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Airbnb (ABNB) stock

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NASDAQ: ABNB Nasdaq Hotels, Resorts & Cruise Lines Next results ~November 5, 2026

B Fundamentals grade

Airbnb runs an online marketplace that links travellers, whom it calls guests, with hosts who list places to stay. Started in 2007 after two hosts put up three visitors at their San Francisco home, it now spans more than 220 countries and regions. Alongside accommodation, the platform added bookable services and a redesigned set of experiences in May 2025.

The business is two-sided: hosts advertise listings and guests book and pay through the website or mobile app, with transactions handled in local currencies across roughly 20 payment methods. Airbnb supplies hosts with scheduling, pricing and payment tools, a Co-Host Network of experienced hosts for hire, and AirCover, which offers up to $3 million of property-damage protection and $1 million of liability cover per occurrence; guests have their own AirCover support.

At 31 December 2025 the company employed about 8,200 people and drew on roughly 13,000 third-party workers for customer support. Most staff work remotely under its "Live and Work Anywhere" policy. Short-term rental rules vary by city; New York effectively banned the activity in 2023.

Based on Airbnb's 10-K filed February 12, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$210

Cash-flow model

Base case. Range ~$160–$270 across our lower- and higher-growth cases (8.4%–18.4% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 19% below our base value.

Price used: $171.11, November 2, 2026

Airbnb valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Airbnb files

Where Airbnb stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13.2bn, up 13.6% on a year earlier, faster than 12.6% a quarter earlier. That growth ranks 1 of 8 among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin held at 36.9%. The diluted share count is down 3.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $186 a share, against a share price of $176. At that price, our model says the market is pricing in about 12.4% a year of cash-flow growth for five years, slower than the 17.0% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Airbnb's trailing-twelve-month revenue grew 13.6% year on year, with a free-cash-flow margin of 36.9%. Where it stands out: days sales outstanding of 6 days ranks 1 of 17 hotels, resorts & cruise lines companies we cover. Where it lags: stock pay as % of revenue of 13.0% ranks 24 of 24 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$160–$270 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 13.6% (+1.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $171.11 is 23% below our value per share of $210.
  • Strong cash generation. 36.9% of revenue turned into free cash flow, against a median of 12.7% for hotels, resorts & cruise lines companies we cover.
  • Shrinking share count. Diluted shares fell 3.8% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $4.3bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Insiders selling. 7 insiders sold $1,138M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 13.0% ranks 24 of 24 hotels, resorts & cruise lines companies we cover (median 1.4%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.37 against an average estimate of $1.25: beat by 9.5%
Revenue
$3.61bn, up 16.5% on a year earlier
Share reaction
+16.8% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $4.69bn to $4.77bn (Q3 2026); revenue year-over-year growth growth 15% to 17% (Q3 2026)
Next report
November 5, 2026; average EPS estimate $2.85

Airbnb's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.1%
  • 1 week+0.0%
  • 1 month+5.3%
  • This year+26.1%
  • 1 year+35.2%
  • 5 years-1.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.2B
Operating margin
20.8%
Net margin
20.4%
EPS (TTM, diluted)
$4.41

Growth

Revenue growth
+13.6%
Change in growth rate
+1.0 pts
Share count change
−3.8%

Cash

Free cash flow (TTM)
$4.9B
FCF margin
36.9%
Stock pay % of revenue
13.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Results
  4. Insider trade
  5. Insider trade
  6. Results
  7. Guidance
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Airbnb valuation models and calculator

What the price is pricing in

The share price implies about 10.4% a year of cash-flow growth for five years.That is slower than the 17.0% a year revenue growth Airbnb has delivered.

