneous growth in both current and non-current obligations.
- Current Liabilities and Operational Trends
- Current liabilities grew from 6,468 million USD in March 2021 to 19,811 million USD in March 2026. A primary driver of this increase is the growth in accounts payable, which rose from 570 million USD to 4,131 million USD. Deferred merchant bookings demonstrate high seasonality, typically peaking in the second quarter of each year, with a general upward trend in the magnitude of these peaks, reaching 9,149 million USD in June 2025.
- Debt Obligations
- Long-term debt has trended upward, increasing from 9,930 million USD in March 2021 to 15,398 million USD in March 2026. Short-term debt exhibits more volatility, fluctuating between a low of 500 million USD in December 2022 and a peak of 3,462 million USD in March 2023, ending the period at 3,015 million USD. This suggests a strategic shift in the timing of debt maturity and refinancing.
The stockholders' equity position has undergone a fundamental transition, moving from a positive balance of 4,764 million USD in March 2021 to a substantial deficit of 8,724 million USD by March 2026. This deficit is not a result of operational losses, but rather a consequence of capital allocation strategies.
- Retained Earnings and Profitability
- Retained earnings show consistent and strong growth, increasing from 23,233 million USD in March 2021 to 41,420 million USD in March 2026. This indicates sustained profitability and the internal generation of significant capital over the five-year period.
- Treasury Stock and Share Repurchases
- The increase in the treasury stock contra-equity account from negative 24,274 million USD in March 2021 to negative 58,337 million USD in March 2026 reveals an aggressive share repurchase program. The scale of these buybacks has exceeded the accumulation of retained earnings, directly resulting in the negative stockholders' equity position.
- Net Equity Position
- The transition to a negative equity balance began in June 2023, when equity first dipped to negative 665 million USD. The deficit expanded progressively, reflecting a corporate strategy that prioritizes returning capital to shareholders over maintaining a positive book value of equity.