ABNB
Updated: 07/10/2026, 01:09:17
Airbnb, Inc., along with its affiliated entities, manages a global digital marketplace. This platform seamlessly connects individuals, known as hosts, who wish to offer a variety of accommodations and unique local experiences, with guests seeking such services worldwide. Users can easily book anything from private rooms and primary residences to vacation homes through its online and mobile channels. Originally established as AirBed & Breakfast, Inc. in 2007, the company officially rebranded to Airbnb, Inc. in November 2010. Its corporate headquarters are situated in San Francisco, California.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$12.2B
FY 2025 · Reported
Net income
$2.5B
FY 2025 · Reported
Gross margin
83.0%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
19.2%
FY 2025 · Calculated
Share repurchases
$3.8B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Global marketplace connecting guests and hosts
Airbnb operates a global marketplace connecting guests with stays, experiences, and services in over 220 countries and regions; over 5 million hosts, over 2.5 billion guest arrivals to date.
“We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.”
Global marketplace for stays, experiences, and services
Global marketplace connecting guests with stays, experiences, and services in over 220 countries and regions
“We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.”
Host and guest two-sided marketplace stakeholders
Five key stakeholders: employees, shareholders, hosts, guests, and the communities served.
“We operate with five key stakeholders in mind: our employees, shareholders, hosts, guests, and the communities we serve.”
Direct/unpaid channels and performance marketing
Traffic driven via brand marketing, performance marketing (search engines, social media), and SEO; vulnerable to algorithm changes and shift to AI apps
“Our marketing strategy includes performance marketing through search engines and social media, as well as paid and unpaid channels like search engine optimization (“SEO”).”
Airbnb Services and redesigned experiences
Services and redesigned experiences launched May 2025, extending the platform beyond stays.
“Our offerings have expanded to include services and redesigned experiences, which launched in May 2025.”
AirCover protections
AirCover for Hosts: property damage up to $3M per stay, liability up to $1M per occurrence; AirCover for guests: 24-hour safety support and rebooking/refund support.
“property damage protection of up to $3 million per stay, liability coverage of up to $1 million per occurrence”
Hosts and guests two-sided platform
Two-sided platform reliant on hosts offering 'stays, experiences, and services' and guests booking them
“Our business success is heavily reliant on both hosts and guests engaging with our platform.”
Guest payment flexibility features
Guests benefit from flexible payment options including Pay Less Upfront and Reserve Now, Pay Later.
“Guests benefit from flexible payment options, including Pay Less Upfront and Reserve Now, Pay Later.”
Travel insurance products offered to guests
Offers travel insurance products to guests, subject to extensive laws, regulations, and supervision
“We offer travel insurance products to guests, which subject us and our business to extensive laws, regulations, and supervision.”
Co-Host Network for hosts
Co-Host Network connects hosts with experienced co-hosts for listing setup, booking management, and guest communication.
“we provide the Co-Host Network, which connects potential and existing hosts with co-hosts who can help manage their listings”
Foreign currency revenue share and hedging
~54% (2024) and 56% (2025) of revenue in non-U.S. dollar currencies; payments offered in ~50 currencies; FX cash flow hedging in place
“a strong U.S. dollar can negatively impact our revenue, as approximately 54% and 56% of our revenue in 2024 and 2025, respectively, were in non-U.S. dollar currencies.”
Community support largely performed by third-party service providers
Vast majority of community support performed by third-party service providers
“The vast majority of our community support is performed by third-party service providers, and our reliance on third-party service providers necessitates stringent guidance and quality control to maintain satisfactory service levels.”
Reliance on third-party payment service providers
Payments operations subject to extensive regulation; reliance on third-party payment service providers
“our expectations regarding our reliance on third-party payment service providers”
Employee and third-party community support workforce
~8,200 employees and reliance on ~13,000 third-party workers for the majority of community support contacts as of Dec 31, 2025; remote-first 'Live and Work Anywhere' policy.
“As of December 31, 2025, we had approximately 8,200 employees.”
AI customer support features introduced in 2025
New AI features introduced in 2025 to help deliver customer support in certain countries and languages
“During 2025, we introduced new artificial intelligence (“AI”) features to help deliver customer support in certain countries and languages.”
Long-term growth strategy
Key strategic priorities: better service, more global markets, expansion beyond stays via a multi-year product roadmap.