  • Priced in10.4%
  • Last 12 months13.6%
  • 3 years a year13.1%
  • 5 years a year17.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($167.91, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$210
Price used
$167.91close November 3, 2026
Implied change
▲ +26%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Airbnb's free cash flow after stock-based pay with after-tax interest added back ($3.4B, FY2026 Q2 TTM), growing 14.1% and 12.7% in the next two years (forecasts, guidance and its record), then back to 13.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$160–~$270 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Airbnb's free cash flow after stock-based pay ( $3.4B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Airbnb as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$210 ~$160–$270 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$91 ~$76–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$60 ~$53–$70 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$60–$210 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Airbnb with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $98$127$166$217$283$369
8.5% $79$100$128$164$212$273
10% $67$83$105$133$169$215

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$146.80$166.49$85.50$136.14$131.41$135.72$171.11
Market value$41.7bn$102.6bn$58.1bn$90.1bn$84.8bn$84.6bn$104.3bn
+ Net debt (− = net cash)−$3.5bn−$4.1bn−$5.4bn−$4.9bn−$4.9bn−$4.6bn−$4.3bn
Enterprise value$38.2bn$98.5bn$52.7bn$85.2bn$79.9bn$80.0bn$100.0bn
Multiples
Price / sales 12.3x17.1x6.9x9.1x7.6x6.9x7.9x
Price / earnings ——30.7x18.8x32.0x33.7x38.8x
Price / free cash flow —44.8x17.1x23.2x18.8x18.2x21.5x
EV / EBITDA —191.4x28.6x55.5x31.1x31.2x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

61 /100

Moderate moat

How hard Airbnb's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Net income has been a median 9.5% of total assets over 6 years.

  • Pricing power 20 / 20

    Gross margin has been a median 82.5%, moving by 1.9 percentage points (standard deviation) across 6 years.

  • Durability 6 / 20

    Operating margin has been a median 19.1%; its worst year was -71.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 6 of 6 years, at a median 38.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 33.8% over five years; stock-based pay has been a median 12.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $4.7bn and EPS of $2.85 (range $2.60 to $3.17) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.31 +32% $14.2bn +16%
Next $6.27 +18% $15.8bn +12%

Next year's EPS estimate has moved +3.8% in 90 days, across 39 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.3% on 90 days ago. In the last 30 days, 2 analysts raised Airbnb's forecast and 0 cut it.

Consensus EPS forecast Airbnb, last 90 days
$5.00 $5.50 $6.00 $6.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.09 Current fiscal year, 60 days ago: $5.29 Current fiscal year, 30 days ago: $5.31 Current fiscal year, 7 days ago: $5.31 Current fiscal year, Now: $5.31 $5.31 Next fiscal year, 90 days ago: $6.04 Next fiscal year, 60 days ago: $6.19 Next fiscal year, 30 days ago: $6.24 Next fiscal year, 7 days ago: $6.26 Next fiscal year, Now: $6.27 $6.27

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.09$6.04
60 days ago $5.29$6.19
30 days ago $5.31$6.24
7 days ago $5.31$6.26
Now $5.31$6.27

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.25 $1.37 +9.5%
Mar 2026 $0.30 $0.26 −14.1%
Dec 2025 $0.66 $0.56 −15.7%
Sept 2025 $2.32 $2.21 −4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • revenue Q3 2026 $4.69bn to $4.77bn
    “We expect to generate revenue of $4.69 billion to $4.77 billion, representing year-over-year growth of 15% to 17%, inclusive of an approximate three percentage point FX tailwind after factoring in our hedging program.” source
  • revenue year-over-year growth Q3 2026 15% growth to 17% growth
    “We expect to generate revenue of $4.69 billion to $4.77 billion, representing year-over-year growth of 15% to 17%, inclusive of an approximate three percentage point FX tailwind after factoring in our hedging program.” source
  • Adjusted EBITDA Margin full-year 2026 about 35.5% Non-GAAP Raised
    “For 2026, we now expect to deliver a full-year Adjusted EBITDA Margin of at least 35.5%- an improvement from 2025 that reflects stronger topline growth and underlying operating leverage in our core business, while continuing to invest behind opportunities to drive future growth.” source

How earlier guidance turned out

  • Revenue, Q2 2026 guided $3.54bn to $3.6bn Above range: $3.608bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Airbnb's revenue by +14.1% next year and +12.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+14.0%, weight 58%) , management guidance (+15.5%, weight 18%) and the company's own record (+13.4%, weight 24%) . How the weights are set.

