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.

Booking Holdings Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income (loss)	333)	1,068)	2,517)	1,521)	776)	222)	2,511)	1,290)	266)	1,235)	1,666)	857)	(700)	618)	769)	(167)	(55)	(165)	801)	122)	(699)
Depreciation and amortization	154)	157)	155)	142)	137)	134)	129)	121)	120)	124)	109)	107)	111)	98)	102)	108)	113)	114)	115)	112)	117)
Provision for expected credit losses and chargebacks	89)	120)	108)	95)	89)	106)	89)	81)	54)	53)	66)	58)	55)	21)	51)	37)	—)	12)	(15)	60)	262)
Deferred income taxes	(144)	173)	(73)	33)	(35)	(69)	(20)	(49)	(340)	(11)	(81)	51)	(216)	(102)	(223)	(70)	(50)	112)	90)	108)	(97)
Net (gains) losses on equity securities	—)	(36)	(32)	(11)	16)	(20)	(16)	34)	133)	(179)	336)	(181)	987)	(20)	1,016)	(395)	(32)	(552)	(733)	(835)	407)
Stock-based compensation expense	143)	167)	148)	140)	144)	161)	128)	128)	113)	102)	101)	108)	93)	86)	86)	91)	113)	76)	85)	83)	11)
Operating lease amortization	30)	46)	35)	39)	40)	41)	40)	39)	41)	39)	36)	42)	39)	43)	44)	46)	45)	47)	46)	45)	46)
Unrealized foreign currency transaction (gains) losses related to Euro-denominated debt	437)	(634)	343)	(68)	(167)	165)	(36)	8)	26)	24)	(2)	(38)	(30)	(27)	(54)	37)	(91)	61)	117)	55)	(33)
Amortization of debt discount on convertible senior notes	392)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Change in fair value of the conversion option of the convertible senior notes	(158)	796)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of goodwill	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	573)	—)	489)
Loss on early extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	242)	—)	—)	—)	—)	—)
Gain on sale and leaseback transaction	—)	—)	—)	—)	—)	—)	—)	—)	—)	(240)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	(44)	7)	(8)	8)	—)	2)	3)	—)	—)	(2)	—)	10)	30)	10)	14)	35)	12)	17)	15)	20)	16)
Accounts receivable	(99)	145)	179)	(645)	(185)	176)	(834)	(830)	158)	130)	(242)	(790)	(326)	170)	(352)	(748)	(72)	337)	(251)	45)	760)
Prepaid expenses and other current assets	84)	(24)	45)	65)	(98)	59)	186)	(208)	118)	207)	(243)	(125)	(56)	41)	138)	85)	(258)	(69)	(18)	693)	(445)
Deferred merchant bookings and other current liabilities	1,903)	(947)	(1,029)	1,214)	2,123)	98)	(485)	1,091)	2,038)	127)	(1,270)	2,993)	1,868)	(544)	110)	1,859)	114)	(673)	(26)	(432)	(1,135)
Other	163)	(317)	(15)	(8)	(136)	271)	(323)	32)	162)	564)	(474)	(408)	(160)	(115)	(105)	(8)	(46)	106)	121)	46)	(79)
