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SEGMENT REPORTING AND GEOGRAPHIC INFORMATION | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION | SEGMENT REPORTING AND GEOGRAPHIC INFORMATION The Company's portfolio of brands is organized into five operating segments. The Company determined its operating segments based on how its chief operating decision maker ("CODM"), who is the Chief Executive Officer and President, manages the business, makes operating decisions, and evaluates operating performance. The operating segments are aggregated into one reportable segment based on the similarity in economic characteristics, other qualitative factors, and the objectives and principles of ASC 280, Segment Reporting. The CODM reviews revenues and an adjusted measure of EBITDA less additions to property and equipment ("Adjusted EBITDA less Capex") for each operating segment. The following table presents information for the Company's reportable segment. Other segment items include operating expenses such as general and administrative and information technology. See Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on these expenses.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Total revenues |  | $ | 9,008 |  |  | $ | 7,994 |  |  | $ | 20,568 |  |  | $ | 18,268 |  |  |
Marketing expenses |  | 2,340 |  |  | 2,151 |  |  | 6,256 |  |  | 5,700 |  |  |
Sales and other expenses |  | 1,022 |  |  | 872 |  |  | 2,623 |  |  | 2,353 |  |  |
Personnel expenses |  | 894 |  |  | 808 |  |  | 2,507 |  |  | 2,341 |  |  |
Other segment items |  | 535 |  |  | 492 |  |  | 1,486 |  |  | 1,538 |  |  |
Segment Adjusted EBITDA less Capex |  | $ | 4,217 |  |  | $ | 3,671 |  |  | $ | 7,696 |  |  | $ | 6,336 |  |  |
The following table presents the reconciliation of the Company's segment Adjusted EBITDA less Capex to Income before income taxes:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Segment Adjusted EBITDA less Capex |  | $ | 4,217 |  |  | $ | 3,671 |  |  | $ | 7,696 |  |  | $ | 6,336 |  |  |
Additions to property and equipment |  | 78 |  |  | 88 |  |  | 248 |  |  | 356 |  |  |
Adjustment related to the Netherlands pension fund matter (1) |  | — |  |  | — |  |  | 123 |  |  | — |  |  |
Accruals related to the fine imposed by the Spanish competition authority (1) |  | — |  |  | — |  |  | — |  |  | 78 |  |  |
Impact of certain indirect tax matters (2) |  | (45) |  |  | (365) |  |  | (45) |  |  | (365) |  |  |
Depreciation and amortization (3) |  | (160) |  |  | (155) |  |  | (472) |  |  | (434) |  |  |
Impairment (4) |  | (457) |  |  | — |  |  | (457) |  |  | — |  |  |
Transformation costs (5) |  | (105) |  |  | — |  |  | (173) |  |  | — |  |  |
Interest expense (3) |  | (301) |  |  | (305) |  |  | (1,368) |  |  | (788) |  |  |
Interest and dividend income (3) |  | 248 |  |  | 327 |  |  | 723 |  |  | 863 |  |  |
Net gains on equity securities (6) |  | 92 |  |  | 32 |  |  | 116 |  |  | 27 |  |  |
Foreign currency transaction losses on the remeasurement of certain Euro-denominated debt and accrued interest and gains on debt-related foreign currency derivative instruments (6) |  | (9) |  |  | (329) |  |  | (1,359) |  |  | (94) |  |  |
Loss on early extinguishment of debt (7) |  | (25) |  |  | — |  |  | (25) |  |  | — |  |  |
Change in fair value of the conversion option of the convertible senior notes (7) |  | — |  |  | — |  |  | 163 |  |  | — |  |  |
Other (8) |  | (64) |  |  | (95) |  |  | (201) |  |  | (251) |  |  |
Income before income taxes |  | $ | 3,469 |  |  | $ | 2,869 |  |  | $ | 4,969 |  |  | $ | 5,728 |  |  |
(1) See Note 13 for additional information. (2) For the three and nine months ended September 30, 2024, the Company accrued an amount of $365 million related to the previously disclosed settlement with the Italian Tax Authorities for the withholding of income tax liabilities for certain short-term rental partners in Italy, which is reflected in "General and administrative" expenses in the Unaudited Consolidated Statements of Operations. (3) See the Unaudited Consolidated Statements of Operations. (4) See Note 8 for additional information. (5) See Note 17 for additional information. (6) See Note 15 for additional information. (7) See Note 9 for additional information. (8) Primarily consists of the expenses of corporate headquarters and certain other functional departments. Stock-based compensation included in the determination of segment Adjusted EBITDA less Capex was $139 million and $406 million for the three and nine months ended September 30, 2025, respectively, and $128 million and $378 million for the three and nine months ended September 30, 2024, respectively. Geographic Information The Company's revenues from its businesses outside of the United States (the "U.S.") consists of the results of Booking.com and Agoda in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com at a hotel in New York by a consumer in the U.S. is part of the results of the Company's businesses outside of the U.S.
(in millions) |  | U.S. |  |  |  |  |  | Outside of the U.S. (1) |  | Total Company
Total revenues for the three months ended September 30, |  |  |  |  |  |  |  |  |  |
2025 |  | $ | 677 |  |  |  |  |  |  | $ | 8,331 |  |  | $ | 9,008 |
2024 |  | $ | 662 |  |  |  |  |  |  | $ | 7,332 |  |  | $ | 7,994 |
Total revenues for the nine months ended September 30, |  |  |  |  |  |  |  |  |  |
2025 |  | $ | 1,918 |  |  |  |  |  |  | $ | 18,650 |  |  | $ | 20,568 |
2024 |  | $ | 1,857 |  |  |  |  |  |  | $ | 16,411 |  |  | $ | 18,268 |
(1) Includes $7.6 billion and $16.7 billion for the three and nine months ended September 30, 2025, respectively, and $6.6 billion and $14.4 billion for the three and nine months ended September 30, 2024, respectively, attributed to an entity domiciled in the Netherlands.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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