Airbnb, Inc. (ABNB) — Company Research

Last Updated: 9 May 2026

Airbnb operates the global two-sided marketplace that connects guests with stays, redesigned experiences, and — as of May 2025 — services, in over 220 countries and regions. It is now a profitable, cash-generative business at scale: fiscal 2025 produced $12,241m of revenue (+10% year-on-year), $2,544m of operating income (a 20.78% operating margin per JSON), and $2,511m of net income, with $4,646m of operating cash flow that the company also reports as essentially all of free cash flow. The five-year arc has been a transition from pandemic-era recovery to a slower-growth, higher-spend phase as management has expanded the platform beyond core stays. Shares closed the most recent session at $141.49, near the 52-week high of $147.25 and well above the 52-week low of $110.81, putting market capitalisation at $84.12 billion against an enterprise value of $75.46 billion — the gap reflecting $6.56 billion of cash and equivalents on the balance sheet against just $2.07 billion of total debt. The company has no dividend, has bought back roughly $3.79 billion of stock in 2025 alone, and announced Q1 2026 results on 7 May 2026, lifting its full-year sales-growth outlook the next day.

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1. Company Snapshot

| Field | Value | |---|---| | Company | Airbnb, Inc. | | Ticker | ABNB (Nasdaq Global Select / NMS) | | Sector / Industry | Consumer Cyclical / Travel Services | | Country | United States | | Headquarters | 888 Brannan Street, San Francisco, California | | Website | https://www.airbnb.com | | CEO | Brian Chesky (co-founder) | | Employees (full-time) | 8,200 | | Third-party community-support workers (per FY2025 10-K) | ~13,000 | | Market capitalisation | $84.12 billion | | Enterprise value | $75.46 billion | | Shares outstanding | 418,897,799 | | Float | 406,920,099 | | Latest annual revenue (FY2025) | $12,241m | | Latest annual net income (FY2025) | $2,511m | | Cash & equivalents (31 Dec 2025) | $6,560m | | CIK | 0001559720 |

Per the FY2025 10-K (Item 1, filed 2026-02-12): Airbnb operates "a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions," and discloses one operating activity in financial reporting terms — there is no segmented P&L beyond the geographic split shown later. The platform connects "over 5 million hosts" with cumulative "over 2.5 billion guest arrivals" since founding in 2007.

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2. Bull Case vs Bear Case

Bull case - Cash-generative core: $4,646m of operating cash flow and the same of free cash flow in FY2025 against $2,067m of total debt and $6,560m of cash (JSON). FCF yield per JSON is 5.52% and the company holds $6.56 billion of cash plus, per the FY2025 10-K (Item 7, filed 2026-02-12), $4.5 billion of short-term investments — total cash and short-term investments of $11.0 billion versus an enterprise value of $75.46 billion (JSON). - Profitable platform with a high gross margin: gross margin 82.96% per JSON, operating margin 20.78%, net margin 20.51%, ROE 30.63%. Per the FY2025 10-K (Item 7, filed 2026-02-12): Adjusted EBITDA of $4,297m on $12,241m of revenue (a 35% Adjusted EBITDA margin), and revenue growth of 10% in 2025 versus 2024 on both a reported and constant-currency basis. - Marketplace scale and unit growth still positive: per the FY2025 10-K (Item 7, filed 2026-02-12), Nights and Seats Booked grew 8% to 533 million, Gross Booking Value grew 12% to $91,273m, and Average Daily Rate (ADR) rose 3%, with EMEA ADR up 8%. - Capital return is meaningful and continuing: in FY2025 the company repurchased 29.7 million shares of Class A common stock for $3.8 billion (per the FY2025 10-K, Item 7, filed 2026-02-12). JSON records FY2025 stock buybacks of $3,789m and $3,430m in FY2024. Per the FY2025 10-K (Item 7, filed 2026-02-12): in August 2025 the board approved a new $6.0 billion authorisation, of which $5.6 billion remained available at year-end after the February 2024 $6.0 billion programme was completed. - Platform extension is being executed and paid for out of cash flow rather than debt: services and redesigned experiences launched in May 2025 (per the FY2025 10-K, Item 1, filed 2026-02-12), and management lifted full-year 2026 sales-growth guidance to "low-to-mid teens" alongside Q1 2026 results (recent_news 8 May 2026 — Quartz, Bloomberg, Barron's).