Changes in assets and liabilities	2,051)	(1,143)	(820)	626)	1,704)	604)	(1,456)	85)	2,476)	1,028)	(2,229)	1,670)	1,326)	(448)	(209)	1,188)	(262)	(299)	(174)	352)	(899)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	2,950)	(347)	(144)	1,004)	1,928)	1,124)	(1,139)	447)	2,623)	938)	(1,664)	1,827)	2,395)	(339)	827)	1,319)	(152)	(412)	119)	—)	319)
Net cash provided by (used in) operating activities	3,283)	721)	2,373)	2,525)	2,704)	1,346)	1,372)	1,737)	2,889)	2,173)	2)	2,684)	1,695)	279)	1,596)	1,152)	(207)	(577)	920)	122)	(380)
Purchase of investments	—)	(33)	—)	—)	—)	—)	—)	(12)	—)	(17)	(739)	—)	(12)	(2)	—)	(15)	—)	(2)	—)	—)	(72)
Proceeds from maturity of investments	—)	—)	75)	297)	218)	55)	48)	54)	1,683)	2)	30)	—)	—)	500)	—)	8)	—)	—)	—)	1,112)	1,885)
Additions to property and equipment	(121)	(76)	(77)	(146)	(130)	(94)	(71)	(92)	(88)	(75)	(98)	(86)	(109)	(101)	(79)	(59)	(65)	(64)	(72)	(70)	(80)
Acquisitions and other investments, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,185)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sale and leaseback transaction	—)	—)	—)	—)	—)	—)	—)	—)	—)	601)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	3)	34)	—)	(14)	(19)	—)	1)	11)	(9)	(1)	22)	(36)	—)	5)	—)	(5)	—)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	(118)	(75)	(2)	137)	69)	(39)	(22)	(39)	1,586)	510)	(785)	(122)	(121)	(783)	(79)	(71)	(65)	(66)	(72)	1,042)	1,733)
Proceeds from the issuance of long-term debt	—)	1,877)	—)	—)	2,959)	—)	—)	1,893)	—)	3,621)	—)	—)	—)	—)	—)	—)	2,015)	—)	—)	4,108)	—)
Payments on maturity of debt	(1,530)	(198)	(1,114)	—)	—)	—)	—)	—)	(500)	(778)	—)	—)	(1,102)	—)	(1,086)	(1,982)	—)	—)	—)	(1,244)	—)
Payments for repurchase of common stock	(2,170)	(1,227)	(1,764)	(1,662)	(1,856)	(2,488)	(2,640)	(3,099)	(2,150)	(2,343)	(1,990)	(1,239)	(1,049)	(4)	(9)	(13)	(137)	(4)	(5)	(13)	(1,281)
Dividends paid	(319)	(289)	(291)	(295)	(299)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from exercise of stock options	—)	3)	2)	3)	6)	12)	13)	4)	105)	—)	2)	2)	3)	—)	—)	—)	—)	—)	—)	—)	—)
Other financing activities	52)	(23)	2)	(12)	(26)	(14)	(5)	(23)	(17)	(21)	(11)	(1)	9)	(1)	(1)	(12)	(9)	—)	(56)	23)	—)
Net cash provided by (used in) financing activities	(3,967)	143)	(3,165)	(1,966)	784)	(2,490)	(2,632)	(1,225)	(2,562)	479)	(1,999)	(1,238)	(2,139)	(5)	(1,096)	(2,007)	1,869)	(4)	(61)	2,874)	(1,281)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	222)	(404)	273)	(31)	(28)	(8)	(22)	(15)	8)	43)	(39)	(35)	(9)	(2)	(10)	6)	(7)	12)	7)	2)	(21)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(580)	385)	(521)	665)	3,529)	(1,191)	(1,304)	458)	1,921)	3,205)	(2,821)	1,289)	(574)	(511)	411)	(920)	1,590)	(635)	794)	4,040)	51)

