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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total revenues	$ 26,917	$ 23,739	$ 21,365
Operating expenses:
Marketing expenses	8,186	7,278	6,773
Sales and other expenses	3,453	3,120	2,744
Personnel, including stock-based compensation of $613, $599, and $530, respectively	3,403	3,354	3,294
General and administrative	857	1,036	1,560
Information technology	908	771	655
Depreciation and amortization	623	591	504
Impairment	457	0	0
Transformation costs	205	34	0
Total operating expenses	18,092	16,184	15,530
Operating income	8,825	7,555	5,835
Interest expense	(1,617)	(1,295)	(897)
Interest and dividend income	921	1,114	1,020
Other income (expense), net	(1,297)	(82)	(477)
Income before income taxes	6,832	7,292	5,481
Income tax expense	1,428	1,410	1,192
Net income	$ 5,404	$ 5,882	$ 4,289
Net income applicable to common stockholders per basic common share (in dollars per share)	$ 166.52	$ 174.96	$ 118.67
Weighted-average number of basic common shares outstanding (in shares)	32,452	33,622	36,140
Net income applicable to common stockholders per diluted common share (in dollars per share)	$ 165.57	$ 172.69	$ 117.40
Weighted-average number of diluted common shares outstanding (in shares)	32,639	34,064	36,530
Merchant revenues
Total revenues	$ 17,755	$ 14,142	$ 10,936
Agency revenues
Total revenues	7,968	8,524	9,414
Advertising and other revenues
Total revenues	$ 1,194	$ 1,073	$ 1,015

"Sales and other expenses" are generally variable in nature and consist primarily of: (1) credit cards and other payment processing fees associated with merchant transactions; (2) fees paid to third parties that provide call center, website content translations and other services; (3) provisions for customer chargebacks associated with merchant transactions; (4) customer relations costs; (5) provisions for credit losses and bad debt, primarily related to agency accommodation commission receivables; and (6) insurance claim costs.

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Booking Holdings Inc. 10-K