Consumer Discretionary · NASDAQ: ABNB
Airbnb: how the business works
Airbnb runs an online marketplace where over 5 million hosts offer stays, experiences and services to travelers, with revenue of $12.2 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Airbnb, Inc. · San Francisco, California · Founded 2007
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $12.2B
- Operating income, FY2025
- $2.5B
- Net income, FY2025
- $2.5B
- Hosts, FY2025
- Over 5M
- Founded
- 2007
The short version
Airbnb in 5 points
1 · What it sells
Airbnb runs an online marketplace where over 5 million hosts offer stays, experiences and services, and it earned $12.2 billion of revenue in FY2025 from the service fees it charges.
2 · Who pays it
Guests and hosts both pay service fees, with no split disclosed, and by listing location 42.4% of FY2025 revenue came from North America, 38.6% from Europe, the Middle East and Africa, 9.5% from Latin America and 9.4% from Asia Pacific.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Airbnb kept $19.4 as net income, which includes $705 million of interest on its cash and a one-time $213 million valuation allowance against its CAMT tax credits, partly offset by a one-time tax release; operating income was $20.8 per $100.
4 · Where the operating profit comes from
Airbnb reports one operating segment and no profit by region or product, so its $2,544 million of FY2025 income from operations cannot be traced to a source; its largest cost was $2.6 billion of sales and marketing.
5 · The one thing to watch
Stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $1.6 billion in FY2025, 13.0% of revenue, while Airbnb spent about $3.8 billion buying back shares that year.
Sources: From Airbnb's FY2025 10-K, Q3 FY2026 10-Q and shareholder letters · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Airbnb's money go?
Airbnb · FY2025
Receipt for every $100
| Cost of revenue | $16.1 |
|---|---|
| Operations and support | $10.3 |
| Product development | $18.2 |
| Sales and marketing | $20.0 |
| General and administrative | $10.4 |
| Other expense, net | $0.9 |
| Income tax | $4.8 |
| Kept as net income | $19.4 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus interest income): each line = line ÷ $12,946 million × 100.
Each week: one company explained in 5 points, picked by earnings date.
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02The business in one line
What does Airbnb do?
Guests and hosts pay Airbnb a service fee on each booking; the largest costs are marketing and product development, and what's left is profit.
- By listing location, North America brought in 42.4% of FY2025 revenue, Europe, the Middle East and Africa 38.6%, Latin America 9.5% and Asia Pacific 9.4%.
- Of every $100 that came in during FY2025, $20.0 went on sales and marketing, $18.2 on product development and $19.4 was left as net income.
03Who pays it
Who pays Airbnb?
North America
42%
of revenue
$5.2 billion of FY2025 revenue from listings in the region, up 3.8% from FY2024 (Cityfort calculation from the FY2025 10-K).
Europe, the Middle East and Africa
39%
of revenue
$4.7 billion of FY2025 revenue, up 14.4% from FY2024.
Latin America
10%
of revenue
$1.2 billion of FY2025 revenue, up 19.7% from FY2024.
Asia Pacific
9%
of revenue
$1.2 billion of FY2025 revenue, up 16.5% from FY2024.
Guests versus hosts
Not disclosed
Both pay service fees. Airbnb does not disclose how much of its revenue comes from each.
- North America42%
- Europe, the Middle East and Africa39%
- Latin America10%
- Asia Pacific9%
How spread out the customers are
Airbnb says no single city was more than 2% of FY2025 revenue or more than 1% of active listings.
04Why it makes money
Why does Airbnb make money?
Airbnb keeps a fee on bookings for homes it does not own, so it needs little equipment and most costs are people and marketing.
Guests booked $91.3 billion on Airbnb in FY2025, and Airbnb kept $12.2 billion of that as revenue, about $13.4 per $100 (Cityfort calculation from the FY2025 10-K). It spent $33 million on property and equipment that year. Airbnb collects its fees at booking, which is generally before the stay, so cash arrives early.
