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Dec 31, 2025
Airbnb Q4 2025 Earnings Report
Airbnb reported Q4 2025 revenue of $2778000000 and net income of $341000000, delivering double-digit growth in GBV and Nights and Seats Booked.
Key Takeaways
Airbnb delivered strong Q4 2025 results with revenue of $2778000000, up 12% year-over-year, and net income of $341000000. Gross Booking Value reached $20400000000 with 121900000 Nights and Seats Booked, while Free Cash Flow totaled $521000000.
Revenue grew 12% year-over-year to $2778000000.
Net income was $341000000 with a 12% net income margin.
Adjusted EBITDA reached $786000000 with a 28% margin.
Free Cash Flow totaled $521000000 in the quarter.
Forward Guidance
For Q1 2026, Airbnb expects revenue between $2590000000 and $2630000000, representing 14% to 16% year-over-year growth, and Adjusted EBITDA Margin approximately flat year-over-year.
Positive Outlook
- Q1 2026 revenue expected between $2590000000 and $2630000000.
- Revenue growth expected between 14% and 16% year-over-year.
- Low-teens GBV growth expected in Q1 2026.
- High-single-digit growth expected in Nights and Seats Booked.
- Full-year 2026 revenue growth expected to accelerate to at least low double digits.
Challenges Ahead
- Adjusted EBITDA Margin expected to be approximately flat year-over-year in Q1 2026.
- Implied take rate only slightly up year-over-year.
- Revenue guidance includes FX tailwinds that may not persist.
- Reinvestment in marketing, product, and technology may pressure margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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