Airbnb (ABNB) Q4 FY2025 earnings: revenue $2.8 billion, up 12.0% on the year

Airbnb, Inc. (ABNB) reported revenue of $2.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 12.0% on the same quarter a year earlier. Net income was $341 million, down 26.0% on the year, and diluted earnings per share $0.55. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$2.8 billion

+12.0% on the year · -32.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

9.7%

17.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$341 million

-26.0% on the year · -75.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.55

-22.5% on the year · -75.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Gross Booking Value growth hit a high: Q4 revenue was $2.8 billion, up 12%. GBV grew 16%, the highest growth quarter in more than two years, and Nights and Seats Booked rose 10%.
Net income fell on planned investments: Q4 net income was $341 million against $461 million a year earlier. Management cited planned investments in new growth and policy initiatives.
Adjusted EBITDA rose 3% to $786 million: Q4 Adjusted EBITDA was $786 million, up 3% from $765 million, with margin of 28% against 31% a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,778	4,095	2,480	-32.2%	+12.0%
Cost of revenue	487	549	427	-11.3%	+14.1%
Gross profit	2,291	3,546	2,053	-35.4%	+11.6%
Gross margin	82.5%	86.6%	82.8%
Research and development	589	587	538	+0.3%	+9.5%
Operating income	269	1,625	430	-83.4%	-37.4%
Operating margin	9.7%	39.7%	17.3%
Interest expense	n/a	6.0	n/a
Pre-tax income	393	1,792	622	-78.1%	-36.8%
Income tax	52.0	418	161	-87.6%	-67.7%
Effective tax rate	13.2%	23.3%	25.9%
Net income	341	1,374	461	-75.2%	-26.0%
Net margin	12.3%	33.6%	18.6%
Diluted EPS	$0.55	$2.21	$0.71	-75.1%	-22.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	526	1,356	466	-61.2%	+12.9%
Cash from investing	-300	-206	-220
Cash from financing	-1,450	-4,850	-1,330
Share-based compensation	411	399	368	+3.0%	+11.7%
Buybacks	1,095	877	838	+24.9%	+30.7%
Diluted shares, weighted	623m	621m	645m	+0.3%	-3.4%
Shares outstanding at period end	609m	616m	631m	-1.1%	-3.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,199	8,610	8,412	-4.8%	-2.5%
Debt	1,999	1,998	1,995	+0.1%	+0.2%
Operating lease liabilities	204	213	236	-4.2%	-13.6%
Other liabilities	11,806	12,243	10,316	-3.6%	+14.4%
Total liabilities and equity	22,208	23,064	20,959	-3.7%	+6.0%
Fixed assets	107	122	147	-12.3%	-27.2%
Goodwill	754	n/a	750		+0.5%
Intangible assets	16.0	n/a	27.0		-40.7%
Investments	4,454	4,156	3,747	+7.2%	+18.9%
Cash and equivalents	6,560	7,528	6,864	-12.9%	-4.4%
Receivables	186	n/a	n/a
Other assets	10,131	11,258	9,424	-10.0%	+7.5%
Total assets	22,208	23,064	20,959	-3.7%	+6.0%

Questions

What was Airbnb's revenue in Q4 FY2025?

Airbnb (ABNB) reported revenue of $2.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 12.0% on the same quarter a year earlier.

How much did Airbnb earn in Q4 FY2025?

Net income for Q4 FY2025 was $341 million, down 26.0% on the year, and diluted earnings per share $0.55.

When did Airbnb report Q4 FY2025 results?

Airbnb filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,532	1,509	2,104	2,884	1,902	1,818	2,484	3,397	2,218	2,142	2,748	3,732	2,480	2,272	3,096	4,095	2,778	2,678	3,608	4,869
Cost of revenue	295	363	390	401	345	428	432	459	384	480	506	465	427	506	544	549	487	581	633	651
Gross profit	1,237	1,146	1,714	2,483	1,556	1,390	2,052	2,938	1,834	1,662	2,242	3,267	2,053	1,766	2,552	3,546	2,291	2,097	2,975	4,218
Gross margin	81%	76%	81%	86%	82%	76%	83%	86%	83%	78%	82%	88%	83%	78%	82%	87%	82%	78%	82%	87%
R&D	368	363	375	366	398	420	451	419	432	475	519	524	538	568	610	587	589	638	672	664
Operating income	75.6	-5.0	369	1,203	235	-5.0	523	1,496	-496	101	497	1,525	430	38.0	612	1,625	269	86.0	758	2,021
Operating margin	5%	-0%	18%	42%	12%	-0%	21%	44%	-22%	5%	18%	41%	17%	2%	20%	40%	10%	3%	21%	42%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	6.0	n/a	n/a	n/a	45.0
Pre-tax income	72.2	-8.0	383	1,270	344	130	676	1,679	-383	293	681	1,735	622	173	779	1,792	393	281	897	2,173
Tax rate	25%	n/a	1%	4%	7%	10%	4%	-161%	n/a	10%	19%	21%	26%	11%	18%	23%	13%	43%	9%	13%
Net income	54.5	-19.0	379	1,214	319	117	650	4,374	-349	264	555	1,368	461	154	642	1,374	341	160	816	1,890
Net margin	4%	-1%	18%	42%	17%	6%	26%	129%	-16%	12%	20%	37%	19%	7%	21%	34%	12%	6%	23%	39%
Diluted EPS	$0.27	-$0.03	$0.56	$1.79	$0.47	$0.18	$0.98	$6.63	-$0.55	$0.41	$0.86	$2.13	$0.71	$0.24	$1.03	$2.21	$0.55	$0.26	$1.37	$3.16
Operating cash flow	381	1,202	800	966	463	1,587	909	1,325	63.0	1,923	1,051	1,078	466	1,789	975	1,356	526	1,708	1,270	1,508
Capital expenditure	4.5	6.0	5.0	5.6	8.4	6.0	9.0	15.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	376	1,196	795	960	454	1,581	900	1,310	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	n/a	0.0	0.0	1,000	500	493	507	500	752	750	749	1,093	838	807	1,010	877	1,095	1,088	1,051	712
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	631m	626m	621m	616m	609m	603m	599m	597m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.