10-KPeriod: FY2025

Airbnb, Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 12, 2026For Securities:ABNB

Summary

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 billion, 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 billion, 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.

Financial Highlights

47 data points
Beta

Revenue

$12.24B

83.0% Gross Margin

Net Income

$2.51B

20.5% Net Margin

Total Assets

$22.21B

Cash & Equivalents

$6.56B

Free Cash Flow

$4.65B

Financial Statements
Beta
Revenue$12.24B
Cost of Revenue$2.09B
Gross Profit$10.15B
R&D Expenses$2.35B
Operating Expenses$9.70B
Operating Income$2.54B
Net Income$2.51B
Shares Outstanding (Basic)613.00M
Shares Outstanding (Diluted)623.00M

Key Highlights

  • 1Revenue grew 10% to $12.2 billion in 2025, driven by an 8% increase in Nights and Seats Booked.
  • 2Gross Booking Value (GBV) increased by 12% to $91.3 billion, indicating strong demand for bookings.
  • 3Free Cash Flow (FCF) remained robust at $4.6 billion, highlighting operational efficiency and strong cash generation.
  • 4Net income decreased by 5% to $2.5 billion, impacted by increased compensation and marketing expenses.
  • 5The company repurchased $3.8 billion of its Class A common stock in 2025, with $5.6 billion remaining under its authorization.
  • 6Significant investments continue in platform technology and AI to enhance user experience and operational capabilities.
  • 7Airbnb is expanding its offerings beyond traditional stays with new services and redesigned experiences.

Frequently Asked Questions

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).

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.

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.

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.

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.