Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Booking Holdings Inc., liquidity ratios (quarterly data)
Based on: 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).
- Current Ratio Trends
- The current ratio demonstrates a declining trend from March 2021 through mid-2024, beginning at 2.18 and decreasing to a low near 1.17 in June 2024. Subsequently, a modest recovery occurs, with the ratio increasing to approximately 1.33 by September 2025. This indicates a reduction in short-term liquidity over the initial period, followed by stabilization and slight improvement toward the end of the observed timeline.
- Quick Ratio Trends
- The quick ratio follows a similar trajectory to the current ratio. It starts at 1.97 in March 2021 and declines steadily to around 1.11 by June 2024. Thereafter, it experiences a modest rebound reaching approximately 1.26 by September 2025. This pattern suggests a decrease in the company’s ability to cover immediate liabilities with its most liquid assets during the earlier periods, with some recuperation in more recent quarters.
- Cash Ratio Trends
- The cash ratio also exhibits a downward trend from March 2021 (1.88) to mid-2024, hitting a low near 0.90 in June 2024. After this point, there is a slight improvement, ascending toward a value of about 1.02 by September 2025. This indicates that the proportion of cash and cash equivalents relative to current liabilities diminished over time but regained modest strength in recent quarters.
- Overall Liquidity Insights
- All three liquidity ratios indicate a consistent pattern of decline over the initial three-year period, signaling a gradual reduction in liquidity buffer. This suggests increasing pressure on the company’s short-term financial flexibility. The slight recovery from mid-2024 onward may reflect strategic adjustments or improved working capital management. Nevertheless, liquidity ratios remain below the levels observed in early 2021, indicating caution in interpreting the company's liquidity position.
Current Ratio
Booking Holdings Inc., current ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 21,703) | 23,263) | 19,950) | 20,491) | 20,529) | 21,293) | 20,476) | 17,034) | 18,479) | 19,349) | 17,632) | 15,798) | 12,410) | 14,924) | 12,875) | 13,145) | 14,352) | 13,789) | 14,108) | ||||||
| Current liabilities | 16,265) | 18,636) | 16,394) | 15,647) | 16,678) | 18,206) | 16,832) | 13,330) | 12,832) | 12,481) | 11,070) | 8,474) | 8,543) | 10,282) | 7,478) | 6,246) | 5,779) | 6,724) | 6,468) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.33 | 1.25 | 1.22 | 1.31 | 1.23 | 1.17 | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | 2.10 | 2.48 | 2.05 | 2.18 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | 1.39 | 1.23 | 1.27 | 1.69 | 1.62 | 1.41 | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 1.54 | 1.65 | 1.52 | 1.52 | 1.62 | 1.71 | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | 1.58 | 1.78 | 1.73 | 1.75 | ||||||
| DoorDash, Inc. | 2.04 | 2.07 | 1.72 | 1.66 | 1.65 | 1.64 | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | — | — | — | — | ||||||
| McDonald’s Corp. | 1.00 | 1.30 | 1.18 | 1.19 | 0.78 | 1.08 | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | 1.78 | 1.33 | 1.45 | 1.19 | ||||||
| Starbucks Corp. | 0.76 | 0.64 | 0.75 | 0.75 | 0.89 | 0.86 | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | 1.20 | 1.02 | 1.07 | 1.06 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 21,703 ÷ 16,265 = 1.33
2 Click competitor name to see calculations.
- Current Assets
- Current assets have exhibited a general upward trend over the analyzed periods, increasing from approximately $14.1 billion at the end of the first quarter in 2021 to a peak exceeding $23 billion by mid-2025. Notable fluctuations occurred within this period, including a dip at the end of 2021 and early 2022, followed by a recovery and sustained growth from 2023 onwards.
- Current Liabilities
- Current liabilities have also shown an increasing pattern, starting from about $6.5 billion in early 2021 and rising significantly to around $18.6 billion by mid-2025. There was a marked increase between the first quarter of 2022 and mid-2023, after which liabilities remained at elevated levels with some fluctuations.
