Airbnb

Revenue is driven by check‑ins and is highly seasonal, peaking in Q3. TTM revenue through Q2 2025 is roughly 11.58 billion dollars vs 11.10 billion dollars for full‑year 2024, with Q2 2025 revenue up 13 percent year over year. The model has recurring usage characteristics but remains exposed to travel cycles, FX and geopolitical events.

Platform‑level metrics (Nights and Seats Booked and GBV) remain healthy, yet city‑level bans and enforcement can create local volatility. The EU’s new data‑sharing regime from 2026 could increase transparency and predictability of compliance across member states.