Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

$24.99

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

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Solvency Ratios (Summary)

Booking Holdings Inc., solvency ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Debt to Equity Ratio
The debt to equity ratio exhibited fluctuations over the observed periods from March 2020 to March 2025. Initially, values varied between 2.23 and 2.9 until December 2021, where it peaked at 2.9 in June 2021 before decreasing to 1.77 by the end of 2021. Subsequently, there was a marked increase beginning in December 2022, with the ratio sharply rising to 11.29 in March 2023. No data beyond this period is available. This suggests significantly increased leverage at the beginning of 2023.
Debt to Equity Ratio (Including Operating Lease Liability)
This ratio closely parallels the standard debt to equity ratio, demonstrating similar trends and an overall slightly higher ratio. It reached 11.79 in March 2023, indicating that incorporating operating lease liabilities increases the reported leverage but follows the same pattern of substantial increase in early 2023.
Debt to Capital Ratio
The debt to capital ratio was relatively stable between 0.64 and 0.74 from March 2020 through December 2021, reflecting moderate leveraging levels. Starting in December 2022, the ratio rose continuously beyond 1.0, peaking at 1.62 in June 2025. This upward trajectory indicates increasing reliance on debt financing relative to the company's capital base over recent periods.
Debt to Capital Ratio (Including Operating Lease Liability)
The inclusion of operating lease liabilities in the debt to capital ratio showed a similar steady increase pattern, beginning at approximately 0.7 in early 2020 and surpassing 1.5 by mid-2025. This pattern confirms the growing leverage after late 2022, with operating lease liabilities adding marginally to the debt burden.
Debt to Assets Ratio
The debt to assets ratio demonstrated minor fluctuations, starting at 0.48 in March 2020, dipping to around 0.39 mid-2022, before trending upward to approximately 0.6 by mid-2025. The trend illustrates that debt constitutes an increasing portion of total assets over time, particularly after mid-2022.
Debt to Assets Ratio (Including Operating Lease Liability)
Similar to the conventional debt to assets ratio, this measure incorporating operating lease liabilities also displayed a gradual increase from about 0.5 in early 2020 to roughly 0.62 by mid-2025. The ratio remained consistently higher than its counterpart, reflecting the impact of lease obligations on the company's asset financing structure.
Financial Leverage
Financial leverage ratios fluctuated significantly. Initially, the ratio hovered between approximately 3.8 and 5.2 through 2021 but spiked dramatically to 23.47 by March 2023. This sharp increase signals a substantial expansion in the company's use of debt and other liabilities relative to equity capital around this time, implying heightened financial risk.
Interest Coverage Ratio
Interest coverage exhibited an improving trend from September 2020 onward, rising from 2.59 to a peak of 11.24 in December 2022, signifying stronger ability to service interest expenses through operating income. Post-December 2022, the ratio gradually declined, stabilizing around 4.16 by June 2025, indicating a moderately reduced but still adequate capacity to cover interest obligations in later periods.
Summary of Trends
Overall, the data reflects a period of relatively stable leverage and capital structure up to late 2021, followed by a pronounced increase in debt-related ratios from late 2022 through mid-2025. This is coupled with a brief peak and subsequent decline in interest coverage ratio, suggesting a phase of elevated leverage potentially offset by operational income adjustments. The inclusion of operating lease liabilities consistently increases the leverage ratios, indicating these obligations are a meaningful component of total debt. The sharp rise in financial leverage and debt to equity ratios around early 2023 highlights a critical shift toward higher financial risk that may require close monitoring.

Debt Ratios


Coverage Ratios


Debt to Equity

Booking Holdings Inc., debt to equity calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
 
Stockholders’ equity (deficit)
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
Airbnb Inc.
Chipotle Mexican Grill Inc.
DoorDash, Inc.
McDonald’s Corp.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= ÷ =

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several significant trends and patterns related to the company's leverage and equity position over the observed periods.

