Airbnb

Management has returned capital aggressively while investing prudently. Share repurchases totaled 3.45 billion dollars in 2024 and 1.82 billion dollars in 1H25; in August 2025 the company announced a new 6 billion dollar authorization.

SBC remains meaningful (1.41 billion dollars in 2024; 782 million dollars in 1H25) but buybacks have more than offset dilution. M&A remains small and focused; investment into new businesses and services was guided at roughly 200 to 250 million dollars in 2025, which will compress margins near term but could widen the moat if successful.

Capex needs are minimal.