The analyzed financial data over multiple quarters reveals notable fluctuations and several key trends in operational performance, investing, and financing activities.

Net Income (Loss): The net income exhibited substantial volatility with significant losses early in 2020 and 2022, followed by strong recoveries in subsequent quarters. Particularly, the company recorded large negative values in Q1 2020, Q1 2022, and Q1 2025. Conversely, positive spikes occurred in late 2022 through 2024, suggesting periods of enhanced profitability. This pattern reflects cyclical or event-driven influences on earnings.
Depreciation and Amortization: This expense showed a gradual upward trend, increasing from approximately 112 million USD in early 2020 to about 155 million by late 2024, indicating a possible rise in capitalized assets or changes in asset base.
Provision for Expected Credit Losses and Chargebacks: The provision values were relatively stable with minor fluctuations, generally rising moderately towards 2024, peaking at over 120 million USD by the end of 2024, which may suggest increasing credit risk or chargeback activity over time.
Deferred Income Taxes: The amounts for deferred income taxes oscillated significantly without a clear directional trend, ranging from negative figures indicating tax benefits to positive values indicative of tax liabilities, reflecting variable tax positions each quarter.
Net Gains/Losses on Equity Securities: This line item showed marked volatility, with large gains and losses alternating quarterly. Notably, substantial negative values appeared in early 2020 and mid-2022, with strong positive gains during certain periods in 2021 and 2022, implying sensitivity to equity market movements or investment revaluations.
Stock-Based Compensation Expense: This expense steadily increased over time from around 11 million USD in early 2020 to roughly 167 million USD by late 2024, indicating a growing share-based incentive program or increase in equity awards.
Operating Lease Amortization: Operating lease amortization remained relatively consistent, showing a slight decline over the period from the mid-40 million USD range down to the 30-40 million USD range near the end of 2024, suggesting changes in leased assets or lease accounting.
Unrealized Foreign Currency Transaction (Gains) Losses Related to Euro-Denominated Debt: This category evidenced considerable fluctuations with both large gains and losses, including extreme negative values in late 2024 and positive spikes earlier, emphasizing exposure to currency risks and exchange rate volatility impacting debt valuations.
Impairment of Goodwill: Recorded only in discrete quarters, notably in March 2020 and September 2020, with no further impairments reported subsequently, indicating write-downs occurred early in the period under review and no later impairments were necessary.
Loss on Early Extinguishment of Debt: This appeared as a significant non-recurring expense in mid-2021, indicating the company retired debt early, incurring a charge.
Gain on Sale and Leaseback Transaction: A notable gain appeared in late 2021, possibly reflecting a one-time transaction involving property or equipment restructuring.
Changes in Accounts Receivable: Accounts receivable changes were highly variable, with quarters showing both large increases and decreases, suggesting shifting collection patterns or seasonal transaction volumes. Negative spikes in 2021 and mid-2023 indicate periods of receivable reduction or write-offs.
Prepaid Expenses and Other Current Assets: Fluctuations were evident but lacked a consistent trend, with some quarters indicating sharp increases (e.g., mid-2020) and others decreases, implying variability in prepaid items and current asset management.
Deferred Merchant Bookings and Other Current Liabilities: This liability category displayed extreme volatility across quarters, with significant positive and negative movements, peaking over 2900 million USD at times, indicating changes in merchant booking deferrals or other current obligations that likely relate to operational cash flow timing.
Net Cash Provided by Operating Activities: Operating cash flow generally improved through the period, beginning with negative or modest values in early 2020 and evolving to robust positive cash generation after mid-2021. Substantial increases in operating cash flow in 2022-2024 indicate improved operational efficiency or recovery from earlier setbacks.
Net Cash (Used in) Provided by Investing Activities: Investing cash flows varied widely with periods of heavy outflows related to purchases of investments and acquisitions, particularly a large acquisition in late 2021. There were also receipts from sale and leaseback transactions and investment maturities, resulting in fluctuating net investing activities, occasionally producing positive cash inflows.
Net Cash Provided by (Used in) Financing Activities: Financing cash flows demonstrated significant swings. Early in the period, large stock repurchases contributed to considerable cash outflows. Issuance and repayments of long-term debt also fluctuated markedly, with debt issuances peaking at several points, offset by substantial repayments. Dividends commenced in late 2022 and showed a consistent for outflow thereafter. Overall, financing activities generated both sources and uses of cash, reflecting active capital management practices.
Effect of Exchange Rate Changes on Cash: The impact of exchange rate fluctuations on cash balances was irregular with sharp gains and losses, notably extreme negative impact in late 2024, underscoring the effect of foreign exchange exposure on liquidity.
Net Increase (Decrease) in Cash and Cash Equivalents: The overall cash position exhibited marked variability, with periods of strong increases suggesting cash accumulation, interspersed with sharp decreases signaling high liquidity usage. The wide swings correlate with cash flow volatility from operations, investing, financing, and exchange rate effects.

In summary, the data reveals pronounced volatility across multiple financial line items, reflecting a dynamic business environment with significant impacts from external factors such as currency fluctuations and capital market conditions. While operational cash flows have strengthened over time, investing and financing activities suggest active asset management and capital structure adjustments. The consistent growth in non-cash expenses like stock-based compensation and depreciation highlights evolving cost structures. The overall financial profile suggests cyclical performance with strategic financial management responses.

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Booking Holdings Inc. (NASDAQ:BKNG)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data