Booking Holdings (BKNG) risk factors: FY2025 10-K

1. Our business and financial results are subject to risks and uncertainties, which could adversely affect our business, results of operations, financial condition, and cash flows.

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1. Declines or disruptions in the travel industry could adversely affect our business and financial performance.
2. Intense competition could reduce our market share and harm our financial performance.
3. We face risks related to the growth rate and the global expansion of our business.
4. We are dependent on travel service providers, restaurants, search platforms, and other third parties.
5. We may not be able to keep up with rapid technological or other market changes.
6. We face risks related to the growth of our alternative accommodations business.
7. The development and use of Gen AI may result in reputational harm or legal liability and may adversely affect our business, financial condition, and results of operations.AI
8. We rely on the performance of highly skilled employees and, if we are unable to retain or motivate key employees or hire, retain, and motivate well-qualified employees, our business would be harmed.
9. Impairments of goodwill, long-term investments, and long-lived assets, increases in provisions for expected credit losses on receivables from and cash advances made to our travel service provider and restaurant partners, and increases in cash outlays to refund consumers for prepaid reservations could have a negative impact on our results of operations.reworded
10. We face risks related to our operational and technological infrastructures.
11. Investments in new business strategies and acquisitions could disrupt our ongoing business and present risks not originally contemplated.
12. We may not be able to successfully integrate acquired businesses or manage the operation of our internal businesses.

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1. Our processing, storage, use, and disclosure of personal data exposes us to risks of data breaches and could give rise to liabilities and/or damage our reputation.Cybersecurity
2. Cyberattacks, system vulnerabilities, or inadequate system capacity could lead to sustained service outages, data loss, reduced revenue, increased costs, liability claims, or harm to our competitive position.Cybersecurity
3. Our business relies on a global supply chain of third-party services providers and we are exposed to risks because we rely on the resilience, security, and legal compliance of their products and services.
4. We may have exposure to additional tax liabilities.
5. We may not be able to maintain our "Innovation Box Tax" benefit.

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1. Our business is subject to various competition, consumer protection, and online commerce laws and regulations around the world, and as the size of our business grows, scrutiny of our business in these areas may intensify.reworded
2. Regulatory and legal requirements and uncertainties could subject us to business constraints, increased compliance costs and complexities, or otherwise harm our business.
3. There are various risks associated with the facilitation of payments, including risks related to fraud, compliance with evolving rules and regulations, and reliance on third parties.
4. We face risks related to our intellectual property.
5. We face risks relating to our environmental and social objectives, including climate-related commitments we have made that require us to invest effort, resources, and management time, and failing to meet those objectives may adversely impact our reputation, employee retention, and willingness of customers and partners to do business with us.reworded
6. Regulations and policies impacting the way corporations use cookies and other online tracking technologies could negatively impact the way we do business.

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1. Our liquidity, credit ratings, and ongoing access to capital could be materially and negatively affected by global financial conditions and events.
2. We are exposed to fluctuations in foreign currency exchange rates.
3. Our stock price is highly volatile.
4. We face increased risks if the level of our debt increases.
5. The value of our investments could decline, which could adversely affect our financial condition and results of operations.

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