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Airbnb (ABNB) FY2025 results: revenue $12.2 billion, up 10.3% on the year

Airbnb, Inc. (ABNB) reported revenue of $12.2 billion for fiscal 2025, the year ended 31 December 2025, up 10.3% on the year before. Net income was $2.5 billion, down 5.2%, and diluted earnings per share $4.03. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$12.2 billion
+10.3% on the year
FY2019FY2025
Operating margin
20.8%
23.0% a year earlier
FY2019FY2025
Net income
$2.5 billion
-5.2% on the year
FY2019FY2025
Diluted EPS
$4.03
-1.9% on the year
FY2019FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • 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.
  • Non-income tax matters weighed on Q4: About $90 million of non-income tax matters were recorded in Q4, alongside planned investments in new growth and policy initiatives.
  • Take rate fell on FX and timing: Implied take rate was 13.6% in Q4, down from 14.1%, primarily due to FX and the timing of bookings and stays.
Read the Q4 FY2025 earnings call summary

From this 10-K

Airbnb runs a global marketplace that connects guests with stays, experiences and services in over 220 countries and regions. It was founded in 2007, when two hosts welcomed three guests to their San Francisco home, and has since grown to over 5 million hosts who have welcomed over 2.5 billion guest arrivals. Services and redesigned experiences were launched in May 2025. The company earns service fees charged to its customers. For stays, the fee is a percentage of the booking value excluding taxes and varies with booking value, length of stay, geography and host type; for experiences and services only a host fee is charged. Substantially all revenue comes from stays. Fees are collected at booking but recognised on check-in, and are held on the balance sheet as unearned fees until then.

Airbnb, Inc., the 10-K for 2025

Airbnb runs a global marketplace that connects guests with stays, experiences and services in over 220 countries and regions. It was founded in 2007, when two hosts welcomed three guests to their San Francisco home, and has since grown to over 5 million hosts who have welcomed over 2.5 billion guest arrivals. Services and redesigned experiences were launched in May 2025. The company earns service fees charged to its customers. For stays, the fee is a percentage of the booking value excluding taxes and varies with booking value, length of stay, geography and host type; for experiences and services only a host fee is charged. Substantially all revenue comes from stays. Fees are collected at booking but recognised on check-in, and are held on the balance sheet as unearned fees until then.

The host side

The platform is built to bring on hosts who had not previously considered hosting, and it supplies tools for scheduling, merchandising, integrated payments, community support, host protections, pricing and review feedback. The Co-Host Network connects hosts with experienced co-hosts who help with listing setup, managing bookings and communicating with guests. During 2025 the company changed cancellation policies to make it easier for hosts to earn, improved pricing tools and price tips, and refreshed the messages tab.

The guest side

The website and app are where guests find and book homes, experiences and services. In 2025 the company launched a redesigned app with unified search and booking across all offerings, AI-powered personalisation and social features letting guests connect with co-travellers or other experience attendees. Payment options include Pay Less Upfront and Reserve Now, Pay Later, and search tools and maps were improved.

Trust and safety

The system includes host and guest reviews, account protection, risk scoring, secure payments, a nondiscrimination policy, watchlist and background checks in certain jurisdictions, cleanliness standards, fraud and scam prevention, insurance and similar protections, booking restrictions, an urgent safety line, a 24/7 neighbourhood support line, anti-party technology and a guest refund policy. AirCover for Hosts provides property damage protection of up to $3 million per stay, liability coverage of up to $1 million per occurrence for third-party claims of personal injury or property damage, deep cleaning protection and pet damage protection. AirCover for guests covers host cancellations, inability to check in and inaccurate listings, with a 24-hour safety support line. During 2025 the company widened its use of AI in customer service, in risk assessment and fraud and scam detection, and in automating case management.

Regulation

The business runs into an evolving set of local, city, state and national rules on short-term rental and home sharing. The company says it works with governments on clear and workable home sharing rules, but notes that some cities have passed restrictions it regards as onerous, giving New York City's 2023 regulations, which it describes as a de facto ban on short-term rental activity, as an example. Beyond rental rules it is subject to laws on internet access and e-commerce, taxation, privacy and data security, insurance, pricing, content, advertising, discrimination, consumer protection, employment, protection of minors, copyright, the use of AI and competition, and its payments platform is subject to rules on cross-border and domestic money transmission, stored value, foreign exchange, banking secrecy, payment services and sanctions.

Strategy and people

The stated priorities are making the service better, bringing Airbnb to more parts of the world under a global markets strategy that localises product updates and marketing in less mature markets, and extending the platform beyond stays through services and redesigned experiences on a multi-year product roadmap. The company had approximately 8,200 employees at 31 December 2025, and relied on a global network of approximately 13,000 third-party workers for most community support contacts, with internal staff handling complex and sensitive cases. A Live and Work Anywhere policy lets the large majority of employees work remotely. The company is pursuing a goal of net zero emissions for its global corporate operations by the end of 2030, covering Scope 1, Scope 2 and selected Scope 3 categories, and buys carbon credits alongside decarbonisation work.

From Airbnb's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue12,24111,1029,917+10.3%
Cost of revenue2,0861,8781,703+11.1%
Gross profit10,1559,2248,214+10.1%
Gross margin83.0%83.1%82.8%
Research and development2,3542,0561,722+14.5%
Operating income2,5442,5531,518-0.4%
Operating margin20.8%23.0%15.3%
Pre-tax income3,1373,3312,102-5.8%
Income tax626683-2,690-8.3%
Effective tax rate20.0%20.5%-128.0%
Net income2,5112,6484,792-5.2%
Net margin20.5%23.9%48.3%
Diluted EPS$4.03$4.11$7.24-1.9%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,6464,5183,884+2.8%
Cash from investing-748-616-1,042
Cash from financing-3,827-3,572-2,430
Depreciation and amortisationn/an/a31.0
Share-based compensation1,5921,4071,120+13.1%
Buybacks3,7893,4302,252+10.5%
Diluted shares, weighted623m645m662m-3.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity8,1998,4128,165-2.5%
Debt1,9991,9951,991+0.2%
Operating lease liabilities204236252-13.6%
Other liabilities11,80610,31610,237+14.4%
Total liabilities and equity22,20820,95920,645+6.0%
Fixed assets107147160-27.2%
Goodwill754750752+0.5%
Intangible assets16.027.040.0-40.7%
Investments4,4543,7473,197+18.9%
Cash and equivalents6,5606,8646,874-4.4%
Receivables186n/an/a
Other assets10,1319,4249,622+7.5%
Total assets22,20820,95920,645+6.0%

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