Analysis of Geographic Areas
Booking Holdings Inc. operates in 3 regions: United States; The Netherlands; and Other.
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- 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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Area Asset Turnover
Booking Holdings Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| The Netherlands | |||||
| Other |
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 annual geographic area asset turnover ratios exhibit notable growth trends across all regions over the five-year period. The ratios reflect the efficiency with which the company utilizes its assets in each geographic area to generate revenue.
- United States
- The asset turnover ratio in the United States shows a consistent and substantial increase, beginning at 4.21 in 2020 and rising steadily each year to reach 19.26 in 2024. This represents more than a fourfold increase over the period, indicating a significant enhancement in asset utilization efficiency within this key market.
- The Netherlands
- This region displays the highest asset turnover ratios throughout the period. The ratio increased markedly from 10.55 in 2020 to an impressive 45.93 in 2024. The growth trajectory is steep, with especially rapid increases between 2021 and 2024. This suggests an exceptionally strong improvement in converting assets into revenue, reflecting either growth in operations or better operational management.
- Other Regions
- The asset turnover ratio for other regions also improves steadily, though at a lower scale compared to the United States and the Netherlands. Starting at 2.06 in 2020, it increases to 6.46 by 2024, indicating gradual but consistent progress in asset efficiency in these areas. The upward trend suggests a positive development in overall asset utilization beyond the primary markets.
Overall, the data reveals robust and accelerating asset turnover improvements across all geographic segments, with the Netherlands showing the most pronounced gains, followed by the United States and other regions. These trends imply enhanced operational efficiency and possibly expanding revenue streams in relation to the asset base on a global scale.
Area Asset Turnover: United States
Booking Holdings Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property and equipment (excluding capitalized software) and operating lease assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Revenues ÷ Property and equipment (excluding capitalized software) and operating lease assets
= ÷ =
The financial data for the "United States" geographic area reveals significant trends over the five-year period ending December 31, 2024.
- Revenues
- Revenues show a consistent and strong upward trajectory. Starting from US$783 million in 2020, revenue nearly doubled in 2021 to US$1,434 million. This growth accelerated into 2022 with revenues reaching US$2,205 million, followed by continued increases in 2023 and 2024 to US$2,327 million and US$2,485 million respectively. This indicates robust growth in sales or service generation within the geographic segment, with revenue more than tripling over the five-year span.
- Property and equipment (excluding capitalized software) and operating lease assets
- This asset base exhibits a declining trend over the period. Beginning at US$186 million in 2020, the value of property and equipment and operating lease assets decreased incrementally each year until stabilizing somewhat at US$129 million in 2024. This steady reduction may reflect efficiency improvements, asset disposals, or a move towards less capital-intensive operations within the United States segment.
- Area asset turnover
- The ratio presented as area asset turnover demonstrates significant improvement annually. The figure more than doubled from 4.21 in 2020 to 8.19 in 2021 and almost doubled again in 2022 to 15.42. This upward trend continued through 2023 and 2024, reaching 19.26. The rising turnover ratio signals enhanced efficiency in utilizing assets to generate revenues, suggesting that the company is increasingly effective in leveraging its property and equipment in this geographic market.
Overall, the data indicate a scenario where revenues are growing substantially while the asset base is contracting, resulting in dramatically improved asset utilization. This combination reflects operational optimization and a potentially higher return on assets invested in the United States area for the company during the period.
Area Asset Turnover: The Netherlands
Booking Holdings Inc.; The Netherlands; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property and equipment (excluding capitalized software) and operating lease assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Revenues ÷ Property and equipment (excluding capitalized software) and operating lease assets
= ÷ =
- Revenues
- The revenue figures for the Netherlands geographic area display a consistent and significant upward trend over the five-year period. Starting at $5,264 million in 2020, revenues increased to $8,678 million in 2021 and continued to grow sharply to $13,428 million in 2022. The growth sustained its momentum in 2023, reaching $17,014 million, and further increased to $18,600 million in 2024. This indicates a strong expansion in the business activity or market capture within the region, reflecting a compound annual growth rate that is robust and accelerating particularly between 2020 and 2022.
- Property and Equipment (excluding capitalized software) and Operating Lease Assets
- The value of property and equipment along with operating lease assets shows a relatively stable pattern but with a slight declining trend over the same period. The assets remained near half a billion dollars from 2020 to 2021 ($499 million and $506 million respectively), then decreased to $445 million in 2022. There was a minor rebound in 2023 at $476 million, followed by a further decline to $405 million in 2024. This suggests that there was some asset optimization or divestment occurring, possibly due to increases in operational efficiency or shifts in asset management strategies.
- Area Asset Turnover
- The area asset turnover ratio shows a marked improvement over the years, rising from 10.55 in 2020 to 17.15 in 2021, then surging to 30.18 in 2022. It continued increasing to 35.74 in 2023 and reached an even higher ratio of 45.93 in 2024. This ratio measures the efficiency in using assets to generate revenue, and the sharp upward trend indicates increasingly effective utilization of property and equipment assets in driving revenue growth. The significant increase in turnover suggests that the company is leveraging its assets more efficiently year over year, likely contributing to the strong revenue performance without a corresponding increase in asset base.
Area Asset Turnover: Other
Booking Holdings Inc.; Other; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property and equipment (excluding capitalized software) and operating lease assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Revenues ÷ Property and equipment (excluding capitalized software) and operating lease assets
= ÷ =
- Revenue Trends
- Revenues demonstrated a consistent upward trajectory from 2020 through 2024. Starting at 749 million USD in 2020, revenues increased steadily each year, reaching 846 million USD in 2021, then registering a substantial jump to 1457 million USD in 2022. The growth continued with revenues of 2024 million USD in 2023, and further surged to 2654 million USD by 2024. This pattern reflects robust and accelerating revenue expansion over the five-year period.
