Business Description
Airbnb Inc. operates a global online marketplace that connects hosts offering accommodations and experiences with travelers seeking lodging. The company's platform primarily facilitates short- and long-term homestays, vacation rentals, and tourism activities across more than 220 countries and regions. Distinctively, Airbnb utilizes an asset-light business model, generating revenue by charging commissions and service fees on bookings rather than owning the underlying real estate.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 12,241,000 | 11,102,000 | 9,917,000 | 8,399,000 |
| Cost of Sales | 2,086,000 | 1,878,000 | 1,703,000 | 1,499,000 |
| Gross Profit | 10,155,000 | 9,224,000 | 8,214,000 | 6,900,000 |
| Selling, General & Administrative Expenses | 3,930,000 | 3,333,000 | 3,788,000 | 2,466,000 |
| Research & Development Expenses | 2,354,000 | 2,056,000 | 1,722,000 | 1,502,000 |
| Other Operating Expenses | 1,327,000 | 1,282,000 | 1,186,000 | 1,130,000 |
| Operating Profit | 2,544,000 | 2,553,000 | 1,518,000 | 1,802,000 |
| Interest and Investment Income | 705,000 | 818,000 | 721,000 | 186,000 |
| Non-Operating Income | (112,000) | (40,000) | (137,000) | 1,000 |
| Total Non-Operating Income | 593,000 | 778,000 | 584,000 | 187,000 |
| Income Before Provision for Income Taxes | 3,137,000 | 3,331,000 | 2,102,000 | 1,989,000 |
| Provision for Income Taxes | 626,000 | 683,000 | (2,690,000) | 96,000 |
| Consolidated Net Income | 2,511,000 | 2,648,000 | 4,792,000 | 1,893,000 |
| Net Income Attributable to Common Shareholders | 2,511,000 | 2,648,000 | 4,792,000 | 1,893,000 |
| Basic EPS | 4.10 | 4.19 | 7.52 | 2.97 |
| Diluted EPS | 4.03 | 4.11 | 7.24 | 2.79 |
| Basic Weighted Average Shares Outstanding | 613,000 | 632,000 | 637,000 | 637,000 |
| Diluted Weighted Average Shares Outstanding | 623,000 | 645,000 | 662,000 | 680,000 |
| Shares Outstanding | 611,000 | 632,000 | 647,000 | 640,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 6,560,000 | 6,864,000 | 6,874,000 | 7,378,000 |
| Short-Term Investments | 4,454,000 | 3,747,000 | 3,197,000 | 2,244,000 |
| Total Cash and Cash Equivalents | 11,014,000 | 10,611,000 | 10,071,000 | 9,622,000 |
| Other Receivables | 6,959,000 | 5,931,000 | 5,869,000 | 4,783,000 |
| Total Trade Receivables | 6,959,000 | 5,931,000 | 5,869,000 | 4,783,000 |
| Other Current Assets | 824,000 | 638,000 | 569,000 | 456,000 |
| Total Current Assets | 18,797,000 | 17,180,000 | 16,509,000 | 14,861,000 |
| Goodwill | 770,000 | 777,000 | 792,000 | 684,000 |
| Other Long-Term Assets | 2,641,000 | 3,002,000 | 3,344,000 | 493,000 |
| Total Assets | 22,208,000 | 20,959,000 | 20,645,000 | 16,038,000 |
| Accrued Expenses | 2,948,000 | 2,614,000 | 2,654,000 | 2,013,000 |
| Current Portion of Long-Term Debt | 1,999,000 | — | — | — |
| Unearned Revenue | 1,743,000 | 1,616,000 | 1,427,000 | 1,182,000 |
| Other Current Liabilities | 6,959,000 | 5,931,000 | 5,869,000 | 4,783,000 |
| Total Current Liabilities | 13,649,000 | 10,161,000 | 9,950,000 | 7,978,000 |
| Long-Term Debt | — | 1,995,000 | 1,991,000 | 1,987,000 |
| Leases | — | — | — | 295,000 |
