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  "documentTitle": "2026 02 Investor Presentation",
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  "authorName": "Booking Holdings",
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  "notes": "The slide highlights strong investment-grade ratings, cash/debt positions, leverage targets, share repurchase authorization, dividend increases, and a stock split.",
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      "text": "We have strong investment grade credit ratings; Current ratings: A3 / A- (stable outlook / stable outlook); Demonstrated strong free cash flow with low capital expenditures; Solid balance sheet with strong liquidity ($17.8 billion in cash and investments and $18.9 billion in gross debt as of December 31, 2025); Strong operating performance and credit metrics maintained consistently over an extended period of time; We expect to maintain around 2x gross leverage through the cycle; As of December 31, 2025, we had $21.8 billion remaining under our share repurchase authorization; Our Board of Directors declared a cash dividend of $10.50 per share, payable on March 31, 2026, which is a 9.4% increase from the quarterly cash dividend per share of $9.60 in 2025; Our Board of Directors approved a 25-for-1 stock split, which will officially take effect on April 2, 2026",
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      "text": "(1) Debt maturity schedule is as of December 31, 2025. EUR bonds are converted to USD at an exchange rate of 1.174 (December 31, 2025 spot rate).",
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