Analyst recommendations

44 analysts, Oct 2026
Buy2659%
Hold1636%
Sell25%

Monthly trend

  1. Oct 20264221644
  2. Sep 20266211645
  3. Aug 20264211846
  4. Jul 20264192045

Counts of recommendations published by analysts covering Airbnb, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.5%
of tradable shares
Days to cover
3.17
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
1.9%
of shares
Employees
8,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.2%

$126.54 on October 31, 2025 to $171.11

ThenNowEffect
Revenue (last 12 months) $11.6bn $13.2bn +13.6%
Net margin 22.7% 20.4% −9.8%
P/E multiple 30.6x 38.8x +26.9%
Share count 634m 610m +3.9%

Biggest factor: p/e multiple.

Last 3 years +39.5%

$122.64 on November 3, 2023 to $171.11

ThenNowEffect
Revenue (last 12 months) $9.1bn $13.2bn +44.8%
Net margin 25.3% 20.4% −19.2%
P/E multiple 36.5x 38.8x +6.3%
Share count 684m 610m +12.2%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ABNB+13%−49%+59%−4%+3%+26%
Industry peers (median)+28%−23%+45%+26%+10%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ABNB58%33%67%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ABNB−39%−56%−26%−33%−35%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since December 10, 2020: 62% from February 11, 2021 to December 28, 2022. Getting back needed a 163% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$111.54 – $190.50
From 52-week high
−10.2%
vs 50-day average
+0.6%
vs 200-day average
+16.5%
Volatility (1 year)
36%
Beta vs S&P 500
1.07

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.2%
After a week
4 up, 8 down
typical move ±5.8%
After a month
5 up, 7 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +16.8% +0.5% +21.4% +19.3%
May 7, 2026 +1.2% +0.5% −4.4% −3.9%
February 12, 2026 +1.5% −1.5% +7.0% +7.3%
November 6, 2025 −1.3% −1.0% −1.1% −0.4%
August 6, 2025 −7.6% +0.7% −4.2% −4.7%
May 1, 2025 +2.7% +2.2% +3.7% +6.3%
February 13, 2025 +14.9% +1.1% +3.9% −9.7%
November 7, 2024 −4.5% +1.2% −4.5% −2.6%
August 6, 2024 −9.8% +0.2% −6.7% −7.3%
May 8, 2024 −8.0% +0.6% −8.8% −8.2%
February 13, 2024 −3.6% −0.5% −3.0% +8.2%
November 1, 2023 −2.4% +3.0% −0.5% +14.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Airbnb’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.29× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ABNB Airbnb Grade B $172.02

Own 100 shares, sell the $210 call expiring December 18, 2026 (46 days) for $0.85 a share — $85.00 per contract.

Previous session · Bid $0.85, ask $0.96, quoted Mon 2 Nov, 17:13 New York time with ABNB at $172.02. Option prices move with the shares: check the live chain at your broker before trading.

  • If ABNB ends below $210: you keep your shares and the $85.00 — 0.5% extra on the position, 3.9% a year at that pace.
  • If it ends above $210: your shares are sold at $210, a total return of 22.6% including the premium — at or above our value of ~$210.
$3.9k $0 −$3.4k Break-even $171.17 Price $172.02 Our value $210
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$85.00
Annualised
3.9%
Break-even
$171.17
Max gain
$3,883
Chance of selling
~10%

