01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Airbnb, Inc. (ABNB) reported solid performance for the fiscal year 2025, demonstrating continued growth in its core marketplace.
Revenue increased by 10% year-over-year, reaching $12.2 billiona, driven by an 8% increase in Nights and Seats Booked and a modest rise in Average Daily Rate (ADR). This growth reflects the company's ongoing efforts to enhance its platform for both hosts and guests, including new features and a more localized market strategy. The company also maintained strong operational efficiency, with Free Cash Flow (FCF) reaching $4.6 billion.
While net income saw a slight decrease of 5% to $2.5 billionb, this was attributed to increased compensation and marketing expenses, as well as lower interest income. Airbnb continues to invest in its technology stack and AI capabilities to improve user experience and operational efficiency. The company also announced significant share repurchases, demonstrating a commitment to returning value to shareholders.
02—Key points
Key Highlights
- Revenue grew 10% to $12.2 billion in 2025, driven by an 8% increase in Nights and Seats Booked.
- Gross Booking Value (GBV) increased by 12% to $91.3 billion, indicating strong demand for bookings.
- Free Cash Flow (FCF) remained robust at $4.6 billion, highlighting operational efficiency and strong cash generation.
- Net income decreased by 5% to $2.5 billion, impacted by increased compensation and marketing expenses.
- The company repurchased $3.8 billion of its Class A common stock in 2025, with $5.6 billion remaining under its authorization.
- Significant investments continue in platform technology and AI to enhance user experience and operational capabilities.
- Airbnb is expanding its offerings beyond traditional stays with new services and redesigned experiences.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Airbnb, Inc. kept $0.21.
- Revenue$12.24B100.0%
- Cost of revenue−$2.09B17.0%
- Gross profit$10.15B83.0%
- Operating costs−$7.61B62.2%
- Operating income$2.54B20.8%
- Interest, other & tax−$32.7M0.3%
- Net income$2.51B20.5%
Where FY2025 revenue went
$12.24B- Other operating costs: $5.26B, 43% of revenue
- Net income: $2.51B, 21% of revenue
- R&D: $2.35B, 19% of revenue
- Cost of revenue: $2.09B, 17% of revenue
Kept 21% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $12.24B$11.10B | +10.3% |
| Cost of Revenue | $2.09B$1.88B | +11.1% |
| Gross Profit | $10.15B$9.22B | +10.1% |
| R&D Expenses | $2.35B$2.06B | +14.5% |
| Operating Expenses | $9.70B$8.55B | +13.4% |
| Operating Income | $2.54B$2.55B | −0.4% |
| Net Income | $2.51B$2.65B | −5.2% |
| Shares Outstanding (Basic) | 613.00M632.00M | −3.0% |
| Shares Outstanding (Diluted) | 623.00M645.00M | −3.4% |
05—Questions
Frequently Asked Questions
What was Airbnb's revenue growth in 2025?
Airbnb's revenue increased by 10% in 2025, reaching $12.2 billion, compared to $11.1 billion in the prior year. This growth was primarily driven by an increase in the number of check-ins for Nights and Seats Booked and a modest increase in Average Daily Rate (ADR).
How did Airbnb perform in terms of profitability in 2025?
In 2025, Airbnb reported a net income of $2.5 billion, a decrease of 5% compared to the prior year. This decrease was mainly due to increased compensation and marketing expenses, as well as lower interest income, partially offset by revenue growth.
What is Airbnb's cash flow situation as of December 31, 2025?
As of December 31, 2025, Airbnb maintained strong liquidity with $11.0 billion in cash, cash equivalents, and short-term investments. Free Cash Flow (FCF) was $4.6 billion for the year, consistent with the prior year, indicating continued healthy cash generation.
What are the key strategic initiatives highlighted for 2025?
Airbnb's key strategic priorities include making its service better, expanding globally, and diversifying its offerings. In 2025, this involved hundreds of new features and upgrades, a more localized approach to marketing, and the expansion of its platform beyond stays with new offerings like Airbnb Services and redesigned experiences.
What are the primary risks facing Airbnb according to the 10-K filing?
Key risks highlighted in the filing include intense competition from OTAs and hotel chains, potential adverse impacts from macroeconomic conditions and geopolitical instability, increasing regulatory scrutiny and evolving laws regarding short-term rentals, and risks associated with cybersecurity, data privacy, and the use of AI. The company also faces risks related to its brand reputation and the ability to maintain trust and safety on its platform.
06—Continue