Operating income per $100 of revenue
$7.2$20.8
FY2021 to FY2025
- Hosts list homes, experiences and services
- Guests book and pay Airbnb, generally before the stay
- Airbnb keeps a service fee and pays the host after check-in
- Fees pay for marketing, product development and support
- More guests attract more hosts, and more listings attract more guests
↺ Step 5 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Airbnb?
North America
42%Airbnb reports one operating segment, so these are regions by listing location, with no profit shown. 158 million nights booked in FY2025.
Revenue $5.2B
Europe, the Middle East and Africa
39%215 million nights booked in FY2025, the most of any region.
Revenue $4.7B
Latin America
10%90 million nights booked in FY2025.
Revenue $1.2B
Asia Pacific
9%70 million nights booked in FY2025.
Revenue $1.2B
How the mix changed
- North America
- Europe, the Middle East and Africa
- Latin America
- Asia Pacific
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Airbnb done?
Revenue
$12.2BFY2025
Revenue rose every year, from $6.0 billion in FY2021 to $12.2 billion in FY2025, and Q3 FY2026 brought $4.9 billion, up 18.9% from a year earlier (Cityfort calculation from the Q3 FY2026 10-Q); the third quarter, with the most check-ins, is the largest each year.
US$
See the numbers
Net profit
$2.5BFY2025
Net income went from a $352 million loss in FY2021 to $2.5 billion in FY2025; FY2023's $4.8 billion includes a $2.9 billion one-time tax benefit, and its costs include $974 million of lodging and withholding tax reserves.
US$
See the numbers
Profit kept per $100 of revenue
$20.5FY2025
Net income per $100 of revenue was $20.5 in FY2025, against $20.8 of operating income; FY2023's $48.3 is lifted by the one-time tax benefit.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$4.6BFY2025
Free cash flow (cash from operations minus purchases of property and equipment) rose from $2.3 billion in FY2021 to $4.6 billion in FY2025, while stock-based compensation, a cost paid in shares, was $1.6 billion in FY2025: 13.0% of revenue and 63% of net income (Cityfort calculation from the FY2025 10-K).
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Airbnb's fiscal year is the calendar year, so Q3 FY2026 is July to September 2026). Net profit is the share belonging to the company's owners.
Download Airbnb's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (13)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Q4 and full-year 2024 shareholder letter (8-K Ex. 99.1)
- Q3 2026 shareholder letter (8-K Ex. 99.1)
- Q1 2025 shareholder letter (8-K Ex. 99.1)
- Q2 2025 shareholder letter (8-K Ex. 99.1)
- Q3 2025 shareholder letter (8-K Ex. 99.1)
- Q4 and full-year 2025 shareholder letter (8-K Ex. 99.1)
- Q1 2026 shareholder letter (8-K Ex. 99.1)
- Q2 2026 shareholder letter (8-K Ex. 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
07Who runs it
Who runs Airbnb, and did they deliver?
Brian Chesky
Co-founder and Chief Executive Officer
2025 total pay $242,122, including a $1 salary and no stock awards from 2023 to 2025. The median employee's pay was $235,416.
Elinor Mertz
Chief Financial Officer
2025 total pay $11,548,326.
Nathan Blecharczyk
Co-founder and Chief Strategy Officer
Joseph Gebbia
Co-founder and director
Kenneth Chenault
Lead director
Independent lead director; he chairs board meetings the Chair does not attend.
What they said, and what happened
5 delivered · 2 too early to tell
Said on Aug 6, 2025
Airbnb said it expected Q3 FY2025 revenue of $4.02 billion to $4.10 billion.
DeliveredWhat happened
Reported revenue of $4,095 million, within the range.
Said on Nov 6, 2025
Airbnb said it expected Q4 FY2025 revenue of $2.66 billion to $2.72 billion.
DeliveredWhat happened
Reported revenue of $2,778 million, above the top of the range.
Said on Feb 12, 2026
Airbnb said it expected Q1 FY2026 revenue of $2.59 billion to $2.63 billion.
DeliveredWhat happened
Reported revenue of $2,678 million, above the top of the range.
Said on May 7, 2026
Airbnb said it expected Q2 FY2026 revenue of $3.54 billion to $3.60 billion.
DeliveredWhat happened
Reported revenue of $3,608 million, above the top of the range.