- Current Ratio
- The current ratio has displayed a declining trend over the period, dropping from above 2.0 in early 2021 to values near or below 1.3 by the end of 2024 and into 2025. This indicates a gradual decrease in the company's short-term liquidity, with current assets growing at a slower pace relative to current liabilities. The ratio fell below the critical threshold of 1.5 starting in 2022 and remained relatively stable at levels between 1.17 and 1.33 thereafter.
- Overall Analysis
- The data reveal that although both current assets and current liabilities have increased, the liabilities have risen at a faster rate, leading to a decreasing current ratio. This trend points toward reduced liquidity and potentially tighter working capital management. The company may need to monitor its short-term obligations closely to ensure adequate liquidity in the face of rising liabilities.
Quick Ratio
Booking Holdings Inc., quick ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 16,509) | 17,595) | 15,578) | 16,164) | 15,775) | 16,290) | 15,629) | 12,107) | 13,294) | 14,602) | 14,140) | 12,221) | 9,021) | 11,841) | 10,549) | 11,127) | 11,643) | 11,231) | 12,151) | ||||||
| Short-term investments | —) | —) | —) | —) | —) | 37) | 362) | 576) | 624) | 640) | 359) | 175) | 116) | —) | —) | —) | —) | —) | —) | ||||||
| Accounts receivable, net of allowance for expected credit losses | 4,013) | 4,370) | 3,290) | 3,199) | 3,649) | 3,814) | 3,296) | 3,253) | 3,447) | 2,805) | 2,048) | 2,229) | 2,284) | 2,249) | 1,611) | 1,358) | 1,555) | 1,290) | 586) | ||||||
| Total quick assets | 20,522) | 21,965) | 18,868) | 19,363) | 19,424) | 20,141) | 19,287) | 15,936) | 17,365) | 18,047) | 16,547) | 14,625) | 11,421) | 14,090) | 12,160) | 12,485) | 13,198) | 12,521) | 12,737) | ||||||
| Current liabilities | 16,265) | 18,636) | 16,394) | 15,647) | 16,678) | 18,206) | 16,832) | 13,330) | 12,832) | 12,481) | 11,070) | 8,474) | 8,543) | 10,282) | 7,478) | 6,246) | 5,779) | 6,724) | 6,468) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 1.26 | 1.18 | 1.15 | 1.24 | 1.16 | 1.11 | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | 2.00 | 2.28 | 1.86 | 1.97 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | 1.36 | 1.20 | 1.25 | 1.64 | 1.59 | 1.38 | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 1.32 | 1.46 | 1.39 | 1.34 | 1.41 | 1.52 | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | 1.35 | 1.29 | 1.28 | 1.35 | ||||||
| DoorDash, Inc. | 1.80 | 1.83 | 1.49 | 1.41 | 1.36 | 1.35 | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | — | — | — | — | ||||||
| McDonald’s Corp. | 0.82 | 1.03 | 0.90 | 0.90 | 0.58 | 0.82 | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | 1.64 | 1.20 | 1.23 | 1.04 | ||||||
| Starbucks Corp. | 0.52 | 0.40 | 0.53 | 0.52 | 0.59 | 0.56 | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | 0.93 | 0.75 | 0.75 | 0.78 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 20,522 ÷ 16,265 = 1.26
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibit a generally upward trajectory from March 31, 2021, through the subsequent periods. Starting at $12,737 million in Q1 2021, the value fluctuates with quarterly variations yet demonstrates an overall increase, reaching a peak of $21,965 million in Q2 2025. There are occasional dips, such as in Q3 2022 and Q4 2023, but the long-term trend suggests enhanced liquidity position over the observed period.
- Current Liabilities
- Current liabilities present a rising trend over the timeframe with intermittent oscillations. The balance increases from $6,468 million as of Q1 2021 to a high of $18,636 million in Q2 2025. Notably, there are significant jumps, especially in Q2 2022 and subsequent quarters, indicating growing short-term obligations. Despite some declines, for instance in Q4 2024 and Q3 2025, the general pattern is an expansion in current liabilities.
- Quick Ratio
- The quick ratio shows a declining trend from 1.97 in Q1 2021 down to around 1.11 in Q2 2024, suggesting a decrease in the company’s ability to cover current liabilities with its most liquid assets. Post this trough, the quick ratio stabilizes and experiences a modest recovery, reaching 1.26 by Q3 2025. Although the ratio remains above 1 throughout the entire period, indicating maintained short-term liquidity, the downward trend highlights increasing pressure on liquidity relative to the rise in current liabilities.