“Our key strategic priorities include making our service better, bringing Airbnb to more parts of the world, and expanding what we offer.”
Global markets localization strategy
Localized product updates and marketing to grow awareness in less mature markets.
“leveraging our global markets strategy, which includes a more localized approach to product updates and marketing to raise awareness and consideration in less mature markets”
Operating KPIs management focuses on
Key operating metrics: Nights and Seats Booked, GBV, Average Daily Rate, GBV per Nights and Seats Booked; financial measures Adjusted EBITDA and Free Cash Flow
“our expectations regarding future operating performance, including Nights and Seats Booked, Gross Booking Value (“GBV”), Average Daily Rate, and GBV per Nights and Seats Booked”
Short-term rental regulation including New York City de facto ban
Subject to evolving short-term rental laws worldwide; NYC 2023 rules created a de facto ban on short-term rentals.
“New York City passed regulations in 2023, which resulted in a de facto ban of short-term rental activities.”
EU AI Act exposure
EU AI Act in force August 2024; most substantive requirements from August 2026; potential material penalties
“the EU Artificial Intelligence Act (the “EU AI Act”) entered into force in August 2024 (with the majority of substantive requirements applying from August 2026), and establishes a broad, risk-based governance framework for AI use, development, or provision in the EU market”
US state-level AI regulation patchwork
Patchwork of state AI laws (CA, CO, CT, TX) plus CCPA automated decision-making regulations
“Several states – such as California, Colorado, Connecticut, and Texas – have enacted or proposed laws governing the development and deployment of AI and ML Technologies at varying degrees, typically focused on high-risk uses of AI.”
Data protection regulator engagement (Irish DPC)
Lead EU data protection regulator is the Irish Data Protection Commission
“including our lead EU data protection regulator, the Irish Data Protection Commission”
Broad regulatory landscape including payments and AI
Subject to laws on payments/money transmission, privacy, AI use, taxation, consumer protection, competition, and more across jurisdictions.
“Our payments platform is subject to various laws, rules, regulations, policies, legal interpretations, and regulatory guidance, including those governing cross-border and domestic money transmission and funds transfers”
EU AML/CTF regulation (MLD6) on APLux
EU MLD6 package requires APLux AML/CTF uplifts; non-compliance fines up to 10% of APLux annual revenue; similar penalties for APUK under MLRs
“Non-compliance with local laws implementing EU directives could result in fines up to 10% of APLux's annual revenue, and similar penalties apply to APUK under the MLRs.”
Economic and trade sanctions compliance
Must comply with sanctions from OFAC, EU Council, UK OFSI, and Luxembourg Ministry of Finance; future sanctions in key business areas could materially impact business
“Future sanctions in key business areas could materially impact our business, results of operations, and financial condition.”
China AI and export-control regulatory uncertainty
Evolving and uncertain China AI and export-control regulations
“With regard to China, the regulatory requirements on AI and ML Technologies, export controls and other relevant regulations are still evolving and have ongoing complexity and uncertainty.”
EU CSRD and ESG/greenwashing regulation
EU CSRD imposes stringent disclosure requirements; new EU greenwashing rules amend consumer protection laws for environmental claims
“the EU Corporate Sustainability Reporting Directive ("CSRD") imposes stringent requirements on in scope companies to disclose detailed information.”
Trust and safety incidents and litigation
Host/guest/third-party misconduct claims (fatalities, gun violence, carbon monoxide, hidden cameras) create significant liability and reputational risk
“claims have been asserted against us from our hosts, guests, and third parties for compensation due to alleged fatalities, gun violence, other violent acts, carbon monoxide incidents, hidden camera incidents, accidents, injuries, assaults, theft, property damage”
Regulatory exposure: short-term rental and related laws
Subject to wide variety of laws covering short-term rental, home sharing, data privacy, AI, payment services, licensing, and more
“We are subject to a wide variety of laws, regulations, and rules applicable to short-term rental, experiences, services, long-term rental, and home sharing businesses, or that govern our business practices”
Cyclicality of travel and hospitality demand
Highly exposed to travel industry cycles, economic downturns, pandemics, natural disasters, political instability, and climate change
“Any decline or disruption in the travel and hospitality industries or economic downturn could materially adversely affect our business, results of operations, and financial condition.”
