Airbnb, Inc. (ABNB) — Company Research

Last updated: 12 May 2026. All financial figures sourced from Airbnb press releases and SEC filings.

Airbnb, Inc. operates the world's largest online marketplace for short-term accommodation and travel experiences, connecting hosts with guests across more than 220 countries. Founded in San Francisco in 2008 by Brian Chesky, Nathan Blecharczyk, and Joseph Gebbia, the company listed on NASDAQ in December 2020. The business is entirely asset-light — Airbnb owns no properties — earning service fees from both hosts and guests on every completed booking. After a pandemic-induced collapse in 2020 and rapid recovery, the platform has delivered five consecutive years of profitable growth. FY2025 full-year revenue reached $12.24bn (+10.3%) with free cash flow of $4.6bn (38% margin) and zero long-term debt on the balance sheet. Q1 2026 results, reported 7 May 2026, showed revenue re-accelerating to 16% year-on-year growth heading into the peak Northern Hemisphere summer season.

1. Company Snapshot

Field	Value
Full name	Airbnb, Inc.
Ticker / Exchange	ABNB / NASDAQ
Sector / Industry	Consumer Discretionary / Internet & Direct Marketing
Founded	2008, San Francisco, California, USA
HQ	San Francisco, California, USA
CEO	Brian Chesky (co-founder)
Employees	~6,700
Market cap (12 May 2026)	~$83bn
Revenue (FY2025)	$12.24bn
Net income (FY2025)	~$2.5bn
Long-term debt (FY2025 YE)	$0 (zero)
Cash & equivalents (FY2025 YE)	~$6.6bn
Website	investors.airbnb.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

• Revenue re-acceleration: Q1 2026 revenue grew 16% YoY to $2.68bn, and Q2 2026 guidance of $2.99–3.05bn signals further momentum heading into the peak summer travel season.
• FCF powerhouse with zero debt: FY2025 free cash flow was $4.6bn (38% of revenue). The balance sheet carries $6.6bn cash and zero long-term debt — the convertible notes previously outstanding have been fully retired.
• Two-sided network moat: More than 7 million active listings across 220+ countries. "Airbnb" is used generically as a verb in multiple languages — a brand moat that marketing spend alone cannot replicate.
• Aggressive capital returns: Airbnb repurchased $3.8bn of its own stock in FY2025 alone, reducing shares outstanding by 9%. Capital-light model converts incremental revenue to FCF at very high rates.
• Product innovation pipeline: AI-powered booking tools, the Rooms product redesign expanding shared-home supply, and Experiences create new supply pools and demand vectors without capital investment.

Bear Case

• Regulatory erosion: Cities globally are tightening short-term rental rules. New York's Local Law 18 materially reduced active ABNB listings; Barcelona, Amsterdam, and Paris have imposed similar restrictions, and further cities are under political pressure to follow.
• Geopolitical headwinds: The ongoing Middle East conflict was specifically cited by management on the Q1 2026 call as a demand headwind in affected regions. EMEA represents ~35% of revenue.
• EPS execution risk: Q1 2026 GAAP EPS of $0.26 missed the consensus estimate of $0.29–$0.30. At ~35× trailing P/E, even modest earnings disappointments can cause disproportionate share price moves.
• Competition intensifying: Booking.com has aggressively expanded its short-term rental inventory, competing directly for both supply and demand. Vrbo targets the whole-home segment specifically.
• Consumer spending sensitivity: Airbnb's 2020 experience showed how rapidly booking volumes can collapse in a consumer demand shock. A US or European recession would disproportionately impact discretionary travel.

3. What Does This Company Actually Do?

Airbnb is a pure online marketplace. It does not own, lease, or manage any property. The platform connects hosts — individuals and professional operators who list spare rooms, entire homes, or unique stays — with guests seeking accommodation or experiences. Revenue is generated by charging service fees on each completed booking: hosts pay approximately 3% of the booking subtotal; guests pay a variable service fee typically ranging from 5%–15% on top of the nightly rate, depending on booking size.

The core unit of measurement is Gross Booking Value (GBV) — the total dollar value of all bookings placed before cancellations. Revenue is recognised as a take-rate on GBV. In Q1 2026, GBV was $29.2bn on 156.2 million Nights and Experiences Booked, implying a blended take-rate of approximately 9.2%. The platform also earns fees from Experiences — activity bookings hosted by locals — though this remains a small share of total revenue. Since the company has a single reportable segment, the most meaningful revenue breakdown is geographic.

