Analysis of Geographic Areas
Booking Holdings Inc. operates in 3 regions: United States; The Netherlands; and Other.
Area Asset Turnover
Booking Holdings Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 23.45 | 19.26 | 18.32 | 15.42 | 8.19 |
| The Netherlands | 48.55 | 45.93 | 35.74 | 30.18 | 17.15 |
| Other | 5.70 | 6.46 | 4.62 | 4.31 | 2.58 |
Based on: 10-K (reporting date: 2025-12-31), 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).
Asset turnover ratios for the examined geographic areas demonstrate varying performance and trends over the five-year period. Significant increases are observed in all areas, though the magnitude of change differs considerably. The Netherlands consistently exhibits the highest turnover ratio, while ‘Other’ consistently reports the lowest.
- United States
- The asset turnover ratio for the United States demonstrates a strong upward trend, increasing from 8.19 in 2021 to 23.45 in 2025. The rate of increase appears to be accelerating, with larger gains observed in the later years of the period. This suggests improving efficiency in utilizing assets to generate revenue within this region.
- The Netherlands
- The Netherlands exhibits the highest asset turnover ratios across all reported years. A consistent and substantial increase is evident, rising from 17.15 in 2021 to 48.55 in 2025. While already high, the ratio nearly tripled over the period, indicating exceptional efficiency in asset utilization. The growth rate slowed slightly between 2024 and 2025.
- Other
- The ‘Other’ category shows a more modest, though still positive, trend in asset turnover. The ratio increased from 2.58 in 2021 to 5.70 in 2025. While the percentage increase is substantial, the absolute values remain significantly lower than those of the United States and the Netherlands, suggesting comparatively lower efficiency in asset utilization within this grouping of regions. A slight decrease is observed between 2023 and 2025.
Overall, the increasing asset turnover ratios across all geographic areas suggest improved operational efficiency. The substantial differences between regions highlight potential areas for further investigation to understand the drivers behind these variations and identify best practices that could be applied more broadly.
Area Asset Turnover: United States
Booking Holdings Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 2,579) | 2,485) | 2,327) | 2,205) | 1,434) |
| Property and equipment (excluding capitalized software) and operating lease assets | 110) | 129) | 127) | 143) | 175) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 23.45 | 19.26 | 18.32 | 15.42 | 8.19 |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property and equipment (excluding capitalized software) and operating lease assets
= 2,579 ÷ 110 = 23.45
The financial performance related to assets in the United States demonstrates a strong positive trend over the five-year period. Revenues generated within the United States increased consistently, while the value of property, equipment, and operating lease assets decreased. This combination resulted in a substantial and accelerating increase in area asset turnover.
- Revenues
- Revenues from the United States experienced consistent growth, rising from US$1,434 million in 2021 to US$2,579 million in 2025. This represents a compound annual growth rate of approximately 15.7%. The increase suggests strengthening demand or improved pricing strategies within the region.
- Property and Equipment & Operating Lease Assets
- The value of property, equipment (excluding capitalized software), and operating lease assets in the United States exhibited a decreasing trend, declining from US$175 million in 2021 to US$110 million in 2025. This decrease could be attributed to asset sales, depreciation exceeding new investments, or a shift towards more efficient asset utilization. The decline was not linear, with a slight increase observed between 2022 and 2023.
- Area Asset Turnover
- Area asset turnover, a measure of how efficiently assets are used to generate revenue, increased significantly. The ratio rose from 8.19 in 2021 to 23.45 in 2025. This substantial improvement indicates that the company is generating considerably more revenue per dollar of assets invested in the United States. The rate of increase accelerated over time, suggesting increasing efficiency in asset utilization. The increase from 19.26 in 2024 to 23.45 in 2025 is particularly noteworthy.
The combined effect of rising revenues and decreasing asset values points to improved operational efficiency and a stronger return on assets within the United States. The accelerating asset turnover ratio suggests that the company is becoming increasingly adept at generating revenue from its existing asset base in this geographic area.
Area Asset Turnover: The Netherlands
Booking Holdings Inc.; The Netherlands; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 21,700) | 18,600) | 17,014) | 13,428) | 8,678) |
| Property and equipment (excluding capitalized software) and operating lease assets | 447) | 405) | 476) | 445) | 506) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 48.55 | 45.93 | 35.74 | 30.18 | 17.15 |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property and equipment (excluding capitalized software) and operating lease assets
= 21,700 ÷ 447 = 48.55
The financial performance related to assets in the Netherlands demonstrates a strong and consistent upward trend between 2021 and 2025. Revenues and area asset turnover have both increased significantly over this period, while property and equipment, inclusive of operating lease assets, have fluctuated within a relatively narrow range.