Said on Aug 6, 2026
Airbnb said it expected Q3 FY2026 revenue of $4.69 billion to $4.77 billion.
DeliveredWhat happened
Reported revenue of $4,869 million, above the top of the range.
Said on Feb 12, 2026
Airbnb said in February 2026 that it expected FY2026 revenue growth of at least low double digits.
Too early to tellWhat happened
Airbnb raised this to low to mid teens on May 7, at least mid teens on Aug 6 and high teens on Nov 5, 2026. FY2026 results are not out yet.
Said on Nov 5, 2026
Airbnb said it expected Q4 FY2026 revenue of $3.22 billion to $3.28 billion.
Too early to tellWhat happened
Q4 FY2026 results are not out yet.
Sources (7)
08What could go wrong
What could go wrong for Airbnb?
- Legal
Tax claims in many places
Airbnb Ireland settled with Italy's Revenue Agency for €576 million ($621 million) in Dec 2023, without admitting any liability, and signed similar agreements for €139 million ($150 million) in Dec 2024 and €179 million ($186 million) in Jan 2025. Airbnb estimates a reasonably possible loss of $150 million to $160 million above its $199 million host withholding tax accrual (FY2025 10-K).
Watch The commitments and contingencies note in each 10-Q and 10-K.
- Regulation
Proposed fine in Spain
Spain's Ministry of Consumer Affairs proposed a fine of about €110 million ($129 million) in July 2025 and reduced it to about €65 million ($76 million) in September 2025. Airbnb disputes it and says a loss is neither probable nor estimable.
Watch Updates on the Spain matter in the FY2026 10-K.
- Competition
Competition for guests and hosts
Airbnb names online travel agencies such as Booking.com, Expedia and Vrbo, search engines such as Google, hotel chains and experience platforms as competitors. Sales and marketing rose 20.5% in FY2025, against 10.3% revenue growth.
Watch Sales and marketing against revenue in each 10-Q.
- Governance
Founders control the votes
Class B shares carry 20 votes each and held 88.5% of the votes on Oct 15, 2026 (Cityfort calculation from the Q3 FY2026 10-Q cover). Officers and directors as a group held 80.6% of the votes on Apr 8, 2026.
Watch Class B shares outstanding on each 10-Q cover, and the voting table in each proxy.
- Other
Large stock-based pay
Stock-based compensation was $1,592 million in FY2025, 13.0% of revenue and 63% of net income, and $1,359 million in the first nine months of 2026. Airbnb also paid $561 million of employee taxes on shares it held back in FY2025.
Watch Stock-based compensation and shares outstanding in each 10-Q.
- Currency
Exchange rates
Airbnb takes payments in about 50 currencies, and 57.6% of FY2025 revenue came from listings outside North America. Q3 FY2026 revenue rose 19%, or 16% excluding currency moves.
Watch Growth excluding currency moves against reported growth in each shareholder letter.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose every year, from $6.0 billion in FY2021 to $12.2 billion in FY2025, and grew 18.9% in Q3 FY2026.
- Free cash flow was $4.6 billion in FY2025, while purchases of property and equipment were $33 million.
- Cash and short-term investments of $12.6 billion exceeded debt of $2.4 billion at Sep 30, 2026.
- Revenue came in above the top of Airbnb's own range in each quarter from Q4 FY2025 to Q3 FY2026.
- Class A and Class B shares outstanding fell from 631 million at the end of FY2022 to 587.5 million on Oct 15, 2026.
What critics point to
- Stock-based compensation was $1.6 billion in FY2025, 13.0% of revenue and 63% of net income.
- Officers and directors held 80.6% of the votes on Apr 8, 2026, through 20-vote Class B shares.
- North America, 42.4% of FY2025 revenue, grew 3.8% that year, against 14.4% for Europe, the Middle East and Africa.
- Operating margin fell from 23.0% in FY2024 to 20.8% in FY2025, as sales and marketing rose 20.5%.
- Airbnb Ireland settled with Italy's Revenue Agency three times from 2023 to 2025 (the first, in Dec 2023, without admitting any liability), and Airbnb is disputing a proposed fine of about €65 million in Spain.