Segment	% of revenue	What it is
North America	~45% (~$5.5bn)	United States and Canada bookings. The most mature market with high average booking values, strong host supply density, and above-average take-rates. Whole-home rentals dominate.
Europe, Middle East & Africa	~35% (~$4.3bn)	European leisure travel is the core; peak summer concentration in Q2/Q3. Also includes growing Middle East demand, partially offset in Q1 2026 by regional conflict. Regulatory risk is highest here (NYC, Barcelona, Amsterdam).
Rest of World (APAC & LatAm)	~20% (~$2.5bn)	Earlier-stage markets with faster unit growth but lower absolute booking values. Asia-Pacific and Latin America are the primary long-term growth opportunities as host supply builds out.

Note: Geographic breakdowns are approximate, based on company disclosures in SEC filings. Airbnb reports as a single operating segment — "Nights and Experiences."

4. The Business Model

How a marketplace makes money. Airbnb earns a take-rate on every transaction that flows through its platform. The blended take-rate has ranged from approximately 9–11% of GBV in recent years. In Q1 2026, GBV of $29.2bn generated revenue of $2.68bn — a 9.2% take-rate. As GBV grows (driven by more bookings, higher average daily rates, and longer average stays), revenue scales proportionally without requiring commensurate headcount or capital investment.

Unit economics. Because Airbnb owns no assets and holds no inventory, the marginal cost of an additional booking is near zero. Gross margins are high (the cost of revenue is primarily payment processing and hosting infrastructure). In FY2025, free cash flow of $4.6bn represented a 38% FCF margin on $12.24bn revenue — a level of capital efficiency that very few businesses at this scale achieve. Adjusted EBITDA for FY2025 was approximately $4.1bn (estimated ~33% margin), with Q4 2025 adjusted EBITDA reported as $786M on $2.80bn revenue (28% margin — seasonally the weakest quarter).

Moat. Airbnb's competitive advantage is a two-sided network effect: more hosts attract more guests, which attracts more hosts. The brand is now used generically as a verb in multiple languages. Host trust and guest review scores create self-reinforcing quality loops. Switching costs for both sides are relatively low in isolation, but the combined weight of supply density, brand recognition, guest reviews, and host tooling creates a formidable barrier. No competitor has replicated the breadth of unique non-hotel inventory across 220+ countries.

Subsidy and regulatory credit dependency. Airbnb receives no material government subsidies, tax credits, or regulatory mandates. However, it is deeply dependent on the regulatory environment in which short-term rentals operate. Local zoning, licensing, and STR restrictions can directly reduce supply availability and revenue in affected markets. This is a risk factor (see Section 10) rather than a dependency, but it is the closest analogue to policy risk for this business model.

Capital return and share count management. With minimal ongoing capex requirements (engineering and product investment is expensed, not capitalised), Airbnb generates significantly more cash than it needs to reinvest. In FY2025, the company used $3.8bn — 82% of its full-year FCF — to buy back stock, reducing the diluted share count by 9%. This has been a consistent use of capital since the business reached FCF positivity in 2022.

5. Financial Health

All figures sourced from Airbnb's official earnings press releases (investors.airbnb.com) and SEC filings. FY2025 results announced 12 February 2026.

Five-Year Revenue and Earnings Trend

Fiscal year	Revenue	YoY %	GAAP EPS (diluted)	Adj EBITDA margin	Dividend/share	Long-term debt (YE)
FY2021	$5.99bn	N/A (base)	~($0.48)	—	None	~$2.0bn
FY2022	$8.40bn	+40%	~$2.82	~28%	None	~$2.0bn
FY2023	$9.92bn	+18%	~$7.04*	~35%	None	~$2.0bn
FY2024	$11.10bn	+12%	~$3.98	~35%	None	~$2.0bn
FY2025	$12.24bn	+10.3%	$4.03	~33%	None	$0

*FY2023 GAAP EPS significantly elevated by a one-time release of a deferred tax asset valuation allowance (~$2.9bn non-cash benefit). Underlying operational EPS was materially lower. FY2025 long-term debt is $0 following full retirement of convertible notes. FY2021–FY2024 GAAP EPS are approximations based on reported net income and diluted share counts; FY2025 EPS of $4.03 is as reported by the company.