- Revenues
- Revenues generated in the Netherlands experienced substantial growth, increasing from US$8,678 million in 2021 to US$21,700 million in 2025. This represents a cumulative increase of approximately 150.2% over the five-year period. The growth rate appears to be accelerating, with larger year-over-year increases observed in later years.
- Property and Equipment (excluding capitalized software) and Operating Lease Assets
- The value of property and equipment, along with operating lease assets, exhibited some volatility. It decreased from US$506 million in 2021 to US$445 million in 2022, then increased to US$476 million in 2023, decreased again to US$405 million in 2024, and finally rose to US$447 million in 2025. Despite these fluctuations, the values remained within a range of approximately US$405 million to US$506 million, suggesting relatively stable investment in fixed assets.
- Area Asset Turnover
- Area asset turnover, a measure of how efficiently assets are used to generate revenue, increased dramatically. The ratio rose from 17.15 in 2021 to 48.55 in 2025. This indicates a significant improvement in the efficiency with which assets are utilized to generate sales. The increase in the ratio is substantially greater than the increase in revenues, suggesting that the company is becoming increasingly effective at generating revenue from its existing asset base. The rate of increase in asset turnover also appears to be accelerating, with larger gains observed in the later years of the period.
The combination of increasing revenues and a rising area asset turnover ratio suggests strong operational performance and efficient asset management within the Netherlands. The relatively stable level of property and equipment, coupled with substantial revenue growth, further reinforces the conclusion that asset utilization is improving.
Area Asset Turnover: Other
Booking Holdings Inc.; Other; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 2,638) | 2,654) | 2,024) | 1,457) | 846) |
| Property and equipment (excluding capitalized software) and operating lease assets | 463) | 411) | 438) | 338) | 328) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 5.70 | 6.46 | 4.62 | 4.31 | 2.58 |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property and equipment (excluding capitalized software) and operating lease assets
= 2,638 ÷ 463 = 5.70
Revenues exhibited a consistent upward trajectory from 2021 to 2023, followed by a moderate increase in 2024 and a slight decrease in 2025. Property and equipment, alongside operating lease assets, also generally increased over the period, though with some fluctuation. The area asset turnover ratio demonstrates a significant and positive trend, indicating increasing efficiency in asset utilization.
- Revenues
- Revenues increased from US$846 million in 2021 to US$2,024 million in 2023, representing substantial growth. The rate of increase slowed in 2024, reaching US$2,654 million, and experienced a minor decline to US$2,638 million in 2025. This suggests a potential stabilization or a slight contraction in revenue generation towards the end of the analyzed period.
- Property and Equipment & Operating Lease Assets
- The value of property and equipment, excluding capitalized software, and operating lease assets rose from US$328 million in 2021 to US$438 million in 2023. A decrease was observed in 2024 to US$411 million, followed by an increase to US$463 million in 2025. This indicates ongoing investment in assets, with some year-over-year variability.
- Area Asset Turnover
- The area asset turnover ratio increased markedly from 2.58 in 2021 to 4.31 in 2022, and continued to rise to 4.62 in 2023. A substantial increase was noted in 2024, reaching 6.46, before decreasing slightly to 5.70 in 2025. This consistently high and increasing ratio suggests that the company is becoming increasingly effective at generating revenue from its assets. The slight decrease in 2025, while still a strong value, warrants monitoring to determine if it signals a shift in asset utilization efficiency.
Overall, the observed trends suggest a period of growth and improving asset efficiency. While revenue growth slowed and experienced a minor decline in the most recent year, the area asset turnover ratio remained at a strong level, indicating continued effective asset management.
Revenues
Booking Holdings Inc., revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 2,579) | 2,485) | 2,327) | 2,205) | 1,434) |
| The Netherlands | 21,700) | 18,600) | 17,014) | 13,428) | 8,678) |
| Other | 2,638) | 2,654) | 2,024) | 1,457) | 846) |
| Outside of the U.S. | 24,338) | 21,254) | 19,038) | 14,885) | 9,524) |
| Total Company | 26,917) | 23,739) | 21,365) | 17,090) | 10,958) |
Based on: 10-K (reporting date: 2025-12-31), 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).