| Other Long-Term Liabilities | 360,000 | 391,000 | 539,000 | 218,000 |
| Total Long-Term Liabilities | 360,000 | 2,386,000 | 2,530,000 | 2,500,000 |
| Total Liabilities | 14,009,000 | 12,547,000 | 12,480,000 | 10,478,000 |
| Additional Paid-in Capital | 13,763,000 | 12,602,000 | 11,639,000 | 11,557,000 |
| Accumulated Other Comprehensive Income | (62,000) | 35,000 | (49,000) | (32,000) |
| Retained Earnings | (5,502,000) | (4,225,000) | (3,425,000) | (5,965,000) |
| Total Common Shareholders' Equity | 8,199,000 | 8,412,000 | 8,165,000 | 5,560,000 |
| Total Shareholders' Equity | 8,199,000 | 8,412,000 | 8,165,000 | 5,560,000 |
| Total Liabilities and Shareholders' Equity | 22,208,000 | 20,959,000 | 20,645,000 | 16,038,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 2,511,000 | 2,648,000 | 4,792,000 | 1,893,000 |
| Depreciation & Amortization | — | — | — | 81,000 |
| Share-Based Compensation Expense | 1,592,000 | 1,407,000 | 1,120,000 | 930,000 |
| Other Adjustments | 649,000 | 530,000 | (2,748,000) | 207,000 |
| Changes in Accrued Expenses | 118,000 | (104,000) | 580,000 | 224,000 |
| Changes in Unearned Revenue | 122,000 | 200,000 | 242,000 | 280,000 |
| Changes in Other Operating Activities | (346,000) | (163,000) | (102,000) | (185,000) |
| Cash from Operating Activities | 4,646,000 | 4,518,000 | 3,884,000 | 3,430,000 |
| Purchases of Investments | (3,438,000) | (3,146,000) | (3,308,000) | (4,072,000) |
| Proceeds from Sale of Investments | 2,736,000 | 2,605,000 | 2,380,000 | 4,071,000 |
| Other Investing Activities | (46,000) | (75,000) | (114,000) | (27,000) |
| Cash from Investing Activities | (748,000) | (616,000) | (1,042,000) | (28,000) |
| Issuance of Common Shares | 122,000 | 168,000 | 110,000 | 88,000 |
| Repurchases of Common Shares | (4,350,000) | (4,060,000) | (3,476,000) | (2,107,000) |
| Net Issuance / (Repurchases) of Common Shares | (4,228,000) | (3,892,000) | (3,366,000) | (2,019,000) |
| Other Financing Activities | 401,000 | 320,000 | 936,000 | 1,330,000 |
| Cash from Financing Activities | (3,827,000) | (3,572,000) | (2,430,000) | (689,000) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 655,000 | (237,000) | 152,000 | (337,000) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 726,000 | 93,000 | 564,000 | 2,376,000 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $82.92B |
| P/E | 33.68x |
| P/S | 6.77x |
| EV/EBITDA | 29.05x |
| Return on Equity | 30.2% |
| Return on Invested Capital | 44.3% |
| Current Ratio | 1.38x |
| Free Cash Flow Margin | 38.0% |
Margins
Gross margin
83.0%
Operating margin
20.8%
Net margin
20.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $3.61B | +16.5% | 21.0% | $758M |
| Q1 2026 | $2.68B | +17.9% | 3.2% | $86M |
| Q4 2025 | $2.78B | +12.0% | 9.7% | $269M |
| Q3 2025 | $4.09B | +9.7% | 39.7% | $1.62B |
| Q2 2025 | $3.10B | — | 19.8% | $612M |
| Q1 2025 | $2.27B | — | 1.7% | $38M |
| Q4 2024 | $2.48B | — | 17.3% | $430M |
| Q3 2024 | $3.73B | — | 40.9% | $1.52B |
More on Airbnb, Inc.
Figures compiled from public company filings.
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