Airbnb, Inc. (ABNB) — Company Research

Last Updated: 12 August 2026

Airbnb is having its best year since the post-pandemic travel rebound, and it is doing it by deliberately walking away from where the rest of the travel industry is heading. Second-quarter 2026 revenue rose 17% to $3,608m, full-year guidance was raised for the second time in six months, and the shares jumped 17.4% in a single session on 7 August. At the same time Brian Chesky has declined to put Airbnb inside ChatGPT, stayed out of Google Hotels, and is absent from Google's new agentic-booking pilot that Booking, Expedia, Marriott and IHG have all joined. His argument is that owning the whole experience is the only real defence against disintermediation. Meanwhile the newer businesses — Experiences, Services and now hotels — are scaling faster than expected, and the regulatory map keeps getting more complicated. This report sets out what the filings say, and leaves the conclusions to you.

1. Company Snapshot

Field	Value
Company	Airbnb, Inc.
Ticker / Exchange	ABNB / NASDAQ
Headquarters	San Francisco, California, United States
Founded / IPO	Founded 2008; listed December 2020
Sector	Consumer and Retail — online travel marketplace
CEO / Leadership	Brian Chesky, co-founder, Chief Executive Officer and Chairman. Ellie Mertz, Chief Financial Officer (since 1 March 2024). Nathan Blecharczyk, co-founder and Chief Strategy Officer. Dave Stephenson, Chief Business Officer.
Employees	Approximately 8,200 as at 31 December 2025, plus around 13,000 third-party community-support workers (FY2025 Form 10-K)
Revenue (FY2025, ended 31 Dec 2025)	$12,241m ($12.24bn), up 10.3% year over year
Net income (FY2025)	$2,511m; GAAP diluted EPS $4.03; Adjusted EBITDA $4,297m (35% margin)
Revenue (trailing twelve months to 30 Jun 2026)	$13,159m ($13.16bn)
Most recent quarter	Q2 2026, ended 30 June 2026, reported 6 August 2026: revenue $3,608m, GAAP diluted EPS $1.37
Scale metrics (FY2025)	533.0m Nights and Seats Booked; Gross Booking Value $91.3bn; over 9 million active listings
Market cap	~$110.8bn at the 10 August 2026 close of $184.70
Dividend	None. Airbnb has never paid a dividend and states it does not anticipate doing so.
Fiscal year end	31 December

2. Bull Case & Bear Case

Bull Case

• Growth is accelerating, not maturing: revenue growth ran +18% in Q1 2026 and +17% in Q2 2026 against +10% for full-year 2025. Nights and Seats Booked grew 10% to 148.3m and Gross Booking Value 16% to $27.2bn. Management raised full-year guidance twice in six months, from "at least low double digits" in February to "at least mid teens" in August.
• Cash conversion is exceptional: trailing-twelve-month free cash flow of $4,827m on $13,159m of revenue is a 37% margin, and Q2 alone delivered $1,253m. That funds the entire investment programme and $2,139m of buybacks in the first half of 2026 without touching the balance sheet.
• The new businesses are working faster than expected: Experiences supply grew roughly 80% year over year in Q2 2026, hotel nights are growing about three times as fast as the core homes business, and around 35% of first-time hotel guests come back to book a home. Chesky described the hotel initiative as going "significantly better than I expected, and I had high expectations."
• AI is showing up in the cost line, not just the pitch: the support assistant now operates in over 50 languages and resolves roughly 45% of issues without a human, up from about 33% in Q4 2025. Customer-support cost per booking fell 16% year over year, and app nights grew 23% to reach 64% of all nights booked.
• Fortress balance sheet with no dilution overhang: $12,136m of cash and short-term investments against $2,476m of newly issued fixed-rate debt leaves roughly $9.6bn net cash. The $2.0bn zero-coupon convertible was repaid in full at maturity in March 2026, removing the last equity-dilution instrument, and fully diluted share count is down about 10% since buybacks began.