Bear case - Margin compression in 2025: net income fell 5% year-on-year to $2,511m and net margin declined from 24% in 2024 to 21% in 2025 (per the FY2025 10-K, Item 7, filed 2026-02-12). Sales and marketing expense rose 20% to $2,588m (21% of revenue, up from 19%) — within that, "Field operations and policy" jumped 43% to $993m — and product development rose 14% on hiring; total operating expenses rose to 79% of revenue from 77%. - Heavy and rising stock-based compensation: per the FY2025 10-K (Item 7, filed 2026-02-12), SBC was $1,592m in 2025, up 13% from $1,407m in 2024, and is heavily concentrated in Product development (64% of total SBC). At ~13% of revenue, SBC is a structural drag on GAAP earnings even as Adjusted EBITDA-based dilution is muted. - Convertible-notes overhang and capital structure event: per the FY2025 10-K (Item 7, filed 2026-02-12), $2.0 billion aggregate principal of 0% convertible senior notes is due 15 March 2026 (i.e., in the current quarter), backed by the IPO-era Capped Calls with a $360.80 cap price. - Regulatory single-city risk: per the FY2025 10-K (Item 1, filed 2026-02-12), New York City's 2023 short-term-rental rules amount to "a de facto ban of short-term rental activities," and other smaller cities have followed; per the FY2025 10-K (Item 1A, filed 2026-02-12), the regulatory landscape is identified as a material risk. - Tax overhangs and one-off charges: the 2023 net income figure of $4,792m (JSON) was inflated by a -$2,690m tax benefit (i.e., a release of a valuation allowance), so headline year-on-year comparisons against 2023 flatter the underlying earnings power. In 2025, per the FY2025 10-K (Item 7, filed 2026-02-12), the company recorded a $213m valuation allowance against the corporate alternative minimum tax (CAMT) credit deferred tax asset following the One Big Beautiful Bill Act (OBBBA), partially offset by a $105m reduction in uncertain tax positions. - Macro and geopolitical exposure called out by the company itself in 2026 reporting: Q1 2026 commentary highlighted "higher cancelations tied to the Middle East conflict" (recent_news 8 May 2026 — Zacks via Yahoo) and Q1 2026 profit missed on raised spending (recent_news 8 May 2026 — Quartz, Bloomberg).

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3. What Does This Company Actually Do?

Airbnb runs a global online marketplace where hosts list spaces, experiences and services and guests book them; Airbnb takes a service fee from the guest at the time of booking and a host fee, with revenue recognised at check-in. Per the FY2025 10-K (Item 7, filed 2026-02-12): "Substantially all of our revenue comes from stays booked on our platform. ... For experiences and services, we only earn a host fee."

Airbnb is reported as a single operating activity for P&L purposes (no segmented operating income), and the most useful split the company itself provides is geographic, based on the location of the host's listing. Per the FY2025 10-K (Item 7, filed 2026-02-12), the FY2025 revenue mix by region was:

• North America — $5,196m, 42% of revenue (down from 45% in 2024); 158m Nights and Seats Booked (30% of total); $40,295m GBV.
• EMEA (Europe, Middle East and Africa) — $4,729m, 39% of revenue (up from 37%); 215m Nights and Seats Booked (40% of total); $34,162m GBV.
• Latin America — $1,160m, 10% of revenue (up from 9%); 90m Nights and Seats Booked (17% of total); $8,542m GBV.
• Asia Pacific — $1,156m, 9% of revenue (in line with 2024); 70m Nights and Seats Booked (13% of total); $8,274m GBV.
• Total — $12,241m of revenue, 533m Nights and Seats Booked, $91,273m GBV.

Note the lever: outside North America, all three other regions grew faster than the company average — per the FY2025 10-K (Item 7, filed 2026-02-12), Nights and Seats Booked rose 18% in Latin America and 15% in Asia Pacific, while North America grew 3%. EMEA's ADR rose 8% on a stated 3% blended ADR rise. Average nights per booking (excluding experiences and services) was 3.7 in 2025 versus 3.8 in 2024; per the FY2025 10-K (Item 7, filed 2026-02-12), "no single city represented more than 2% of our revenue before adjustments for incentives and refunds, or more than 1% of our active listings as of December 31, 2024 and 2025."

svg-revenue-mix-donut Region (FY2025 revenue mix per FY2025 10-K Item 7): - North America: 42% - EMEA: 39% - Latin America: 10% - Asia Pacific: 9% Total: 100%

In plain English, Airbnb's revenue line is overwhelmingly driven by short-term-stay service fees, with Europe-and-adjacent markets now larger than North America by booking volume but slightly smaller by revenue (i.e., revenue per booking is higher in North America), and a long tail of faster-growing emerging-market revenue. May 2025 added two new product surfaces — services and redesigned experiences — for which the company earns a host fee only; their separate revenue contribution is not broken out in the source data.

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4. The Business Model

Airbnb is a marketplace business, not an inventory or hotel operator. It does not own properties; it earns service fees on bookings and a separate host fee on services and experiences, takes payment on booking, holds the cash on behalf of customers until the stay completes, then settles. The entire model rests on the spread between collected service fees, the cost of running the platform (cost of revenue is dominated by payment processing, data hosting and amortisation of internal-use software), and the marketing, product and people spend that drives supply and demand.