Payment card acceptance dependency and PCI DSS
Loss or modification of card acceptance privileges would significantly limit business model; must comply with PCI DSS and NACHA ACH rules
“a vast majority of our guests pay using credit or debit cards.”
Climate change physical and transition risks
Physical climate impacts may disrupt platform infrastructure and lodging demand/supply; climate-related regulation and over-tourism responses may raise costs
“the physical impacts of climate change ... may interrupt infrastructure on which our platform relies, impact demand or supply for lodging, or otherwise adversely impact our business.”
Lodging tax and income tax exposure
Exposure to income tax liabilities, uncertain tax positions, tax law changes, and lodging tax obligations
“our expectations regarding lodging tax obligations and other non-income tax liabilities”
Third-party intellectual property claims
Faced with IP claims from practicing and non-practicing entities; disputes could force ceasing technology use or costly licenses
“We receive from time to time, communications from third parties, including practicing and non-practicing entities, claiming that we have infringed, misused, or otherwise misappropriated their intellectual property rights”
Workforce attraction/retention and stock-based compensation dilution
Success depends on attracting/retaining talent; equity incentives may cause dilution and are sensitive to stock price declines
“if we issue significant equity to attract employees or to retain our existing employees, we would incur substantial additional stock-based compensation expense and the ownership of our existing stockholders would be further diluted.”
Investment Company Act avoidance
Conducts operations to avoid Investment Company Act registration; may be forced to sell assets and pay significant taxes to preserve exemption
“to avoid being deemed an investment company we may be required to sell certain of our assets and pay significant taxes upon the sale or transfer of such assets”
Business success heavily reliant on retaining both hosts and guests; host quality and retention largely outside company's direct control.
“Our business success is heavily reliant on both hosts and guests engaging with our platform.”
Revenue tied to travel industry health; affected by economic downturns, pandemics, natural disasters, political instability, climate change, inflation, tariffs, and FX fluctuations.
“A softening of supply or demand for our current or future offerings, whether caused by events outside of our control, challenging macroeconomic and political conditions, changes in host and guest preferences, public health crises such as pandemics”
Local short-term rental laws directly restrict listing supply; NYC's 2023 de facto ban is a cited example of onerous restrictions.
“New York City passed regulations in 2023, which resulted in a de facto ban of short-term rental activities.”
Strong USD negatively impacts revenue as ~54%/56% of 2024/2025 revenue is non-USD; hedging program only partially mitigates
“a strong U.S. dollar can negatively impact our revenue, as approximately 54% and 56% of our revenue in 2024 and 2025, respectively, were in non-U.S. dollar currencies.”
Business subject to wide variety of laws on short-term rental, home sharing, data privacy, AI, payments, licensing; company works with policymakers and disputes unreasonable restrictions.
“our efforts to work with policymakers and governments to update laws and regulations that affect hosts and/or guests and to dispute regulations that unreasonably restrict the right to host”
Loss of card acceptance privileges would significantly limit the business model as most guests pay by card
“The loss of our credit and debit card acceptance privileges or the significant modification of the terms under which we obtain card acceptance privileges would significantly limit our business model”
Airbnb's offerings rely on third-party AI models, software, and processing hardware it cannot control; unavailability, degradation, or unfavorable terms could harm customers and operations.
“If any such third-party models, software, or infrastructure becomes incompatible with our offerings or unavailable for use or has degradations in performance, or if the providers of such services unfavorably change the terms on which their services are offered or terminate their relationship with us, our offerings may become less appealing to our customers.”
Growth strategy relies on expanding offerings beyond travel accommodations via services and experiences to drive long-term growth.
“with plans to continue to expand our business beyond travel accommodations using our multi-year product roadmap to help drive long-term growth”
Competitors may develop AI/ML technologies that are superior or more cost-effective; inability to match could materially adversely affect operating results and growth.
“Any inability to develop, offer or deploy new AI and ML Technologies as effectively, quickly and/or as cost-efficiently as our competitors could have a materially adverse impact on our operating results, customer relationships and growth.”
Traffic depends on search engines and social media; rising keyword costs, algorithm changes, and shift to AI apps raise acquisition costs and risk traffic loss; Google/Apple could favor own services.
“rising costs for keywords and changes in search engine algorithms can impact our visibility and increase customer acquisition costs.”
