Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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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 cash flow statement (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 financial data reveals a company with strong operating cash flow generation, characterized by significant seasonality and an aggressive capital return strategy. Operating activities serve as the primary source of liquidity, while financing activities are dominated by substantial share repurchases and strategic debt management.
- Operating Cash Flow Trends
- Net income demonstrates significant volatility, particularly between 2021 and 2022, before establishing a more consistent pattern of profitability. A recurring seasonal peak is observed every third quarter, with notable highs in September 2022, 2023, 2024, and 2025. Net cash provided by operating activities consistently exceeds net income, driven largely by non-cash adjustments and working capital fluctuations. Specifically, deferred merchant bookings and other current liabilities act as a major volatility driver, frequently contributing billions of dollars to cash flow in certain quarters while creating significant outflows in others.
- Investing Activities and Capital Expenditure
- Investing activities are characterized by modest and stable capital expenditures. Additions to property and equipment generally range between 60 million and 160 million US dollars per quarter, indicating a light-asset operational model. The most significant investing outlier occurred in December 2021, with a one-time cash outflow of 1.185 billion US dollars for acquisitions. Since then, investing activities have remained minimal relative to the scale of operating cash flows.
- Financing Activities and Shareholder Returns
- A dominant trend in financing is the aggressive pursuit of share repurchases, which have scaled significantly over the analyzed period. Quarterly outflows for common stock repurchases frequently exceed 1 billion US dollars, reaching a peak of 3.77 billion US dollars in March 2026. Additionally, a consistent dividend payment of approximately 300 million US dollars per quarter was initiated in early 2024. These outflows are periodically offset by the issuance of long-term debt, suggesting a strategy of utilizing leverage to fund shareholder distributions.
- Debt and Currency Impact
- Debt management follows a cyclical pattern of issuance and maturity payments. Large infusions of cash from long-term debt issuance are observed in December 2022 and periodically through 2024 and 2025, which balance the recurring payments on maturing debt. Furthermore, unrealized foreign currency transaction gains and losses related to Euro-denominated debt have introduced substantial volatility into the cash flow, particularly in 2024 and 2025, with swings exceeding 900 million US dollars in a single quarter.
Overall, the cash flow profile indicates a mature entity that generates ample liquidity from its core operations to fund modest growth investments while prioritizing the return of capital to shareholders through dividends and an expansive buyback program.