Recent Quarterly Revenue (most recent first)

Quarter	Revenue	YoY %	Key metrics
Q1 2026	$2.68bn	+16%	GBV $29.2bn (+19%); Nights & Experiences Booked 156.2M (+9%); Net income $160M; GAAP EPS $0.26 (missed est. ~$0.29–0.30)
Q4 2025	$2.80bn	+12%	GBV $20.4bn (+16%); Nights +10%; Net income $341M; EPS $0.56; Adj EBITDA $786M — strongest GBV growth quarter in 2+ years
Q3 2025	$4.10bn	+10%	Peak summer season; seasonally strongest quarter
Q2 2025	$3.10bn	+13%	Northern Hemisphere summer ramp
Q1 2025	$2.24bn	—	Seasonally weakest quarter; prior year comparable
FY2025 total: $12.24bn (+10.3% YoY)

Q2 2026 guidance: Revenue $2.99–3.05bn (low-to-mid teens growth). Full-year 2026: "low double-digit" revenue growth; adj EBITDA margin ≥35%.

Balance sheet and cash flow highlights (FY2025): Cash and equivalents ~$6.6bn; long-term debt $0; total FCF $4.6bn (38% FCF margin); $3.8bn returned to shareholders via buybacks; full-year GBV $91.3bn (+12% YoY); ~622 million Nights and Experiences Booked.

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Share price (12 May 2026)	~$141
Market cap	~$83bn
Enterprise value	~$76bn (market cap less net cash ~$6.6bn)
Trailing P/E (GAAP)	~35× (based on FY2025 EPS $4.03)
P/E (forward)	~32–34× (based on FY2026 mgmt guidance; no specific EPS guidance given)
P/S (TTM)	~6.8× ($83bn / $12.24bn revenue)
EV/EBITDA (TTM)	~19× (EV $76bn / estimated adj EBITDA ~$4bn)
P/FCF	~18× ($83bn / $4.6bn FY2025 FCF)
52-week high	$147.25
52-week low	$110.81
Short interest (% of float)	~2.5%
Days to cover	~1–2 days
Dividend yield	None
Data date	12 May 2026 (prices change daily)

7. What Are They Building / What's Coming?

Airbnb's stated strategic priorities for 2026 and beyond, as communicated by management on the Q4 2025 and Q1 2026 earnings calls and in shareholder letters, centre on three initiatives: deepening the core accommodation product, expanding supply through Rooms, and building AI-powered tools for both hosts and guests.

AI-first product strategy. CEO Brian Chesky has publicly framed 2026 as an "AI-first" phase for Airbnb, with new AI-powered features across search (personalised trip planning), host management (dynamic pricing guidance, listing optimisation), and booking assistance. The company has filed multiple AI-related patents and is building its own LLM-powered recommendation infrastructure rather than relying entirely on third-party APIs.

Rooms product relaunch. Airbnb relaunched its traditional room-rental product (shared homes, private room listings) — a return to the original Airbnb concept. This expands supply without requiring whole-home availability, targeting urban hosts with spare bedrooms. Early data on the Rooms relaunch has not been separately disclosed, but management cited it as a supply-growth lever for 2026.

Experiences expansion. The company continues developing localised activity bookings (Experiences hosted by locals). This product targets a share of total travel spend beyond accommodation and has been cited as a long-term growth vector, though it remains a small fraction of current revenue and no specific expansion targets have been given.

International penetration. Management has highlighted Asia-Pacific (particularly Japan, South Korea, and Southeast Asia) and Latin America as the markets with the largest host-supply and booking-volume growth opportunities. Localisation investment in these regions is ongoing.

Capital deployment. With $6.6bn in cash and no debt, Airbnb has substantial flexibility. Management has not announced a dividend or specific acquisition targets; the primary stated use of capital remains buybacks, with $3.8bn repurchased in FY2025 alone.

8. Competitive Landscape

Airbnb operates in the online travel and short-term rental market, competing against both OTA giants with broad accommodation inventory and specialist whole-home platforms.

Peer	Market cap	Notable KPI
Booking Holdings (BKNG)	~$170bn	FY2025 revenue ~$24bn; 900M+ room nights booked
Expedia Group / Vrbo (EXPE)	~$18bn	Vrbo specialises in whole-home vacation rentals, 2M+ listings
Trip.com Group (TCOM)	~$40bn	Leading Chinese OTA; 500M+ registered users; dominant in outbound Asian travel
Marriott / Hilton (hotel chains)	$60–100bn each	1.5–2M hotel rooms; direct loyalty programmes; brand recognition

The short-term rental market continues to gain structural share from traditional hotels, particularly for leisure travellers and longer stays. Regulatory pressure remains the key variable that could alter competitive dynamics in major urban markets.

9. Leadership and Ownership

Executive Team

Name	Title	Background
Brian Chesky	Co-Founder, Chief Executive Officer & Chairman	Born 1981 in Niskayuna, New York. Graduated from Rhode Island School of Design (RISD) with a BFA in Industrial Design. Moved to San Francisco in 2008 where he co-founded Airbnb with Nathan Blecharczyk and Joe Gebbia. Chesky is widely credited with defining the "platform as product" philosophy and maintaining an unusually hands-on approach to product design for a CEO of a company this scale. During the COVID-19 pandemic he took a $1 annual salary and personally led the company's painful but strategically decisive restructuring — cutting 25% of staff and refocusing the business around its core marketplace — which resulted in the company going public in December 2020 at a $47bn valuation. He has consistently declined board pressure to diversify into hotels or OTA-style aggregation, instead keeping Airbnb focused on unique, community-driven supply. As of May 2026, Chesky controls approximately 11.78 million Class A shares plus a significant Class B (super-voting) share position, maintaining effective voting control of the company alongside co-founders Blecharczyk and Gebbia.
Elinor (Ellie) Mertz	Chief Financial Officer	Promoted to CFO in February 2024, replacing Dave Stephenson who moved to Chief Business Officer. Previously served as VP of Finance at Airbnb. Mertz has guided the company through the final retirement of its convertible debt (reaching a zero-debt balance sheet in FY2025), the acceleration of share buybacks ($3.8bn in FY2025), and the re-acceleration of revenue growth in Q1 2026. She delivered the Q1 2026 earnings call alongside Chesky on 7 May 2026.
Dave Stephenson	Chief Business Officer & Head of Employee Experience	Former CFO (2019–2024). Previously VP at Amazon. Moved to the CBO role as part of a leadership restructuring. Oversees business development, partnerships, and employee experience. Holds approximately 85,800 shares.
Nathan Blecharczyk	Co-Founder & Executive Chairman (Emeritus role)	Airbnb's original CTO, now in a strategic advisory capacity. One of the three original co-founders. Holds a significant Class B super-voting share position.
Joe Gebbia	Co-Founder	The third co-founder. Stepped back from day-to-day operations. Holds Class B shares. Known for his product and design background alongside Chesky.

Major Institutional Shareholders

As of 31 March 2026. Approximately 57% of Airbnb's float is held by institutions, 3% by insiders, and 40% by retail investors.

Institution	Shares held (approx.)	% of shares outstanding	Notes
Vanguard Group	~30.3M	7.15%	Passive index exposure. Filed Schedule 13G confirming position as of 31 Mar 2026.
BlackRock, Inc.	~28.2–32.1M	~7.0%	World's largest asset manager; passive and active combined exposure.
Harris Associates LP	—	Significant	Value-oriented active manager; one of the top 10 holders.
State Street Corporation	—	Significant	Passive/index; holds via SPDR ETF products.
Morgan Stanley	—	Significant	Active and prime brokerage exposure.
Geode Capital Management	—	Significant	Passive; sub-advisor to Fidelity index products.
FMR LLC (Fidelity)	—	Significant	Active funds plus passive index exposure.

Recent Insider Transactions (SEC Form 4 Filings)

All insider transactions are disclosed within 2 business days of execution via SEC Form 4 filings. Brian Chesky and other executives execute planned share sales under pre-arranged Rule 10b5-1 trading plans, which allow insiders to sell according to a predetermined schedule irrespective of non-public information.

Name	Date	Type	Shares	Price	Value	Plan Type
Brian Chesky (CEO)	15 Dec 2025	Sale	60,000	~$133	~$8.0M	Rule 10b5-1
Elinor Mertz (CFO)	Mar 2026	Sale	3,750	$130.00	$487,500	Rule 10b5-1
Elinor Mertz (CFO)	Early 2026	Sale (option exercise)	12,184	$127.65	~$1.6M	Rule 10b5-1
Elinor Mertz (CFO)	Early 2026	Sale	6,411	$125.49	~$804K	Rule 10b5-1
Elinor Mertz (CFO)	2025/2026	RSU grant	72,806	—	—	Compensation grant

Source: SEC EDGAR Form 4 filings for ABNB. Brian Chesky has made 47 total insider transactions since IPO — all sales, all under Rule 10b5-1 plans. No insider purchases on record. Chesky retains approximately 11.78M shares (Class A) plus a substantial Class B super-voting position, maintaining effective voting control alongside co-founders. All planned sales are a normal feature of founder-led companies at scale and are fully disclosed.

For the full, up-to-date list of Form 4 filings, see: SEC EDGAR — ABNB Form 4 filings.

10. Risks and Challenges

• Regulatory erosion (Regulatory/Political): Short-term rental regulation is the single biggest structural risk to Airbnb's business model. New York City's Local Law 18 effectively banned unhosted short-term rentals, materially reducing active listings in the city. Barcelona, Amsterdam, Paris, and other European cities have imposed strict caps on STR licences. Effective 20 May 2026, the EU Short-Term Rental Data Regulation requires platforms to share host-level data with local authorities — Airbnb itself warned that many EU member states are not technically prepared to implement it consistently, risking a fragmented patchwork of 27 different national systems. California's Senate Bill 346 (in force 1 Jan 2026) empowers California cities to compel Airbnb to share host data with local tax authorities. Collectively, these regulatory headwinds can reduce supply, increase compliance costs, and directly impair revenue in affected markets.
• Geopolitical demand disruption (Macro/Geopolitical): On the Q1 2026 earnings call, management specifically cited the ongoing Middle East conflict as causing "slightly elevated" cancellations in the EMEA and Asia-Pacific regions. Q2 2026 guidance includes an estimated ~100 basis point headwind from this conflict. EMEA represents approximately 35% of Airbnb's revenue and cannot be easily substituted by other geographies in the short term. Further geopolitical escalation — or new regional crises — could produce demand shocks across multiple markets simultaneously.
• EPS execution gap (Financial/Earnings quality): Q1 2026 GAAP EPS of $0.26 missed the consensus estimate of approximately $0.29–$0.30, despite revenue beating estimates. The stock is priced at approximately 35× trailing earnings. At that multiple, consistent EPS underdelivery — even modest — can trigger disproportionate de-rating moves. The gap between adjusted EBITDA ($519M, which beat estimates) and GAAP EPS ($0.26) reflects real cash costs including stock-based compensation that the market increasingly scrutinises.
• Competition from Booking.com (Competitive): Booking Holdings has aggressively expanded its home and apartment rental inventory on Booking.com, directly competing for both host supply and guest demand — particularly in Europe, where Booking.com commands stronger brand recognition than Airbnb in several countries. Booking.com's loyalty programme (Genius) creates guest stickiness that Airbnb currently lacks at scale.
• Consumer spending sensitivity (Macro/Cyclical): Airbnb's 2020 collapse (revenue fell 30% year-on-year) demonstrated the business's vulnerability to consumer demand shocks. A US or European recession, a renewed health crisis, or a significant deterioration in consumer confidence would disproportionately affect discretionary leisure travel, which is the vast majority of Airbnb's GBV. The company has no subscription revenue, no non-discretionary revenue line, and no ability to lock in demand in advance beyond existing bookings.
• Host supply concentration risk (Operational): A meaningful and growing share of Airbnb's listings are managed by professional hosts and short-term rental management companies rather than individual homeowners sharing their primary residence. This professionalisation of supply can erode the authentic "local host" experience that is the core brand proposition, and creates regulatory and political friction — it is professional STR operators, not individual hosts, who are the primary target of restrictive local legislation.
• Tax and legal liability (Legal/Financial): Airbnb has faced and continues to face disputes over transient occupancy tax collection, host liability, guest injury claims, and local licensing obligations. As a platform intermediary, Airbnb argues it is not responsible for host conduct, but courts in multiple jurisdictions have pushed back. Legal settlements and regulatory fines represent an ongoing but unpredictable cost.
• AI product execution risk (Strategic/Technology): CEO Brian Chesky has framed 2026 as an "AI-first" year for Airbnb. If AI features fail to meaningfully improve conversion rates, personalisation, or host tooling — or if a competitor (such as Google Travel or a well-funded AI startup) moves faster — the significant engineering investment will not deliver the expected demand uplift and the narrative advantage will shift away from Airbnb.