The EU AI Act's risk-based framework applies to Airbnb's AI use in the EU market, with most substantive requirements from August 2026; contraventions could bring material penalties and legal liability.
“Applicable requirements depend on the risk level of each AI use case, and actual or perceived contraventions could expose us to material penalties, significant legal liability, and may materially adversely affect our business, results of operations, and financial condition.”
Claims for fatalities, violence, carbon monoxide, hidden cameras and other incidents create potentially significant liability and reputational damage; company has faced civil litigation and regulatory investigations.
“We have faced civil litigation, regulatory investigations, and inquiries involving allegations related to unsafe listings, discriminatory practices, and other misconduct by third parties.”
AI powers personalization, fraud detection, customer support, and trust features across the platform, supporting service quality and demand.
“AI capabilities now assist in risk assessment and rapid fraud and scam detection”
The integrated payments platform is subject to cross-border money transmission and funds transfer regulation, a core operational requirement.
“those governing cross-border and domestic money transmission and funds transfers, stored value and prepaid access”
Results fluctuate with global macroeconomic conditions, health events, wars, and political instability affecting travel
“reduced travel and cancellations due to events such as health concerns, including epidemics and pandemics, natural disasters, wars, political instability, regional hostilities or law enforcement demands”
Approximately 13,000 third-party workers support the majority of community support contacts, a material operational dependency.
“we relied on a global network of approximately 13,000 third-party workers as of December 31, 2025, to support the majority of our community support contacts”
A patchwork of state-level AI governance, including CCPA automated decision-making regulations, may limit Airbnb's use of AI/ML and increase compliance costs.
“Further, the California Privacy Protection Agency has finalized regulations under the CCPA regarding the use of automated decision-making technology. Collectively, these developments signal an emerging trend towards a patchwork of state-level governance of AI in the United States.”
AI used for customer support since 2025; AI presents legal, business, operational risks, regulatory scrutiny, and reputational harm per company's own risk factor; shift of travel search to AI apps could divert traffic.
“If consumers become less reliant on search engines for travel searches and instead use AI apps and other channels, we may not be able to optimize for searches on these emerging channels and may risk losing traffic to competitors.”
Pillar Two 15% global minimum tax could increase overall taxes and have materially adverse impact
“the 15% global minimum tax under Pillar Two of the OECD Base Erosion and Profit Shifting ("BEPS") Project could increase our overall taxes and have a materially adverse impact on our business”
Company relies on third-party payment service providers; payments operations subject to extensive laws, regulations, and supervision.
“our expectations regarding our reliance on third-party payment service providers”
MLD6 requires material AML/CTF operating changes at APLux, increasing costs and enforcement risk
“APLux will need to undertake required uplifts to existing policies and procedures. This will result in material changes to the day to day AML and CTF operating procedures of APLux”
Company is subject to a variety of taxes and tax collection obligations in the US (federal, state, local) and numerous foreign jurisdictions.
“we are subject to a variety of taxes and tax collection obligations in the United States (federal, state, and local) and numerous foreign jurisdictions”
Data protection regulators, led in the EU by the Irish DPC, are increasingly engaging with businesses like Airbnb on personal data processing in the AI context.
“Regulators (including data protection regulators) have taken, and are expected to continue to take, an increased interest in issues, such as how we and our vendors collect, maintain, process, and provide transparency on the use of personal data in this context.”
Sanctions regimes restrict transactions with certain countries, regions, and individuals; future sanctions in key business areas could materially impact business
“Future sanctions in key business areas could materially impact our business, results of operations, and financial condition.”
Physical climate impacts may interrupt platform infrastructure and impact lodging demand and supply
“may interrupt infrastructure on which our platform relies, impact demand or supply for lodging, or otherwise adversely impact our business.”
Evolving Chinese AI and export-control rules with uncertain interpretation may require substantial additional resources to develop or maintain related product features.
“The positions and interpretation of these regulations by the authorities may not align with our interpretation or may not be consistent across jurisdictions, which may impact our ability, or require additional resources (which may be substantial), to develop and/or maintain related product features.”
Brand strength reduces reliance on paid marketing channels, lowering customer acquisition cost exposure.
“the strength of Airbnb’s brand and our communication strategy has allowed us to maintain lower reliance on paid marketing channels”
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