Stock Analysis on Net
Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Booking Holdings Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
Merchant revenues
Agency revenues
Advertising and other revenues
Revenues
Marketing expenses
Sales and other expenses
Personnel, including stock-based compensation
General and administrative
Information technology
Depreciation and amortization
Impairment
Transformation costs
Operating expenses
Operating income (loss)
Interest expense
Interest and dividend income
Other income (expense), net
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).

Total revenues exhibit a consistent upward trajectory and a pronounced seasonal pattern, typically peaking in the third quarter of each year. From March 2021 to June 2026, total revenues increased from 1,141 million USD to 7,352 million USD. This growth is primarily driven by a substantial expansion in merchant revenues, which rose from 373 million USD in March 2021 to 5,127 million USD by June 2026, reflecting a strategic shift or growth in the merchant model.

Revenue Stream Composition
Merchant revenues have become the dominant revenue driver, demonstrating the most aggressive growth rate across the observed period. Agency revenues also grew significantly from early 2021 levels but showed more volatility and a slower growth pace in later years compared to the merchant segment. Advertising and other revenues remained the smallest component, showing steady but modest incremental growth, moving from 51 million USD in March 2021 to 322 million USD in June 2026.
Operating Expense Dynamics
Marketing expenses constitute the largest operating cost and scale closely with revenue, peaking every September. These expenses grew from 461 million USD in March 2021 to 2,371 million USD in June 2026. Personnel costs, including stock-based compensation, followed a steady upward trend, increasing from 552 million USD in March 2021 to 900 million USD in June 2026. General and administrative expenses showed significant volatility, including a notable spike to 576 million USD in December 2023, before stabilizing.
Profitability and Margin Trends
Operating income has generally trended upward, despite quarterly fluctuations. After an initial loss in March 2021, operating income reached a peak of 3,483 million USD in September 2025. The operating margin is heavily influenced by the Q3 seasonal surge in revenue, which more than offsets the corresponding increase in marketing spend. Net income follows a similar seasonal pattern, with significant peaks in the third quarters of each year, such as 2,511 million USD in September 2023 and 2,748 million USD in September 2025.
Non-Operating and Extraordinary Items
Interest expenses have increased over the period, rising from 98 million USD in March 2021 to 300 million USD in June 2026. This was partially mitigated starting in March 2023 by the introduction of consistent interest and dividend income, averaging approximately 200-300 million USD per quarter. A significant one-time impairment charge of 457 million USD was recorded in September 2025, and recurring transformation costs began appearing in December 2024, ranging between 25 million and 105 million USD per quarter.

Overall, the financial profile is characterized by strong top-line growth and high seasonality. The increasing reliance on merchant revenues and the scaling of marketing expenditures suggest a growth-oriented strategy, while the management of personnel and IT costs remains relatively controlled relative to the scale of revenue expansion.