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Airbnb, Inc.

ABNB Consumer Cyclical Travel Services

Airbnb, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.2 billion, up 10.3% from fiscal 2024.

Revenue
+16.5%
EPS
+32.7%
Free cash flow
+30.3%
Total debt
+24.0%

Quarter to June 2026, against a year earlier

164.39 2.06 −1.24%
Market cap
$99.7B
P/E
36.8×
Fwd P/E
30.9×
Dividend yield
—
F-score
6/9
Altman Z
4.42
Beneish M
−2.80
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2019 →

Insider Decisions last twelve months

Sold, $m 1,130.25
Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 7 15 3 4 3 4 8 11 8 11 4 3
Insider Ownership 31.62%

Capital & Financial Ratios $m

Size
Market Cap 99,670.00
Revenue ttm 13,159.00
Net income ttm 2,691.00
Free cash flow ttm 4,860.00
Net debt Q (9,593.00)
Valuation
P/E 36.85 (above 35: high)
Forward P/E 30.90
Price / sales 7.39
Forward P/S Powerpack
Price / FCF 20.26
Price / book 12.47 (above 6: high)
Financial health
Current ratio Q 1.41
Debt / equity Q 0.32 (at or below 0.5: strong)
Interest coverage Q 20.49
Growth
Revenue growth Q +16.54% (above 0%: growing)
Operating income growth Q +23.86% (above 0%: growing)
EPS, this year +31.76% (at or above 15%: strong)
EPS, next year A +17.97% (at or above 15%: strong)
Revenue, next year A +15.83% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +22.47% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.8×, against a ten-year median of 7.6×; over the ten years it ranged from 5.3× in 2025 to 31.7× in 2021.
P/E against its own 10 years 64.90%
10-year low 10-year high
P/S against its own 10 years 27.45%
10-year low 10-year high
P/B against its own 10 years 51.88%
10-year low 10-year high
EV/Sales against its own 10 years 31.85%
10-year low 10-year high
EV/FCF against its own 10 years 47.79%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10,071 10,611 11,014 12,069
Receivables 5,869 5,931 6,959 12,224
Inventory — — — —
Other — — — —
16,509 17,180 18,797 25,479
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — 1,999 —
Other 1,427 1,616 1,743 2,831
9,950 10,161 13,649 18,092

