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Booking Holdings Inc. BKNG Deferred merchant bookings

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Other financials

Income statement

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Revenue$5.5B+16.2%
Operating income$1.3B+19.7%
Net income$1.1B+225%
EPS (diluted)$1.36+240%

Balance sheet

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Cash & equivalents$16.0B+2.9%
Total debt$18.9B+14.8%
Total equity-$8.7B-42.7%
Total assets$27.7B+1.9%

Cash flow

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Operating cash flow$3.2B-2.1%
CapEx$107.0M-11.6%
Free cash flow$3.1B-1.7%

Valuation

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Market cap$161.11B-7.3%
Enterprise value$164.03B-6.4%
P/E26.2×-9.9×
P/S5.8×-1.1×

Profitability

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Gross margin98.1%
Operating margin32.6%+0.1pp
Net margin22.2%-0.4pp
FCF margin32.6%-2.6pp

Returns & leverage

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Return on equity147.8%+136pp
Debt / equity11.8×+9.5×
Current ratio1.1×-0.2×

Where this comes from

Reported directly by Booking Holdings Inc. in its filing.

Tagged under the XBRL concept bkng:DeferredMerchantBookings.

The source filing: Booking Holdings Inc.’s 10-Q, filed April 28, 2026.

Filed
Apr 28, 2026, 5:12 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001075531-26-000025
Line itemMarch 31,2026December 31,2025
Current liabilities:
Accounts payable$4,131$5,094
Accrued expenses and other current liabilities4,4764,454
Deferred merchant bookings8,1895,270
Short-term debt3,0151,880
Total current liabilities19,81116,698
Operating lease liabilities530557
Other long-term liabilities705731

Item 1. Financial Statements

FAQ

What is Booking Holdings Inc.'s deferred merchant bookings?
Booking Holdings Inc. (BKNG) reported deferred merchant bookings of $8.19B in Q1 2026.
How has Booking Holdings Inc.'s deferred merchant bookings changed year-over-year?
Booking Holdings Inc.'s deferred merchant bookings increased by 19.2% year-over-year, from $6.87B to $8.19B.
What is the long-term trend for Booking Holdings Inc.'s deferred merchant bookings?
Over 5 years (2020 to 2025), Booking Holdings Inc.'s deferred merchant bookings has grown at a 74.8% compound annual growth rate (CAGR), from $323M to $5.27B.
What does deferred merchant bookings mean?
Customer payments received in advance for travel services that have not yet been fulfilled or recognized as revenue. This represents a significant source of working capital for travel platforms and indicates future service obligations.

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