Bear Case

• Regulatory attrition never stops: Barcelona's 10,101 tourist licences all expire in November 2028 and will not be renewed, a €64m Spanish fine must be paid while it is appealed, Amsterdam cut its central cap to 15 nights in April 2026, Florence tripled the area covered by its new-let ban in June 2026, and New York City's registrations sit around 3,000 against an estimated 38,000 listings before Local Law 18. The EU's Affordable Housing Act, expected in 2026, may add caps and licence freezes.
• The AI distribution bet could be the wrong one: Airbnb has no ChatGPT app, avoids Google Hotels and is not in Google's agentic-booking pilot launched on 7 August 2026, which Booking, Expedia, Marriott, Wyndham and IHG have joined. Adobe measured AI-sourced traffic to US travel sites up 194% year over year in May 2026. If AI agents become a genuine booking channel, Airbnb has chosen not to be in it.
• Insiders are selling heavily into strength: six insiders sold roughly 6.14m shares for about $904.6m in 2026 to date, with zero open-market purchases. Joe Gebbia took his direct holding from 2,093,518 shares down to 215 in late July, and Chesky, Blecharczyk and Chenault all sold into the post-earnings spike above $174 on 7 August.
• The valuation now assumes execution: at roughly 42 times trailing GAAP earnings, 8.4 times sales and 22 times TTM free cash flow, with the shares effectively at their 52-week high, the multiple embeds successful delivery of Experiences, Services, hotels and AI simultaneously. Booking Holdings trades on around 24 times trailing earnings.
• Reported profit is flattered by adjustments and flattered comparisons are ending: stock-based compensation of $1,592m in FY2025 is the gap between $4,297m of Adjusted EBITDA and $2,544m of GAAP operating income. GAAP net income has now fallen two years running, from $4,792m in FY2023 (inflated by a $2,690m net tax benefit) to $2,648m and then $2,511m, while sales and marketing spend rose 27% year over year in Q2 2026.

3. Revenue Segments

Airbnb operates as a single reportable segment and does not break out revenue for Experiences, Services or hotels. It does disaggregate revenue by the location of the listing, which is the disclosed split below for FY2025.

Segment / region	% of revenue	What it is
North America	42.4% ($5,196m)	The largest and most mature market, growing 3.8% in FY2025 but reaccelerating to 15.8% in Q2 2026 with average daily rates up 7%.
Europe, Middle East and Africa	38.6% ($4,729m)	Second-largest region and the main locus of regulatory risk, spanning Spain, Italy, Greece, France and the Netherlands. Grew 14.4% in FY2025 and 15.6% in Q2 2026.
Latin America	9.5% ($1,160m)	Fastest-growing region at 19.7% in FY2025 and 26.0% in Q2 2026. Brazil origin nights grew about 30% with first-time bookers up around 40%.
Asia Pacific	9.4% ($1,156m)	Grew 16.5% in FY2025 and 16.9% in Q2 2026. India nights grew around 60% in Q2 2026 with first-time bookers more than doubling; Japan grew in the high teens.

Airbnb's revenue is earned as a service fee on completed bookings. In Q2 2026 the implied take rate was 13.2% of Gross Booking Value, flat year over year. From late 2025 the company began migrating hosts from a split fee — roughly 3% charged to the host plus a separate guest fee — to a single 15.5% host service fee, with migration of most remaining hosts due to complete during 2026.

4. Business Model & Competitive Moat

How it makes money. Airbnb takes a percentage of the value of each completed booking and holds none of the underlying inventory. Because guests pay at booking and hosts are paid at check-in, the company sits on a large float — $12,224m of funds payable to hosts at 30 June 2026, exactly matched by funds held on their behalf. That structure produces the striking gap between a 21% net income margin and a 37% trailing free cash flow margin, and it means growth consumes no capital: FY2025 capital expenditure was around $33m against $4,646m of operating cash flow.

Where the moat comes from. The two-sided network is the substance of it. Over 9 million active listings that no competitor can replicate, matched against demand that arrives largely direct — 64% of nights are now booked in the app. Brand is doing unusual work here: "Airbnb" has become the generic verb for the category in a way "Booking.com" has not, which keeps customer acquisition cost low and gives the company the option to layer new categories onto existing demand. Supply quality is actively managed rather than merely aggregated: more than 550,000 listings have been removed since the 2023 hosting-quality system was introduced.

