Airbnb key statistics and ratios

In fiscal 2025, Airbnb had return on equity of 30.2%, an operating margin of 20.8%, debt equal to 24.4% of equity and a current ratio of 1.38. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Airbnb: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	75.1%	74.1%	80.7%	82.2%	82.8%	83.1%	83.0%	82.9%
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%
Return on equity	—	—	−9.2%	36.6%	69.8%	31.9%	30.2%	33.6%
Return on assets	—	−43.7%	−2.9%	12.7%	26.1%	12.7%	11.6%	10.6%
Asset turnover	—	0.32	0.50	0.56	0.54	0.53	0.57	0.52
Current ratio	—	1.73	1.95	1.86	1.66	1.69	1.38	1.41
Debt to equity	—	68.8%	41.9%	35.7%	24.4%	23.7%	24.4%	32.1%
Effective tax rate	—	—	—	4.8%	—	20.5%	20.0%	20.0%
R&D as % of revenue	20.3%	81.5%	23.8%	17.9%	17.4%	18.5%	19.2%	18.9%
Capital spending as % of revenue	2.6%	1.1%	0.4%	0.3%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	—	—	179.9%	81.1%	170.6%	185.0%	180.6%
Dividends and buybacks ÷ free cash flow	—	—	0.0%	44.1%	58.0%	75.9%	81.6%	84.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Airbnb: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	87.5%	82.8%	77.7%	82.4%	86.6%	82.5%	78.3%	82.5%
Operating margin	40.9%	17.3%	1.7%	19.8%	39.7%	9.7%	3.2%	21.0%
Net margin	36.7%	18.6%	6.8%	20.7%	33.6%	12.3%	6.0%	22.6%
Free-cash-flow margin	28.9%	18.8%	78.7%	31.5%	33.1%	18.9%	63.8%	35.2%
Current ratio	1.62	1.69	1.27	1.23	1.39	1.38	1.44	1.41
Debt to equity	23.5%	23.7%	25.1%	25.7%	23.2%	24.4%	32.4%	31.7%
R&D as % of revenue	14.0%	21.7%	25.0%	19.7%	14.3%	21.2%	23.8%	18.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Airbnb's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Airbnb.