Margins. Headline gross margin 82.96% (JSON). Operating margin 20.78% (JSON). Net margin 20.51% (JSON). Per the FY2025 10-K (Item 7, filed 2026-02-12), the cost stack as a percentage of revenue in 2025 was: Cost of revenue 17%; Operations and support 11%; Product development 19%; Sales and marketing 21% (of which Brand and performance marketing $1,595m and Field operations and policy $993m); General and administrative 11% — total operating costs 79% of revenue, leaving 21% reported income-from-operations margin. Adjusted EBITDA margin was 35%, down from 36% in 2024. Stock-based compensation of $1,592m was equivalent to roughly 13% of revenue.

Marketplace economics and float. Per the FY2025 10-K (Item 7, filed 2026-02-12), Airbnb collects service fees at booking, which is generally before the stay occurs, generating a large unearned-fees balance and a sizeable balance of cash held on behalf of customers — $7.0 billion of customer funds on the balance sheet at 31 December 2025, recorded separately in "funds receivable and amounts held on behalf of customers" with a corresponding payable. This float is not Airbnb's cash but it generates interest income for Airbnb (interest income was $705m in 2025, down 14% from $818m in 2024 on lower rates) and underwrites the seasonality story: GBV tends to be highest in Q1–Q3 and lowest in Q4.

Moat. Network effects between hosts (over 5 million per the FY2025 10-K) and guests (cumulative over 2.5 billion guest arrivals); strong brand and lower historical reliance on paid-marketing channels (per the FY2025 10-K, Item 1, filed 2026-02-12); intellectual property — per the FY2025 10-K (Item 1, filed 2026-02-12), "a substantial patent portfolio" plus a global trademark portfolio anchored on the AIRBNB name and the Bélo logo, and trademarks from acquisitions including HotelTonight; and the AirCover programme (up to $3 million per stay property damage cover and up to $1 million liability for hosts).

Subsidy / regulatory-credit dependency. None disclosed. Airbnb is not a recipient of regulatory credits or production tax credits in the manner of, say, an EV manufacturer or a solar developer. Tax positioning is the relevant fiscal exposure: per the FY2025 10-K (Item 7, filed 2026-02-12), the OBBBA enacted on 4 July 2025 changed the U.S. taxation of foreign-derived intangible income and triggered the $213m CAMT-credit valuation allowance, partially offset by a $105m release of uncertain tax positions; the FY2025 effective tax rate was 20% versus 21% in 2024.

Capital model. Operating cash flow is the funding source. Per the FY2025 10-K (Item 7, filed 2026-02-12), FY2025 net cash from operations of $4,646m funded $3.8 billion of share repurchases and $561m of taxes paid on equity-award net-share settlement, with no recurring debt issuance — debt is the legacy 0% convertible senior notes due March 2026.

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5. Financial Health

Five-year P&L and balance-sheet trend (figures in USD; JSON is the source of truth for the line items below; FY2021 P&L lines are not in the JSON record).

| Fiscal year ended | Revenue | Operating income | Net income | Diluted EPS | Diluted shares (m) | Cash & equivalents | Total debt | Total equity | Operating cash flow | Free cash flow | Stock buybacks | |---|---|---|---|---|---|---|---|---|---|---|---| | 31 Dec 2025 | $12,241m | $2,544m | $2,511m | $4.03 | 623 | $6,560m | $2,067m | $8,199m | $4,646m | $4,646m | $3,789m | | 31 Dec 2024 | $11,102m | $2,553m | $2,648m | $4.11 | 645 | $6,864m | $2,058m | $8,412m | $4,518m | $4,518m | $3,430m | | 31 Dec 2023 | $9,917m | $1,518m | $4,792m | $7.24 | 662 | $6,874m | $2,304m | $8,165m | $3,884m | $3,884m | $2,252m | | 31 Dec 2022 | $8,399m | $1,802m | $1,893m | $2.79 | 680 | $7,378m | $2,341m | $5,560m | $3,430m | $3,430m | $1,500m | | 31 Dec 2021 | not in JSON | $429m | not in JSON | not in JSON | n/a | n/a | n/a | n/a | n/a | n/a | n/a |

The 2023 net-income spike to $4,792m and EPS of $7.24 reflect a one-off tax benefit; tax provision in 2023 was -$2,690m (i.e., a benefit), so the year-on-year EPS comparisons against 2024 and 2025 are flattered. Operating-income growth tells a cleaner story: $1,518m (2023) → $2,553m (2024) → $2,544m (2025) — i.e., essentially flat in 2025 versus 2024 despite revenue growing 10%, reflecting the step-up in marketing and people spend that the MD&A flags. Diluted-share count fell from 680m (2022) to 623m (2025), a ~8% reduction over three years driven by buybacks of $1,500m → $2,252m → $3,430m → $3,789m.