Results are expected around November 5, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Airbnb in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Airbnb
$9B $10B $11B $12B $13B $14B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $9.6B Revenue (TTM), FY23 Q4: $9.9B Revenue (TTM), FY24 Q1: $10.2B Revenue (TTM), FY24 Q2: $10.5B Revenue (TTM), FY24 Q3: $10.8B Revenue (TTM), FY24 Q4: $11.1B Revenue (TTM), FY25 Q1: $11.2B Revenue (TTM), FY25 Q2: $11.6B Revenue (TTM), FY25 Q3: $11.9B Revenue (TTM), FY25 Q4: $12.2B Revenue (TTM), FY26 Q1: $12.6B Revenue (TTM), FY26 Q2: $13.2B $13.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $9.6B
FY23 Q4 $9.9B
FY24 Q1 $10.2B
FY24 Q2 $10.5B
FY24 Q3 $10.8B
FY24 Q4 $11.1B
FY25 Q1 $11.2B
FY25 Q2 $11.6B
FY25 Q3 $11.9B
FY25 Q4 $12.2B
FY26 Q1 $12.6B
FY26 Q2 $13.2B
Revenue growth, TTM YoY Airbnb
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 19.6% Revenue growth, TTM YoY, FY23 Q4: 18.1% Revenue growth, TTM YoY, FY24 Q1: 17.6% Revenue growth, TTM YoY, FY24 Q2: 15.6% Revenue growth, TTM YoY, FY24 Q3: 12.9% Revenue growth, TTM YoY, FY24 Q4: 11.9% Revenue growth, TTM YoY, FY25 Q1: 9.7% Revenue growth, TTM YoY, FY25 Q2: 10.2% Revenue growth, TTM YoY, FY25 Q3: 10.2% Revenue growth, TTM YoY, FY25 Q4: 10.3% Revenue growth, TTM YoY, FY26 Q1: 12.6% Revenue growth, TTM YoY, FY26 Q2: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 19.6%
FY23 Q4 18.1%
FY24 Q1 17.6%
FY24 Q2 15.6%
FY24 Q3 12.9%
FY24 Q4 11.9%
FY25 Q1 9.7%
FY25 Q2 10.2%
FY25 Q3 10.2%
FY25 Q4 10.3%
FY26 Q1 12.6%
FY26 Q2 13.6%
Operating margin (TTM) Airbnb
15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 23.4% Operating margin (TTM), FY23 Q4: 15.3% Operating margin (TTM), FY24 Q1: 15.9% Operating margin (TTM), FY24 Q2: 15.2% Operating margin (TTM), FY24 Q3: 15.0% Operating margin (TTM), FY24 Q4: 23.0% Operating margin (TTM), FY25 Q1: 22.2% Operating margin (TTM), FY25 Q2: 22.5% Operating margin (TTM), FY25 Q3: 22.6% Operating margin (TTM), FY25 Q4: 20.8% Operating margin (TTM), FY26 Q1: 20.5% Operating margin (TTM), FY26 Q2: 20.8% 20.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 23.4%
FY23 Q4 15.3%
FY24 Q1 15.9%
FY24 Q2 15.2%
FY24 Q3 15.0%
FY24 Q4 23.0%
FY25 Q1 22.2%
FY25 Q2 22.5%
FY25 Q3 22.6%
FY25 Q4 20.8%
FY26 Q1 20.5%
FY26 Q2 20.8%
FCF margin (TTM) Airbnb
35% 40% 45% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 44.2% FCF margin (TTM), FY23 Q4: 39.2% FCF margin (TTM), FY24 Q1: 41.2% FCF margin (TTM), FY24 Q2: 41.5% FCF margin (TTM), FY24 Q3: 38.0% FCF margin (TTM), FY24 Q4: 40.7% FCF margin (TTM), FY25 Q1: 39.0% FCF margin (TTM), FY25 Q2: 37.2% FCF margin (TTM), FY25 Q3: 38.4% FCF margin (TTM), FY25 Q4: 38.0% FCF margin (TTM), FY26 Q1: 36.1% FCF margin (TTM), FY26 Q2: 36.9% 36.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 44.2%
FY23 Q4 39.2%
FY24 Q1 41.2%
FY24 Q2 41.5%
FY24 Q3 38.0%
FY24 Q4 40.7%
FY25 Q1 39.0%
FY25 Q2 37.2%
FY25 Q3 38.4%
FY25 Q4 38.0%
FY26 Q1 36.1%
FY26 Q2 36.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Airbnb took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $12.2B
  2. Other income $593M · 4.8%
  3. Cost of revenue $2.1B · 17.0%
  4. Gross profit $10.2B · 83.0%
  5. Research and development $2.4B · 19.2%
  6. Selling, general and admin $3.9B · 32.1%
  7. Other operating costs $1.3B · 10.8%
  8. Operating income $2.5B · 20.8%
  9. Income tax $626M · 5.1%
  10. Net income $2.5B · 20.5%

