Airbnb operates a global marketplace connecting hosts and guests for accommodation, experiences and services. It earns service fees rather than owning the accommodation inventory; substantially all revenue still comes from stays.
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A snapshot of what Airbnb, Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001559720-24-000006 | Feb 16, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001559720-25-000010 | Feb 13, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001559720-26-000004 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Airbnb’s latest reported results show stronger demand and operating profit, but not every improvement represents recurring earnings. In Q2 2026, revenue rose 17% to $3.608 billion, or 13% excluding currency effects, and operating income increased to $758 million. Net income also benefited from a prior-year tax adjustment. The business generates substantial cash with little physical capital spending, although product development and marketing remain major expenses. Deferred guest payments delay collections and carry higher cancellation rates. June corporate cash and short-term investments totaled $12.069 billion, separate from customer money. March refinancing extended debt maturities but increased interest exposure. Management raised its outlook on August 6; delivery remains conditional on demand, investment returns and regulatory conditions, with significant tax disputes unresolved.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 8-K · 2026-03-12
Airbnb recognizes service-fee revenue at check-in, not when guests book. Gross Booking Value includes host earnings, cleaning fees and taxes, so it is neither Airbnb revenue nor cash collected. The company still reports one segment. Services and redesigned experiences launched in May 2025, and boutique-hotel expansion subsequently broadened supply, but standalone profitability is undisclosed; hotels remained a single-digit share of nights in the August update.
In July 2026, Airbnb announced plans to migrate most remaining hosts to a single 15.5% service fee, expecting completion during 2026. This was not completed at June 30, and hosts can adjust prices. The transition therefore does not establish a corresponding increase in effective monetization. Reserve Now, Pay Later supports booking flexibility but delays collection and has experienced higher cancellation rates than historical upfront-payment bookings.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-03-31 · EX-99.1 · 2026-08-06 · EX-99.1 · 2026-02-12 · 10-Q · 2026-06-30
Following Q4 2025 revenue growth of 12%, Q1 2026 revenue rose 18% to $2.678 billion, exceeding February guidance despite Middle East-related cancellations. Q2 revenue then rose 17% to $3.608 billion, above May guidance, with Nights and Seats Booked up 10%. Reported GBV growth slowed from 19% in Q1 to 16% in Q2, but growth excluding currency effects accelerated from 13% to 15%. Management described recovering EMEA demand, not an end to geopolitical risk.
Q2 operating income increased from $612 million to $758 million as revenue outpaced expenses. Management reported lower support cost per booking partly from AI, although total operations and support expense rose. Net income increased from $642 million to $816 million, including a $77 million benefit affecting prior-year taxes. Diluted EPS rose from $1.03 to $1.37, also helped by fewer weighted-average diluted shares. First-half net income of $976 million included a $71 million investment-disposal gain; offsets included a Q1 $69 million deferred-tax adjustment and higher interest expense.
First-half non-GAAP Adjusted EBITDA increased to $1.780 billion from $1.460 billion, but excluded recurring stock compensation of $897 million versus $782 million. August separately presented interest expense as an exclusion without changing the supplied historical EBITDA totals. Software-capitalization and credit-loss accounting changes adopted January 1 had no initial financial-statement impact; the filings do not attribute growth to those changes.
Sources: EX-99.1 · 2026-02-12 · EX-99.1 · 2026-05-07 · EX-99.1 · 2026-08-06 · 10-Q · 2026-06-30 · 10-Q · 2026-03-31
First-half operating cash flow increased to $2.978 billion from $2.764 billion. Free cash flow—operating cash flow less property-and-equipment purchases—reached $2.957 billion, but its margin fell from 51% to 47%. Cash generation includes noncash compensation addbacks and advance fee collections; deferred payments reduced the latter’s contribution. Q1 cash flow declined before Q2 improved, illustrating why bookings, profit and cash cannot be treated interchangeably or quarterly results annualized.