Quarterly trajectory (JSON; FY2024-Q3 line is not populated in the source data).

| Quarter end | Revenue | Gross profit | Gross margin | Operating income | Net income | EPS (diluted) | Operating cash flow | Free cash flow | |---|---|---|---|---|---|---|---|---| | Q4 2025 (31 Dec) | $2,778m | $2,291m | 82.5% | $269m | $341m | $0.56 | $526m | $526m | | Q3 2025 (30 Sep) | $4,095m | $3,546m | 86.6% | $1,625m | $1,374m | $2.21 | $1,356m | $1,356m | | Q2 2025 (30 Jun) | $3,096m | $2,552m | 82.4% | $612m | $642m | $1.03 | $975m | $975m | | Q1 2025 (31 Mar) | $2,272m | $1,766m | 77.7% | $38m | $154m | $0.24 | $1,789m | $1,789m | | Q4 2024 (31 Dec) | $2,480m | $2,053m | 82.8% | $430m | $461m | $0.73 | $466m | $466m |

svg-revenue-gross-margin Quarterly revenue ($m, bars) and gross margin (%, line) — last 5 reported quarters: Q4 24 | $2,480 | 82.8% Q1 25 | $2,272 | 77.7% Q2 25 | $3,096 | 82.4% Q3 25 | $4,095 | 86.6% <- peak summer travel quarter Q4 25 | $2,778 | 82.5%

The seasonality the company documents in Item 1 is visible in the quarterly trail: Q3 is the largest quarter for revenue and operating income (revenue is recognised at check-in; the third quarter is peak northern-hemisphere summer travel for both North America and EMEA), Q1 is the smallest. Operating cash flow has the opposite shape — Q1 collects fees on summer bookings that don't yet recognise as revenue, so OCF in Q1 2025 of $1,789m exceeded reported quarterly net income of $154m by more than 11×.

Liquidity, debt and capital returns. Per the FY2025 10-K (Item 7, filed 2026-02-12): principal sources of liquidity at 31 December 2025 were cash, cash equivalents and short-term investments totalling $11.0 billion ($6.6 billion cash and equivalents — of which $2.3 billion was held by foreign subsidiaries — and $4.5 billion of short-term investments), supplemented by an undrawn $1.0 billion 2022 Credit Facility (with a $200m letters-of-credit sub-limit; $20m of letters of credit outstanding at year-end). The principal debt obligation was $2.0 billion of 0% convertible senior notes due 15 March 2026, with capped-call hedges (cap price $360.80) entered at IPO. Operating-lease minimum payments totalled $272m, of which $86m falls due in 2026. Airbnb has a multi-year commercial commitment to spend or incur "an aggregate of at least $1.7 billion for vendor services through 2031" with a data-hosting services provider.

In 2025, the company repurchased 29.7 million Class A shares for $3.8 billion, completing the February 2024 $6.0 billion authorisation; per the FY2025 10-K (Item 7, filed 2026-02-12), the August 2025 board action authorised a further $6.0 billion programme, of which $5.6 billion remained available at year-end. JSON-sourced FY2025 stock buybacks of $3,789m are used as the primary figure for capital returns throughout this article.

FCF definitional note. JSON reports FY2025 free cash flow of $4,646m (equal to operating cash flow because capex is not separately captured in the JSON). Per the FY2025 10-K (Item 7, filed 2026-02-12), the company defines FCF as net cash provided by operating activities less purchases of property and equipment ($33m in 2025); using that definition the 10-K MD&A reports an FCF figure that is marginally lower than the JSON value. To preserve internal consistency, the JSON-sourced $4,646m FCF figure is the primary value in this article, with the 10-K's definitional offset (the $33m of property and equipment purchases) noted here once and not separately quoted as an alternative FCF total.

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6. Valuation & Market Data

| Metric | Value | Source / note | |---|---|---| | Share price | $141.49 | JSON, as of 2026-05-09T07:23:59Z | | Previous close | $140.46 | JSON | | Day open / high / low | $137.99 / $146.96 / $137.25 | JSON | | Daily volume | 7,701,767 | JSON | | 10-day average volume | 4,096,070 | JSON | | 52-week high | $147.25 | JSON | | 52-week low | $110.81 | JSON | | Market capitalisation | $84,119,379,968 | JSON | | Enterprise value | $75,464,728,576 | JSON | | Shares outstanding | 418,897,799 | JSON | | Float | 406,920,099 | JSON | | Beta | 1.208 | JSON | | P/E (trailing) | 35.11 | JSON; on FY2025 diluted EPS | | Forward P/E | 23.71 | JSON (yfinance forward) | | P/B | 10.26 | JSON | | P/S (trailing) | 6.87 | JSON | | EV / Revenue | 6.16 | JSON | | EV / EBITDA proxy | 29.66 | JSON; D&A unavailable, computed against operating income, marked as proxy in JSON _calc_notes | | FCF yield | 5.52% | JSON; FCF over market cap | | Gross margin | 82.96% | JSON | | Operating margin | 20.78% | JSON | | Net margin | 20.51% | JSON | | ROE | 30.63% | JSON | | ROA | 11.31% | JSON | | Debt / equity | 0.2521 | JSON | | Current ratio | 1.3772 | JSON | | Dividend yield | none (no dividend) | JSON | | Short interest / put-call | not disclosed in this report's source data | JSON does not carry these fields |

ChartsView publishes raw numbers only and does not editorialise on whether these levels look cheap or expensive. The headline P/E and forward P/E differ materially because consensus expects FY2026 EPS to be higher than FY2025 — but consensus estimates themselves are not within scope for this report.

