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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-36691

Booking Holdings Inc.

(Exact name of registrant as specified in its charter)


Delaware			06-1528493
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

800 Connecticut Avenue

Norwalk, Connecticut 06854

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (203) 299-8000

Former name, former address and former fiscal year, if changed since last report: N/A

_____________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading Symbol(s)

Name of each exchange on which registered:

Common Stock par value $0.008 per share

BKNG

The NASDAQ Global Select Market

4.000% Senior Notes Due 2026

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The NASDAQ Stock Market LLC

1.800% Senior Notes Due 2027

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The NASDAQ Stock Market LLC

0.500% Senior Notes Due 2028

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The NASDAQ Stock Market LLC

3.625% Senior Notes Due 2028

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The NASDAQ Stock Market LLC

4.250% Senior Notes Due 2029

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The NASDAQ Stock Market LLC

3.500% Senior Notes Due 2029

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The NASDAQ Stock Market LLC

3.000% Senior Notes Due 2030

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The NASDAQ Stock Market LLC

4.500% Senior Notes Due 2031

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The NASDAQ Stock Market LLC

3.125% Senior Notes Due 2031

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The NASDAQ Stock Market LLC

3.625% Senior Notes Due 2032

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The NASDAQ Stock Market LLC

3.250% Senior Notes Due 2032

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The NASDAQ Stock Market LLC

4.125% Senior Notes Due 2033

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The NASDAQ Stock Market LLC

4.750% Senior Notes Due 2034

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The NASDAQ Stock Market LLC

3.625% Senior Notes Due 2035

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The NASDAQ Stock Market LLC

3.750% Senior Notes Due 2036

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The NASDAQ Stock Market LLC

3.750% Senior Notes Due 2037

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The NASDAQ Stock Market LLC

4.125% Senior Notes Due 2038

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The NASDAQ Stock Market LLC

4.000% Senior Notes Due 2044

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The NASDAQ Stock Market LLC

3.875% Senior Notes Due 2045

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The NASDAQ Stock Market LLC

4.500% Senior Notes Due 2046

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The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of Common Stock outstanding at April 20, 2026:


Common Stock, par value $0.008 per share						774,878,436
(Class)						(Number of Shares)

Booking Holdings Inc.

Form 10-Q

For the Three Months Ended March 31, 2026


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements			3

Consolidated Balance Sheets at March 31, 2026 (Unaudited) and December 31, 2025			3
Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, 2026 and 2025			4
Consolidated Statements of Comprehensive Income (Unaudited) For the Three Months Ended March 31, 2026 and 2025			5
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) For the Three Months Ended March 31, 2026 and 2025			6
Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2026 and 2025			7
Notes to Unaudited Consolidated Financial Statements			8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			18

Item 3. Quantitative and Qualitative Disclosures About Market Risk			29

Item 4. Controls and Procedures			29

PART II - OTHER INFORMATION

Item 1. Legal Proceedings			30

Item 1A. Risk Factors			30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			30



Item 6. Exhibits			31

SIGNATURES			32

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Booking Holdings Inc.

CONSOLIDATED BALANCE SHEETS

(In millions, except per share data)


	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	16,024	$	17,203

Accounts receivable, net (Allowance for expected credit losses of $145 and $137, respectively)	3,520		3,820
Prepaid expenses, net	619		611
Other current assets	771		630
Total current assets	20,934		22,264
Property and equipment, net	784		807
Operating lease assets	607		632
Intangible assets, net	882		918
Goodwill	2,662		2,669
Long-term investments	473		582
Other assets, net	1,378		1,392
Total assets	$	27,720	$	29,264
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	4,131	$	5,094
Accrued expenses and other current liabilities	4,476		4,454
Deferred merchant bookings	8,189		5,270
Short-term debt	3,015		1,880
Total current liabilities	19,811		16,698

Operating lease liabilities	530		557

Other long-term liabilities	705		731
Long-term debt	15,398		16,856
Total liabilities	36,444		34,842
Commitments and contingencies (see Note 13)

Stockholders' deficit:
Common stock, $0.008 par value, Authorized shares: 25,000 Issued shares: 1,618 and 1,613, respectively	13		13
Treasury stock: 838 and 816 shares, respectively	(58,337)		(54,315)
Additional paid-in capital	8,490		8,344
Retained earnings	41,420		40,670
Accumulated other comprehensive loss	(310)		(290)
Total stockholders' deficit	(8,724)		(5,578)
Total liabilities and stockholders' deficit	$	27,720	$	29,264

See Notes to Unaudited Consolidated Financial Statements.

Booking Holdings Inc.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)


	Three Months Ended March 31,
		2026		2025
Merchant revenues		$	3,698	$	2,918
Agency revenues		1,528		1,564
Advertising and other revenues		306		280
Total revenues		5,532		4,762
Operating expenses:
Marketing expenses		2,068		1,777
Sales and other expenses		804		702
Personnel, including stock-based compensation of $141 and $142, respectively		893		693
General and administrative		100		142
Information technology		240		200
Depreciation and amortization		131		154

Transformation costs		25		32

Total operating expenses		4,261		3,700
Operating income		1,271		1,062

Interest expense		(253)		(649)
Interest and dividend income		187		241
Other income (expense), net		194		(258)

Income before income taxes		1,399		396
Income tax expense		316		63
Net income		$	1,083	$	333
Net income applicable to common stockholders per basic common share		$	1.37	$	0.41
Weighted-average number of basic common shares outstanding		790		821
Net income applicable to common stockholders per diluted common share		$	1.36	$	0.40
Weighted-average number of diluted common shares outstanding		794		827

See Notes to Unaudited Consolidated Financial Statements.

Booking Holdings Inc.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)


	Three Months Ended March 31,
		2026		2025
Net income		$	1,083	$	333




Other comprehensive loss, net of tax (1)		(20)		(12)
Comprehensive income		$	1,063	$	321

(1) Consists of foreign currency translation adjustments (see Note 12).

See Notes to Unaudited Consolidated Financial Statements.

Booking Holdings Inc.

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(In millions)


	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total
	Shares	Amount		Shares	Amount




















Three Months Ended March 31, 2026
Balance, December 31, 2025	1,613	$	13	(816)	$	(54,315)	$	8,344	$	40,670	$	(290)	$	(5,578)

Net income	—	—		—	—		—		1,083		—		1,083

Other comprehensive loss, net of tax	—	—		—	—		—		—		(20)		(20)



Exercise of stock options and vesting of restricted stock units and performance share units	5	—		—	—		—		—		—		—
Stock-based compensation	—	—		—	—		146		—		—		146
Repurchase of common stock	—	—		(22)	(4,022)		—		—		—		(4,022)

Dividends	—	—		—	—		—		(333)		—		(333)




Balance, March 31, 2026	1,618	$	13	(838)	$	(58,337)	$	8,490	$	41,420	$	(310)	$	(8,724)

























Three Months Ended March 31, 2025
Balance, December 31, 2024	1,607	$	12	(783)	$	(47,877)	$	7,695

SEC Form 10-Q filed by Booking Holdings Inc.