Where the model is being extended. Experiences, Services and hotels all reuse the same guest relationship and the same payments rails at near-zero incremental customer-acquisition cost. Almost half of Experiences bookings in Q4 2025 were not attached to an accommodation booking, which suggests the marketplace can stand on its own rather than merely upselling stays. The 11 August 2026 Tripadvisor partnership, opening a catalogue of over 425,000 tours and activities, accelerates that but also concedes that building the supply alone was slower than buying access to it.

5. Financial Health

Five-year annual record from Airbnb's Form 10-K filings and shareholder letters. Airbnb publishes no adjusted EPS, so the adjusted column repeats GAAP except where a disclosed one-off distorts the comparison. The company holds net cash, so the final column shows total debt.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021 (31 Dec 2021)	5,992	+77.4%	−$0.57	−$0.57 †	Nil	$1,983m
FY2022 (31 Dec 2022)	8,399	+40.2%	$2.79	$2.79 †	Nil	$1,987m
FY2023 (31 Dec 2023)	9,917	+18.1%	$7.24	$3.18 ‡	Nil	$1,991m
FY2024 (31 Dec 2024)	11,102	+11.9%	$4.11	$4.11 †	Nil	$1,995m
FY2025 (31 Dec 2025)	12,241	+10.3%	$4.03	$4.03 †	Nil	$1,999m

† Airbnb reports on a GAAP basis and publishes no adjusted earnings per share, so GAAP diluted EPS is repeated in the adjusted column. Its preferred non-GAAP measures are Adjusted EBITDA and Free Cash Flow.
‡ FY2023 GAAP diluted EPS of $7.24 is not comparable. The year carried a net income tax benefit of $2,690m, principally the release of a deferred tax valuation allowance recognised in the third quarter. Removing that benefit from net income of $4,792m and dividing by 662 million weighted-average diluted shares gives approximately $3.18. This is a clearly-labelled derivation from disclosed totals, not a company-published measure.

Revenue compounds at 19.6% a year across the five years, though the trajectory decelerated from the pandemic-recovery surge to a 10.3% low in FY2025 before reaccelerating in 2026. Adjusted EBITDA grew every year, from roughly $1.6bn in FY2021 to $4,297m in FY2025, while the margin drifted from 37% in FY2023 to 35% in FY2025 as investment in new businesses stepped up. The debt column is unusually static because it was a single $2.0bn zero-coupon convertible note carried close to par throughout — that instrument was repaid in full at maturity on 16 March 2026 and replaced the same day by $2.5bn of senior unsecured notes across 2029, 2031 and 2036 maturities, at coupons of 4.40%, 4.65% and 5.25%.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (ended 30 Jun 2026)	$3,608m	$1.37 †	$1.37
Q1 2026 (ended 31 Mar 2026)	$2,678m	$0.26 †	$0.26
Q4 2025 (ended 31 Dec 2025)	$2,778m	$0.56 †	$0.56
Q3 2025 (ended 30 Sep 2025)	$4,095m	$2.21 †	$2.21
Q2 2025 (ended 30 Jun 2025)	$3,096m	$1.03 †	$1.03
FY2025 total (ended 31 Dec 2025)	$12,241m	$4.03 †	$4.03

Seasonality is pronounced and runs in two directions. The third quarter is by far the largest for revenue and profit — Q3 2025 delivered a 50% Adjusted EBITDA margin — because northern-hemisphere summer stays are recognised then. The first quarter is the smallest by revenue but among the largest by bookings and free cash flow, because guests pay when they book rather than when they stay. Q2 2026 net income of $816m included a $77m benefit from tax guidance relating to prior years.

