Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Booking Holdings Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
International	1,545)	1,371)	1,145)	665)	320)
U.S. Federal	(235)	291)	(8)	68)	(9)
U.S. State	2)	8)	(15)	12)	(16)
Current income tax expense	1,312)	1,670)	1,122)	745)	295)
International	25)	(47)	(61)	(103)	(62)
U.S. Federal	51)	(411)	(172)	(323)	296)
U.S. State	22)	(20)	(24)	(19)	(21)
Deferred income tax expense (benefit)	98)	(478)	(257)	(445)	213)
Income tax expense	1,410)	1,192)	865)	300)	508)

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).

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Item	Description	The company
Current income tax expense	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Booking Holdings Inc. current income tax expense increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Deferred income tax expense (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Booking Holdings Inc. deferred income tax expense (benefit) decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Income tax expense	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Booking Holdings Inc. income tax expense increased from 2022 to 2023 and from 2023 to 2024.

Booking Holdings Inc., effective income tax rate (EITR) reconciliation

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	19.34%	21.75%	22.05%	20.48%	89.59%

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).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Booking Holdings Inc. effective income tax rate decreased from 2022 to 2023 and from 2023 to 2024.

Booking Holdings Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net operating loss carryforward, U.S.	117)	89)	95)	88)	67)
Net operating loss carryforward, International	156)	200)	176)	137)	81)
Accrued expenses	83)	70)	74)	50)	47)
Stock-based compensation	55)	47)	36)	50)	40)
Unrealized losses on investments	67)	83)	—)	—)	—)
Foreign currency translation adjustment	103)	66)	83)	48)	29)
Tax credits	45)	39)	35)	19)	9)
Euro-denominated debt	—)	—)	—)	—)	77)
Operating lease liabilities	22)	20)	29)	38)	43)
Property and equipment	234)	195)	126)	95)	11)
Embedded derivative liability	123)	—)	—)	—)	—)
Other	—)	16)	7)	11)	—)
Deferred tax assets, gross	1,005)	825)	661)	536)	404)
Valuation allowance on deferred tax assets	(111)	(114)	(120)	(37)	(58)
Deferred tax assets	894)	711)	541)	499)	346)
Debt discount on convertible notes	(123)	—)	—)	(20)	(29)
Intangible assets and other	(110)	(140)	(174)	(192)	(119)
Euro-denominated debt	(144)	(11)	(84)	(20)	—)
Unrealized gains on investments	—)	—)	(202)	(417)	(550)
Operating lease assets	(22)	(19)	(26)	(37)	(38)
Installment sale liability	(118)	(118)	(119)	(156)	(263)
Other	(4)	(6)	(8)	(8)	(19)
Deferred tax liabilities	(521)	(294)	(613)	(850)	(1,018)
Net deferred tax assets (liabilities)	373)	417)	(72)	(351)	(672)

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).

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Item	Description	The company
Deferred tax assets, gross	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Booking Holdings Inc. deferred tax assets, gross increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Booking Holdings Inc. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Booking Holdings Inc. net deferred tax assets (liabilities) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Booking Holdings Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Deferred tax assets (reported in Other assets, net)	662)	675)	613)	554)	455)
	Deferred tax liabilities	289)	258)	685)	905)	1,127)

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).

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Item	Description	The company
Deferred tax assets (reported in Other assets, net)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Booking Holdings Inc. deferred tax assets (reported in Other assets, net) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Booking Holdings Inc. deferred tax liabilities decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Booking Holdings Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	27,708)	24,342)	25,361)	23,641)	21,874)
Less: Noncurrent deferred tax assets, net	662)	675)	613)	554)	455)
Total assets (adjusted)	27,046)	23,667)	24,748)	23,087)	21,419)
Adjustment to Total Liabilities
Total liabilities (as reported)	31,728)	27,086)	22,579)	17,463)	16,981)
Less: Noncurrent deferred tax liabilities, net	289)	258)	685)	905)	1,127)
Total liabilities (adjusted)	31,439)	26,828)	21,894)	16,558)	15,854)
Adjustment to Stockholders’ Equity (deficit)
Stockholders’ equity (deficit) (as reported)	(4,020)	(2,744)	2,782)	6,178)	4,893)
Less: Net deferred tax assets (liabilities)	373)	417)	(72)	(351)	(672)
Stockholders’ equity (deficit) (adjusted)	(4,393)	(3,161)	2,854)	6,529)	5,565)
Adjustment to Net Income
Net income (as reported)	5,882)	4,289)	3,058)	1,165)	59)
Add: Deferred income tax expense (benefit)	98)	(478)	(257)	(445)	213)
Net income (adjusted)	5,980)	3,811)	2,801)	720)	272)

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).

