Booking Holdings Inc., adjustment to net income

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (as reported)	4,289)	3,058)	1,165)	59)	4,865)
Add: Net unrealized gains (losses) on available-for-sale securities	7)	(12)	31)	23)	135)
Net income (adjusted)	4,296)	3,046)	1,196)	82)	5,000)

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Booking Holdings Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	20.07%	17.89%	10.63%	0.87%	32.29%
Adjusted net profit margin	20.11%	17.82%	10.91%	1.21%	33.19%
Return on Equity (ROE)
Reported ROE	—	109.92%	18.86%	1.21%	82.00%
Adjusted ROE	—	109.49%	19.36%	1.68%	84.27%
Return on Assets (ROA)
Reported ROA	17.62%	12.06%	4.93%	0.27%	22.73%
Adjusted ROA	17.65%	12.01%	5.06%	0.37%	23.36%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Booking Holdings Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Booking Holdings Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,289)	3,058)	1,165)	59)	4,865)
Revenues	21,365)	17,090)	10,958)	6,796)	15,066)
Profitability Ratio
Net profit margin¹	20.07%	17.89%	10.63%	0.87%	32.29%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	4,296)	3,046)	1,196)	82)	5,000)
Revenues	21,365)	17,090)	10,958)	6,796)	15,066)
Profitability Ratio
Adjusted net profit margin²	20.11%	17.82%	10.91%	1.21%	33.19%

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenues
= 100 × 4,289 ÷ 21,365 = 20.07%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 4,296 ÷ 21,365 = 20.11%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Booking Holdings Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,289)	3,058)	1,165)	59)	4,865)
Stockholders’ equity (deficit)	(2,744)	2,782)	6,178)	4,893)	5,933)
Profitability Ratio
ROE¹	—	109.92%	18.86%	1.21%	82.00%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	4,296)	3,046)	1,196)	82)	5,000)
Stockholders’ equity (deficit)	(2,744)	2,782)	6,178)	4,893)	5,933)
Profitability Ratio
Adjusted ROE²	—	109.49%	19.36%	1.68%	84.27%

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity (deficit)
= 100 × 4,289 ÷ -2,744 = —

² Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity (deficit)
= 100 × 4,296 ÷ -2,744 = —

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,289)	3,058)	1,165)	59)	4,865)
Total assets	24,342)	25,361)	23,641)	21,874)	21,402)
Profitability Ratio
ROA¹	17.62%	12.06%	4.93%	0.27%	22.73%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	4,296)	3,046)	1,196)	82)	5,000)
Total assets	24,342)	25,361)	23,641)	21,874)	21,402)
Profitability Ratio
Adjusted ROA²	17.65%	12.01%	5.06%	0.37%	23.36%

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 4,289 ÷ 24,342 = 17.62%

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 4,296 ÷ 24,342 = 17.65%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Booking Holdings Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Booking Holdings Inc. (NASDAQ:BKNG)

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