ABNB
Updated: 24/09/2026, 05:39:41
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.
Core business
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
“We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.”
Channel mix
Brand-led marketing with lower reliance on paid channels; performance marketing via search engines and social media; SEO
“the strength of Airbnb’s brand and our communication strategy has allowed us to maintain lower reliance on paid marketing channels”
Expanded offerings
Offerings expanded to include services and redesigned experiences, launched May 2025
“Our offerings have expanded to include services and redesigned experiences, which launched in May 2025.”
Guest features and payments
Unified app, AI-powered personalization, flexible payments (Pay Less Upfront, Reserve Now, Pay Later); ~20 local payment methods, ~50 currencies
“It enables guests and hosts to transact in their preferred currency across approximately 20 local payment methods”
Host platform tools
Host suite including scheduling, integrated payments, pricing tools, Co-Host Network, AirCover (up to $3M property damage per stay, $1M liability per occurrence)
“AirCover for Hosts, which includes property damage protection of up to $3 million per stay, liability coverage of up to $1 million per occurrence”
System of Trust
Trust system including reviews, risk scoring, background checks, anti-party tech, 24/7 safety line; 2025 AI-powered customer support, risk assessment, fraud detection
“During 2025, we expanded the use of AI-powered customer service and support features to help more quickly and effectively resolve issues for both hosts and guests.”
International revenue share
61% of FY2025 revenue from listings outside the United States; 56% of 2025 revenue in non-U.S. dollar currencies (54% in 2024)
“For the year ended December 31, 2025, 61% of our revenue was generated from listings outside of the United States.”
Foreign exchange exposure and hedging
Significant FX exposure; strong USD can negatively impact revenue; FX cash flow hedging program in place
“We utilize a foreign exchange cash flow hedging program to reduce the impact of currency fluctuations on our revenue.”
Community support reliance on third-party 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”
Employees and third-party support
~8,200 employees; ~13,000 third-party workers supporting majority of community support contacts; Live and Work Anywhere remote policy
“As of December 31, 2025, we had approximately 8,200 employees.”
Revenue growth drivers 2025
2025 revenue growth driven by higher Nights and Seats Booked check-ins and modest ADR increase
“primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and a modest increase in Average Daily Rate (“ADR”)”
AI investment
AI integral to fraud detection, personalized matching, customer support, and app personalization
“It incorporates expanded AI and machine learning capabilities, which are integral to key areas, from fraud detection, to personalized listing matching”
Long-term growth strategy
Improve service, expand into less mature markets, and expand beyond stays via 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.”
Macroeconomic conditions
Monitoring inflation, interest rates, FX, tariffs and trade controls, and potential decreased consumer spending; to date limited impact
“including inflation, interest rates, foreign currency fluctuations, tariffs and trade controls, and potential decreased consumer spending”
2025 financial highlights
FY2025: revenue $12.2B (+10%); net income $2.5B (-5%); FCF $4.6B; repurchased 29.7M shares for $3.8B, $5.6B remaining
“In 2025, revenue increased by 10% to $12.2 billion compared to the prior year”
Payments, AML and sanctions regulation
Payments subject to BSA, UK MLRs, MLD6, OFAC/OFSI sanctions, PCI DSS, NACHA, GLBA; AML fines up to 10% of APLux annual revenue
“Non-compliance with local laws implementing EU directives could result in fines up to 10% of APLux’s annual revenue”
AI regulation
EU AI Act in force Aug 2024 (substantive requirements from Aug 2026); US state AI laws; CCPA automated decision-making rules; China AI regulatory uncertainty
“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)”
Short-term accommodation regulation
Subject to accommodation regulatory landscape; works with policymakers and disputes regulations restricting hosting
“trends in the global travel and hospitality industries and the short and long-term accommodation regulatory landscape”
Seasonality
Business is seasonal with peak travel in Q3 across North America and EMEA; revenue recognized at check-in creates forecasting timing differences
“with the peak travel season occurring in the third quarter across North America and EMEA”
Payment card acceptance dependency
Vast majority of guests pay by credit/debit card; loss of card acceptance privileges would significantly limit the business model
“a vast majority of our guests pay using credit or debit cards”
Remote work (Live and Work Anywhere) risks
Live and Work Anywhere policy creates operational challenges and tax implications including permanent establishment risk
“foreign tax authorities may assert that certain of our entities have created permanent establishment in their countries”
Reliance on search engines and platform gatekeepers
Traffic risk from search algorithm changes, emerging AI apps, and Google/Apple favoring their own services
“if major platforms like Google or Apple favor their own services or other partner services, our ability to engage users via mobile app or search could be impacted.”