10What to watch next
What should you watch next at Airbnb?
Next event
Q4 FY2026 results
Date not announced yet.
Q4 revenue against Airbnb's $3.22 billion to $3.28 billion range
Airbnb gave the range on Nov 5, 2026. Revenue was above the top of its range in each quarter from Q4 FY2025 to Q3 FY2026.
Buybacks against stock-based pay
Airbnb repurchased $2,851 million of shares in the first nine months of 2026, while stock-based compensation was $1,359 million. A further $12 billion was approved on Nov 3, 2026.
Tax matters in the FY2026 10-K
The Spain proposed fine of about €65 million is disputed. Airbnb estimates a reasonably possible loss of $150 million to $160 million above its $199 million host withholding tax accrual (FY2025 10-K).
11Key facts
Key facts about Airbnb
- What does Airbnb do?
- Airbnb runs an online marketplace where hosts offer stays, experiences and services to guests in over 220 countries and regions. Airbnb had over 5 million hosts and revenue of $12.2 billion in FY2025 (calendar 2025).
- How does Airbnb make money?
- Airbnb makes money from service fees charged to guests and hosts as a percentage of each booking's value. Airbnb counts the fee as revenue at check-in. In FY2025 those fees, net of incentives and refunds, were $12.2 billion of revenue on $91.3 billion of gross bookings.
- What is Airbnb's business model?
- Airbnb's business model is to connect guests with hosts who list their own homes, collect a fee on each booking, and keep what is left after marketing, technology and support costs. In FY2025 Airbnb had $12.2 billion of revenue and $2.5 billion of income from operations, and spent $33 million on property and equipment.
- Is Airbnb profitable?
- Yes. Airbnb had income from operations of $2,544 million and net income of $2,511 million in FY2025, on revenue of $12.2 billion. Airbnb's net income was $1,890 million in Q3 FY2026, up from $1,374 million a year earlier, when a $213 million one-time tax charge was recorded.
- What is Airbnb's revenue by segment?
- Airbnb reports one operating segment and splits revenue only by where listings are located. In FY2025 Airbnb earned $5.2 billion (42.4%) in North America, $4.7 billion (38.6%) in Europe, the Middle East and Africa, $1.2 billion (9.5%) in Latin America and $1.2 billion (9.4%) in Asia Pacific.
- Who owns Airbnb?
- Airbnb's three co-founders hold most of its 20-vote Class B shares. Airbnb's officers and directors as a group held 80.6% of the votes on Apr 8, 2026, including Brian Chesky at 31.9%. Vanguard Capital Management reported 7.15% of the Class A shares as of Mar 31, 2026.
- How much does Airbnb earn from stays, experiences and services?
- Airbnb does not split its revenue by product. Airbnb launched services and redesigned experiences in May 2025, and reported 533 million nights and seats booked in FY2025, against 492 million nights and experiences in FY2024.
- How many hosts and guests does Airbnb have?
- Airbnb had over 5 million hosts in FY2025 and says it has had over 2.5 billion guest arrivals. Airbnb's guests booked 533 million nights and seats in FY2025, and 155.0 million in Q3 FY2026 alone.
- Does Airbnb have debt?
- Airbnb had $2,371 million of debt at Sep 30, 2026, from $2.5 billion of senior notes sold in March 2026. Airbnb's cash and short-term investments were $12,590 million that day, leaving net cash of $10,219 million (Cityfort calculation from the Q3 FY2026 10-Q).
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q3 2026 shareholder letter (8-K Ex. 99.1)
- 2026 proxy statement (DEF 14A)
- Schedule 13G, Vanguard Capital Management (Class A, event date Mar 31, 2026)
- Form 8-K filed Mar 16, 2026 (senior notes offering; repayment of 2026 convertible notes)
Terms on this page
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Operating income
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Airbnb sell?
Stays
Homes and rooms listed by hosts. The service fee is a percentage of the booking value and varies with value, length, location and host type.
Experiences
Activities run by hosts, redesigned and relaunched in May 2025.
