Airbnb

ABNB · Nasdaq · Consumer Discretionary · Financials, fiscal 2019 to 2025

ABNB · Last close · October 26, 2026

$171.05

Airbnb's revenue rose 10.3% to $12.2 billion in fiscal 2025. Its operating margin was 20.8%, down from 23.0% a year earlier. It paid out $3.8 billion in dividends and buybacks. The diluted share count fell 3.4%.

Airbnb, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001559720-26-000004 Updated October 9, 2026

Revenue

$12.2B

10.3%

Operating margin

20.8%

2.2 pts

Net income

$2.5B

5.2%

Free cash flow

—

Return on equity

30.2%

1.7 pts

Market cap

$102.1B

Oct 26 close

P/E

38.9x

On $4.40 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Airbnb's cash flow statement has included its small capital spending (US$34 million in 2025) in other investing activities since 2023, so capital spending and free cash flow are blank from 2023.

What Airbnb does

Airbnb runs an online marketplace, through its website and mobile app, that connects guests with places to stay, experiences and services offered by hosts in over 220 countries and regions. Founded in 2007, it says it has over 5 million hosts, who have welcomed over 2.5 billion guest arrivals. It added services and redesigned experiences in May 2025.

Airbnb makes money from service fees on bookings, which it counts as revenue when the guest checks in. Substantially all of its revenue comes from stays, where the fee is a percentage of the booking's value. In October 2025 it began moving from charging fees to both hosts and guests to charging only the host. It reports one segment. Its competitors include online travel agencies such as Booking Holdings, Expedia Group and Trip.com Group; search engines such as Google; hotel chains such as Marriott, Hilton, Accor and Wyndham; property management companies; and activity sites such as Viator, GetYourGuide and Klook.

Hosts get AirCover for Hosts, which includes property damage protection of up to $3 million per stay. The business is seasonal: in a typical year, nights and seats booked are lowest in the fourth quarter. Some cities restrict short-term rentals; New York City's 2023 rules amounted to a de facto ban. As of December 31, 2025, Airbnb had approximately 8,200 employees and relied on approximately 13,000 third-party workers for most of its community support contacts.

Its biggest risks, as it describes them

Failing to keep or add hosts and guests, or hosts not offering good stays, experiences and services.
Laws on short-term rentals and home sharing that limit hosts' ability or willingness to list on its platform.
Criminal, violent or fraudulent acts by hosts, guests or others that damage trust in the platform's safety.
Fierce competition from travel agencies, search engines, hotels and other platforms.
Insurance that falls short, and losses under its own damage protection program for hosts.

From Airbnb's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2022 to 2025, earnings per share grew 13.0% a year and net income 9.9% a year, as buybacks cut the share count by 8%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Airbnb yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Airbnb's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Airbnb's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $4.6B, net cash of $9.0B at December 31, 2025 and 623 million diluted shares, from its filings. The scenarios are fitted to Airbnb: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 13.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Hotels, Resorts & Cruise Lines), plus 1 point for unsteady results (a loss in fiscal 2021); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Airbnb's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 13% discount rate. Base: growth of 13.5% then 8% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 20% then 11.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $171.05
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Airbnb's earnings per share of $4.40 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Airbnb's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Hilton Worldwide, Expedia Group, Norwegian Cruise Line, Royal Caribbean Group.

Earnings growth in the years ahead (% a year) Starts at Airbnb's revenue growth over the last 3 years, 13.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $171.05
Value at this multiple, against the last close: —
Airbnb's P/E at the last close: 38.9×