Platform content regulation
Relies on CDA/DMCA and EU DSA protections; UK DMCCA enforcement risk; not currently a DMA gatekeeper though this could change
“Airbnb does not meet the thresholds to be designated as a gatekeeper platform for the purposes of the Digital Markets Act, although this could change in the future.”
Third-party AI infrastructure dependency
Depends on third-party software, processing hardware, and third-party AI models it cannot control
“specific third-party software, and infrastructure, such as processing hardware or third-party AI models, and we cannot control the quality, availability, or pricing of such third-party software and infrastructure”
Tax law exposure
IRA introduced corporate AMT and excise tax on stock repurchases; evolving global tax regimes could increase obligations
“the U.S. Inflation Reduction Act (the “IRA”) introduced a corporate alternative minimum tax and an excise tax on stock repurchases”
Climate risk
Physical climate risks to infrastructure and lodging demand/supply; increasing climate-related regulation and over-tourism scrutiny
“the physical impacts of climate change ... may interrupt infrastructure on which our platform relies, impact demand or supply for lodging”
Business affected by the short and long-term accommodation regulatory landscape; works with policymakers to update laws affecting hosts and guests.
“the short and long-term accommodation regulatory landscape”
AI/ML integral to fraud detection, listing matching, customer support, and app personalization; competitive AI development risk and regulatory risk also present.
“It incorporates expanded AI and machine learning capabilities, which are integral to key areas, from fraud detection, to personalized listing matching and enabling customized and real-time community support.”
Potential decreased consumer spending, inflation, and interest rates cited as macroeconomic conditions that could impact travel demand and the business.
“including inflation, interest rates, foreign currency fluctuations, tariffs and trade controls, and potential decreased consumer spending”
56% of 2025 revenue in non-USD currencies; a strong U.S. dollar can negatively impact revenue; FX cash flow hedging program 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”
Loss or material modification of card acceptance privileges would significantly limit the business model since most guests pay by card; PCI DSS compliance required.
“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”
AI is integral to fraud detection, personalization, and support; EU AI Act risk-based governance could impose penalties and affect AI-enabled features.
“establishes a broad, risk-based governance framework for AI use, development, or provision in the EU market”
Approximately 13,000 third-party workers support the majority of community support contacts; requires stringent guidance and quality control.
“The vast majority of our community support is performed by third-party service providers”
Traffic relies on search engines and SEO; algorithm changes and shift to AI apps can reduce visibility and raise customer acquisition costs.
“SEO efforts are vulnerable to changes in search engine algorithms and consumer behavior, which can reduce our platform's prominence.”
EU DSA brings additional compliance requirements and potential fines for platform content; Collective Redress Directive allows class actions across the EU.
“In the European Union, the DSA brings additional compliance requirements and potential fines.”
Geopolitical conflicts, wars, and political instability can reduce travel and cancellations, affecting bookings and revenue.
“reduced travel and cancellations due to events such as health concerns, including epidemics and pandemics, natural disasters, wars, political instability”
Major platforms like Google or Apple favoring their own services could impair user engagement via mobile app or search.
“if major platforms like Google or Apple favor their own services or other partner services, our ability to engage users via mobile app or search could be impacted.”
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