Services
Services booked through Airbnb, launched in May 2025. Its 10-K names rival providers of photography, beauty, spa, fitness and food services.
Guest travel insurance
Airbnb said revenue from it rose nearly 70% in Q3 FY2026 from a year earlier. It gives no dollar figure.
AirCover for Hosts
Protection for hosts of up to $3 million per stay for damage and up to $1 million per occurrence for liability.
What it does
- Does: Charges guests and hosts a service fee on each booking
- Does: Holds the guest's payment until check-in, then pays the host, generally the next business day
- Does: Collects and pays lodging taxes in about 33,000 places
- Does: Buys back its own shares
What it does not do
- Does not: Does not provide the homes: hosts list their own properties
- Does not: Does not split revenue between stays, experiences and services
- Does not: Does not count guest money it holds as its own cash ($7.4 billion at Sep 30, 2026)
- Does not: Does not pay a dividend
13How the money flows
13How the money flows · FY2025
How does money flow through Airbnb?
Money in
- Revenue (service fees)$12.2B
- Interest income$705M
The company
Airbnb
$12.9B came in
Money out
- Cost of revenue (payment processing, data centers)$2.1B
- Operations and support (customer support, host protection)$1.3B
- Product development$2.4B
- Sales and marketing$2.6B
- General and administrative$1.3B
- Other expense (net) and income tax$738M
- Net income$2.5B
- Guests and hosts paid Airbnb $12.2 billion of service fees in FY2025, and its cash earned $705 million of interest.
- Payment processing and data centers took $2.1 billion, and customer support and host protection $1.3 billion.
- Product development took $2.4 billion and sales and marketing $2.6 billion, the largest single cost.
- After $1.3 billion of general and administrative costs, $2,544 million was left as income from operations.
- After $112 million of other expense, net and $626 million of tax, $2,511 million was net income.
14What it needs to run
14What it needs to run
What does Airbnb need to run?
Hosts
Over 5 million hosts supply the homes, experiences and services. Airbnb says it competes for them on bookings, fees, protections and brand.
Payment systems
Cost of revenue consists mainly of payment processing charges, third-party data center costs and software amortization. Guests and hosts pay in their own currency across about 20 local payment methods.
Third-party data centers
Airbnb's platform runs in third-party data centers, whose costs sit in cost of revenue.
People
About 8,200 employees at Dec 31, 2025, plus about 13,000 third-party community-support workers.
15Competitors and what protects it
15Competitors and what protects it
Who does Airbnb compete with?
Booking Holdings (Booking.com)
Named in Airbnb's FY2025 10-K among online travel agencies it competes with.
Expedia Group (Expedia, Vrbo)
Named in Airbnb's FY2025 10-K among online travel agencies; its Vrbo brand is named too.
Alphabet (Google)
NASDAQ: GOOGL
Airbnb's FY2025 10-K names internet search engines such as Google, and those powered by AI, among its competitors.
Hotel chains (Marriott, Hilton, Accor, Wyndham)
Named in Airbnb's FY2025 10-K as competitors, along with boutique and independent hotels.
Experience platforms (Viator, GetYourGuide, Klook)
Named in Airbnb's FY2025 10-K as online platforms offering experiences. Trip.com Group is named among online travel agencies.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Size of the marketplace4 of 5
Over 5 million hosts and 533 million nights and seats booked in FY2025, in over 220 countries and regions.
- Low spending on equipment4 of 5
Purchases of property and equipment were $33 million in FY2025, against $4,646 million of cash from operations.
- Direct bookings through its app3 of 5
Airbnb said app bookings were 66% of nights in Q3 FY2026, up from 62% a year earlier.
- Spread across places3 of 5
57.6% of FY2025 revenue came from listings outside North America, and no single city was more than 2% of revenue.
Weak spot
Taxes and local rules in many places
Airbnb collects and pays lodging taxes in about 33,000 places, settled tax claims with Italy's Revenue Agency (the first, in Dec 2023, without admitting any liability), and is disputing a proposed fine in Spain.
16Where growth could come from
16Where growth could come from
Where could Airbnb's growth come from?