Shares of revenue. Source: Airbnb's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4.8 3.4 6.0 8.4 9.9 11.1 12.2 13.2
Gross profit 3.6 2.5 4.8 6.9 8.2 9.2 10.2 10.9
EBITDA −0.4 −3.5 0.5 1.8 1.5 2.6 2.6 —
Operating income −0.5 −3.6 0.4 1.8 1.5 2.6 2.5 2.7
Net income −0.7 −4.6 −0.4 1.9 4.8 2.6 2.5 2.7
Diluted EPS — — — — — — — $4.41
Growth (year on year)
Revenue — −29.7% +77.4% +40.2% +18.1% +11.9% +10.3% +13.6%
EBITDA — — — +258.5% −16.7% +67.3% −0.3% —
Operating income — — — +320.0% −15.8% +68.2% −0.4% +5.1%
Net income — — — — +153.1% −44.7% −5.2% +2.5%
Diluted EPS — — — — — — — +6.5%
Margins
Gross margin 75.1% 74.1% 80.7% 82.2% 82.8% 83.1% 83.0% 82.9%
EBITDA margin −9.2% −104.3% 8.6% 22.0% 15.5% 23.1% 20.9% —
Operating margin −10.4% −106.3% 7.2% 21.5% 15.3% 23.0% 20.8% 20.8%
Net margin −14.0% −135.7% −5.9% 22.5% 48.3% 23.9% 20.5% 20.4%
Free-cash-flow margin 2.0% −23.0% 38.2% 40.5% 39.2% 40.7% 38.0% 36.9%
Cash flow
Cash from operations 0.2 −0.7 2.3 3.4 3.9 4.5 4.6 4.9
Capital spending 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow 0.1 −0.8 2.3 3.4 3.9 4.5 4.6 4.9
Stock-based pay 0.1 3.0 0.9 0.9 1.1 1.4 1.6 1.7
Free cash flow after stock pay −0.0 −3.8 1.4 2.5 2.8 3.1 3.1 3.2
Balance sheet
Cash 2.0 5.5 6.1 7.4 6.9 6.9 6.6 6.8
Total debt 0.0 2.0 2.0 2.0 2.0 2.0 2.0 2.5
Net debt (negative = net cash) −2.0 −3.5 −4.1 −5.4 −4.9 −4.9 −4.6 −4.3
Diluted shares 261m 284m 616m 680m 662m 645m 623m 610m
Returned to shareholders
Buybacks — 0.0 0.0 1.5 2.3 3.4 3.8 4.1
Total returned — 0.0 0.0 1.5 2.3 3.4 3.8 4.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $28.8bn
Short-term assets $25.5bnLonger-term assets $3.3bn
What it owes, and who funded it · $28.8bn
Short-term liabilities $18.1bnLonger-term liabilities $2.9bnShareholders' equity $7.8bn
  • Short-term assets cover short-term liabilities $25.5bn of assets due within a year against $18.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $25.5bn short-term assets against $2.9bn of longer-dated liabilities.
  • More cash than debt $6.8bn of cash against $2.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 32% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 32% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.9bn of operating cash flow against $2.5bn of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Airbnb's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$4.1B
Returned to shareholders
85%
of free cash flow
Buybacks, last 3 fiscal years
$9.5B
Diluted share count
−3.8%
year over year
Total shareholder yield
4.0%
dividends 0.0% + buybacks 4.0% of market value
R&D spending
18.9%
of revenue
Days sales outstanding
6 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated ABNB HLT EXPE NCLH RCL TCOM Median
Revenue, last 12 months $13.2bn $12.7bn $15.7bn $10.2bn $19.1bn $8.7bn $5.2bn
Revenue growth, last 12 months 13.6% 8.1% 12.0% 4.9% 9.7% 17.2% 9.7%
Revenue growth, 3-year average 13.1% 8.0% 8.6% 7.9% 13.3% 110.6% 8.0%
Revenue growth, latest quarter 16.5% 6.6% 14.0% 0.3% 8.8% — 8.1%
Gross margin 82.9% — 82.1% 41.4% 49.1% 80.6% 47.7%
Operating margin 20.8% 24.0% 16.0% 13.8% 27.6% 25.3% 16.0%
Operating margin, 3-year average 19.5% 22.2% 11.3% 15.0% 26.4% 9.7% 15.3%
Net margin 20.4% 13.4% 13.0% 8.2% 23.8% 53.3% 11.4%
Cash from operations / revenue 36.9% 15.9% 33.2% 21.3% 36.0% 23.0% 20.4%
Free-cash-flow margin 36.9% 15.2% 28.4% −5.6% 7.9% 21.8% 12.1%
Free-cash-flow margin, 3-year average 38.6% 17.3% 19.3% −4.4% 5.8% 18.6% 10.3%
Stock pay / revenue 13.0% 1.6% 2.6% 0.9% 0.7% 3.6% 1.3%
Change in share count −3.8% −4.5% −5.4% −3.5% −3.3% 1.4% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 13.6% 9.7% 7 of 25
Change in growth rate Growth +1.0pp -0.5pp 8 of 25
Gross margin Profitability 82.9% 47.7% 2 of 14
Operating margin Profitability 20.8% 16.0% 10 of 22
Net margin Profitability 20.4% 11.4% 4 of 25
Free-cash-flow margin Cash generation 36.9% 12.7% 2 of 24
Stock pay as % of revenue Cash generation 13.0% 1.4% 24 of 24
Long-term debt as % of assets Balance sheet 8.6% 41.9% 9 of 24
Change in share count Balance sheet -3.8% -3.5% 11 of 23
Days sales outstanding Balance sheet 6 days 52 days 1 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
Outside the US $7.4B ▲ 14.9%
North America $5.2B ▲ 3.8%
United States $4.8B ▲ 3.8%
EMEA $4.7B ▲ 14.4%
Latin America $1.2B ▲ 19.7%
Asia Pacific $1.2B ▲ 16.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Airbnb's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$51.8B
Institutions reporting
1,301
Shares held vs prior quarter
▲ 2.9%
Positions opened / closed
141 / 136