Revenues demonstrate consistent growth across all reported geographic areas between 2021 and 2025. The most substantial revenue contribution originates from The Netherlands, followed by Outside of the U.S., and then the United States. The ‘Other’ category represents the smallest portion of total revenue, but also exhibits significant expansion over the period.
- United States Revenue Trend
- Revenue from the United States increased from US$1,434 million in 2021 to US$2,579 million in 2025, representing a compound annual growth rate of approximately 15.7%. Growth was particularly strong between 2021 and 2022, but the rate of increase moderated in subsequent years.
- The Netherlands Revenue Trend
- The Netherlands consistently generates the largest revenue stream. Revenue increased significantly from US$8,678 million in 2021 to US$21,700 million in 2025, a compound annual growth rate of roughly 20.1%. This represents the highest growth rate among the reported areas.
- Other Revenue Trend
- Revenue categorized as ‘Other’ increased from US$846 million in 2021 to US$2,638 million in 2025, showing a compound annual growth rate of approximately 25.3%. While starting from a smaller base, this area experienced the most rapid percentage growth.
- Outside of the U.S. Revenue Trend
- Revenue from areas outside of the U.S. increased from US$9,524 million in 2021 to US$24,338 million in 2025, with a compound annual growth rate of approximately 19.4%. This growth is driven primarily by the performance in The Netherlands, but also includes contributions from the ‘Other’ category.
- Total Company Revenue Trend
- Total company revenue increased from US$10,958 million in 2021 to US$26,917 million in 2025, demonstrating a compound annual growth rate of approximately 18.2%. This growth is consistent with the growth observed in each of the individual geographic areas.
The consistent growth across all regions suggests a broad-based positive trend in the company’s revenue generation capabilities. The Netherlands remains the dominant revenue contributor, while the ‘Other’ category, despite its smaller initial size, is exhibiting the most dynamic growth.
Property and equipment (excluding capitalized software) and operating lease assets
Booking Holdings Inc., property and equipment (excluding capitalized software) and operating lease assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 110) | 129) | 127) | 143) | 175) |
| The Netherlands | 447) | 405) | 476) | 445) | 506) |
| Other | 463) | 411) | 438) | 338) | 328) |
| Outside of the U.S. | 910) | 816) | 914) | 783) | 834) |
| Total Company | 1,020) | 945) | 1,041) | 926) | 1,009) |
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of property and equipment, excluding capitalized software, and operating lease assets demonstrates varying trends across geographic regions between 2021 and 2025. Overall, the total company experienced initial decline followed by stabilization and modest growth.
- United States
- A consistent downward trend is observed in the United States, decreasing from US$175 million in 2021 to US$110 million in 2025. This represents a cumulative decrease of approximately 37% over the five-year period. The decline was most pronounced between 2021 and 2022, followed by a more gradual decrease.
- The Netherlands
- The Netherlands exhibits a more volatile pattern. While decreasing from US$506 million in 2021 to US$405 million in 2024, it shows a rebound to US$447 million in 2025. The 2024 value represents the lowest point in the observed period, but the 2025 value suggests a potential stabilization or renewed investment. The overall change from 2021 to 2025 is a decrease of approximately 13%.
- Other
- The “Other” category demonstrates a clear upward trend. Increasing from US$328 million in 2021 to US$463 million in 2025, this represents a growth of approximately 41%. Growth was particularly strong between 2021 and 2023, with a slight deceleration in subsequent years. This suggests increasing investment or asset acquisition in regions outside of the United States and the Netherlands.
- Outside of the U.S.
- The combined value for areas outside the U.S. initially decreased from US$834 million in 2021 to US$783 million in 2022, then increased to US$914 million in 2023 before decreasing slightly to US$816 million in 2024 and recovering to US$910 million in 2025. The 2025 value is approximately 9% higher than the 2021 value, indicating overall growth, though with some fluctuation. The trend largely mirrors the performance of the Netherlands and “Other” categories.
- Total Company
- The total company value decreased from US$1,009 million in 2021 to US$926 million in 2022, then increased to US$1,041 million in 2023, followed by a slight decrease to US$945 million in 2024, and a final value of US$1,020 million in 2025. The 2025 value is approximately 1% higher than the 2021 value, indicating relative stability overall. The fluctuations appear to be driven by the combined performance of the individual geographic areas.
The observed trends suggest a strategic shift in asset allocation, with a decrease in investment within the United States and a corresponding increase in investment in other international regions. The Netherlands experienced some volatility, while the “Other” category consistently grew. These patterns may reflect evolving business priorities and market opportunities.