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ABNB

Airbnb, Inc.

ABNB

Airbnb, Inc. • NASDAQ
$116.98 ▲ 0.21% (+0.24)
Market Cap $72.35 B
52w High $163.93
52w Low $99.88
Dividend Yield 0%
P/E 27.85
Volume 2.52M
Outstanding Shares 618.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.095B ▲ $1.921B ▼ $1.374B ▲ 33.553% ▲ $2.25 ▲ $1.813B ▲
Q2-2025 $3.096B ▲ $1.94B ▲ $642M ▲ 20.736% ▲ $1.04 ▲ $633M ▲
Q1-2025 $2.272B ▼ $1.728B ▲ $154M ▼ 6.778% ▼ $0.25 ▼ $63M ▼
Q4-2024 $2.48B ▼ $1.623B ▼ $461M ▼ 18.589% ▼ $0.74 ▼ $452M ▼
Q3-2024 $3.732B $1.742B $1.368B 36.656% $2.17 $1.54B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.684B ▲ $23.064B ▼ $14.454B ▼ $8.61B ▲
Q2-2025 $11.356B ▼ $26.992B ▲ $19.21B ▲ $7.782B ▼
Q1-2025 $11.492B ▲ $25.056B ▲ $17.119B ▲ $7.937B ▼
Q4-2024 $10.611B ▼ $20.959B ▼ $12.547B ▼ $8.412B ▼
Q3-2024 $11.253B $22.172B $13.684B $8.488B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.374B ▲ $1.356B ▲ $-206M ▼ $-4.85B ▼ $-3.731B ▼ $1.356B ▲
Q2-2025 $642M ▲ $975M ▼ $-91M ▲ $328M ▼ $-213M ▼ $952M ▼
Q1-2025 $154M ▼ $1.789B ▲ $-151M ▲ $2.145B ▲ $3.99B ▲ $1.789B ▲
Q4-2024 $461M ▼ $466M ▼ $-220M ▼ $-1.33B ▲ $-1.438B ▲ $466M ▼
Q3-2024 $1.368B $1.078B $-202M $-5.187B $-3.992B $1.078B

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $2.27Bn ▲$3.10Bn ▲$4.09Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Airbnb’s income statement shows a business that has scaled quickly from heavy losses to solid profitability. Revenue has grown strongly over the past several years, while the cost structure has stayed relatively lean, leading to much healthier margins over time. The company now generates consistent operating profit and healthy earnings, although the unusually high profit in 2023 looks influenced by one‑off factors, with 2024 settling into a more normal, but still strong, profit level. Overall, the trend suggests effective operating leverage, but earnings remain exposed to travel cycles, regulation, and broader economic conditions.

Balance Sheet

Balance Sheet The balance sheet looks robust for a consumer travel platform. Total assets and shareholder equity have been building steadily, reflecting retained profits and ongoing investment in the business. Cash holdings are sizeable relative to the modest level of debt, giving Airbnb financial flexibility and a cushion against downturns or regulatory shocks. The company’s asset‑light model means its value is tied more to brand, technology, and network effects than to hard assets, which can be powerful when things go well but relies on maintaining user trust and platform relevance.

Cash Flow

Cash Flow Airbnb has transitioned into a strong cash generator. Operating cash flow has grown consistently in recent years and closely tracks reported profits, indicating earnings quality that is largely backed by real cash. Free cash flow is also strong because the business requires very limited capital spending to grow, thanks to its marketplace model where hosts provide the physical assets. This gives Airbnb room to invest in new products, absorb volatility in travel demand, and potentially handle regulatory or legal costs without stressing its finances, though cash flows would still be vulnerable in a prolonged travel downturn.

Competitive Edge

Competitive Edge Competitively, Airbnb benefits from a powerful network effect: more hosts attract more guests, and more guests attract more hosts, reinforcing its lead. Its global brand is one of the strongest in travel, and the breadth of listings—from everyday apartments to highly unique stays—differentiates it from traditional hotels. The trust and review system, plus a large base of user data, raise the barrier for new entrants. At the same time, the company faces constant pressure from hotels, online travel agencies, local competitors, and tightening regulations in major cities, which could limit growth or raise compliance costs. Managing host satisfaction, guest safety, and government relationships remains central to protecting its moat.

Innovation and R&D

Innovation and R&D Innovation is a clear focus and a key part of Airbnb’s edge. The company leans heavily on data, artificial intelligence, and a modern tech stack to personalize search, optimize pricing, and improve trust and safety. It is extending beyond pure stays into Experiences, in‑home Services, co‑hosting tools, and a more integrated “super app” vision that could capture a larger share of travel and lifestyle spending. These initiatives can deepen engagement and diversify revenue, but they also introduce execution risk, as management must balance experimenting with new verticals against keeping the core hosting platform reliable, safe, and easy to use.

Summary

Airbnb today looks like a mature, but still growing, platform business: revenues and profits have scaled rapidly, the balance sheet is strong, and cash generation is robust. Its competitive strength rests on brand, global reach, and a reinforcing network of hosts and guests, supported by ongoing technology and product innovation. The main uncertainties lie outside pure financials—economic cycles, regulatory pushback on short‑term rentals, competitive responses from hotels and online travel agencies, and the challenge of expanding into new services without diluting focus. Overall, the numbers and strategic direction depict a resilient, high‑margin, asset‑light platform with meaningful opportunities ahead, but also meaningful exposure to policy, trust, and travel‑demand risks.

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