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

Platform extension. Per the FY2025 10-K (Item 1, filed 2026-02-12): services and redesigned experiences launched in May 2025, with management committing to "expand our business beyond travel accommodations using our multi-year product roadmap to help drive long-term growth." A redesigned app experience, launched in 2025, features "unified search and booking for all offerings, artificial intelligence ('AI')-powered personalization, and integrated social features that allow guests to connect with co-travelers or experience attendees."

AI in production. Per the FY2025 10-K (Item 1, filed 2026-02-12): AI is now embedded in fraud detection, listing matching, customer-service automation and case management; AI capabilities "now assist in risk assessment and rapid fraud and scam detection" and "enhanced automation in case management" was added in 2025. Public commentary in 2026 reporting (recent_news 8 May 2026 — TechCrunch, CX Dive, Bloomberg) added that the customer-support AI bot now handles roughly 40% of customer inquiries without human escalation and that AI now writes about 60% of new code at the company. These public statements made by the CEO around the Q1 2026 release are recorded as management statements rather than SEC-grade commitments.

Technology stack rebuild. Per the FY2025 10-K (Item 1, filed 2026-02-12): "In 2025, we substantially completed a rebuild of our technology stack, enhancing scalability, reliability, and the pace of innovation across the platform." The architecture is described as a microservices model with a focus on data management, service reliability and granular cloud-cost attribution.

Trust and safety / AirCover. Per the FY2025 10-K (Item 1, filed 2026-02-12): continued investment in 2025 in trust-and-safety technology, including AI-driven risk assessment; AirCover for Hosts ($3 million per stay property damage protection, $1 million per occurrence liability) and AirCover for Guests remain core platform features.

Geographic expansion strategy. Per the FY2025 10-K (Item 1, filed 2026-02-12): "more localized approach to product updates and marketing to raise awareness and consideration in less mature markets." The 2025 Sales and marketing line within MD&A shows the cost: Field operations and policy spend rose 43% to $993m, while Brand and performance marketing rose 10% to $1,595m.

Partnerships and brand campaigns. Per the FY2025 10-K (Item 1, filed 2026-02-12): "select sponsorships and co-marketing collaborations with cultural institutions, sports and entertainment organizations, destinations, and media platforms"; specific named partners are not enumerated in the filing.

Forward guidance from the company itself in May 2026. Per recent_news 8 May 2026 (Quartz, Bloomberg): Airbnb lifted its full-year 2026 sales-growth forecast to "low-to-mid teens" (Quartz); per Bloomberg, the company "boosted its annual forecast on robust bookings in the major markets in the Americas, while it posted a big jump in spending as part of an effort to diversify the business."

Compute and data-centre footprint. Per the FY2025 10-K (Item 7, filed 2026-02-12): "We have a commercial agreement with a data hosting services provider to spend or incur an aggregate of at least $1.7 billion for vendor services through 2031" — i.e., a multi-year, multi-billion-dollar commitment to a third-party cloud / data-hosting provider rather than first-party data centres. The provider is not named in this filing's MD&A.

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8. Competitive Landscape

Per the FY2025 10-K (Item 1, filed 2026-02-12), Airbnb characterises its market as "a highly competitive environment," competing for both hosts and guests. The filing names the following competitor groups:

• Online travel agencies (OTAs) — Booking Holdings (Booking.com), Expedia Group (Expedia, VRBO), Trip.com Group, and other regional OTAs.
• Internet search engines — Google and other search products powered by AI, including AI-driven travel-search features.
• Hotel chains — Marriott, Hilton, Accor, Wyndham, plus boutique hotel chains and independent hotels.
• Property management companies.
• Online experiences and activities platforms — Viator, GetYourGuide, Klook.
• Highly fragmented guest-services providers — vertical-specific marketplaces in photography, beauty, spa, fitness, food and other services.

Airbnb itself states the basis on which it competes: for hosts, "the volume of bookings generated by guests, ease of use of our platform, the service fees we charge, host protections, such as those included in AirCover for Hosts, our brand, and community support"; for guests, "unique inventory and availability of listings, the value and all-in cost of host offerings on our platform relative to other options, our brand, ease of use of our platform, the trust and safety of our platform, and community support."