Airbnb said in its Q3 2026 shareholder letter (Nov 5, 2026) that it expected Q4 FY2026 revenue of $3.22 billion to $3.28 billion, up 16% to 18% from a year earlier, including about 2 points from exchange rates. It expected FY2026 revenue growth in the high teens.
More nights and seats booked
Working155.0M in Q3 FY2026, +16%
Airbnb said gross bookings rose 21% in the quarter and the average daily rate rose 4% to $179.
Status: Working, on track against what the company said.
Bookings through the app
Working66% of nights in Q3 FY2026
Up from 62% a year earlier. Airbnb said app nights rose 29% and first-time bookers 13%.
Status: Working, on track against what the company said.
Faster-growing regions
WorkingOver 20% nights growth
Airbnb said nights grew over 20% in Latin America and Asia Pacific in Q3 FY2026, against low double digits in North America. Nights booked by guests from India grew over 60%.
Status: Working, on track against what the company said.
Services and new experiences
EarlyLaunched May 2025
Airbnb gives no revenue for them. It renamed its main volume measure Nights and Seats Booked to include them.
Status: Early, too early to judge.
Guest travel insurance
EarlyRevenue up nearly 70% in Q3 FY2026
Airbnb's own statement, with no dollar figure.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
17The company's own measures (non-GAAP)
17The company's own measures · FY2025 and Q3 FY2026
What do Airbnb's own measures show?
Official (GAAP): Income from operations, FY2025
$2.5B
Company's own measure: Adjusted EBITDA, FY2025 (Airbnb's measure)
$4.3B
Airbnb adds back stock-based compensation ($1,592 million), depreciation and amortization, and reserves for lodging and withholding taxes, and leaves out interest, other expense and income tax. Airbnb states its Adjusted EBITDA marginOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. as 35%.
Official (GAAP): Income from operations, Q3 FY2026
$2.0B
Company's own measure: Adjusted EBITDA, Q3 FY2026 (Airbnb's measure)
$2.5B
Same definition; it adds back $462 million of stock-based compensation in the quarter. Airbnb states the margin as 52%, against 50% a year earlier.
Official (GAAP): Net cash from operating activities, FY2025
$4.6B
Company's own measure: Free cash flow, FY2025 (Airbnb's measure)
$4.6B
Airbnb subtracts purchases of property and equipment, the same as this page. Guest money Airbnb holds for hosts does not count, except the interest it earns.
Official (GAAP): Revenue, FY2025
$12.2B
Company's own measure: Gross Booking Value, FY2025
$91.3B
The dollar value of bookings, including host earnings, service fees, cleaning fees and taxes, net of cancellations. It is not Airbnb's revenue.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Nights and Seats Booked, FY2025
533 million
Called Nights and Experiences Booked until Q2 FY2025, when seats for services were added. It was 492 million in FY2024.
Official (GAAP): Reported revenue growth, Q3 FY2026
19.0%
Company's own measure: Revenue growth excluding currency moves, Q3 FY2026
16%
Airbnb removes the effect of exchange-rate changes, as stated in its letter.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Take rate, Q3 FY2026
17.6%
Revenue ÷ Gross Booking Value, as Airbnb defines it. It swings by quarter because bookings count when made and revenue at check-in: it was 9.2% in Q1 FY2026.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
18Financial strength and debt
18Financial strength · Sep 30, 2026
How much debt does Airbnb have?
- Total debt$2.4B
- Cash and investments$12.6B
- Net cash (cash minus debt)$10.2B
- Net worth (shareholders' money)$9.3B
- Debt to equity
- 0.25×
- $ of debt for every $1 of shareholders' money
- Net cash = cash $7,272 million + short-term investments $5,318 million − debt $2,371 million = $10,219 million (Cityfort calculation from the Q3 FY2026 10-Q).
- The debt is $2.5 billion of senior notes sold in March 2026: $850 million at 4.40% due 2029, $850 million at 4.65% due 2031 and $800 million at 5.25% due 2036. Its carrying value is lower after a $20 million discount and a $109 million hedge adjustment.
- Airbnb used part of the money to repay its $2.0 billion of 0% convertible notes when they came due in March 2026.
