Airbnb
ABNB Nasdaq Hotels, Resorts & Cruise Lines Financials FY2019–FY2025
Airbnb's revenue rose 10.3% to $12.2 billion in fiscal 2025. Its operating margin was 20.8%, down from 23.0% a year earlier. It paid out $3.8 billion in dividends and buybacks. The diluted share count fell 3.4%.
About these figures. Airbnb's cash flow statement has included its small capital spending (US$34 million in 2025) in other investing activities since 2023, so capital spending and free cash flow are blank from 2023.
What Airbnb does
Airbnb runs an online marketplace, through its website and mobile app, that connects guests with places to stay, experiences and services offered by hosts in over 220 countries and regions. Founded in 2007, it says it has over 5 million hosts, who have welcomed over 2.5 billion guest arrivals. It added services and redesigned experiences in May 2025.
Airbnb makes money from service fees on bookings, which it counts as revenue when the guest checks in. Substantially all of its revenue comes from stays, where the fee is a percentage of the booking's value. In October 2025 it began moving from charging fees to both hosts and guests to charging only the host. It reports one segment. Its competitors include online travel agencies such as Booking Holdings, Expedia Group and Trip.com Group; search engines such as Google; hotel chains such as Marriott, Hilton, Accor and Wyndham; property management companies; and activity sites such as Viator, GetYourGuide and Klook.
Hosts get AirCover for Hosts, which includes property damage protection of up to $3 million per stay. The business is seasonal: in a typical year, nights and seats booked are lowest in the fourth quarter. Some cities restrict short-term rentals; New York City's 2023 rules amounted to a de facto ban. As of December 31, 2025, Airbnb had approximately 8,200 employees and relied on approximately 13,000 third-party workers for most of its community support contacts.
- Legal name
- Airbnb, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001559720-26-000004
0001559720
Revenue and margins
Airbnb had $12.2B of revenue in fiscal 2025, up 10.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Airbnb returned $3.8B to shareholders in fiscal 2025. The diluted share count fell 3.4%.
Value Airbnb yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $9.0B and divides by 623.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 39.1x · peers 17.5x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Airbnb can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.3B | $9.6B | $10.1B | $10.6B | $11.0B |
| Debt incl. finance leases | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B |
| Net debt / EBITDA | −12.3x | −4.1x | −5.2x | −3.4x | −3.5x |
| Debt / equity | 0.4x | 0.4x | 0.2x | 0.2x | 0.2x |
| Interest coverage | 8.6x | 225.3x | 27.6x | 1,276.5x | 1,272.0x |
| Current ratio | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Quick ratio | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Total assets | $13.7B | $16.0B | $20.6B | $21.0B | $22.2B |
| Total liabilities | $8.9B | $10.5B | $12.5B | $12.5B | $14.0B |
| Shareholders' equity | $4.8B | $5.6B | $8.2B | $8.4B | $8.2B |
| Net debt (− = net cash) | −$6.3B | −$7.6B | −$8.1B | −$8.6B | −$9.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$93.2M
2 insiders
Of sales under plans
100%
$93.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | David C BernsteinChief Accounting Officer | Sold plan | 1,369 | $168.01 | $0.2M | Form 4 |
| Oct 12, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $165.18 | $2.2M | Form 4 |
| Sep 28, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $156.83 | $2.1M | Form 4 |
| Sep 15, 2026 | David C BernsteinChief Accounting Officer | Sold plan | 1,489 | $168.93 | $0.3M | Form 4 |
| Sep 14, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $172.36 | $2.3M | Form 4 |
| Sep 1, 2026 | David C BernsteinChief Accounting Officer | Sold plan | 5,224 | $182.49 | $1.0M | Form 4 |
| Aug 31, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $187.27 | $2.5M | Form 4 |
| Aug 28, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 57,160 | $190.71 | $10.9M | Form 4 |
| Aug 26, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 19,659 | $190.73 | $3.7M | Form 4 |
| Aug 25, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 202,652 | $190.28 | $38.6M | Form 4 |
| Aug 24, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 150,640 | $190.94 | $28.8M | Form 4 |