Compound Annual Growth %

10y 5y 3y
Sales — 29.37% 13.38%
Cash Flow — 0.00% 10.64%
Earnings — 0.00% 9.87%
Book Value — 23.09% 13.82%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.20 Actual 1.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.29 2.21 Miss by 0.08
Q4 FY25 0.66 0.56 Miss by 0.10
Q1 FY26 0.31 0.26 Miss by 0.05
Q2 FY26 1.20 1.37 Beat by 0.17
Q3 FY26 2.89 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.26 1.37 — — —
’25 0.24 1.03 2.21 0.56 4.03
’24 0.41 0.86 2.13 0.73 4.11
’23 0.18 0.98 6.63 (0.55) 7.24
’22 (0.03) 0.56 1.79 0.48 2.79
’21 (1.95) (0.11) 1.22 0.08 (0.57)
’20 (1.30) (2.18) 0.73 (11.24) (16.12)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,678 3,608 — — —
’25 2,272 3,096 4,095 2,778 12,241
’24 2,142 2,748 3,732 2,480 11,102
’23 1,818 2,484 3,397 2,218 9,917
’22 1,509 2,104 2,884 1,902 8,399
’21 887 1,335 2,237 1,532 5,992
’20 842 335 1,342 859 3,378
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,708 1,270 — — —
’25 1,789 975 1,356 526 4,646
’24 1,923 1,051 1,078 466 4,518
’23 1,587 909 1,325 63 3,884
’22 1,202 801 964 463 3,430
’21 606 790 535 382 2,313
’20 (570) (256) 336 (139) (740)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,708 1,270 — — —
’25 1,789 975 1,356 526 4,646
’24 1,923 1,051 1,078 466 4,518
’23 1,581 894 1,295 63 3,884
’22 1,196 796 958 455 3,405
’21 599 782 529 378 2,288
’20 (585) (263) 328 (147) (777)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 2,562 3,652 4,805 3,378 5,992 8,399 9,917 11,102 12,241 13,159 +21.6% 14,179 15,819 17,601 +12.9%
Gross margin, % — 74.72 76.34 75.10 74.07 80.71 82.15 82.83 83.08 82.96 82.90 +8.2 pt
EBT — (59) 47 (412) (4,682) (300) 1,989 2,102 3,331 3,137 3,363 n/m
EBT margin, % — (2.31) 1.29 (8.57) (138.60) (5.01) 23.68 21.20 30.00 25.63 25.56 +27.9 pt
Net income — (70) (17) (674) (4,585) (352) 1,893 4,792 2,648 2,511 2,691 n/m
Per share, $
Per share, $ Revenue — 10.05 14.25 18.44 11.89 9.73 13.19 15.57 17.57 19.97 22.23 +9.0%
Earnings — (0.27) (0.07) (2.59) (16.12) (0.57) 2.97 7.52 4.19 4.10 4.46 n/m
Cash flow — 0.99 2.32 0.85 (2.61) 3.75 5.38 6.10 7.15 7.58 8.21 +29.1%
Capex — (0.39) (0.35) (0.48) (0.13) (0.04) (0.04) 0.00 0.00 0.00 0.00 n/m
Free cash flow — 0.59 1.97 0.37 (2.74) 3.71 5.35 6.10 7.15 7.58 8.21 +37.5%
Book value — 0.00 (2.02) (3.10) 10.22 7.75 8.73 12.82 13.31 13.38 13.17 n/m
Shares, m — 255 256 261 284 616 637 637 632 613 604 +11.6%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 28.68 17.98 31.36 33.10 36.85 12.3
P/S — 10.58 10.58 10.58 15.02 17.12 6.44 8.64 7.48 6.80 7.39 10.4
P/B — 0.00 0.00 0.00 17.49 21.48 9.73 10.49 9.87 10.15 12.47 8.8
EV/Sales — 10.84 10.84 10.84 13.68 16.07 5.54 7.83 6.71 6.22 6.82 9.8
EV/FCF — (92.97) (92.97) (92.97) (69.28) 42.08 13.66 20.30 16.71 16.61 18.68 (26.5)
Cash, $m
Cash, $m Operating cash flow — 251 596 223 (740) 2,313 3,430 3,884 4,518 4,646 4,860 +44.0%
Capex — (100) (91) (125) (37) (25) (25) — — — (59) (24.2%)
Free cash flow — 151 505 97 (777) 2,288 3,405 3,884 4,518 4,646 4,860 +53.5%
Balance, $m
Balance, $m Working capital — — 2,139 1,328 3,777 6,027 6,883 6,559 7,019 5,148 7,387 +13.4%
Net debt — — (97) 577 (4,543) (6,276) (7,576) (8,080) (8,616) (9,015) (9,593) +91.0%
Shareholders’ equity — — (517) (808) 2,902 4,775 5,560 8,165 8,412 8,199 7,799 n/m
Returns, %
Returns, % ROA — (2.12) (0.51) (9.04) (48.77) (2.91) 12.73 26.13 12.73 11.63 9.65 +13.8 pt
ROIC — 0.00 0.00 0.00 0.00 0.00 0.00 1,116.18 0.00 0.00 0.00 0.0 pt
ROE — 0.00 2.54 101.79 (437.90) (9.17) 36.63 69.83 31.95 30.23 34.54 +30.2 pt
People
People Employees — — — 5,465 5,597 6,132 6,811 6,907 7,300 8,200 — +7.0%
Revenue/emp, $m — 0.00 0.00 0.88 0.60 0.98 1.23 1.44 1.52 1.49 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Airbnb is a San Francisco-based travel-services company led by Chief Executive Officer Brian Chesky. It operates a global online marketplace that connects guests with hosts offering places to stay, experiences and services in more than 220 countries and regions. Its principal customers are guests seeking accommodation or travel-related activities, and hosts that list homes, hotels, experiences or services.

