Hotels, Restaurants & Leisure
Booking Holdings' Q2 revenues rose 8% but a drastic swing in other income sent diluted EPS soaring 130%, masking geopolitical headwinds and rising marketing costs.
Key risk: Negative Stockholders' Equity and High Leverage
Stockholders' equity is -$10.8 billion, reflecting cumulative share buybacks and dividends exceeding retained earnings, leaving the company with negative book value and a negative debt-to-equity ratio. This elevated leverage, with long-term debt of $18.2 billion, could constrain financial flexibility and increase vulnerability to credit rating downgrades.
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