Early Access

10-QPeriod: Q2 FY2023

Airbnb, Inc. Quarterly Report for Q2 Ended Jun 30, 2023

Filed August 3, 2023For Securities:ABNB

Summary

Airbnb, Inc. reported strong financial performance for the second quarter and first half of 2023. Revenue grew by 18% year-over-year to $2.48 billion for the quarter and 19% to $4.30 billion for the first half, driven by an 11% increase in Nights and Experiences Booked and stable Average Daily Rate (ADR). Net income saw a significant increase of 72% to $650 million for the quarter, attributed to revenue growth, higher interest income, and cost management, including the absence of restructuring charges incurred in the prior year. The company demonstrated robust cash flow generation, with net cash from operating activities increasing to $909 million for the quarter and Free Cash Flow reaching $900 million. This strong performance was supported by growth in revenue and unearned fees. Airbnb also continued its capital allocation strategy, repurchasing $507 million of its common stock in the second quarter, with $2.0 billion remaining under its share repurchase program. The company's balance sheet remains solid, with significant cash and short-term investments totaling $10.3 billion.

Financial Highlights

45 data points
Beta

Revenue

$2.48B

0.8% Gross Margin

Net Income

$650.00M

0.3% Net Margin

Total Assets

$21.19B

Cash & Equivalents

$7.91B

Free Cash Flow

$900.00M

Financial Statements
Beta
Revenue$2.48B
Cost of Revenue$432.00M
Gross Profit$2.05B
R&D Expenses$451.00M
Operating Expenses$1.96B
Operating Income$523.00M
Net Income$650.00M
Shares Outstanding (Basic)635.00M
Shares Outstanding (Diluted)665.00M

Key Highlights

  • 1Revenue increased by 18% to $2.48 billion in Q2 2023 and by 19% to $4.30 billion in H1 2023 compared to the prior year.
  • 2Nights and Experiences Booked grew by 11% in Q2 and 15% in H1, indicating continued strong travel demand.
  • 3Net income surged by 72% to $650 million in Q2 2023, benefiting from revenue growth and disciplined cost management.
  • 4Free Cash Flow reached $900 million in Q2 2023, up from $796 million in the prior year, reflecting strong operational performance.
  • 5The company repurchased $507 million of common stock in Q2 2023, demonstrating a commitment to returning capital to shareholders.
  • 6Cash and cash equivalents and short-term investments totaled $10.3 billion as of June 30, 2023, providing significant liquidity.
  • 7Interest income saw a substantial increase, rising by 855% in Q2 2023, driven by higher cash balances and interest rates.

Frequently Asked Questions