A competitor-share chart with named percentage shares is not produced for this article: the FY2025 10-K does not quote market-share percentages for Airbnb or its competitors, and inserting external estimates would breach the source-data discipline applied to this report. Public reference points from JSON recent_news[] include 8 May 2026 commentary in Barron's that "Vacation rental site Airbnb reported first-quarter revenue and gross bookings that beat expectations and raised its full-year guidance" while "online travel agency Expedia Group missed first-quarter revenue expectations but reported higher-than-expected gross bookings" — qualitative cross-read only, not a market-share assertion.

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9. Leadership and Ownership

CEO Brian Chesky is Airbnb's co-founder. Per the FY2025 10-K (Item 1, filed 2026-02-12): "Airbnb was founded in 2007 when two hosts welcomed three guests to their San Francisco home" — so the company has existed since 2007 and Mr Chesky has led it since founding (a tenure as CEO of approximately 19 years). Age is not disclosed in the source data and is not asserted here.

Other officers and directors identifiable from JSON insider-transaction records over the past 30 days are:

• Elinor Mertz — Chief Financial Officer
• Joseph Gebbia — Director and Beneficial Owner of more than 10% of a Class of Security (co-founder)
• Nathan Blecharczyk — Officer, Director and Beneficial Owner (co-founder)
• David Charles Bernstein — Officer

Top institutional holders (per JSON; as of 31 December 2025).

| Holder | Shares | % held | Reported value | As-of | |---|---|---|---|---| | Vanguard Group Inc | 38,283,087 | 9.14% | $5,416,674,189 | 2025-12-31 | | BlackRock Inc. | 31,504,726 | 7.52% | $4,457,603,854 | 2025-12-31 | | Harris Associates L.P. | 18,694,408 | 4.46% | $2,645,071,890 | 2025-12-31 | | State Street Corporation | 17,922,560 | 4.28% | $2,535,863,112 | 2025-12-31 | | Morgan Stanley | 13,234,861 | 3.16% | $1,872,600,555 | 2025-12-31 | | Geode Capital Management, LLC | 10,076,465 | 2.41% | $1,425,719,088 | 2025-12-31 | | FMR, LLC | 9,145,617 | 2.18% | $1,294,013,399 | 2025-12-31 | | AQR Capital Management, LLC | 6,762,784 | 1.61% | $956,866,345 | 2025-12-31 | | ClearBridge Investments, LLC | 6,073,947 | 1.45% | $859,402,794 | 2025-12-31 | | Invesco Ltd. | 5,756,523 | 1.37% | $814,490,470 | 2025-12-31 |

Top three holders (Vanguard, BlackRock, Harris Associates) account for roughly 21.1% of shares; index-tracking flows (Vanguard, BlackRock, State Street, Geode) make up the bulk of that with Harris Associates as the most visible active-conviction holder in the top tier.

Recent insider transactions (per JSON; transaction-direction labels are blank in the source data — these are reported as the recorded shares and dollar values, with the JSON-recorded value of $0 corresponding to non-cash records such as vesting/grant or withholding events rather than open-market purchases or sales).

| Insider | Position | Date | Shares | Value | |---|---|---|---|---| | Mertz, Elinor | CFO | 2026-05-04 | 3,750 | $536,250 | | Gebbia, Joseph | Director / >10% holder | 2026-05-04 | 58,000 | $8,141,301 | | Mertz, Elinor | CFO | 2026-04-23 | 72,806 | $0 | | Blecharczyk, Nathan | Officer / Director / >10% holder | 2026-04-23 | 39,204 | $0 | | Bernstein, David Charles | Officer | 2026-04-23 | 11,201 | $0 | | Blecharczyk, Nathan | Officer / Director / >10% holder | 2026-04-22 | 35,565 | $5,180,945 | | Blecharczyk, Nathan | Officer / Director / >10% holder | 2026-04-22 | 35,565 | not in JSON | | Gebbia, Joseph | Director / >10% holder | 2026-04-20 | 58,000 | $8,270,238 | | Mertz, Elinor | CFO | 2026-04-08 | 3,750 | $491,212 | | Gebbia, Joseph | Director / >10% holder | 2026-04-06 | 58,000 | $7,317,456 |

The recurrent identical 58,000-share Gebbia transactions on roughly two-week intervals (6, 20 April; 4 May 2026) and the recurring 3,750-share Mertz transactions are pattern-consistent with pre-arranged trading plans, but the JSON's transaction-type field is blank and this report does not assert 10b5-1 versus discretionary status for any specific record. The $8m+ Gebbia tranches and the $5.2m Blecharczyk tranche on 22 April 2026 are the largest single-line dollar values in the recent set; no insider open-market purchases at positive dollar value are recorded in the source data over the displayed window.

