Booking Holdings (BKNG) 10-K Red Flags
Risk signals extracted deterministically from Booking Holdings’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (8)
- Receivables outpacing revenue: Accounts receivable grew +25.1% YoY vs revenue growth of +13.4%. The +11.7% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Operating cash flow exceeds net income: OCF is 3.69x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Gross margin expansion: Gross margin expanded +2.7%pp (from 43.5% to 46.2%), indicating improved pricing power, cost efficiency, or favorable product mix.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Revenue grew +13.4% but receivables grew +25.1% — 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.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Off-balance sheet arrangements.
Filings & ownership
- Latest annual report (10-K) filed Feb 18, 2026.
- Latest quarterly report (10-Q) filed Aug 4, 2026.
- 13 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.
Full BKNG analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
View full report →Not investment advice. FilingSight is an automated analytical research tool, not a registered investment advisor. Ratings and scores are quantitative analytical classifications, not buy or sell recommendations. Nothing here is personalized to your circumstances. Investing involves risk of loss — consult a licensed professional. See full disclosures.