| Aug 20, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 2,738 | $184.42 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 7 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | 5.0% | −9.0% | −9.9% |
| Altman Z'' | 2.72 | 3.06 | 2.10 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Airbnb ABNB | $102.7B | 10.3% | 20.8% | — | — | 39.1x | 6 | |
| Hilton Worldwide HLT | $80.1B | 7.7% | 22.4% | 16.9% | 31.1% | 51.3x | 5 | Compare → |
| Expedia Group EXPE | $35.4B | 7.6% | 12.7% | 21.1% | 40.5% | 18.0x | 8 | Compare → |
| Norwegian Cruise Line NCLH | $7.0B | 3.7% | 15.9% | −11.9% | 9.8% | 9.3x | 7 | Compare → |
| Royal Caribbean Group RCL | $74.1B | 8.8% | 27.4% | 6.9% | 16.6% | 17.1x | 9 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $4.8B | $3.4B | $6.0B | $8.4B | $9.9B | $11.1B | $12.2B |
| Gross profit | $3.6B | $2.5B | $4.8B | $6.9B | $8.2B | $9.2B | $10.2B |
| Research and development | $977M | $2.8B | $1.4B | $1.5B | $1.7B | $2.1B | $2.4B |
| Operating income | −$502M | −$3.6B | $429M | $1.8B | $1.5B | $2.6B | $2.5B |
| Interest expense | $5.2M | $130M | $50.0M | $8.0M | $55.0M | $2.0M | $2.0M |
| Pretax income | −$412M | −$4.7B | −$300M | $2.0B | $2.1B | $3.3B | $3.1B |
| Income tax | $263M | −$97.0M | $52.0M | $96.0M | −$2.7B | $683M | $626M |
| Net income | −$674M | −$4.6B | −$352M | $1.9B | $4.8B | $2.6B | $2.5B |
| Diluted EPS | — | −$16.12 | −$0.57 | $2.79 | $7.24 | $4.11 | $4.03 |
| Diluted shares | 0.26B | 0.28B | 0.62B | 0.68B | 0.66B | 0.65B | 0.62B |
| Cash flow | |||||||
| Cash from operations | $223M | −$740M | $2.3B | $3.4B | $3.9B | $4.5B | $4.6B |
| Capital expenditure | $126M | $37.0M | $25.0M | $25.0M | — | — | — |
| Free cash flow | $97.3M | −$777M | $2.3B | $3.4B | — | — | — |
| Depreciation and amortization | $57.2M | $67.2M | $85.6M | $42.6M | $31.0M | $16.0M | $17.0M |
| Stock-based compensation | $97.5M | $3.0B | $899M | $930M | $1.1B | $1.4B | $1.6B |
| Acquisitions | $192M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $1.5B | $2.3B | $3.4B | $3.8B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $1.5B | $2.3B | $3.4B | $3.8B |
| Balance sheet | |||||||
| Cash and short-term investments | $2.0B | $6.4B | $8.3B | $9.6B | $10.1B | $10.6B | $11.0B |
| Total debt | — | $1.8B | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $8.9B | $12.4B | $14.9B | $16.5B | $17.2B | $18.8B |
| Current liabilities | — | $5.1B | $6.4B | $8.0B | $10.0B | $10.2B | $13.6B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $270M | $157M | $121M | $160M | $147M | $107M |
| Total assets | — | $10.5B | $13.7B | $16.0B | $20.6B | $21.0B | $22.2B |
| Total liabilities | — | $7.6B | $8.9B | $10.5B | $12.5B | $12.5B | $14.0B |
| Shareholders' equity | −$808M | $2.9B | $4.8B | $5.6B | $8.2B | $8.4B | $8.2B |
| Margins | |||||||
| Gross margin | 75.1% | 74.1% | 80.7% | 82.2% | 82.8% | 83.1% | 83.0% |
| Operating margin | −10.4% | −106.3% | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% |
| EBITDA margin | −9.3% | −104.3% | 8.6% | 22.0% | 15.6% | 23.1% | 20.9% |
| Net margin | −14.0% | −135.7% | −5.9% | 22.5% | 48.3% | 23.9% | 20.5% |
| FCF margin | 2.0% | −23.0% | 38.2% | 40.5% | — | — | — |
| Returns | |||||||
| Return on capital employed | — | — | 6.8% | 23.4% | 16.2% | 23.8% | 26.3% |
| Return on equity | — | — | −9.2% | 36.6% | 69.8% | 32.0% | 30.2% |
| Return on assets | — | — | −2.9% | 12.7% | 26.1% | 12.7% | 11.6% |
| Growth | |||||||
| Revenue growth | — | −29.7% | 77.4% | 40.2% | 18.1% | 12.0% | 10.3% |
| Net income growth | — | — | — | — | 153.1% | −44.7% | −5.2% |
| EPS growth | — | — | — | — | 159.5% | −43.2% | −2.0% |
| FCF growth | — | −898.8% | — | 48.8% | — | — | — |
| Share count change | — | 9.0% | 116.9% | 10.4% | −2.7% | −2.6% | −3.4% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | −12.3x | −4.1x | −5.2x | −3.4x | −3.5x |
| Debt / equity | — | 0.6x | 0.4x | 0.4x | 0.2x | 0.2x | 0.2x |
| Interest coverage | −96.9x | −27.6x | 8.6x | 225.3x | 27.6x | 1,276.5x | 1,272.0x |
| Current ratio | — | 1.7x | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Quick ratio | — | 1.7x | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Capital allocation | |||||||
| Capex / revenue | 2.6% | 1.1% | 0.4% | 0.3% | — | — | — |
| Stock comp / revenue | 2.0% | 88.9% | 15.0% | 11.1% | 11.3% | 12.7% | 13.0% |
| Payouts / FCF | 0.0% | — | 0.0% | 44.1% | — | — | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 7.0 | 7.0 | 7.0 | 6.0 |
| Altman Z'' | — | −1.4 | 2.1 | 2.9 | 2.7 | 3.1 | 2.1 |
| Accruals ratio | — | — | −22.0% | −10.3% | 5.0% | −9.0% | −9.9% |
Source: SEC EDGAR XBRL filings (CIK 0001559720). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.