6. Valuation Metrics

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

Metric	Value
Share price	$184.70 (close, 10 August 2026)
Market cap	~$110.8bn ($184.70 × 598,785,682 shares across all classes, per the Q2 2026 Form 10-Q cover)
Trailing P/E (GAAP)	~42.0x ($184.70 / TTM diluted EPS $4.40, being the sum of the four quarters to 30 Jun 2026: $2.21 + $0.56 + $0.26 + $1.37). Airbnb publishes no adjusted EPS, so there is no separate adjusted multiple; its preferred profitability measures are Adjusted EBITDA and Free Cash Flow, shown below.
P/E (forward)	~30.1x (on a consensus forward EPS estimate of ~$6.13)
P/S (TTM)	~8.4x (market cap ~$110.8bn / TTM revenue $13,159m)
EV/EBITDA (TTM)	~36.6x on GAAP EBITDA of ~$2,761m (EV ~$101.2bn; EBITDA = TTM operating income $2,738m + depreciation and amortisation of roughly $23m). GAAP EBITDA understates cash profitability here because Airbnb expenses $1.6bn a year of stock-based compensation; on the company's own Adjusted EBITDA of $4,617m for the same twelve months, the multiple is ~21.9x. Note that Airbnb's asset-light model means depreciation is almost immaterial, so EBITDA and operating income are nearly the same number.
P/FCF	~22.9x (market cap ~$110.8bn / TTM free cash flow $4,827m; FCF = operating cash flow less capital expenditure, with FY2025 showing $4,646m of operating cash flow against roughly $33m of capex)
Enterprise value	~$101.2bn (market cap ~$110.8bn + total debt $2,476m − cash and short-term investments $12,069m, per the 30 June 2026 balance sheet). The $12,224m of funds held on behalf of customers is excluded because it is exactly offset by funds payable to hosts.
Price/book	~14.0x (book value per share $13.22 on total stockholders' equity of $7,799m at 30 June 2026)
52-week high	$187.12 intraday; $184.70 on a closing basis (10 August 2026) — the shares are effectively at their high
52-week low	$110.81 intraday; $111.54 on a closing basis
Short interest (% of float)	3.12% (12,914,119 shares short against a float of ~388m, settlement date 31 July 2026). Vendor float estimates vary widely, from about 388m to 439m shares, which moves the percentage to a 2.94–3.12% range. Short interest is down 40.5% from the September 2025 peak of 21.69m shares and is the lowest reading in two years.
Days to cover	3.87 days (3.78 days on the exchange-reported Nasdaq figure)
Dividend yield	Nil — Airbnb pays no dividend and does not anticipate declaring one

Compare these levels against the live price action on the ChartsView Live Charts page.

7. What Are They Building

An owned AI layer rather than a distribution deal. Airbnb's stated strategy is the opposite of its peers': build the AI inside the app rather than list the inventory inside someone else's assistant. The support assistant already runs in over 50 languages and resolves roughly 45% of contacts without a human, up from about 33% two quarters earlier, and a voice version is due later in 2026. Conversational search is rolling out iteratively toward what Chesky describes as an AI travel concierge that stays with the guest for the whole trip. AI-generated home comparisons and AI-assisted host listing and pricing tools are also in flight. Airbnb says the approach has cut concept-to-delivery time by up to 60% and let it ship around 80% more features than the same period a year earlier.

Hotels, expanding from a standing start. The pilot began in the fourth quarter of 2025 in New York, Los Angeles, Madrid and San Francisco, and by Q2 2026 covered thousands of boutique and independent hotels in over 20 destinations. Hotel nights are growing roughly three times as fast as the homes business off a single-digit share of total nights, and about 35% of first-time hotel guests return to book a home — the cross-sell that justifies the category. Featured hotels carry a price-match guarantee and up to 15% Airbnb credit, valid to 31 December 2026.

Experiences at scale through partnership. Supply grew roughly 80% year over year in Q2 2026, and on 11 August 2026 Airbnb announced a partnership with Tripadvisor to make Viator tours, activities and attraction tickets bookable on Airbnb, opening a catalogue of over 425,000 experiences later in 2026. This is a change of approach: Airbnb had been building supply itself since the May 2025 relaunch.

Services and payments. The Services category has expanded through 2026 into grocery delivery, car rentals, airport pickups, luggage storage and most recently resort passes giving day access to hotel amenities. Reserve Now, Pay Later exceeded 70% adoption among eligible US bookings by Q4 2025 and is rolling out internationally with interest-free instalments in Mexico and Brazil, though it defers cash collection and therefore drags on quarterly free cash flow.

