Airbnb

The balance sheet is robust: cash and equivalents of 7.40 billion dollars plus 3.95 billion dollars of short‑term investments, against 2.0 billion dollars of 0 percent convertible notes due March 2026 and an undrawn 1.0 billion dollar revolver. Funds receivable/payable are customer funds and not corporate liquidity.

TTM free cash flow is about 4.28 billion dollars; we note that interest income, including on customer funds, elevated 2024–2025 cash generation and could normalize if rates fall. Even so, intrinsic cash generation and low capital intensity provide ample cushion to retire the converts and invest through cycles.