The marketplace is two-sided. Hosts can create and manage listings, set availability and prices, receive bookings and payments, and use tools for scheduling, merchandising, reviews, pricing and guest communication. The Co-Host Network connects prospective or existing hosts with experienced hosts that can help set up and manage a listing.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 12,241 100.00%
Gross margin 82.96%
Operating margin 20.78%
Pre-tax margin 25.63%

Revenue by segment since 2019

Airbnb, Inc. vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BKNG Booking Holdings Inc. $113.0B 16.3× 14.1× +8.15% (above 0%: growing) +130.57% (above 0%: growing) +16.13% (above 0%: growing) 100.00% 34.00% Compare
ABNB Airbnb, Inc. $99.7B 36.8× 30.9× +16.54% (above 0%: growing) +32.69% (above 0%: growing) +30.26% (above 0%: growing) 82.46% 21.01%
RCL Royal Caribbean Cruises Ltd. $83.1B 18.9× 17.4× +6.48% (above 0%: growing) −5.39% (below 0%: shrinking) −196.37% (below 0%: shrinking) 47.29% 27.07% Compare
VIK Viking Holdings Ltd. $40.0B 29.0× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
CCL Carnival Corporation $38.8B 12.5× 13.1× +3.46% (above 0%: growing) +0.06% (above 0%: growing) −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
EXPE Expedia Group, Inc. $33.9B 17.1× 15.2× +13.97% (above 0%: growing) +179.69% (above 0%: growing) +38.87% (above 0%: growing) 90.66% 18.54% Compare
TCOM Trip.com Group Limited Sponsored ADR $25.1B 7.4× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.4B 10.5× 11.1× +4.89% (above 0%: growing) +585.71% (above 0%: growing) −61.99% (below 0%: shrinking) 39.91% 13.76% Compare
TNL Travel + Leisure Co. $4.3B 19.1× 10.4× +4.42% (above 0%: growing) +7.36% (above 0%: growing) 0.00% 51.18% 19.76% Compare
Median of peers $36.4B 16.7× 14.6× +7.31% +33.33% −1.63% 49.24% 23.04%

All 17 Travel Services stocks →

From the latest earnings call

Updated

  • Brian Chesky said Airbnb’s Q2 growth reflected platform-wide product improvements, with AI accelerating development, booking conversion and customer-support efficiency.
  • Elinor Mertz said Airbnb raised its full-year revenue-growth and adjusted-EBITDA-margin outlook while expecting Q3 revenue of $4.69 billion to $4.77 billion.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
KeyBanc Oct 6, 2026 Upgrade Outperform 191.00
Citizens Oct 1, 2026 Target raised Outperform 190.00 → 200.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 60.25%
Held by the ten largest 28.15%
Holder Shares Stake Change
Vanguard 38.87m 6.49% +634.44k
BlackRock 33.06m 5.52% +1.11m
HARRIS ASSOCIATES L P 18.52m 3.09% −245.38k
State Street 18.15m 3.03% +416.89k
Invesco 16.17m 2.70% +1.28m
AQR Capital Management 10.57m 1.76% +2.63m
Geode Capital Management 10.34m 1.73% −60.90k
Morgan Stanley 10.10m 1.69% −321.62k
Fidelity (FMR) 6.71m 1.12% −1.04m
Franklin Templeton 6.09m 1.02% −580.34k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 242.12k (89.23m) 92.45
2024 186.33k 5.31m 89.52
2023 295.13k 303.46m 92.74
2022 311.23k (585.32m) 58.24
2021 132.15k 301.44m 113.41
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Airbnb, Inc. (ABNB) Latest News

29 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

28 Oct

Impact 4 · · fastcompany.com
Impact 4 · · Trefis

27 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Zacks

26 Oct

Impact 3 · · Barchart
Impact 3 · · 24/7 Wall St.

24 Oct

Impact 4 · · TheStreet

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 ·
Impact 4 · · Trefis
Impact 3 · · Zacks
Impact 3 ·
Impact 3 ·
Impact 3 · · Zacks

22 Oct

Impact 4 · · fastcompany.com
Impact 4 · · Business Wire

21 Oct

Impact 4 · · TechCrunch
Impact 3 · · Zacks

20 Oct

Impact 4 · · Trefis

19 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Moneywise
Impact 3 · · Zacks

18 Oct

Impact 4 · · Simply Wall St.

17 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

16 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

14 Oct

Impact 4 · · Business Wire

ABNB metrics, ten years each

stockrow.com/ABNB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com