Booking Holdings Inc., Financial Data: Reported vs. Adjusted

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Booking Holdings Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	24.78%	20.07%	17.89%	10.63%	0.87%
Adjusted net profit margin	25.19%	17.84%	16.39%	6.57%	4.00%
Total Asset Turnover
Reported total asset turnover	0.86	0.88	0.67	0.46	0.31
Adjusted total asset turnover	0.88	0.90	0.69	0.47	0.32
Financial Leverage
Reported financial leverage	—	—	9.12	3.83	4.47
Adjusted financial leverage	—	—	8.67	3.54	3.85
Return on Equity (ROE)
Reported ROE	—	—	109.92%	18.86%	1.21%
Adjusted ROE	—	—	98.14%	11.03%	4.89%
Return on Assets (ROA)
Reported ROA	21.23%	17.62%	12.06%	4.93%	0.27%
Adjusted ROA	22.11%	16.10%	11.32%	3.12%	1.27%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Booking Holdings Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Booking Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Booking Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Booking Holdings Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	5,882)	4,289)	3,058)	1,165)	59)
Revenues	23,739)	21,365)	17,090)	10,958)	6,796)
Profitability Ratio
Net profit margin¹	24.78%	20.07%	17.89%	10.63%	0.87%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	5,980)	3,811)	2,801)	720)	272)
Revenues	23,739)	21,365)	17,090)	10,958)	6,796)
Profitability Ratio
Adjusted net profit margin²	25.19%	17.84%	16.39%	6.57%	4.00%

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).

2024 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenues
= 100 × 5,882 ÷ 23,739 = 24.78%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 5,980 ÷ 23,739 = 25.19%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Booking Holdings Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues	23,739)	21,365)	17,090)	10,958)	6,796)
Total assets	27,708)	24,342)	25,361)	23,641)	21,874)
Activity Ratio
Total asset turnover¹	0.86	0.88	0.67	0.46	0.31
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues	23,739)	21,365)	17,090)	10,958)	6,796)
Adjusted total assets	27,046)	23,667)	24,748)	23,087)	21,419)
Activity Ratio
Adjusted total asset turnover²	0.88	0.90	0.69	0.47	0.32

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).

2024 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 23,739 ÷ 27,708 = 0.86

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 23,739 ÷ 27,046 = 0.88

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Booking Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	27,708)	24,342)	25,361)	23,641)	21,874)
Stockholders’ equity (deficit)	(4,020)	(2,744)	2,782)	6,178)	4,893)
Solvency Ratio
Financial leverage¹	—	—	9.12	3.83	4.47
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	27,046)	23,667)	24,748)	23,087)	21,419)
Adjusted stockholders’ equity (deficit)	(4,393)	(3,161)	2,854)	6,529)	5,565)
Solvency Ratio
Adjusted financial leverage²	—	—	8.67	3.54	3.85

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).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 27,708 ÷ -4,020 = —

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= 27,046 ÷ -4,393 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	5,882)	4,289)	3,058)	1,165)	59)
Stockholders’ equity (deficit)	(4,020)	(2,744)	2,782)	6,178)	4,893)
Profitability Ratio
ROE¹	—	—	109.92%	18.86%	1.21%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	5,980)	3,811)	2,801)	720)	272)
Adjusted stockholders’ equity (deficit)	(4,393)	(3,161)	2,854)	6,529)	5,565)
Profitability Ratio
Adjusted ROE²	—	—	98.14%	11.03%	4.89%

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).

2024 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity (deficit)
= 100 × 5,882 ÷ -4,020 = —

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity (deficit)
= 100 × 5,980 ÷ -4,393 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	5,882)	4,289)	3,058)	1,165)	59)
Total assets	27,708)	24,342)	25,361)	23,641)	21,874)
Profitability Ratio
ROA¹	21.23%	17.62%	12.06%	4.93%	0.27%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	5,980)	3,811)	2,801)	720)	272)
Adjusted total assets	27,046)	23,667)	24,748)	23,087)	21,419)
Profitability Ratio
Adjusted ROA²	22.11%	16.10%	11.32%	3.12%	1.27%

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).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 5,882 ÷ 27,708 = 21.23%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 5,980 ÷ 27,046 = 22.11%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Booking Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Booking Holdings Inc. (NASDAQ:BKNG)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Booking Holdings Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Booking Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)