Loyalty and advertising, both signalled but unlaunched. Chesky has indicated a loyalty programme will not be a conventional points scheme but priority booking, exclusive discounts and enhanced services. Advertising products are described as on the roadmap. Neither has a launch date. The major-events playbook continues after the 2026 FIFA World Cup, for which Airbnb was an official Tournament Supporter with more than 150,000 homes listed across host cities.

8. Competitive Landscape

Market capitalisations below were re-checked live on 12 August 2026 against the most recent closes. Note that Booking Holdings completed a 25-for-1 forward stock split distributed on 2 April 2026, so any pre-April share price for that company is not comparable.

Peer	Market cap (August 2026)	Key 2025/26 metric
Booking Holdings (BKNG)	~$164.9bn	Q2 2026 room nights 325m (+5.3%), gross bookings $51.0bn (+9%), revenue $7,352m. Alternative-accommodation listings reached 9.1m (+8%) but those room nights grew only 4%, below the 5% total — the first time supply growth has outrun demand growth.
Marriott International (MAR)	~$91.1bn	Q2 2026 revenue $7,071m, net income $766m, worldwide RevPAR +3.4% in constant currency. Homes & Villas listed over 180,000 whole-home rentals as at August 2025; launched the Ask Bonvoy AI search experience on 16 June 2026.
Hilton Worldwide (HLT)	~$70.8bn	Q2 2026 revenue $3,341m, net income $482m, RevPAR +3.9% in constant currency, net unit growth 6.1%.
Expedia Group (EXPE)	~$38.5bn	Q2 2026 gross bookings $33.9bn (+12%), revenue $4,315m (+14%), room nights 111.5m (+6%). Vrbo is being folded from a standalone brand into Expedia-wide distribution; acquired AI trip-planning app Layla in July 2026.
Trip.com Group (TCOM)	~$29.1bn	Q1 2026 net revenues RMB 16,208m (about $2,350m), up 17%, with net income of RMB 2,525m. Q2 2026 not yet reported.
Hyatt Hotels (H)	~$16.3bn	Q2 2026 revenue $1,829m, net income $110m against a $3m loss a year earlier, RevPAR +5.9% in constant currency.
TripAdvisor (TRIP)	~$1.28bn	Q2 2026 revenue $441.9m, down 7%, with Hotels and Other down 21% under AI search pressure; guiding Q3 down 7–10%. Agreed to sell TheFork to American Express for $700m cash on 2 August 2026, and became an Airbnb Experiences partner on 11 August 2026.

On the most recent category-level estimate, from Skift Research covering 2024, Airbnb held about 44% of $183bn of global short-term rental revenue against Booking.com's 18% and Expedia and Vrbo's combined 9%. Phocuswright sized global short-term rental gross bookings at $219.9bn in 2025, growing at a 5.3% compound rate to $270.6bn by 2029. On the AI question, Booking Holdings gave the clearest disclosure anyone has offered: on its 4 August 2026 call the company said large-language-model referral traffic, paid and unpaid, represented less than 1% of total room nights with no material change over recent quarters.

9. Insider Activity

Brian Chesky, co-founder, chairman and chief executive, is among the most active sellers on the register. Across 2026 to date six insiders sold approximately 6.14 million shares for around $904.6m, and there were no open-market purchases by any insider during 2025 or 2026 — all 219 Form 4 filings in that period are free of purchase transactions. The selling is executed under Rule 10b5-1 plans, which blunts the signal, though the plans Chesky and Gebbia are selling under were adopted only in late February 2026, and Chesky, Blecharczyk and Chenault all sold into the spike above $174 on the day after Q2 results.

Name	Date	Type	Shares	Price	Value	Plan Type
Nathan Blecharczyk (Chief Strategy Officer, co-founder)	07 Aug 2026	Sale	531,000	$174.41 avg	$92.6m	10b5-1 plan adopted 28 Aug 2025
Brian Chesky (Chief Executive Officer)	07 Aug 2026	Sale	200,000	$174.79 avg	$35.0m	10b5-1 plan adopted 26 Feb 2026
Kenneth I. Chenault (Director)	07 Aug 2026	Exercise and sale	8,346	$170.00	$1.42m	Option exercise and sale
Ellie Mertz (Chief Financial Officer)	03 Aug 2026	Sale	3,748	$153.34	$574,718	10b5-1 plan adopted 30 May 2025
Joe Gebbia (Director, co-founder)	27 Jul 2026	Sale	2,093,303	$150.92 avg	$315.9m	10b5-1 plan adopted 27 Feb 2026
Brian Chesky (Chief Executive Officer)	15 Jun 2026	Sale	30,743	$138.40 avg	$4.25m	10b5-1 plan adopted 26 Feb 2026
Brian Chesky (Chief Executive Officer)	27 May 2026	Sale	515,296	$132.67 avg	$68.4m	10b5-1 plan adopted 26 Feb 2026

The Gebbia disposal is the most notable single item: it reduced his direct holding from 2,093,518 shares to 215, effectively liquidating the position. Chesky retains 10,501,685 Class A shares directly after the August sale, and Mertz holds 441,542. By seller across 2026: Gebbia 4,028,860 shares for about $587.5m, Chesky 1,260,000 for about $177.9m, Blecharczyk 796,684 for about $131.3m, Mertz 37,989 for about $5.2m and Chenault 16,692 for about $2.7m.

10. Key Risks

• Regulatory contraction in core European cities: Barcelona's 10,101 tourist-apartment licences expire in November 2028 and will not be renewed, a position the Constitutional Court reaffirmed on 21 May 2026. Amsterdam cut its cap to 15 nights a year across eight central neighbourhoods from 1 April 2026, and Florence extended its new-let ban to nine further neighbourhoods from 20 June 2026, tripling the coverage to over 100,000 properties.
• Spanish enforcement and an unpaid fine: Spain fined Airbnb €64,055,311 in December 2025 over 65,100 non-compliant listings, and on 24 March 2026 the High Court of Justice of Madrid refused to suspend payment pending appeal. Although Spain's Supreme Court struck down the national rental registry on 21 May 2026, it expressly preserved platforms' data-sharing obligations, and the tourist-flat stock fell 12.5% year over year to November 2025.
• Adverse platform-liability precedent: on 5 August 2026 the Fifth Circuit decided Bodin v. City of New Orleans against Airbnb as a named plaintiff, affirming dismissal of both the Takings Clause challenge to the one-rental-per-block lottery and the Section 230 preemption challenge, holding that a duty not to profit from unlawful activity is not a publication function. Chicago separately sued Airbnb in June 2026.
• Disintermediation by AI travel agents: Google launched agentic hotel booking in a limited US test on 7 August 2026 with Booking, Expedia, Marriott, Wyndham and IHG participating, while Airbnb is absent by choice. Adobe measured AI-sourced traffic to US travel sites up 194% year over year in May 2026 and Similarweb found travel is the most-cited category in ChatGPT. TripAdvisor's 21% decline in hotel revenue shows what happens when search intermediation is lost.
• New-business investment compressing margin: Adjusted EBITDA margin guidance for full-year 2026 of at least 35.5% sits only marginally above FY2025's 35%, and management explicitly guided Q3 2026 margin below the prior year's 50% on investment timing. Sales and marketing spend rose 27% year over year in Q2 2026 to $875m, the fastest-growing cost line, while Experiences, Services and hotels contribute no disclosed revenue yet.
• Key-person and governance concentration: Chesky confirmed in June 2026 that he is building a separate personal AI company, declining to elaborate. He simultaneously holds the chief executive and chairman roles, and the founder group has been the dominant seller of stock through 2026. The chief technology officer also changed in early 2026 and the policy chief in July 2026.
• Coming European legislation: Regulation (EU) 2024/1028 on short-term rental data sharing became applicable on 20 May 2026, requiring listing-level monthly reporting to national entry points that Airbnb has publicly said not all member states were ready to operate. The Affordable Housing Act, expected during 2026, may add overnight caps, seasonal restrictions and licence freezes in areas of housing stress, and from 1 July 2028 platforms become the VAT deemed supplier across the EU.