Total Debt
Total debt shows considerable fluctuations throughout the timeline. It begins at approximately $8.5 billion in Q1 2020 and peaks multiple times, notably exceeding $18 billion by mid-2025. A general upward trend in total debt is observable, especially after late 2022, where debt increases sharply with intermittent minor declines.
Stockholders’ Equity (Deficit)
Stockholders’ equity demonstrates a declining trend overall, with some variations in the early quarters. Initially positive and growing from about $3.8 billion to over $6 billion in late 2021, equity rapidly decreases afterward, crossing into deficit territory by early 2023. The deficit deepens progressively to approximately -$6.6 billion by mid-2025, indicating increasing negative equity.
Debt to Equity Ratio
This ratio starts at a moderate level of around 2.2 and rises moderately until year-end 2021. Afterward, data for the ratio is partially missing, but the last available figure at Q4 2022 shows an extremely high ratio of 4.49, followed by a sharp increase to 11.29 in Q1 2023, reflecting a substantial deterioration of the equity base relative to debt. The absence of subsequent values for the ratio suggests potential data limitations or calculation challenges related to the negative equity.

Overall, the data indicate that the company has been increasing its leverage significantly over time while experiencing a continuous decline in stockholders’ equity, culminating in a pronounced equity deficit. This combination results in a rapidly rising debt-to-equity ratio, underscoring heightened financial leverage and risk. The trends suggest potential concerns related to solvency and capital structure stability that warrant close monitoring and analysis.


Debt to Equity (including Operating Lease Liability)

Booking Holdings Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Non-current operating lease liabilities
Total debt (including operating lease liability)
 
Stockholders’ equity (deficit)
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Chipotle Mexican Grill Inc.
DoorDash, Inc.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit)
= ÷ =

2 Click competitor name to see calculations.


The financial data reveals several notable trends in the company's capital structure and leverage over the reported periods.

Total Debt (including operating lease liability)
The total debt level demonstrated fluctuations throughout the periods. Initially, debt increased from 8,986 million USD on March 31, 2020, to a peak of 14,166 million USD by March 31, 2021. Thereafter, debt tended to somewhat decline, reaching a low of 9,470 million USD as of September 30, 2022. Following this trough, total debt rose again considerably, peaking at 18,989 million USD by June 30, 2025. The pattern indicates periods of both deleveraging and increased borrowing, with a pronounced upward movement in debt levels in the later reporting quarters.
Stockholders’ Equity (deficit)
Equity fluctuated notably and shifted from positive to negative values over time. It started at 3,831 million USD on March 31, 2020, reaching a local peak of 6,178 million USD on December 31, 2021. After this peak, equity declined sharply, turning negative starting in June 30, 2023 (-665 million USD) and continued to deteriorate further, reaching a deficit of -6,657 million USD by June 30, 2025. This trend suggests a significant erosion of equity capital in recent periods, likely reflective of accumulated losses or equity-consuming events.
Debt to Equity Ratio (including operating lease liability)
The debt to equity ratio exhibited volatility consistent with the fluctuations observed in debt and equity values. It increased initially from 2.35 on March 31, 2020, to values around 3.0 by mid-2021. The ratio then declined to approximately 1.83 by the end of 2021, indicating potentially improved leverage conditions due to rising equity or reduced debt. However, from March 31, 2022, to December 31, 2022, the ratio surged sharply to 4.69 and further escalated to 11.79 by March 31, 2023, reflecting the combined effect of shrinking equity and rising total debt. The data beyond March 31, 2023, is not provided for this ratio, but given the continuing negative equity position, it can be inferred that leverage remains significantly elevated.

Overall, the data indicates increased financial leverage and declining equity base in recent periods, suggesting heightened financial risk. The upward trend in total debt coupled with a substantial erosion in stockholders’ equity points to potential challenges related to solvency and capital adequacy. Close monitoring of the capital structure and potential efforts to restore equity strength would be advisable.


Debt to Capital

Booking Holdings Inc., debt to capital calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Stockholders’ equity (deficit)
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
Airbnb Inc.
Chipotle Mexican Grill Inc.
DoorDash, Inc.
McDonald’s Corp.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.


