What it does
Airbnb states that it operates a global marketplace connecting guests with stays, experiences, and services in over 220 countries and regions. Its website and mobile app let guests discover and book offerings, while its host platform supports listing setup and management with tools for scheduling, payments, pricing, reviews, and community support. The company also describes a trust-and-safety system that includes reviews, account protection, secure payments, fraud and scam prevention, insurance and similar protections, and support lines. In 2025, it launched services and redesigned experiences.
Source: Airbnb, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing presents Airbnb as a single reportable segment, with FY2025 segment revenue of $12.2 billion, representing 100.0% of revenue; the segment table below provides the comparative detail. The company describes its business as a marketplace that connects guests with hosts offering stays, experiences, and services. It also states that service fees are among the factors on which it competes for hosts. The supplied filing excerpts do not further describe its revenue-recognition model or break revenue into separate stays, experiences, services, host, or guest fee streams.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Reportable Segment | $12.2 billion | 100.0% | 10.3% |
Source: Airbnb, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company’s marketplace serves two principal participant groups: hosts, who list homes, experiences, and services, and guests, who find and book those offerings. Airbnb states that its marketplace operates in over 220 countries and regions. The geographic table below shows FY2025 international revenue of $7.4 billion, or 30.3% of revenue, and North America revenue of $5.2 billion, or 21.2%. Within the regional information provided, Europe, the Middle East, and Africa contributed $4.7 billion, while Latin America and Asia Pacific each contributed $1.2 billion.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| International | $7.4 billion | 30.3% | 14.9% |
| North America | $5.2 billion | 21.2% | 3.80% |
| United States | $4.8 billion | 19.7% | 3.75% |
| Europe, the Middle East, and Africa | $4.7 billion | 19.3% | 14.4% |
| Latin America | $1.2 billion | 4.74% | 19.7% |
| Asia Pacific | $1.2 billion | 4.72% | 16.5% |
Source: Airbnb, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that it operates in a highly competitive environment and competes to attract and retain both hosts and guests. The filing names online travel agencies including Booking Holdings and Booking.com, Expedia Group and Expedia and VRBO, and Trip.com Group. It also names Google and AI-powered search products; hotel chains including Marriott, Hilton, Accor, and Wyndham; property management companies; experience platforms Viator, GetYourGuide, and Klook; and fragmented guest-services providers. The company lists booking volume, platform ease of use, service fees, protections, inventory, value and all-in cost, trust and safety, brand, and support among competitive factors.
Source: Airbnb, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing highlights the following risks:
- The company may not be able to sustain its revenue growth rate or effectively manage growth or new opportunities.
- Host, guest, or third-party criminal, violent, inappropriate, dangerous, or fraudulent actions may undermine platform trust, safety, or reputation.
- A decline or disruption in travel and hospitality, or an economic downturn, could adversely affect the business.
- The company faces risks from diverse and evolving laws, regulations, litigation, and compliance costs across jurisdictions.
- Actual or perceived data privacy, data security, marketing, or consumer-protection compliance failures may lead to liability, negative publicity, scrutiny, fines, or penalties.
- The company is subject to risks from the physical impacts of climate change and efforts to transition to a low-carbon society.
Source: Airbnb, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company had approximately 8,200 employees. It also relied on approximately 13,000 third-party workers to support most community-support contacts; internal community-support employees handled complex and sensitive issues. Airbnb states that its Live and Work Anywhere policy allows the vast majority of employees to work remotely. The business is seasonal: in a typical year, Nights and Seats Booked are highest in the first three quarters and lowest in the fourth; revenue and Adjusted EBITDA have historically been highest in the third quarter and lowest in the first quarter.
Source: Airbnb, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov