AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 19/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Large active supply, continued supply and demand growth, and observed cross-booking support a demonstrated marketplace advantage. The magnitude of network effects and superiority over named competitors remain unmeasured.
durability · 2/4 · Continued growth and increasing app engagement support persistence, while frequent cross-listing and realized bypassing limit defensibility. Exceptional or assured durability is not established.
customer dependency · 1/4 · Hosts often use competing channels and some redirect bookings off-platform. Engagement and cross-booking show utility, but do not establish substantial dependency or switching costs.
erosion resilience · 2/4 · Bookings and operating income continue to grow despite competition and leakage. Faster marketing spending growth, higher deferred-payment cancellations and a regulatory enforcement bond qualify that resilience; the bond is not proof of a final adverse judgment.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Q2 ADR increased 5%, or 4% excluding foreign exchange, alongside booking growth. Price appreciation contributed, but so did mix. The implied take rate stayed at 13.2%, supporting monetization stability rather than demonstrated fee pricing expansion.
retention · 2/4 · Selected cross-booking outcomes directly demonstrate repeat demand, and rising app usage provides indirect engagement evidence. Coverage is limited and does not establish platform-wide retention; direct leakage and higher flexible-payment cancellations qualify the result.
margin resilience · 3/4 · Q2 and first-half 2026 operating margins improved while marketing and compensation spending increased, demonstrating current expense absorption. The 2025 earnings decline limits the durability claim, and margin performance alone does not prove pricing power.
contractual freedom · 3/4 · The implemented migration of property management software hosts to a 15.5% single service fee demonstrates meaningful ability to change platform fee terms. It does not establish unrestricted contractual authority or a comparable increase in total fees. Migration of most remaining hosts was still a plan.
Predictability95
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 11.94
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.67
Financial strength88
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 100.00
- netDebtEbitGrade
- 100.00
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 50.17
- Debt / FCF (x)
- 0.43
- Net debt / operating income (x)
- -1.79
- Current ratio (x)
- 1.38
- cashInterestPaid
- 2.00
- cashInterestCoverage
- 2323.00
Capital allocation—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -1.26
- 3-year average SBC / revenue (%)
- 12.32
- cashConversionGrade
- 100.00
Management50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Operating cash generation and actual net share reduction support discipline despite substantial stock compensation. Continued repurchases, additional net borrowing, higher interest obligations and noncancelable commitments make the record mixed; repurchase value creation is not established.
incentive alignment · 2/4 · Actual equity grants, multi-year vesting, CEO price hurdles with only two tranches earned, and a hedging prohibition establish alignment mechanisms. Most annual equity value was service-based RSUs, and a bonus metric was removed during the year. These terms support mixed alignment without assuming undisclosed ownership.
execution · 3/4 · Growing bookings, higher operating income and realized AI-related support savings demonstrate execution through operating outcomes. Attribution to management initiatives is partly indirect; increased marketing spending and higher deferred-payment cancellations temper the assessment.
governance · 1/4 · Founders' majority voting control and mutual election agreement materially weaken outside shareholder influence. Independent key committees and defined lead-director responsibilities provide counterweights, but do not remove that structural limitation.
Evidence
We also continued to see supply growth across all regions in 2025, ending the year with over 9 million active listings.
Compensation Discussion and Analysis / 2025 supply growth and active listings · Filed 24/04/2026
Supply During Q1 2026, active listings grew relatively in-line with the year-over-year increase of Nights and Seats Booked.
Q1 2026 shareholder letter / active listing growth · Filed 07/05/2026
30 2025 2026 2025 2026 Nights and Seats Booked 134.4M 148.3M 277.5M 304.5M Gross Booking Value $23.5B $27.2B $48.0B $56.4B We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make
Q2 2026 shareholder letter / quarterly and first-half booking metrics · Filed 06/08/2026
Additionally, growth continued to be driven in part by our app strategy, with nights booked on our app in Q2 2026 increasing 23%
Q2 2026 shareholder letter / app booking growth · Filed 06/08/2026
year-over-year and accounting for 64% of total nights booked—up from 59% in the prior-year period.
Q2 2026 shareholder letter / app share of nights booked · Filed 06/08/2026
demand flywheel. Nearly a quarter of guests who are new to Airbnb and book an experience go on to book a stay or a service—and roughly one in three experience bookers book a stay within 90 days.
Q1 2026 shareholder letter / observed experience-to-stay cross-booking · Filed 07/05/2026
2 Approximately 35% of first time guests who book a hotel on Airbnb return to book a home.
Q2 2026 shareholder letter / first-time hotel guest cross-booking · Filed 06/08/2026
The system for trust that we designed continues to include core components such as host and guest reviews, account protection, risk scoring, secure payments, a nondiscrimination policy, watchlist and background checks in certain jurisdictions, cleanliness, fraud and scam prevention, insurance and similar protections, booking restrictions, an urgent safety line, a 24/7 neighborhood support line, anti-party technology, and a guest refund policy.
Business / trust system components · Filed 12/02/2026
•online travel agencies (“OTAs”), such as Booking Holdings (including the brand Booking.com), Expedia Group (including the brands Expedia and VRBO), Trip.com Group, and other regional OTAs;
Business / named online travel competitors · Filed 12/02/2026
Hosts have numerous options for listing their spaces, experiences, and services, both online and offline, and often cross-list their offerings.
Risk factors / frequent host cross-listing · Filed 12/02/2026
Some property managers and hosts encourage direct bookings, bypassing our platform, which reduces our usage.
Risk factors / realized direct-booking leakage · Filed 12/02/2026
We also face competition from search engines like Google, which can influence search traffic and promote their own travel services, potentially disintermediating our platform.
Risk factors / Google discovery and disintermediation · Filed 12/02/2026
Results of Operations The following table sets forth our results of operations (in millions, except percentages): Three Months Ended June 30, 2025 % of Revenue 2026 % of Revenue % Change Revenue $ 3,096 100 % $ 3,608 100 % 17 % Costs and expenses: Cost of revenue 544 18 633 18 16 Operations and support(1) 332 10 361 9 9 Product development(1) 610 20 672 19 10 Sales and marketing(1) 691 22 875 24 27 General and administrative(1) 307 10 309 9 1 Total costs and expenses 2,484 80 2,850 79 15 Income from operations 612 20 758 21 24 Interest income 190 6 183 5 (4) Interest expense (6) — (37) (1) 517 Other income (expense), net (17) (1) (7) — 59 Income before income taxes 779 25 897 25 15 Provision for income taxes 137 4 81 2 (41) Net income $ 642 21 % $ 816 23 % 27 % (1)Includes stock-based compensation expense as follows (in millions, except percentages): Three Months Ended June 30, 2025 % of Total 2026 % of Total % Change Operations and support $ 23 5 % $ 38 8 % 65 % Product development 279 66 298 61 7 Sales and marketing 52 12 67 14 29 General and administrative 70 17 84 17 20 Stock-based compensation expense $ 424 100 % $ 487 100 % 15 % 27 Table of Contents The following table sets forth our results of operations (in millions, except percentages): Six Months Ended June 30, 2025 % of Revenue 2026 % of Revenue % Change Revenue $ 5,368 100 % $ 6,286 100 % 17 % Costs and expenses: Cost of revenue 1,050 20 1,214 19 16 Operations and support(1) 635 12 687 11 8 Product development(1) 1,178 22 1,310 21 11 Sales and marketing(1) 1,254 23 1,626 26 30 General and administrative(1) 601 11 605 10 1 Total costs and expenses 4,718 88 5,442 87 15 Income from operations 650 12 844 13 30 Interest income 363 7 338 5 (7) Interest expense (11) — (58) (1) 427 Other income (expense), net (50) (1) 54 2 208 Income before income taxes 952 18 1,178 19 24 Provision for income taxes 156 3 202 3 29 Net income $ 796 15 % $ 976 16 % 23 % (1)Includes stock-based compensation expense as follows (in millions, except percentages): Six Months Ended June 30, 2025 % of Total 2026 % of Total % Change Operations and support $ 44 6 % $ 63 7 % 43 % Product development 509 65 561 62 10 Sales and marketing 96 12 122 14 27 General and administrative 133 17 151 17 14 Stock-based compensation expense $ 782 100 % $ 897 100 % 15 % Comparison of the Three and Six Months Ended June 30, 2026 with the Same Periods in 2025 Revenue Three Months Ended June 30, Six Months Ended June 30, 2025 2026 % Change 2025 2026 % Change (in millions, except percentages) Revenue $ 3,096 $ 3,608 17 % $ 5,368 $ 6,286 17 % Three Months Ended June 30, 2026 Compared with the Same Period in 2025 Revenue increased $512 million, or 17%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and an increase in ADR.
MD&A / Q2 and first-half 2026 operating results, expenses and margins · Filed 06/08/2026
In May 2026, pursuant to a court order in connection with these proceedings, Airbnb entered into an agreement to obtain a surety bond in the amount of 70 million Euro ($80 million) to suspend enforcement of the fine and cover any related interest pending resolution of the matter.
Commitments and contingencies / May 2026 Spanish fine enforcement surety bond · Filed 06/08/2026
We do not independently verify the safety, suitability, location, quality, compliance with Airbnb policies or standards, and legal compliance, such as fire code compliance or the presence of carbon monoxide detectors, hidden cameras or pool safety, of all our hosts’ listings, experiences, and services.