Total Debt
The total debt shows an overall increasing trend from March 31, 2020 to June 30, 2025. Initially, the debt rises from 8,548 million USD to a peak of 14,184 million USD at December 31, 2023. After this point, the debt continues to fluctuate but remains elevated, reaching the highest recorded amount of 18,472 million USD at June 30, 2025. Notably, there are some decreases in mid-2020 and mid-2022, but these are followed by subsequent increases, indicating variability in debt management.
Total Capital
Total capital displays an erratic pattern with periods of decline and recovery between March 31, 2020 and June 30, 2025. Starting at 12,379 million USD, capital rises sharply in initial quarters, reaching a high near 18,599 million USD in March 31, 2021. However, after this peak, capital generally shows a downward trend overall, with intermittent rebounds, dropping to a low of 9,912 million USD by March 31, 2025 before a moderate increase to 11,815 million USD at June 30, 2025. These fluctuations suggest challenges in maintaining consistent capital growth or increases in liabilities impacting total capital.
Debt to Capital Ratio
The debt to capital ratio illustrates a steady increase over the analyzed timeframe, indicating a rise in leverage. From a ratio of 0.69 at March 31, 2020, the ratio escalates gradually to exceed 1.0 by the end of 2023 and continues to climb, reaching 1.62 at March 31, 2025. This continuous increase suggests that debt is growing at a faster rate than total capital, reflecting an increasing reliance on debt financing and potentially heightened financial risk.
Overall Insights
The financial data reveals a company experiencing growing debt levels alongside fluctuating total capital, resulting in an increasing debt to capital ratio over the five-year period. The rising leverage ratio may indicate an elevated risk profile and greater dependency on borrowed funds. The inconsistent capital values further imply challenges in capital structure management or underlying profitability affecting equity and debt balance. Continuous monitoring of this trend is essential to assess sustainability and financial stability.

Debt to Capital (including Operating Lease Liability)

Booking Holdings Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Non-current operating lease liabilities
Total debt (including operating lease liability)
Stockholders’ equity (deficit)
Total capital (including operating lease liability)
Solvency Ratio
Debt to capital (including operating lease liability)1
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Chipotle Mexican Grill Inc.
DoorDash, Inc.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

2 Click competitor name to see calculations.


Total debt (including operating lease liability)
The total debt shows a fluctuating pattern from March 2020 through June 2025. Initially, it increased from $8,986 million in March 2020 to $12,380 million by December 2020. This was followed by a decline to $9,470 million in September 2022. Subsequently, the debt level rose again, reaching a peak of $18,989 million by June 2025. Overall, there is a notable upward trend over the period with some interim decreases.
Total capital (including operating lease liability)
Total capital also exhibits variability over the period. It increased sharply from $12,817 million in March 2020 to $17,273 million by December 2020. After this peak, total capital declined to its lowest point of $10,388 million in June 2025, after fluctuating moderately during the intermediate quarters. Thus, while the early period showed growth, the latter part depicts a decreasing trend in total capital value.
Debt to capital ratio (including operating lease liability)
The debt to capital ratio reflects the relationship between the level of debt and total capital. Initially, this ratio was around 0.70 in March 2020 and remained relatively stable through 2020 and much of 2021, ranging between 0.65 and 0.75. From late 2021 onwards, the ratio exhibited a consistent increase, surpassing 1.0 in late 2021, and steadily reaching 1.54 by June 2025. This increase indicates that debt levels have been growing faster than total capital, implying a higher proportion of debt financing relative to the total capital structure over time.
Overall analysis
The financial data indicates increasing leverage, as evidenced by the rising debt to capital ratio and fluctuating but generally increasing total debt. The decline in total capital in the final years exacerbates the leverage ratio increase. This pattern suggests a growing reliance on debt financing relative to the company's capital base from late 2021 through mid-2025. The trends may warrant attention regarding financial risk and capital structure management going forward.

Debt to Assets

Booking Holdings Inc., debt to assets calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
Airbnb Inc.
Chipotle Mexican Grill Inc.
DoorDash, Inc.
McDonald’s Corp.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


The financial data reveals several notable trends in the company’s debt and asset structure over the observed quarterly periods.