Purchases of property and equipment were $21 million for the half, compared with $1.310 billion of expensed product development and $1.626 billion of sales and marketing. Repurchase cash outflow was $2.139 billion; the remaining $3.447 billion authorization was discretionary. At December 31, 2025, purchase commitments totaled $1.918 billion, including at least $1.7 billion of hosting spending through 2031. The detailed lease schedule showed $366 million of future payments and a $272 million present-value liability. These dated schedules are not a complete June obligation inventory.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-05-07 · 10-K · 2025-12-31
June 30 corporate cash of $6.821 billion and short-term investments of $5.248 billion were separate from $12.224 billion of customer funds matched by customer liabilities. Investments are not identical to cash, and repatriating foreign-held cash may incur tax. On March 16, 2026, Airbnb completed a $2.5 billion unsecured senior-note issuance and repaid its $2 billion zero-coupon convertibles. Net issuance proceeds were $2.478 billion; June debt carrying value was $2.476 billion, with principal maturing in 2029, 2031 and 2036.
Swaps make $1.65 billion of the notes economically floating-rate; Airbnb estimates a 100-basis-point rate movement changes annual interest expense by approximately $17 million. The $1 billion revolver was undrawn, with $20 million of letters of credit and reported June covenant compliance. It is conditional capacity, not cash: exact drawable headroom and swap spreads are unverified. Q1’s risk supplement explains that default could accelerate debt and terminate lending commitments.
Sources: 8-K · 2026-03-12 · 10-Q · 2026-06-30 · 10-Q · 2026-03-31
On August 6, management raised expected 2026 revenue growth to at least mid teens and Adjusted EBITDA margin to at least 35.5%, following its May increase. Q3 revenue guidance was $4.69–$4.77 billion, including approximately three percentage points of currency benefit after hedging. Management expected slightly lower Q3 adjusted margin because of investment timing. These are forecasts, not achieved results; no forecast GAAP earnings reconciliation was supplied because excluded items were considered unpredictable.
The unresolved IRS claim seeks $1.3 billion plus penalties and interest and exceeds the relevant reserve by more than $1 billion. Airbnb disputes it and considers reserves adequate. June lodging-tax accruals were $127 million with another $29–$39 million of estimable reasonably possible loss; other non-income-tax accruals were $219 million with another $240–$260 million possible. These ranges exclude unestimable exposures. Spain’s disputed €65 million fine remains unresolved: a €70 million surety bond arranged in May suspends enforcement, not settles the case.
Restrictions on short-term rentals can constrain supply and increase booking friction. Airbnb also depends on hosting, payment and support vendors without complete redundancy, retains insurance exposure, and faces AI and cybersecurity risks. Founder majority voting control remains material; the June 5 meeting rejected a dual-class sunset proposal, as reported June 11. Neither that vote nor effective financial-reporting controls establishes that operational risks are absent.
Sources: EX-99.1 · 2026-08-06 · EX-99.1 · 2026-05-07 · 10-Q · 2026-06-30 · 10-K · 2025-12-31 · 8-K · 2026-06-05
USD 12.241 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 12.241 bn | 10.3% |
| 2024 | USD 11.102 bn | 11.9% |
| 2023 | USD 9.917 bn | — |
GAAP service-fee revenue, net of customer incentives and refunds; recognized at check-in, not gross booking value.
Sources: 10-K · 2025-12-31
USD 4.792 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 4.792 bn | — |
Consolidated GAAP income after income taxes; includes the exceptional 2023 income-tax benefit.
Sources: 10-K · 2025-12-31
USD 2.511 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.511 bn | -5.2% |
| 2024 | USD 2.648 bn | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 4.646 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.646 bn | 2.8% |
| 2024 | USD 4.518 bn | 16.3% |
| 2023 | USD 3.884 bn | — |
GAAP operating cash flow; customer-payable movements are classified in financing activities.
Sources: 10-K · 2025-12-31
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