- Property and Equipment (Excluding Capitalized Software) and Operating Lease Assets
- The value of property and equipment along with operating lease assets experienced some fluctuations over the analyzed timeframe. Initially, the asset base measured 363 million USD in 2020, then decreased to 328 million USD in 2021. In 2022, there was a slight increase to 338 million USD, followed by a more pronounced rise to 438 million USD in 2023. However, in 2024, this category saw a moderate decline to 411 million USD. Overall, the asset levels showed variability but ended marginally higher than the initial value in 2020.
- Area Asset Turnover
- The area asset turnover ratio, indicating the efficiency of asset use in generating revenue, exhibited a consistent and significant upward trend. It started at 2.06 in 2020 and increased to 2.58 in 2021. Thereafter, there was a marked improvement to 4.31 in 2022 and 4.62 in 2023. The ratio peaked at 6.46 in 2024, more than tripling the initial figure over the five-year period. This suggests increasingly effective utilization of assets in driving revenue growth.
- Overall Analysis
- The data reveals strong revenue growth alongside a relatively stable yet slightly fluctuating asset base. The marked increase in area asset turnover ratio highlights improved operational efficiency and asset productivity. The combination of rising revenues and enhanced asset utilization points to effective management of the geographic segment, generating increasing returns without a proportional rise in asset investment.
Revenues
Booking Holdings Inc., revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| The Netherlands | |||||
| Other | |||||
| Outside of the U.S. | |||||
| Total Company |
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 annual geographic area revenues show a consistent upward trend across all regions over the five-year period. Each geographic segment has demonstrated growth, contributing to the overall increase in total company revenues.
- United States
- The revenues originating from the United States increased significantly from 783 million USD in 2020 to 2,485 million USD in 2024. This depicts a continuous growth trajectory with an approximate annual compound growth rate. The most notable increase occurred between 2020 and 2022, followed by steady but moderate growth in subsequent years.
- The Netherlands
- The Netherlands segment shows a substantial rise over the years, starting at 5,264 million USD in 2020 and reaching 18,600 million USD in 2024. This represents the highest revenue figures among all regions and consistent acceleration, with the largest absolute growth observed between 2021 and 2023. The increase reflects strong market expansion and possibly increased demand or presence in this area.
- Other Regions
- Revenues from other geographic regions recorded steady growth from 749 million USD in 2020 to 2,654 million USD in 2024. The growth rate appears robust, particularly from 2021 onwards, indicating expanding business activity beyond the primary identified markets.
- Outside of the U.S.
- Aggregate revenues outside of the U.S. rose from 6,013 million USD in 2020 to 21,254 million USD in 2024, more than tripling in value. This segment strongly supports the overall revenue growth with a steady increase each year, highlighting the company's expanding international footprint.
- Total Company
- Total company revenues followed a marked upward path from 6,796 million USD in 2020 to 23,739 million USD in 2024. The overall growth reflects contributions from all regions, with the Netherlands and outside U.S. areas being the largest drivers. This indicates successful scaling and increasing market penetration on a global scale.
Property and equipment (excluding capitalized software) and operating lease assets
Booking Holdings Inc., property and equipment (excluding capitalized software) and operating lease assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| The Netherlands | |||||
| Other | |||||
| Outside of the U.S. | |||||
| Total Company |
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 property and equipment values across different geographic areas reveals several noteworthy trends over the five-year period.
- United States
- The United States exhibits a consistent decline in property and equipment values from 186 million USD in 2020 to 129 million USD in 2024. This represents a gradual decrease over the years, with a particularly noticeable drop occurring between 2021 and 2023.
- The Netherlands
- The Netherlands shows fluctuating values, starting at 499 million USD in 2020 and peaking slightly at 506 million USD in 2021, followed by a decline to 445 million USD in 2022. Afterwards, there is a partial recovery to 476 million USD in 2023, but the figure decreases again to 405 million USD in 2024. Overall, the trend reflects volatility with a downward bias from the initial value.
- Other regions
- For the category labeled as Other, there is an initial decline from 363 million USD in 2020 to 328 million USD in 2021. This value stabilizes somewhat in 2022 at 338 million USD, then increases substantially to 438 million USD in 2023 before slightly receding to 411 million USD in 2024. This pattern suggests a significant investment or asset valuation increase occurring around 2023.
- Outside of the U.S.
- The aggregated data for areas outside of the U.S. reveals a decrease from 862 million USD in 2020 to 783 million USD in 2022, followed by an increase to 914 million USD in 2023, then a reduction to 816 million USD in 2024. This trend mirrors the fluctuations seen in the Netherlands and Other regions and indicates a rebound in 2023 before a partial decline.
- Total Company
- Total company property and equipment values decline from 1,048 million USD in 2020 to 926 million USD in 2022. This is followed by a rebound to 1,041 million USD in 2023 and a subsequent decline to 945 million USD in 2024. The overall trend indicates a recovery in 2023 after a period of decreases during the first part of the timeframe, with a slight weakening in the final year.
In summary, the data shows a pattern of initial decreases in property and equipment values across the regions, with partial recoveries especially noticeable in 2023, before a moderate decline in 2024. The United States consistently reports declining values, while other geographic areas outside the U.S. demonstrate more volatility with significant rebounds and declines. These fluctuations may reflect changes in investment levels, asset disposals, impairments, or strategic shifts in geographic focus over the period analyzed.