Total Debt
Total debt showed an overall upward trend from March 31, 2020, through June 30, 2025. Beginning at approximately $8.5 billion at the end of Q1 2020, debt increased to a peak of about $18.5 billion by mid-2025. Notably, there were fluctuations within this period, including decreases between Q1 and Q3 2021, but the general trajectory was growth in total debt levels.
Total Assets
Total assets followed a broadly increasing pattern over the timeline. Starting at about $17.9 billion in early 2020, assets rose to roughly $30.7 billion by mid-2025. Some periodic declines are evident, such as in late 2021 and early 2023, but these were followed by recoveries leading to new peaks. The asset base growth, although steady, experienced more volatility compared to total debt.
Debt to Assets Ratio
The debt-to-assets ratio exhibited variability but trended upward overall. Initially near 0.48 in Q1 2020, the ratio fluctuated between roughly 0.39 and 0.61 thereafter. The ratio generally decreased from late 2020 through mid-2022, reaching lows around 0.39, reflecting a period where asset growth outpaced debt accumulation. Subsequently, the ratio increased again, nearing 0.60 by mid-2025, indicating that debt levels grew more rapidly than assets in the most recent periods.

In summary, the company has incrementally increased both debt and assets over the examined quarters, with debt rising at a somewhat faster pace in recent years, as reflected in the climbing debt-to-assets ratio. This shift suggests an increased leverage position, which may warrant further analysis regarding the company’s capital structure and risk profile.


Debt to Assets (including Operating Lease Liability)

Booking Holdings Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Non-current operating lease liabilities
Total debt (including operating lease liability)
 
Total assets
Solvency Ratio
Debt to assets (including operating lease liability)1
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Chipotle Mexican Grill Inc.
DoorDash, Inc.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


Total Debt (including operating lease liability)
The total debt demonstrates a fluctuating yet generally increasing trend over the observed period. Starting at approximately $8.99 billion in March 2020, it peaked near $14.17 billion by March 2021, then decreased several times through late 2022, hitting a low around $9.47 billion in September 2022. However, from late 2022 onward, debt rose consistently, reaching nearly $19.0 billion by June 2025. These fluctuations indicate periods of both debt reduction and accumulation with a notable increase during the most recent periods.
Total Assets
Total assets increased overall during the observed timeline. Beginning at about $17.86 billion in March 2020, assets steadily grew with some variability through the years, reaching approximately $25.36 billion in December 2022. Following this, assets continued to rise, reaching a maximum around $30.68 billion by June 2025. Despite some periodic declines or stagnation, the general trend indicates asset base expansion over the five-year span.
Debt to Assets Ratio (including operating lease liability)
The debt to assets ratio fluctuated within a range from around 0.40 to 0.63 during the analyzed quarters, reflecting changes in the relative composition of debt and assets. Starting at 0.50 in March 2020, the ratio peaked near 0.60 by March 2021, then declined to about 0.40 by June 2022, indicating a relatively stronger asset base compared to debt at that time. However, from late 2022 onwards, the ratio climbed again to approximately 0.62 by June 2025, revealing an increase in leverage as debt grew faster than assets. The ratio’s pattern suggests varying leverage strategies with a notable increase in debt levels relative to assets in the most recent quarters.

Financial Leverage

Booking Holdings Inc., financial leverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Total assets
Stockholders’ equity (deficit)
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
Airbnb Inc.
Chipotle Mexican Grill Inc.
DoorDash, Inc.
McDonald’s Corp.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= ÷ =

2 Click competitor name to see calculations.


The financial data reveals several notable trends regarding the company's asset base, equity position, and leverage dynamics over the analyzed quarters.

Total Assets

Total assets demonstrated a general upward trend, increasing from approximately $17.9 billion as of March 31, 2020, to a peak nearing $30.7 billion by June 30, 2025. While minor fluctuations occurred, such as dips in late 2021 and early 2023, the overall trajectory indicates an expanding asset base over the five-year period.