Top buyers and sellers, Q2 2026: 623 institutions bought and 627 sold ; the biggest buyer was AQR Capital Management LLC (+2.6M shares) and the biggest seller D. E. Shaw & Co., Inc (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.7B 33.1M 9.1% ▲ 3.5%
Vanguard Capital Management LLC $3.8B 26.6M 7.3% ▲ 1.8%
Harris Associates L P $2.7B 18.9M 5.2% ▼ 1.6%
State Street Corp $2.6B 18.2M 5.0% ▲ 2.4%
Invesco Ltd. $2.3B 16.2M 4.5% ▲ 8.6%
AQR Capital Management LLC $1.5B 10.6M 2.9% ▲ 32.8%
Geode Capital Management, LLC $1.5B 10.3M 2.9% ▼ 0.6%
Morgan Stanley $1.4B 10.1M 2.8% ▼ 3.1%
Vanguard Portfolio Management LLC $1.1B 7.9M 2.2% ▲ 1.5%
FMR LLC $961M 6.7M 1.9% ▼ 13.4%
Wellington Management Group LLP $828M 5.8M 1.6% ▲ 80.6%
Acadian Asset Management LLC $826M 5.8M 1.6% ▲ 17.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Airbnb's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.1B 317 trades by 7 insiders · 100% under pre-set plans
Net ▼ $1.1B net selling
Insider Date Trade Shares Price Value
Blecharczyk Nathan Chief Strategy Officer October 26, 2026 Sell pre-set plan 100 $172.00 $17,200
Blecharczyk Nathan Chief Strategy Officer October 26, 2026 Sell pre-set plan 5,614 $171.44 $962,464
Blecharczyk Nathan Chief Strategy Officer October 26, 2026 Sell pre-set plan 5,401 $170.65 $921,696
Blecharczyk Nathan Chief Strategy Officer October 26, 2026 Sell pre-set plan 2,500 $169.70 $424,261
Bernstein David C Chief Accounting Officer October 15, 2026 Sell pre-set plan 1,369 $168.01 $230,006
Blecharczyk Nathan Chief Strategy Officer October 12, 2026 Sell pre-set plan 1,000 $167.19 $167,185
Blecharczyk Nathan Chief Strategy Officer October 12, 2026 Sell pre-set plan 3,248 $166.52 $540,862
Blecharczyk Nathan Chief Strategy Officer October 12, 2026 Sell pre-set plan 2,248 $165.44 $371,910
Blecharczyk Nathan Chief Strategy Officer October 12, 2026 Sell pre-set plan 4,267 $164.72 $702,872
Blecharczyk Nathan Chief Strategy Officer October 12, 2026 Sell pre-set plan 2,852 $163.45 $466,151
Blecharczyk Nathan Chief Strategy Officer September 28, 2026 Sell pre-set plan 134 $158.31 $21,214
Blecharczyk Nathan Chief Strategy Officer September 28, 2026 Sell pre-set plan 6,085 $157.47 $958,207