Risk factors / limitations of listing safety and compliance verification · Filed 12/02/2026
To date, RNPL bookings, which require no payment at the time of booking, have experienced higher cancellation rates than historic bookings in which some or all of the cash was received at the time of booking.
MD&A / higher cancellation rates on Reserve Now, Pay Later bookings · Filed 06/08/2026
ADR was $184 in Q2 2026, increasing 5% compared to Q2 2025.
Q2 2026 shareholder letter / realized ADR · Filed 06/08/2026
On an ex-FX basis, ADR in Q2 2026 increased 4% year-over-year and was up across all regions—
Q2 2026 shareholder letter / ADR growth excluding foreign exchange · Filed 06/08/2026
particularly North America and EMEA—due to price appreciation and mix.
Q2 2026 shareholder letter / price appreciation and mix contribution · Filed 06/08/2026
Monetization and Take Rate During Q2 2026, the implied take rate (defined as revenue divided
Q2 2026 shareholder letter / implied take-rate definition · Filed 06/08/2026
by GBV) of 13.2% was in-line with Q2 2025.
Q2 2026 shareholder letter / unchanged implied take rate · Filed 06/08/2026
We began migrating property management software hosts from a split fee structure (where hosts paid a 3% fee and guests paid a separate service fee) to a single service fee of 15.5% for most hosts.
Q1 2026 shareholder letter / implemented service-fee migration · Filed 07/05/2026
In July, we announced plans to migrate most of the remaining hosts to a single 15.5% service fee, with migration expected to be completed this year.
Q2 2026 shareholder letter / planned remaining host fee migration · Filed 06/08/2026
Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) Six Months Ended June 30, 2025 2026 Cash flows from operating activities: Net income $ 796 $ 976 Adjustments to reconcile net income to cash provided by operating activities: Stock-based compensation expense 782 897 Deferred income taxes 70 172 Other, net 145 114 Changes in operating assets and liabilities: Prepaids and other assets (275) (377) Accrued expenses and other liabilities 10 111 Unearned fees 1,236 1,085 Net cash provided by operating activities 2,764 2,978 Cash flows from investing activities: Purchases of short-term investments (1,643) (2,567) Sales and maturities of short-term investments 1,432 1,749 Other investing activities, net (31) 8 Net cash used in investing activities (242) (810) Cash flows from financing activities: Change in funds payable and amounts payable to customers 4,510 5,426 Proceeds from issuance of long-term debt, net of issuance costs — 2,478 Principal repayment of long-term debt — (2,000) Share repurchases (1,817) (2,139) Taxes paid related to tax on equity awards (295) (305) Proceeds from exercise of equity awards 75 81 Net cash provided by financing activities 2,473 3,541 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 689 (146) Net increase in cash, cash equivalents, and restricted cash 5,684 5,563 Cash, cash equivalents, and restricted cash, beginning of period 12,760 13,486 Cash, cash equivalents, and restricted cash, end of period $ 18,444 $ 19,049 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Condensed consolidated cash flows / first-half 2026 cash generation, financing and repurchases · Filed 06/08/2026
Condensed Consolidated Statements of Stockholders’ Equity (in millions) (unaudited) Six months ended June 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Shares Amount Balances as of December 31, 2024 623 $ — $ 12,602 $ 35 $ (4,225) $ 8,412 Net income — — — — 154 154 Other comprehensive loss — — — (56) — (56) Common stock and stock-based awards issued, net of shares withheld for employee taxes 2 — (124) — — (124) Stock-based compensation — — 363 — — 363 Repurchases of common stock (6) — — — (812) (812) Balances as of March 31, 2025 619 — 12,841 (21) (4,883) 7,937 Net income — — — — 642 642 Other comprehensive loss — — — (107) — (107) Common stock and stock-based awards issued, net of shares withheld for employee taxes 2 — (98) — — (98) Stock-based compensation — — 425 — — 425 Repurchases of common stock (8) — — — (1,017) (1,017) Balances as of June 30, 2025 613 — 13,168 (128) (5,258) 7,782 6 Table of Contents Six months ended June 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Shares Amount Balances as of December 31, 2025 602 $ — $ 13,763 $ (62) $ (5,502) $ 8,199 Net income — — — — 160 160 Other comprehensive income — — — 60 — 60 Common stock and stock-based awards issued, net of shares withheld for employee taxes 1 — (132) — — (132) Stock-based compensation — — 410 — — 410 Repurchases of common stock (8) — — — (1,061) (1,061) Balances as of March 31, 2026 595 — 14,041 (2) (6,403) 7,636 Net income — — — — 816 816 Other comprehensive income — — — 21 — 21 Common stock and stock-based awards issued, net of shares withheld for employee taxes 3 — (95) — — (95) Stock-based compensation — — 487 — — 487 Repurchases of common stock (8) — — — (1,066) (1,066) Balances as of June 30, 2026 590 $ — $ 14,433 $ 19 $ (6,653) $ 7,799 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Condensed stockholders' equity / outstanding share reduction and stock compensation · Filed 06/08/2026
The following table presents these non-cancelable commitments and obligations as of December 31, 2025 (in millions): Total Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Purchase obligations $ 1,749 $ 219 $ 930 $ 600 $ — Other commitments 169 66 80 5 18 Total $ 1,918 $ 285 $ 1,010 $ 605 $ 18 Purchase commitments include amounts related to the Company’s commercial agreement with a data hosting services provider, pursuant to which the Company committed to spend an aggregate of at least $1.7 billion for vendor services through 2031.