Stockholders’ Equity (Deficit)

Stockholders’ equity displayed significant volatility and an overall declining trend. Starting from roughly $3.8 billion in early 2020, equity rose moderately until late 2021, peaking around $6.2 billion. However, from 2022 onwards, a marked deterioration is visible, transitioning into a negative equity balance starting in early 2023. The deficit deepened through mid-2025, reaching a low of approximately negative $6.7 billion. This shift from positive to negative equity is a critical indicator of financial stress or substantial losses impacting the company's net worth.

Financial Leverage

Financial leverage ratios, expressed as total assets to equity, show significant increases over the examined timeframe. Initially fluctuating between about 4.5 and 5.2 through 2020 and 2021, the ratio surged dramatically to over 9 by late 2022. In early 2023, financial leverage escalated further, peaking at 23.47. Following this point, no data is supplied, but the sharp increase coincides with the sharp decline in equity, reflecting heavier reliance on debt or liabilities relative to the shrinking equity base.

Overall, the data indicates growth in asset size contrasted by a weakening equity position, resulting in heightened leverage. This combination suggests increased risk exposure and potential liquidity or solvency concerns if the negative equity trend persists. The sharp changes in leverage ratio warrant careful monitoring to assess financial stability and capital structure adequacy in future periods.


Interest Coverage

Booking Holdings Inc., interest coverage calculation (quarterly data)

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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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Net income (loss)
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
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McDonald’s Corp.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Interest coverage = (EBITQ2 2025 + EBITQ1 2025 + EBITQ4 2024 + EBITQ3 2024) ÷ (Interest expenseQ2 2025 + Interest expenseQ1 2025 + Interest expenseQ4 2024 + Interest expenseQ3 2024)
= ( + + + ) ÷ ( + + + ) =

2 Click competitor name to see calculations.


Earnings Before Interest and Tax (EBIT)
The EBIT exhibited considerable volatility during the period under review. Initially, in early 2020, the EBIT was negative, reaching -658 million USD in March 2020 but then showed a strong recovery in subsequent quarters, peaking at 1,048 million USD in the third quarter of 2021. However, the trend was inconsistent, with declines observed in early 2022, notably a negative EBIT of -781 million USD in March 2022. Following this trough, a pronounced positive trend emerged from mid-2022 onward, culminating in a significant increase in EBIT, reaching a quarterly high of 3,403 million USD in the third quarter of 2023. Post-peak, EBIT showed some fluctuation but generally maintained elevated levels above 1 billion USD through early 2025.
Interest Expense
Interest expense displayed a generally upward trajectory over the period. Starting at 64 million USD in March 2020, the expense showed periodic increases, surpassing 200 million USD from late 2022 onward. The highest interest expenses were recorded in mid-2025, reaching peaks of 649 million USD in September 2025, indicating growing borrowing costs or higher debt levels. Despite some quarter-to-quarter variability, the interest expense trend clearly indicates escalating financial obligations over time.
Interest Coverage Ratio
The interest coverage ratio, measured as EBIT relative to interest expense, underscores the company’s ability to meet interest payments. No values are reported before June 2020; from then, the ratio indicated a progressive strengthening between mid-2020 and late 2021, with peaks above 11 times in the fourth quarter of 2021. Post-2021, the interest coverage ratio declined steadily but remained above 4 times through mid-2025, suggesting that while coverage weakened relative to its peak, the company maintained a comfortable margin to cover interest expenses. The decline aligns with the combination of fluctuating EBIT and rising interest costs observed in the other data series.
Overall Insights
The company experienced significant operational volatility in the early part of the timeline, reflected in large fluctuations in EBIT. Recovery and growth phases were evident from late 2020 through 2023, with EBIT surpassing previous highs. Interest expense growth appears consistent with increased borrowing or higher rates, contributing to pressure on net operating performance. Despite increasing interest expense, the interest coverage ratio has mostly remained at levels indicating adequate ability to service debt, though the declining trend suggests caution and potential vulnerability to sustained rises in financing costs or downturns in operating performance.