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Airbnb ABNB

Airbnb is a global marketplace where hosts offer guests stays and experiences on their platform. The company was founded in 2007.

Ticker
ABNB
Headquarters
San Francisco, California
CEO
Brian Chesky
IPO year
2020
Sector
Hospitality
Website
airbnb.com
Management
Team & leadership ↗

Notes & Takes

"It’s founder-led, and he pays himself just $1. I’m a fan of Brian Chesky.

International is growing fast, though North America has slowed down. Whether experiences and services take off will be a factor in how this stock performs over the next five years.

The company went public in December 2020 and 5 years later the stock is essentially flat"

Commentary: January 2026

Company Financials

Open the Google Sheet ↗

Quarterly Headlines

Full financial detail for each company lives in its Google Sheet, linked above. Best viewed on desktop.

Airbnb Q1 2026

Mar 31, 2026

  • Revenue of $2.7 billion up 18%
  • $160 million net income margin of 6%
  • $519 million of adjusted EBITDA 19% margin
  • Gross booking value up 19%
  • Reserve now pay later made up 20% of global bookings
  • For guests who chat with the AI assistant for assistance 40% of the customer never talk to a human
  • $12.1 billion in cash with $2.5 billion in debt
  • Repurchased $1.1 billion of our common stock
  • Since the inception of our share repurchase program in Q3 2022 our share count has been reduced by 9%. A total of $14.8 billion has been spent on share repurchases and tax payments for employee RSU’s
  • $1.7 billion in cash from operations and also FCF

Airbnb Q4 2025

Dec 31, 2025

  • Revenue up 12%
  • Net income of $341 million a 12% net income margin
  • Gross booking value up 16%
  • Reserve now pay later rolled out in the U.S.
  • 24 hour grace period introduced to allow guests to cancel if they book 1 week in advance
  • In 2025 we had strong performance in Brazil and Japan and India is becoming one of our fastest growing markets
  • In May 2025 we launched experiences and services. Over half of experiences bookings are from customers who did not have an accommodation booking
  • In Q4 we began partnering with boutique hotels in NYC, LA, SF etc.
  • When users message our AI assistant about â…“ of the issues get resolved
  • For 2026 we expect our revenue to increase at least low double digits and adjusted EBITDA margin to stay consistent with 2025

Airbnb Q3 2025

Sep 30, 2025

  • Revenue up 10%
  • Net income of $1.4 billion
  • Gross booking value increased 14% YoY
  • First time bookers increased over 20% in Japan and nearly 50% in India
  • In May, we launched Services and Experiences and the feedback from guests has been overwhelmingly positive. In Q3 2025 half of experiences bookings were not attached to an Airbnb accommodations booking.
  • In Q4 we expect revenue to increase 7% to 10%. For the full year we expect to spend $200 million in capital expenditures to build up services and experiences. We expect to have a full year adjusted EBITDA margin of 35%.
  • Repurchased $857 million of stock in Q3
  • $11.7 billion in cash with $2 billion in debt

Airbnb Q2 2025

Jun 30, 2025

  • We are expanding our AI powered customer agent to 100% of U.S. customers, reducing the percent of guests and hosts who needed to contact a human agent by 15%
  • Revenue of $13.1 billion up 13%
  • Q2 net income of $642 million, up 15.6% (net income margin of 21%)
  • Net cash provided by operating activities of $1 billion (cash margin of 31%)
  • Purchased $1 billion of stock in Q2
  • We expect growth rates to slow in Q3 and Q4 due to tougher compares
  • $11 billion in cash and $2 billion in debt
  • Browse and discovery mode is the holy grail of travel (think Netflix of Doordash)
  • We are seeing a giant uptick in the number of people that are booking a home from the homepage in Airbnb and if people can engage there rather than typing a destination we can divert travel to where we have available supply

Airbnb Q1 2025

Mar 31, 2025

  • Revenue up 6% YoY
  • Net income of $154 million a 7% margin down from $264 million YoY primarily due to an increase in stock based compensation from a higher headcount
  • FCF of $1.8 billion
  • Trailing Twelve Month FCF $4.4 billion
  • Q1 free cash flow was $1.8 billion, representing a FCF margin of 78%
  • Q1 share repurchases of $807 million
  • Airbnb is in 220 countries and yet the majority of our business comes from 5 countries
  • Brazil remains one of the fastest growing countries for Airbnb (growing 27% YoY)

Airbnb Q4 2024

Dec 31, 2024

  • Revenue up 12% YoY
  • 19% net income margin
  • $458M FCF or 18% FCF margin
  • Repurchased $838 million of shares in Q4
  • Since our 2020 IPO revenue has tripled
  • ADR (Average Daily Rate) was $158 in Q4
  • App bookings in Q4 accounted for 60% of total nights booked, up from 55% YoY
  • Full year revenue up 12% YoY, $2.6 billion in net income with 24% margins, $4.5 billion in cash provided by operating activities at 41% margin

Airbnb Q3 2024

Sep 30, 2024

  • Revenue up 10%
  • 37% net income margin
  • Generated $1.1 billion of net cash provided by operating activities and the same amount in FCF
  • Our trailing twelve months FCF was $4.1 billion representing a FCF margin of 38%
  • Today we have more than 8 million active listings
  • Last month we introduced Co-host Network, an easy way to find the best local hosts to manage your Airbnb.
  • Q3 share repurchases of $1.1 billion
  • We’re reducing host cancellations, which though rare are a significant pain point for guests. In Q3, host cancellation rates decreased nearly 30% compare to last year
  • In May of 2024 we introduced Icons, a category of extraordinary experiences hosted by some of the greatest names in music, film, television and more.

Airbnb Q2 2024

Jun 30, 2024

  • Revenue up 11%
  • 20% net income margin
  • Generated $1.1 billion of net cash provided by operating activities and $1 billion of FCF in Q2
  • Our trailing twelve month FCF was $4.3 billion, representing a FCF margin of 41%
  • We saw a 25% YoY increase in app downloads globally
  • We built a fully functional Airbnb mini app inside of WeChat to let users in China search, book and share listings with friends and family
  • Average daily rates was $170, increasing 2%

Airbnb Q1 2024

Mar 31, 2024

  • Revenue up 18%
  • Net income margin of 12%
  • $1.9 billion of net cash provided by operating activities and $1.9 billion of FCF in Q1
  • TTM FCF was $4.2 billion
  • Mobile downloads up 9.5% YoY
  • In April we had over 500,000 guests stay on Airbnb during the total solar eclipse in North America. Twice as much as the year prior with no solar eclipse. Events drive traffic.
  • Icons introduced on May 1st
  • 80% of bookings are group trips