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10. Risks and Challenges

The company's own risk-factor disclosures per the FY2025 10-K (Item 1A, filed 2026-02-12) are organised under: Revenue and Growth Risks; Brand and Reputation Risks; Industry, Financial, and Insurance Risks; Operational Risks; Climate, Economic, and Market Risks; Legal, Regulatory and Compliance Risks; Technology, Data and Cybersecurity Risks; and Stock Price and Volatility Risks. Headline risks documented in the filing include the following (each phrased here as a paraphrase of the company's own framing):

• Regulatory single-city / short-term-rental risk. Per the FY2025 10-K (Item 1, filed 2026-02-12): "New York City passed regulations in 2023, which resulted in a de facto ban of short-term rental activities. Other smaller cities have also passed onerous restrictions on short-term rentals." The regulatory environment is "evolving" across local, city, state and national levels worldwide.
• Macro and geopolitical conditions. Per the FY2025 10-K (Item 7, filed 2026-02-12): "the potential impact of challenging macroeconomic and geopolitical conditions on our business, including inflation, interest rates, foreign currency fluctuations, tariffs and trade controls, and potential decreased consumer spending"; in May 2026 the company specifically attributed elevated cancellations to "the conflict in the Middle East" (recent_news 8 May 2026 — Barron's, Zacks).
• Foreign-currency exposure. Per the FY2025 10-K (Item 7A, filed 2026-02-12): Airbnb supports approximately 50 transactional currencies; the most significant non-USD currencies in 2025 were the Euro, British pound, Canadian dollar, Australian dollar, Brazilian real and Mexican peso. A hypothetical adverse 10% FX move applied to total net monetary assets and liabilities denominated in non-local currencies would have produced an estimated $38m loss as of 31 December 2025.
• Interest-rate risk on the investment portfolio. Per the FY2025 10-K (Item 7A, filed 2026-02-12): a hypothetical 100 basis point increase in interest rates would have resulted in a $30m decrease in the investment portfolio fair value as of 31 December 2025.
• Tax exposures. Per the FY2025 10-K (Item 1A, filed 2026-02-12): "We may have exposure to greater than anticipated income tax liabilities" and the company's ability to use net operating loss carryforwards and certain other tax attributes may be limited; in 2025 a $213m valuation allowance against the CAMT credit deferred tax asset was recognised post-OBBBA (per the FY2025 10-K, Item 7, filed 2026-02-12).
• AI and machine-learning risk. Per the FY2025 10-K (Item 1A, filed 2026-02-12): AI use exposes the company to legal, business and operational risks "which may result in diminished performance, regulatory scrutiny, social impacts, reputational harm, and liability arising from the use of this technology."
• Technology, data and cybersecurity risk. Per the FY2025 10-K (Item 1A, filed 2026-02-12): explicit, dedicated category covering platform reliability, data privacy compliance, and cybersecurity incidents.
• Insurance and travel-product exposure. Per the FY2025 10-K (Item 1A, filed 2026-02-12): "We offer travel insurance products to guests, which subject us and our business to extensive laws, regulations, and supervision."
• Climate, economic and market risks. Identified as a separate sub-category of Risk Factors per the FY2025 10-K (Item 1A, filed 2026-02-12); net-zero-by-2030 corporate-operations target is documented in Item 1.
• Concentration of community support on third parties. Per the FY2025 10-K (Item 1, filed 2026-02-12): approximately 13,000 third-party workers performed the majority of community-support contacts in 2025; "our reliance on third-party service providers necessitates stringent guidance and quality control to maintain satisfactory service levels."
• Capital structure event risk in Q1 2026. Per the FY2025 10-K (Item 7, filed 2026-02-12): $2.0 billion of 0% convertible senior notes mature on 15 March 2026; net cash used in financing activities in 2025 was $3.8 billion.
• Reputation, brand and legal risk. Per the FY2025 10-K (Item 1A, filed 2026-02-12): a dedicated Brand and Reputation Risks category, complemented by Legal, Regulatory and Compliance Risks.
• Stock price and volatility risk. Per the FY2025 10-K (Item 1A, filed 2026-02-12): explicit category documenting the volatility risk to investors of Class A common stock.

The Risk Factors section is not flagged as stub or bloated in the extract, but readers seeking full granularity should consult the 10-K directly via SEC EDGAR.

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11. Recent Developments

The most recent items in the source data come from JSON recent_news[]; the URLs below are reproduced exactly as supplied.