- Not counted as cash: $7,420 million of funds held for customers, matched by an equal amount owed to them.
- Airbnb signed a new five-year $1.0 billion unsecured credit line on Oct 30, 2026.
- Year-end net cash was $6,339 million in FY2021, $7,635 million in FY2022, $8,080 million in FY2023, $8,616 million in FY2024 and $9,015 million in FY2025 (Cityfort calculation from each year's 10-K).
19Who owns it
19Who owns it · ownership as of Apr 8, 2026
Who owns Airbnb?
- Officers and directors (as a group), votes
- 80.6%
Shares vs votes by class
Airbnb has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes11.5%
- Class B common stock: share of all votes88.5%
- Class H common stock: share of all votes0.0%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
20What it does with profit
20What it does with profit
What does Airbnb do with its profit?
Buyback · Dec 31, 2022
Shares repurchased in FY2022.
$1.5B
Buyback · Dec 31, 2023
Shares repurchased in FY2023.
$2.3B
Buyback · Dec 31, 2024
Shares repurchased in FY2024.
$3.4B
Buyback · Dec 31, 2025
Shares repurchased in FY2025, about $3.8 billion.
$3.8B
Buyback · Sep 30, 2026
Shares repurchased in the first nine months of 2026.
$2.9B
Money raised · Mar 16, 2026
Sold senior unsecured notes due 2029, 2031 and 2036, and used part of the money to repay $2.0 billion of convertible notes.
$2.5B
21Governance signals
21Governance signals
What do Airbnb's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 2011
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy reports that the daughter of director Jeffrey Jordan works at Airbnb as a Senior Partnerships Manager, with pay set by reference to similar roles. It also lists an investors' rights agreement with some holders and indemnification agreements with directors and officers.
- Credit rating
- Moody's and S&P Global Ratings (Airbnb's first ratings, received in Q1 2026, as stated in its Q1 2026 shareholder letter and the notes' term sheet) Baa1 (Moody's) / A- (S&P) (not stated in the filings), Mar 12, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other
Founders control the votes
Class B shares carry 20 votes each, and officers and directors held 80.6% of the votes on Apr 8, 2026. The three co-founders have agreed to vote for each other's election to the board.
other
Staggered board
Directors are split into three classes with three-year terms, so about a third stand for election each year.
disclosure
No revenue split by product
Airbnb reports one segment and does not split revenue between stays, experiences and services, or between guests and hosts. It gives active listings only as growth rates or as over 5 million hosts.
other
Chief Technology Officer left
Airbnb filed on Nov 21, 2025 that Chief Technology Officer Aristotle Balogh would leave the role in December 2025.
other
Audit fees
Airbnb paid PwC $11.48 million of audit fees in 2025, plus $1.50 million of tax fees and $0.37 million of other fees.
Sources (6)
- 2026 proxy statement (DEF 14A)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Free writing prospectus: pricing term sheet for the senior notes (expected ratings Moody's Baa1 / S&P A-)
- Q1 2026 shareholder letter (8-K Ex. 99.1)
- Q3 2026 shareholder letter (8-K Ex. 99.1)
- Form 8-K filed Nov 21, 2025 (Item 5.02: Chief Technology Officer departure)
22What the market paid
22What the market paid · price as of Nov 5, 2026
What did the market pay for Airbnb on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Airbnb's Class A stock closed at $170.13 on Nasdaq, the day Q3 FY2026 results came out. Times 587.5 million Class A and Class B shares outstanding on Oct 15, 2026, that is a market value of about $99,959 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover). Unlisted Class B shares are counted at the Class A price, and the 9.2 million Class H shares held by a subsidiary are left out. P/E is price ÷ earnings per share: 31.8 on diluted EPS of $5.35 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). P/B is market value ÷ stockholders' equity of $9,312 million at Sep 30, 2026: 10.7.
- Share price
- $170.13
- Market value (market cap)
- $100.0B
- P/E
- 31.8×
- P/B
- 10.7×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
7.2×
$100.0B market value ÷ $13.9B revenue (four quarters to Sep 30, 2026) = 7.2×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: ABNB historical daily prices, Nasdaq (listing exchange) (close of Nov 5, 2026: $170.13); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 shareholder letter (8-K Ex. 99.1) and 3 more
How price ratios workFree cash flow yield
4.6%
$4.6B free cash flow (FY2025) ÷ $100.0B market value = 4.6%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: ABNB historical daily prices, Nasdaq (listing exchange) (close of Nov 5, 2026: $170.13); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 shareholder letter (8-K Ex. 99.1) and 4 more
What free cash flow means
Source: ABNB historical daily prices, Nasdaq (listing exchange) (close of Nov 5, 2026: $170.13); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 shareholder letter (8-K Ex. 99.1) and 3 more
Sources (7)
- ABNB historical daily prices, Nasdaq (listing exchange) (close of Nov 5, 2026: $170.13)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q4 and full-year 2025 shareholder letter (8-K Ex. 99.1)
- Q1 2026 shareholder letter (8-K Ex. 99.1)
- Q2 2026 shareholder letter (8-K Ex. 99.1)
- Q3 2026 shareholder letter (8-K Ex. 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
23How it got here
23How it got here
How did Airbnb get here?
2007
Milestone
Founded
Airbnb was founded in 2007 in San Francisco and incorporated in Delaware in June 2008.
2020
Milestone
Founder voting agreement
On Dec 4, 2020 the three co-founders agreed to vote for each other's election to the board, alongside 20-vote Class B shares.
2021
Crisis
Loans repaid early
Airbnb repaid $1,995 million of debt with a $213 million prepayment penalty and sold $2.0 billion of 0% convertible notes. FY2021 ended with a $352 million net loss.
2022
Milestone
First share buybacks
Airbnb repurchased $1,500 million of shares in FY2022, and $3,789 million in FY2025.
2023
Crisis
Italy tax settlement
Airbnb Ireland settled with Italy's Revenue Agency for €576 million ($621 million) covering 2017 to 2021, without admitting any liability. FY2023 costs include $974 million of tax reserves.
2025
Business-model change
Services and new experiences
In May 2025 Airbnb launched services and redesigned experiences, adding them to stays.
2026
Milestone
First credit ratings and bonds
Airbnb received Baa1 from Moody's and A- from S&P, sold $2.5 billion of notes in March 2026, and repaid its convertible notes.
2026
Milestone
$12 billion buyback approved
Airbnb's board approved a further $12 billion of buybacks on Nov 3, 2026.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Free writing prospectus: pricing term sheet for the senior notes (expected ratings Moody's Baa1 / S&P A-)
- Q1 2026 shareholder letter (8-K Ex. 99.1)
- Form 8-K filed Mar 16, 2026 (senior notes offering; repayment of 2026 convertible notes)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
24Sources and changes
Where every number on this page comes from
Sources (22 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 16, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S6Q4 and full-year 2024 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2025
- S7Q1 2025 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
- S8Q2 2025 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
- S9Q3 2025 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S10Q4 and full-year 2025 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
- S11Q1 2026 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S12Q2 2026 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S13Q3 2026 shareholder letter (8-K Ex. 99.1) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S142026 proxy statement (DEF 14A) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
- S15Form 8-K filed Mar 16, 2026 (senior notes offering; repayment of 2026 convertible notes) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 16, 2026
- S16Free writing prospectus: pricing term sheet for the senior notes (expected ratings Moody's Baa1 / S&P A-) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
- S17Form 8-K filed Nov 21, 2025 (Item 5.02: Chief Technology Officer departure) · Airbnb, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 21, 2025
- S18Schedule 13G, Vanguard Capital Management (Class A, event date Mar 31, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Apr 29, 2026
- S19Schedule 13G/A, Brian Chesky (Class A, event date Jun 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 14, 2026
- S20Schedule 13G/A, Nathan Blecharczyk (Class A, event date Jun 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 14, 2026
- S21Schedule 13G/A, Joseph Gebbia (Class A, event date Jun 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 14, 2026
- S22ABNB historical daily prices, Nasdaq (listing exchange) (close of Nov 5, 2026: $170.13) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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