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.

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

US$ in millions

3 months ended:	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
Merchant revenues	2,918)	3,336)	4,972)	3,446)	2,388)	2,469)	3,945)	2,770)	1,752)	1,780)	2,614)	1,749)	1,050)	1,040)	1,622)	661)	373)	376)	837)	245)	659)
Agency revenues	1,564)	1,864)	2,753)	2,144)	1,763)	2,068)	3,135)	2,429)	1,782)	2,049)	3,203)	2,301)	1,450)	1,751)	2,867)	1,328)	717)	810)	1,723)	357)	1,424)
Advertising and other revenues	280)	271)	269)	269)	264)	247)	261)	263)	244)	220)	235)	244)	195)	190)	187)	171)	51)	52)	80)	28)	205)
Revenues	4,762)	5,471)	7,994)	5,859)	4,415)	4,784)	7,341)	5,462)	3,778)	4,049)	6,052)	4,294)	2,695)	2,981)	4,676)	2,160)	1,141)	1,238)	2,640)	630)	2,288)
Marketing expenses	(1,777)	(1,578)	(2,151)	(1,939)	(1,610)	(1,433)	(2,022)	(1,801)	(1,517)	(1,314)	(1,795)	(1,737)	(1,147)	(974)	(1,378)	(988)	(461)	(386)	(731)	(211)	(851)
Sales and other expenses	(702)	(750)	(872)	(820)	(678)	(813)	(723)	(666)	(542)	(474)	(540)	(465)	(339)	(261)	(302)	(206)	(112)	(118)	(129)	(131)	(377)
Personnel, including stock-based compensation	(693)	(853)	(868)	(807)	(826)	(1,032)	(788)	(752)	(722)	(598)	(636)	(635)	(596)	(485)	(591)	(686)	(552)	(491)	(517)	(452)	(484)
General and administrative	(142)	(163)	(575)	(112)	(186)	(575)	(387)	(304)	(289)	(307)	(262)	(207)	(158)	(188)	(179)	(134)	(119)	(128)	(148)	(104)	(201)
Information technology	(200)	(207)	(194)	(183)	(187)	(187)	(187)	(144)	(137)	(126)	(129)	(137)	(134)	(123)	(109)	(93)	(87)	(80)	(71)	(70)	(78)
Depreciation and amortization	(154)	(157)	(155)	(142)	(137)	(134)	(129)	(121)	(120)	(124)	(109)	(107)	(111)	(98)	(102)	(108)	(113)	(114)	(115)	(112)	(117)
Transformation costs	(32)	(34)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Restructuring, disposal, and other exit activities	—)	—)	—)	—)	—)	(1)	(2)	(1)	(1)	239)	2)	(6)	(36)	(4)	—)	(1)	(8)	(74)	(41)	(34)	—)
Impairment of goodwill	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(573)	—)	(489)
Operating expenses	(3,700)	(3,742)	(4,815)	(4,003)	(3,624)	(4,175)	(4,238)	(3,789)	(3,328)	(2,704)	(3,469)	(3,294)	(2,521)	(2,133)	(2,661)	(2,216)	(1,452)	(1,391)	(2,325)	(1,114)	(2,597)
Operating income (loss)	1,062)	1,729)	3,179)	1,856)	791)	609)	3,103)	1,673)	450)	1,345)	2,583)	1,000)	174)	848)	2,015)	(56)	(311)	(153)	315)	(484)	(309)
Interest expense	(649)	(507)	(305)	(264)	(219)	(208)	(254)	(241)	(194)	(145)	(102)	(76)	(68)	(75)	(80)	(81)	(98)	(98)	(98)	(96)	(64)
Interest and dividend income	241)	251)	327)	293)	243)	237)	289)	266)	228)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other income (expense), net	(258)	91)	(332)	37)	122)	(227)	11)	(80)	(181)	252)	(305)	220)	(955)	43)	(967)	96)	131)	496)	618)	789)	(349)
Income (loss) before income taxes	396)	1,564)	2,869)	1,922)	937)	411)	3,149)	1,618)	303)	1,452)	2,176)	1,144)	(849)	816)	968)	(41)	(278)	245)	835)	209)	(722)
Income tax (expense) benefit	(63)	(496)	(352)	(401)	(161)	(189)	(638)	(328)	(37)	(217)	(510)	(287)	149)	(198)	(199)	(126)	223)	(410)	(34)	(87)	23)
Net income (loss)	333)	1,068)	2,517)	1,521)	776)	222)	2,511)	1,290)	266)	1,235)	1,666)	857)	(700)	618)	769)	(167)	(55)	(165)	801)	122)	(699)

The analysis of the quarterly financial data exhibits several notable trends and patterns in revenue generation, expense management, and profitability over the observed periods.

Revenue Trends

Overall revenues show significant volatility, with lows in mid-2020 and a strong recovery and growth trend thereafter. Merchant revenues display a marked increase starting from under 300 million US dollars in the early quarters of 2020, peaking over 4,900 million by the end of 2024. Agency revenues follow a similar pattern with fluctuations but consistent growth from 357 million to nearly 2,800 million in the same timeframe. Advertising and other revenues maintain a steady upward trajectory, rising gradually from 28 million to 280 million over five years.

Expense Analysis

Marketing expenses exhibit an increasing trend, rising from a low base of around -211 million in Q2 2020, peaking at over -2,150 million by late 2024, suggesting sustained investment in customer acquisition and promotional efforts. Sales and other expenses fluctuate but rise overall from -131 million to a peak near -872 million, indicating expanding operational activities. Personnel expenses increase steadily, particularly marked by the rise in late 2023 with a peak at -1,032 million, reflecting possible workforce expansion or higher compensation costs.

General and administrative costs show irregular fluctuations but generally rise from around -100 million to periods exceeding -500 million, including sharp spikes. Information technology expenses increase gradually but remain a smaller portion of total expenses. Depreciation and amortization remain relatively stable but show a slight increasing trend over time.

Transformation costs appear only in the later periods, representing minor new activities. Restructuring and exit activities show intermittent costs, with notable positive and negative swings indicative of asset disposals or adjustments in organizational structure. Impairment of goodwill is recorded only early in the period, implying a write-down that was not repeated in subsequent years.

Operating Income and Profitability

Operating income shows greatest volatility, dipping into losses at the start of the period and recovering gradually to substantial positive figures, surpassing 3,100 million in late 2023. This rebound aligns closely with revenue growth and indicates improved operating efficiency despite rising expenses.

Financial Income and Expenses

Interest expense steadily increases over time, notably rising from -64 million in early 2020 to nearly -650 million by early 2025, suggesting increasing debt levels or cost of borrowing. Interest and dividend income only appears from 2022 onwards, contributing positively but modestly to financial results.

Other income (expense), net, shows significant variability including large negative and positive values across quarters, pointing to irregular gains or losses possibly linked to non-operating activities or adjustments.

Net Income and Tax Effects

Income before taxes fluctuates widely, reflecting the trends in operating income and other financial items, with steep losses early on and strong gains later in the period. The company incurs income tax expenses and benefits inconsistently, with significant negative and positive values indicating tax rate variability or deferred tax adjustments.

Net income follows a similar pattern with losses at the beginning of the period and subsequent recovery to strong profits, peaking over 2,500 million in certain quarters of 2023 and 2024. This overall improvement suggests successful operational turnaround and management of costs relative to revenue.

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Booking Holdings Inc. (NASDAQ:BKNG)

Income Statement Quarterly Data

Income Statement
Quarterly Data