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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Booking Holdings Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 statement information reveals fluctuating operating performance over the analyzed period, spanning from March 2021 to December 2025. Net income exhibits significant volatility, experiencing losses in several quarters, particularly in the earlier part of the period, followed by substantial gains. Cash flow from operating activities also demonstrates variability, though generally positive, with notable fluctuations influenced by changes in working capital accounts.
- Net Income and Operating Cash Flow Relationship
- A strong correlation between net income and net cash provided by operating activities is not consistently present. While both generally move in the same direction, significant discrepancies exist, indicating the impact of non-cash items and working capital adjustments. For example, despite net losses in the first few quarters of 2021 and 2022, positive operating cash flow was generated, suggesting effective management of working capital. Conversely, periods of high net income do not always translate directly into proportionally high operating cash flow.
- Non-Cash Adjustments to Net Income
- Several non-cash adjustments significantly impact the conversion of net income to operating cash flow. Depreciation and amortization consistently contribute positive adjustments, ranging from approximately $100 million to $160 million per quarter. Stock-based compensation also provides a consistent positive adjustment, increasing over time. However, these are often offset by fluctuations in deferred income taxes, net gains/losses on equity securities, and unrealized foreign currency transaction gains/losses, which introduce considerable volatility.
- Working Capital Fluctuations
- Changes in accounts receivable, prepaid expenses, and deferred merchant bookings and other current liabilities have a substantial impact on operating cash flow. Large swings in deferred merchant bookings are particularly noticeable, often representing the most significant adjustment to net income. Accounts receivable also demonstrates considerable volatility, frequently requiring substantial cash outflows. These fluctuations suggest a dynamic relationship with revenue recognition and customer payment patterns.
- Investing Activities
- Investing activities are characterized by purchases of investments, additions to property and equipment, and occasional proceeds from the maturity of investments. A significant outflow is observed in late 2021 and early 2022 related to acquisitions. Proceeds from sale and leaseback transactions provide a notable inflow in late 2022. Overall, investing activities generally represent a net cash outflow, though the magnitude varies considerably.
- Financing Activities
- Financing activities are dominated by debt issuance and repayment, stock repurchases, and dividend payments. Significant debt issuance occurred in early 2021 and late 2024, while substantial debt repayments occurred in 2022 and 2023. Stock repurchase programs consistently represent a significant cash outflow, particularly in 2022, 2023, and 2024. Dividend payments also contribute to cash outflows. The net effect of financing activities is highly variable, ranging from substantial inflows to significant outflows.
- Exchange Rate Impact
- The effect of exchange rate changes on cash and cash equivalents demonstrates volatility, with both positive and negative impacts observed throughout the period. The unrealized foreign currency transaction gains/losses also contribute to the overall volatility in operating income and cash flow.
In summary, the company’s cash flow statement reveals a complex pattern of operating, investing, and financing activities. While net income and operating cash flow generally trend together, significant adjustments and working capital fluctuations introduce considerable variability. Financing activities are heavily influenced by debt management and stock repurchase programs. The impact of exchange rates also contributes to the overall complexity of the cash flow dynamics.