11. Recent Developments

Most recent first. As of 13 May 2026.

• 13 May 2026 — EU STR Data Regulation takes effect 20 May: Airbnb has publicly warned that a number of EU member states are not technically ready to implement the EU Short-Term Rental Data Regulation on the 20 May 2026 effective date, calling for harmonised standards and clearer timelines. The regulation requires platforms to share host registration and booking data with national authorities, creating significant compliance overhead and potential supply-side disruptions in affected markets.
• 7 May 2026 — Q1 2026 earnings reported: Airbnb reported Q1 2026 revenue of $2.68bn (+18% YoY, or +16% on an as-reported basis vs $2.24bn prior year), beating the high end of its own guidance range and analyst consensus of approximately $2.62bn. Gross Booking Value grew 19% to $29.2bn. Nights and Experiences Booked grew 9% to 156.2 million. Net income was $160M ($0.26 GAAP EPS — slightly below the $0.29–0.30 consensus). Adjusted EBITDA of $519M beat the $485M estimate. Free cash flow was $1.7bn. Q2 2026 guidance: revenue $3.54–3.60bn (14–16% growth). Full-year 2026 guidance raised to "low to mid teens" revenue growth. CEO Chesky specifically cited AI-powered booking tools and the upcoming May 20 product release as key growth catalysts.
• May 2026 (ongoing) — Iran conflict headwind: Management cited the ongoing Middle East conflict (described in the Q1 earnings call as "the Iran war") as causing elevated cancellations in EMEA and Asia-Pacific. An estimated 100bps demand headwind is baked into Q2 2026 guidance. This represents a new, ongoing geopolitical risk variable not present in prior years.
• May 2026 — App growth accelerating: App bookings grew 22% YoY in Q1 2026, representing 63% of total nights booked (up from 58% a year prior). This shift from desktop/web to mobile app is strategically important — app users book more frequently, have higher lifetime value, and are more insulated from Google search algorithm changes that affect web-based demand.
• Feb 2026 — FY2025 annual results announced (12 February 2026): Airbnb reported full-year 2025 revenue of $12.24bn (+10.3% YoY). Net income approximately $2.5bn. Free cash flow $4.6bn (38% FCF margin). Full retirement of all convertible debt — balance sheet now carries zero long-term debt and $6.6bn cash. Share buybacks of $3.8bn in FY2025, reducing diluted share count by approximately 9%. Full-year GBV $91.3bn (+12%). Q4 2025 standalone: revenue $2.80bn (+12%), adjusted EBITDA $786M.
• Jan 2026 — California SB 346 in force: California's Senate Bill 346 took effect 1 January 2026, enabling California cities to compel Airbnb to disclose host identity and booking data for local STR tax enforcement. This law is a template being watched by jurisdictions across the United States.

12. Key Dates Coming Up

• 20 May 2026 — Airbnb 2026 Summer Release product event. CEO Brian Chesky confirmed on the Q1 earnings call that he will be making a significant product announcement on this date. Expected to include new AI-powered features, expansion of Airbnb Services and Experiences, and potentially new supply categories. Historically, Airbnb's bi-annual product releases (Summer/Winter) are its most significant marketing and product moments.
• 05 Aug 2026 — Q2 2026 earnings report (expected date, subject to confirmation). Q2 is Airbnb's second-largest quarter due to peak Northern Hemisphere summer travel. Q2 2026 guidance is revenue of $3.54–3.60bn (14–16% YoY growth). Management guided for slightly decelerating Nights & Experiences Booked growth relative to Q1, reflecting the ~100bps Middle East conflict headwind.
• Nov 2026 — Airbnb 2026 Winter Release product event. Airbnb holds two major product release events per year (Summer and Winter). The Winter Release date has not been announced as of May 2026.
• Feb 2027 — Q4 2026 and FY2026 annual results expected. Full-year 2026 revenue guidance: "low to mid teens" growth (implies approximately $13.8–14.2bn if achieved). Adjusted EBITDA margin guidance: at or above 35%.

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