Booking Holdings Inc. Leases Disclosure
| (In millions) | Classification in Consolidated Balance Sheets | December 31, | ||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Operating lease assets | Operating lease assets | $ | 632 | $ | 559 | |||||||||||||||
Operating lease liabilities: | ||||||||||||||||||||
Current operating lease liabilities | $ | 115 | $ | 122 | ||||||||||||||||
| Non-current operating lease liabilities | Operating lease liabilities | 557 | 483 | |||||||||||||||||
| Total operating lease liabilities | $ | 672 | $ | 605 | ||||||||||||||||
| Finance lease assets | $ | 7 | $ | 35 | ||||||||||||||||
Finance lease liabilities: | ||||||||||||||||||||
Current finance lease liabilities | $ | 6 | $ | 26 | ||||||||||||||||
| Non-current finance lease liabilities | — | 7 | ||||||||||||||||||
| Total finance lease liabilities | $ | 6 | $ | 33 | ||||||||||||||||
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Weighted-average remaining lease term: | ||||||||||||||
| Operating leases | 8.6 years | 9.2 years | ||||||||||||
| Finance leases | 0.8 years | 1.2 years | ||||||||||||
| Weighted-average discount rate: | ||||||||||||||
| Operating leases | 3.8 | % | 3.9 | % | ||||||||||
| Finance leases | 3.5 | % | 3.5 | % | ||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||
| (In millions) | Classification in Consolidated Statements of Operations | 2025 | 2024 | 2023 | ||||||||||||||||||||||
| Operating lease cost | General and administrative and Information technology | $ | 172 | $ | 174 | $ | 180 | |||||||||||||||||||
Variable lease cost | General and administrative and Information technology | 78 | 78 | 82 | ||||||||||||||||||||||
| Finance lease cost | Depreciation and amortization | 26 | 37 | 28 | ||||||||||||||||||||||
Other | (2) | 4 | (4) | |||||||||||||||||||||||
Total lease cost | $ | 274 | $ | 293 | $ | 286 | ||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
| Operating cash flows from operating leases | $ | 174 | $ | 184 | $ | 172 | ||||||||||||||
| Financing cash flows from finance leases | 25 | 36 | 31 | |||||||||||||||||
| Operating lease assets obtained in exchange for new operating lease liabilities | 167 | 75 | 200 | |||||||||||||||||
| (In millions) | ||||||||
| 2026 | $ | 137 | ||||||
| 2027 | 123 | |||||||
| 2028 | 97 | |||||||
| 2029 | 70 | |||||||
| 2030 | 60 | |||||||
| Thereafter | 305 | |||||||
| Total future lease payments | 792 | |||||||
| Less: Imputed interest | (120) | |||||||
| Total operating lease liabilities | $ | 672 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.