Booking Holdings

Revenue grew +25.0% YoY to $21.36B. Net margin at 0.00% (contracting ▼). Return on equity 0.00%, ROA 0.00%, ROIC 30.11%.

• Revenue grew +25.0% YoY to $21.36B.
• Net margin at 0.00% (contracting ▼).
• Return on equity 0.00%, ROA 0.00%, ROIC 30.11%.
• Gross margin 0.00%, operating margin 27.31%.
• Free cash flow margin 32.76% ($7.00B).
• Debt/equity -2.15, current ratio 1.06, net debt $2.71B.
• Asset turnover 0.77 — capital efficiency.

Latest annual report (10-K) filed Feb 18, 2026. Latest quarterly report (10-Q) filed Apr 28, 2026. 14 recent 8-K material-event filings in the index.

• Latest annual report (10-K) filed Feb 18, 2026.
• Latest quarterly report (10-Q) filed Apr 28, 2026.
• 14 recent 8-K material-event filings in the index.
• Recent insider Form 4s: 0 buy vs 0 sell transactions.
• ~10,000+ recent 13F-HR filings reference Booking Holdings; broad institutional reporting.
• Recent filers include Parallax Volatility Advisers, L.P., Parallax Volatility Advisers, L.P., Parallax Volatility Advisers, L.P..
• 2 recent 13D activist/beneficial-ownership filings — potential catalyst.
• 17 recent 13G passive institutional ownership notices.

6 risk signal(s), 1 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. Revenue grew +25.0% but receivables grew +41.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.

• Receivables outpacing revenue: Accounts receivable grew +41.6% YoY vs revenue growth of +25.0%. The +16.6% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
• Leverage is building — debt rising while equity contracts: Long-term debt grew +17.0% while stockholders equity declined -55.0%. The debt-to-equity ratio is deteriorating, increasing financial risk and interest burden. This may constrain future borrowing capacity.
• Gross margin compression: Gross margin contracted +2.2%pp (from 60.4% to 58.2%). This may reflect input cost inflation, pricing pressure, or product mix shift toward lower-margin segments.
• NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 4 filing(s).
• Material weakness in internal controls: The term "material weakness" appears in 20 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
• NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 9 filing(s).
• Endogenous analysis: Revenue grew +25.0% but receivables grew +41.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
• Endogenous analysis: Gross margin compression combined with rising leverage creates a compounding effect: lower margins reduce operating cash flow exactly when higher debt demands more interest coverage. This dual pressure can trigger a negative feedback loop if not addressed.
• Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
• 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
• 20 disclosure(s) dropped from prior year — reduced reporting granularity.
• 3 new risk-language term(s) detected in filing text: Going concern doubt, Restatement of financial statements, Off-balance sheet arrangements.
• Ongoing high-severity risk language: Material weakness in internal controls.