- Overall Analysis
- The financial data indicates that while rapid asset components have generally increased, current liabilities have risen at a faster pace during several periods, leading to a gradual reduction in the quick ratio. This implies that although the absolute level of liquid assets has grown, the company’s short-term financial flexibility is somewhat constrained by higher obligations. The recent partial recovery in the quick ratio suggests management focus on improving liquidity balance, but the elevated levels of current liabilities remain a critical factor for ongoing liquidity assessment.
Cash Ratio
Booking Holdings Inc., cash ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 16,509) | 17,595) | 15,578) | 16,164) | 15,775) | 16,290) | 15,629) | 12,107) | 13,294) | 14,602) | 14,140) | 12,221) | 9,021) | 11,841) | 10,549) | 11,127) | 11,643) | 11,231) | 12,151) | ||||||
| Short-term investments | —) | —) | —) | —) | —) | 37) | 362) | 576) | 624) | 640) | 359) | 175) | 116) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 16,509) | 17,595) | 15,578) | 16,164) | 15,775) | 16,327) | 15,991) | 12,683) | 13,918) | 15,242) | 14,499) | 12,396) | 9,137) | 11,841) | 10,549) | 11,127) | 11,643) | 11,231) | 12,151) | ||||||
| Current liabilities | 16,265) | 18,636) | 16,394) | 15,647) | 16,678) | 18,206) | 16,832) | 13,330) | 12,832) | 12,481) | 11,070) | 8,474) | 8,543) | 10,282) | 7,478) | 6,246) | 5,779) | 6,724) | 6,468) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 1.02 | 0.94 | 0.95 | 1.03 | 0.95 | 0.90 | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | 1.78 | 2.01 | 1.67 | 1.88 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | 0.83 | 0.60 | 0.69 | 1.04 | 0.99 | 0.71 | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 1.24 | 1.37 | 1.30 | 1.22 | 1.32 | 1.43 | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | 1.23 | 1.20 | 1.19 | 1.27 | ||||||
| DoorDash, Inc. | 1.62 | 1.65 | 1.32 | 1.25 | 1.21 | 1.21 | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | — | — | — | — | ||||||
| McDonald’s Corp. | 0.40 | 0.44 | 0.31 | 0.28 | 0.19 | 0.20 | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | 1.17 | 0.85 | 0.77 | 0.66 | ||||||
| Starbucks Corp. | 0.40 | 0.29 | 0.41 | 0.39 | 0.44 | 0.42 | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | 0.81 | 0.63 | 0.62 | 0.67 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 16,509 ÷ 16,265 = 1.02
2 Click competitor name to see calculations.
- Total cash assets
- There is a noticeable fluctuation in total cash assets over the observed periods. Initially, the cash assets declined from approximately 12,151 million USD at the end of Q1 2021 to a low of around 9,137 million USD by Q3 2022. Following this, a recovery trend is evident, with values rising significantly and peaking at about 16,327 million USD in Q2 2024. However, after this peak, the cash assets exhibit slight volatility but generally maintain a higher level than in the earlier periods, settling around 16,509 million USD by Q3 2025.
- Current liabilities
- Current liabilities show an overall increasing trend over the period. Starting from approximately 6,468 million USD in Q1 2021, there is a relatively steady rise, with occasional spikes, reaching a peak of about 18,636 million USD in Q2 2025. Notably, significant increases are observed between mid-2021 and mid-2022, and again from early 2023 to mid-2024, after which liabilities slightly decrease towards the end of the data period, though they remain elevated compared to the initial values.
- Cash ratio
- The cash ratio shows a declining trend from the beginning of the dataset through to the middle periods. Initially, it stood at 1.88 in Q1 2021 but dropped steadily to below 1.00 by early 2024, hitting lows around 0.90 to 0.95 across those quarters. After this period, the ratio experiences a slight recovery, fluctuating around 1.00 towards Q3 2025. This indicates a relative decrease in cash liquidity against current liabilities over time, with some stabilization occurring in the most recent quarters.