11. Recent Developments

• 11 Aug 2026 — Tripadvisor partnership announced. Select Tripadvisor and Viator tours, activities and attraction tickets will become bookable on Airbnb later in 2026, opening a catalogue of over 425,000 experiences and marking a shift away from building Experiences supply entirely in-house.
• 07 Aug 2026 — Shares jump 17.4% on the results. The stock closed at $178.07 against $151.64 the day before, its largest single-day gain in sixteen months, and reached $184.70 by 10 August — effectively a 52-week high.
• 06 Aug 2026 — Q2 2026 results beat and guidance raised again. Revenue rose 17% to $3,608m, net income 27% to $816m, diluted EPS 33% to $1.37 and Adjusted EBITDA 21% to $1,261m. Nights and Seats Booked grew 10% to 148.3m and Gross Booking Value 16% to $27.2bn. Full-year revenue growth guidance was lifted to at least mid teens and Adjusted EBITDA margin to at least 35.5%.
• 05 Aug 2026 — Fifth Circuit rules against Airbnb in New Orleans case. The court affirmed dismissal of both the Takings Clause and Section 230 preemption challenges to the city's short-term rental ordinances.
• 02 Aug 2026 — Peer restructuring at TripAdvisor. TripAdvisor agreed to sell TheFork to American Express for $700m cash following a 21% decline in hotel revenue driven by AI search pressure.
• 28 Jul 2026 — Policy leadership change. Jay Carney is departing and David Spielfogel, formerly chief business officer at Lime, was appointed policy chief.
• 27 Jul 2026 — Co-founder Joe Gebbia liquidates his direct holding. Gebbia sold 2,093,303 shares at an average of $150.92, taking his direct position from 2,093,518 shares to 215.
• 20 May 2026 — EU short-term rental data regulation becomes applicable. Regulation (EU) 2024/1028 requires platforms to verify registration numbers and transmit monthly listing-level activity data to national single digital entry points. Airbnb said it was ready but was concerned not all member states were.
• 20 May 2026 — 2026 Summer Release ships 220 new features. Announced in San Francisco, it extended the platform into hotels, expanded Services and broadened the AI tooling for both guests and hosts.
• 16 Mar 2026 — Balance sheet restructured. The $2.0bn zero-coupon convertible notes were repaid at maturity and replaced the same day with $2.5bn of senior unsecured notes in three tranches maturing 2029, 2031 and 2036 — Airbnb's investment-grade bond market debut.

12. Key Dates

• 16 Sep 2026 — first semi-annual interest payment on the $2.5bn senior unsecured notes
• Expected Nov 2026 — Q3 2026 results. Third-party trackers indicate 5 November 2026 but Airbnb has not confirmed a date; the last two years fell on 6 November 2025 and 7 November 2024
• Expected 2026 — European Commission proposal for the Affordable Housing Act, expected to cover short-term rentals in areas of housing stress
• Expected Q4 2026 — France's national registration portal for meublés de tourisme becomes operational, having slipped from the statutory 20 May 2026 deadline
• 31 Dec 2026 — Airbnb's up-to-15% hotel credit promotion expires; the Athens short-term rental registration freeze and Venice's premium-track moratorium also run to this date
• Expected Feb 2027 — Q4 and full-year 2026 results (the FY2025 results were released on 12 February 2026)
• 01 Jul 2028 — under the EU VAT in the Digital Age directive, platforms become the deemed supplier for VAT on short-term accommodation across the European Union
• 24 Nov 2028 — Barcelona's 10,101 tourist-apartment licences expire and will not be renewed
• 16 Mar 2029 — $850m 4.40% senior notes mature
• 16 Mar 2031 — $850m 4.65% senior notes mature
• 16 Mar 2036 — $800m 5.25% senior notes mature

Airbnb has not scheduled an investor day and its published events calendar was empty at the time of writing. Track scheduled macro releases alongside these company dates on the ChartsView Economic Calendar, and discuss the setup with other members in the ChartsView Forum.

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