Commitments / noncancelable hosting and other obligations · Filed 12/02/2026
The Senior Notes bear fixed interest rates that will materially increase our ongoing semi-annual cash interest obligations.
Liquidity / increased interest obligations following refinancing · Filed 06/08/2026
During 2025, we made annual equity grants in the form of 70% of the intended award value in time-based restricted stock units (“RSUs”) and 30% of the intended award value in stock options.
Executive compensation / actual 2025 equity award mix · Filed 24/04/2026
Tranche Vesting Eligibility Date Number of RSUs Stock Price Hurdle *1 November 10, 2021 1,200,000 $ 125.00 *2 November 10, 2022 1,200,000 $ 165.00 3 November 10, 2023 1,200,000 $ 205.00 4 November 10, 2024 1,200,000 $ 245.00 5 November 10, 2025 1,200,000 $ 285.00 6 November 10, 2026 1,200,000 $ 325.00 7 November 10, 2027 1,200,000 $ 365.00 8 November 10, 2028 1,200,000 $ 405.00 9 November 10, 2029 1,200,000 $ 445.00 10 November 10, 2030 1,200,000 $ 485.00 * To date, the first two tranches of the Multi-Year Award were earned and vested.
Executive compensation / CEO award hurdles and earned tranches · Filed 24/04/2026
The annual 2025 RSU grants have a service-based vesting condition that is satisfied for each named executive officer as to 1/16th of the RSUs on each quarterly anniversary of February 19, 2025, in each case, subject to the executive’s continued service with us through each applicable vesting date.
Executive compensation / actual annual RSU service vesting terms · Filed 24/04/2026
Executive officers, members of the board of directors, employees and independent contractors may not directly or indirectly engage in transactions intended to hedge or offset the market value of Airbnb stock owned by them.
Compensation policies / prohibition on hedging · Filed 24/04/2026
Company Priority(3) Examples of Metrics Considered Weighting Weighted Achievement Business Performance • Nights and Experiences Booked • EBITDA Margin 35% 35% Perfect the Core • Booking conversion rate • Quality of trips taken • User satisfaction with customer service interactions • Active Ever Booked Listings 35% 35% Accelerate Global Markets • International nights booked 10% 10% Foundation • Critical and high defects in production • Employee Engagement scores 10% 10% (3) Initially 10% was allocated towards a metric that was deprioritized and removed from the Bonus Plan during the year.
2025 bonus plan / weighted metrics and removed metric · Filed 24/04/2026
These increases were partially offset by a $17 million decrease in third-party service provider costs due to lower agent contact volume resulting from increased use of artificial intelligence (“AI”) in community support.
MD&A / realized AI-related community support cost reduction · Filed 06/08/2026
Furthermore, our founders, who collectively hold a majority of the voting power of our outstanding capital stock, are party to a Voting Agreement under which each founder and his affiliates and certain other entities agree to vote their shares for the election of each individual founder to our board of directors.
Risk factors / founder voting majority and voting agreement · Filed 12/02/2026
All members of the Audit, Risk and Compliance Committee, People and Compensation Committee, and Nominating and Corporate Governance Committee are independent directors.
Corporate governance / independent key committees · Filed 24/04/2026
As lead director, Mr. Chenault presides over all meetings of the board of directors at which the Chair is not present, including any executive sessions of the independent directors, approves board of directors meeting schedules and agendas, and acts as the liaison between the independent directors and our Chief Executive Officer and the Chair of the board of directors.
Corporate governance / lead independent director responsibilities · Filed 24/04/2026
In 2025, net income decreased by 5% to $2.5 billion, compared to the prior year, primarily due to an increase in compensation expense and marketing spend, as well as lower interest income, which was partially offset by the increase in revenue of $1.1 billion.
2025 financial highlights / earnings decline and spending increases · Filed 12/02/2026