Company	Last close	Earnings per share	P/E today
Hilton WorldwideHLT	$351.89	$6.82	51.6×
AirbnbABNB	$171.05	$4.40	38.9×
Expedia GroupEXPE	$283.97	$16.07	17.7×
Royal Caribbean GroupRCL	$280.60	$16.20	17.3×
Norwegian Cruise LineNCLH	$15.25	$1.62	9.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	8,322	9,622	10,071	10,611	11,014
Debt incl. finance leases	2,000	1,987	1,991	1,995	1,999
Net debt (negative means net cash)	−6,322	−7,635	−8,080	−8,616	−9,015
Net debt to EBITDA	−12.3x	−4.1x	−5.2x	−3.4x	−3.5x
Debt to equity	0.4x	0.4x	0.2x	0.2x	0.2x
Interest coverage	8.6x	225.2x	27.6x	1,276.5x	1,272.0x
Current ratio	1.9x	1.9x	1.7x	1.7x	1.4x
Quick ratio	1.9x	1.9x	1.7x	1.7x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Airbnb shares on the open market, and 7 insiders sold $1.2 billion, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	David C BernsteinChief Accounting Officer	Sold plan	1,369	$168.01	$230,006	Form 4
Oct 12, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	13,615	$165.18	$2.2 million	Form 4
Sep 28, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	13,615	$156.83	$2.1 million	Form 4
Sep 15, 2026	David C BernsteinChief Accounting Officer	Sold plan	1,489	$168.93	$251,537	Form 4
Sep 14, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	13,615	$172.36	$2.3 million	Form 4
Sep 1, 2026	David C BernsteinChief Accounting Officer	Sold plan	5,224	$182.49	$953,328	Form 4
Aug 31, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	13,615	$187.27	$2.5 million	Form 4
Aug 28, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	57,160	$190.71	$10.9 million	Form 4
Aug 26, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	19,659	$190.73	$3.7 million	Form 4
Aug 25, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	202,652	$190.28	$38.6 million	Form 4
Aug 24, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	150,640	$190.94	$28.8 million	Form 4
Aug 20, 2026	Nathan BlecharczykChief Strategy Officer, Director, 10% owner	Sold plan	2,738	$184.42	$504,942	Form 4

The latest 12 of 99 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	7 of 9	7 of 9	6 of 9
Accruals ratio	5.0%	−9.0%	−9.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Airbnb side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Airbnb	FY25	10.3%	20.8%	—	—	−3.5x	6
Hilton Worldwide	FY25	7.7%	22.4%	16.9%	31.1%	4.0x	5	Compare
Expedia Group	FY25	7.6%	12.7%	21.1%	40.5%	0.2x	8	Compare
Norwegian Cruise Line	FY25	3.7%	15.9%	−11.9%	9.8%	5.4x	7	Compare
Royal Caribbean Group	FY25	8.8%	27.4%	6.9%	16.6%	3.1x	9	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,805	3,378	5,992	8,399	9,917	11,102	12,241
Revenue growth	—	−29.7%	77.4%	40.2%	18.1%	11.9%	10.3%
Gross profit	3,609	2,502	4,836	6,900	8,214	9,224	10,155
Research and development	977	2,753	1,425	1,502	1,722	2,056	2,354
Operating income	−502	−3,590	429	1,802	1,518	2,553	2,544
Net income	−674	−4,585	−352	1,893	4,792	2,648	2,511
Diluted EPS (US$)	—	−16.12	−0.57	2.79	7.24	4.11	4.03
Diluted shares (millions)	261	284	616	680	662	645	623
Cash flow
Cash from operations	223	−740	2,313	3,430	3,884	4,518	4,646
Capital expenditure	126	37	25	25	—	—	—
Free cash flow	97	−777	2,288	3,405	—	—	—
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	1,500	2,252	3,430	3,789
Acquisitions	192	0	0	0	0	0	0
Stock-based compensation	98	3,003	899	930	1,120	1,407	1,592
Balance sheet at fiscal year end
Cash and short-term investments	2,014	6,391	8,322	9,622	10,071	10,611	11,014
Debt incl. finance leases	—	1,826	2,000	1,987	1,991	1,995	1,999
Total assets	—	10,492	13,708	16,038	20,645	20,959	22,208
Total liabilities	—	7,590	8,933	10,478	12,480	12,547	14,009
Shareholders' equity	−808	2,901	4,775	5,560	8,165	8,412	8,199
Margins and ratios
Gross margin	75.1%	74.1%	80.7%	82.2%	82.8%	83.1%	83.0%
Operating margin	−10.4%	−106.3%	7.2%	21.4%	15.3%	23.0%	20.8%
Net margin	−14.0%	−135.7%	−5.9%	22.5%	48.3%	23.9%	20.5%
Free cash flow margin	2.0%	−23.0%	38.2%	40.5%	—	—	—
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	−9.2%	36.6%	69.8%	31.9%	30.2%
Return on assets	—	—	−2.9%	12.7%	26.1%	12.7%	11.6%
Net debt to EBITDA	—	—	−12.3x	−4.1x	−5.2x	−3.4x	−3.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Airbnb's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Airbnb.