• 8 May 2026 — "Sector Update: Consumer Stocks Rise Late Afternoon" (MT Newswires). Sector backdrop on the day Airbnb's Q1 2026 results were being absorbed by the market. https://finance.yahoo.com/markets/stocks/articles/sector-consumer-stocks-rise-afternoon-195402637.html
• 8 May 2026 — "Airbnb Q1 Earnings Miss Estimates, Revenues Rise Y/Y, Shares Up" (Zacks via Yahoo Finance). Q1 2026 revenues beat and bookings stayed strong despite higher cancellations tied to the Middle East conflict. https://finance.yahoo.com/markets/stocks/articles/airbnb-q1-earnings-miss-estimates-180400258.html
• 8 May 2026 — "Airbnb's AI assistant resolves 40% of customer inquiries" (CX Dive). CEO Brian Chesky stated that Airbnb's AI assistant is resolving customer inquiries faster, helping decrease the cost per booking. https://www.customerexperiencedive.com/news/airbnb-ai-assistant-resolves-customer-inquiries/819734/
• 8 May 2026 — "Airbnb Q1 2026 earnings: revenue beat, profit miss" (Quartz). The company posted $2.68 billion in Q1 revenue and lifted its full-year growth forecast to low-to-mid teens. https://qz.com/airbnb-earnings-revenue-beat-profit-miss-raised-guidance-050826
• 8 May 2026 — "Airbnb Boosts Annual Sales Outlook While Spending Picks Up" (Bloomberg via Yahoo Finance). Airbnb boosted its annual forecast on robust bookings in the major Americas markets while posting a "big jump in spending as part of an effort to diversify the business." https://finance.yahoo.com/markets/stocks/articles/airbnb-boosts-annual-sales-outlook-205356329.html
• 8 May 2026 — "Airbnb says AI now writes 60% of its new code" (TechCrunch via Yahoo Finance). Airbnb's customer-support AI bot now handles 40% of customer issues without escalating to a human agent. https://finance.yahoo.com/sectors/technology/articles/airbnb-says-ai-now-writes-124916387.html
• 8 May 2026 — "'You Have A Very Good Life,' Dave Ramsey Tells 65-Year-Old With $500K Savings — 'Don't Go Screw That Up With An Airbnb'" (Benzinga via Yahoo Finance). Personal-finance commentary item referencing Airbnb only as an investment-property concept. https://finance.yahoo.com/markets/stocks/articles/very-good-life-dave-ramsey-120055849.html
• 8 May 2026 — "Stocks Rise Pre-Bell as Investors Assess Renewed Middle East Tensions, Await Jobs Report" (MT Newswires via Yahoo Finance). Pre-market sector backdrop on Airbnb earnings day. https://finance.yahoo.com/markets/stocks/articles/stocks-rise-pre-bell-investors-114340124.html
• 8 May 2026 — "Airbnb Beats Expectations for Revenue, Gross Bookings Value. The Stock Is Falling." (Barron's). Q1 revenue increased 18% from a year ago to $2.7 billion (per the article), exceeding management's prior guidance high end; Expedia missed Q1 revenue but reported higher-than-expected gross bookings. https://www.barrons.com/articles/airbnb-earnings-stock-price-20718844?siteid=yhoof2&yptr=yahoo
• 8 May 2026 — "Bumble ditching swipes as online dating slows" (Yahoo Finance Video). Carried in the Airbnb-tagged news feed but content is about Bumble (BMBL); included for completeness of the source-data listing. https://finance.yahoo.com/video/bumble-ditching-swipes-as-online-dating-slows-135455971.html

In SEC filing terms (per JSON sec_filings[]), the most recent filings are: a 10-Q for the quarter ended 31 March 2026 filed 7 May 2026; an 8-K filed 7 May 2026 (the Q1 earnings release); a DEF 14A proxy statement filed 24 April 2026; and an 8-K filed 16 March 2026. The FY2025 10-K used in this report was filed 12 February 2026 alongside the Q4/FY-results 8-K of the same date.

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12. Key Dates Coming Up

| Event | Date | Source | |---|---|---| | Next earnings release (Q2 2026) | 5 August 2026 | JSON calendar.next_earnings_date | | Ex-dividend date | not applicable | no dividend (JSON) | | Dividend pay date | not applicable | no dividend (JSON) | | 2026 Convertible Notes maturity ($2.0bn principal, 0% coupon) | 15 March 2026 | per the FY2025 10-K (Item 7, filed 2026-02-12) | | Largest 2026 operating-lease cash payment | 2026 ($86m of $272m total minimum lease payments) | per the FY2025 10-K (Item 7, filed 2026-02-12) | | Multi-year vendor / data-hosting commitment continues | through 2031 ($1.7bn aggregate minimum) | per the FY2025 10-K (Item 7, filed 2026-02-12) | | August 2025 share-repurchase programme remaining authorisation | $5.6bn | per the FY2025 10-K (Item 7, filed 2026-02-12) |

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Disclaimer

This research is sourced from Airbnb's SEC filings (10-K filed 12 February 2026, accession 0001559720-26-000004), the company's reported price and holdings data, and the news headlines listed above with byte-exact source URLs. ChartsView research contains no analyst opinions, no price targets, no buy/sell/hold ratings and no third-party consensus estimates. Forward-looking statements are attributed to Airbnb as the issuer (or to JSON recent_news[] items where the company itself made the statement around its Q1 2026 release). Figures from the data JSON are reported as the source of truth for headline P&L, balance-sheet, market-data, holder, calendar and recent-news items; figures from the FY2025 10-K are cited inline with the form "per the FY2025 10-K (Item N, filed 2026-02-12)" for the segment-region splits, MD&A narrative, capital-structure detail, contractual commitments and risk-factor narrative the JSON does not carry. Research is informational only and is not investment advice.