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 33 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Airbnb shares.

  • Michael Guest(R-MS 3):Sale (full), $1,001 - $15,000, traded December 16, 2025, filed August 14, 2026
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed April 28, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded February 25, 2025, filed March 27, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 12, 2026
  • November 6, 2025
  • August 6, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Airbnb was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Airbnb in brief

What does Airbnb do?
Airbnb is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Airbnb's stock ticker?
Airbnb trades under the ticker ABNB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Airbnb's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Airbnb reported revenue of $13.2B, 13.6% higher than a year earlier, according to its SEC filings.
What is Airbnb's free cash flow?
Airbnb's free-cash-flow margin is 36.9% of revenue over the trailing twelve months, ranking 2 of the 24 hotels, resorts & cruise lines companies we cover.
What is Airbnb's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Airbnb's free cash flow after stock-based pay gives ~$210 per share in the base case, and ~$160–$270 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Airbnb's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Harris Associates L P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Airbnb buying back stock, and does it pay a dividend?
Airbnb spent $4.1B on share repurchases over the trailing twelve months, and its diluted share count fell 3.8% over the year.
What is Airbnb's market cap?
On November 2, 2026, Airbnb's market capitalisation was about $104B, with a price-to-earnings ratio of 38.8 and net debt of -$4.3B. Market figures come from third-party market data and may be delayed.
How much debt does Airbnb have?
Airbnb's debt-to-equity ratio is 31.7%, from its latest balance sheet (41.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Airbnb's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Airbnb are Hilton Worldwide, Expedia Group, Norwegian Cruise Line Holdings, Royal Caribbean Group and Trip.com Group Ltd. The side-by-side comparison below sets their revenue, margins and growth against Airbnb's.
Are insiders buying or selling Airbnb stock?
Over the last 12 months, Airbnb's directors and officers reported 0 open-market purchases and 317 sales on Form 4. The insider trading page charts every trade.
When is Airbnb's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Airbnb announces its own schedule.