Airbnb, Inc. ABNB
NasdaqTravel, lodging and leisureFinancials to Jun 30, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 6.6 | 6.8 |
| Securities | 4.5 | 5.2 |
| Restricted cash | 0.0 | 0.1 |
| Debt | 2.0 | 2.5 |
| Net cash | 9.0 | 9.6 |
| Equity | 8.2 | 7.8 |
- Debt / EBITDA
- 0.88×
- Debt / equity
- 0.32×
- Leases (12/31/25)
- $272M
- Diluted shares
- 597M
- Book value / share
- $13.06
- Price / book
- 12.4×
- Net cash / share
- $16.07
- Market cap
- $96.7B
- Enterprise value
- $87.1B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 16.5% | +3.9 pts | |
| Operating margin | 21.0% | +1.2 pts | |
| FCF margin | 34.7% | +3.7 pts | |
| Capex / revenue | 0.5% | +0.1 pts | |
| Nights and seats booked | 148.3M | +10% | |
| Gross booking value | $27.2B | +16% | |
| Sales and marketing expense | $875M | +27% | |
| Nights booked through the app | 64.0% | +5.0 pts | |
| Customer support cost per booking growth | ~-16% | – | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ABNB
Airbnb earns service fees by matching guests with hosts for stays, experiences and services. One marketplace segment accounts for all revenue.
- Two Sided Network
Airbnb operates a marketplace at global scale: more relevant supply improves guest choice, while more guest demand improves host earning opportunities.
- Reputation Reviews
Listing-level review history reduces adverse selection and gives established hosts an incentive to preserve their Airbnb reputation.
- Brand Trust
Airbnb says brand strength lowers its reliance on paid acquisition and major-event partnerships can recruit both supply and demand.
- Sep 30, 2026
Airbnb announced home comparison, search and host-pricing improvements in its fall update, aiming to reduce booking friction and improve host earnings; rollout and financial gains are still to be tested.
- Sep 22, 2026
Airbnb expanded Instacart grocery ordering across eligible US stays and announced Canada would follow, adding a service that can make the platform more useful during a trip.
- Sep 1, 2026
Pepijn Rijvers joined Airbnb as Chief Business Officer to lead homes, hotels, global markets and enterprise operations, replacing Dave Stephenson as the company broadens its travel offer.
- Aug 6, 2026
Airbnb raised its full-year revenue growth outlook to at least the mid teens and its adjusted EBITDA margin outlook to at least 35.5%, supported by stronger demand and product improvements.
- Aug 5, 2026
The Fifth Circuit upheld New Orleans rental-license limits and platform verification rules against Airbnb’s appeal, preserving a barrier to local host supply; the separate monthly-reporting issue was outside this appeal.
Ownership
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On this page
Financial record
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2018–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||
| Revenue | 14.25 | 18.44 | 11.89 | 9.73 | 12.35 | 14.98 | 17.21 | 19.65 | 22.04 | +4.7%/yr | |
| Cash flow | 2.32 | 0.85 | -2.61 | 3.75 | 5.04 | 5.87 | 7.00 | 7.46 | 8.14 | +18.1%/yr | |
| Earnings | -0.07 | -2.59 | -16.14 | -0.57 | 2.78 | 7.24 | 4.11 | 4.03 | 4.51 | – | |
| Free cash flow | 1.97 | 0.37 | -2.74 | 3.71 | 5.01 | 5.80 | 6.95 | 7.40 | 8.09 | +20.8%/yr | |
| Capex | 0.35 | 0.48 | 0.13 | 0.04 | 0.04 | 0.07 | 0.05 | 0.05 | 0.06 | -23.8%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | -2.02 | -3.10 | 10.21 | 7.75 | 8.18 | 12.33 | 13.04 | 13.16 | 13.06 | – | |
| Diluted shares (M) | 256 | 261 | 284 | 616 | 680 | 662 | 645 | 623 | 597 | +13.5%/yr | |
| Totals ($B) | |||||||||||
| Revenue | 3.7 | 4.8 | 3.4 | 6.0 | 8.4 | 9.9 | 11.1 | 12.2 | 13.2 | +18.9%/yr | |
| Operating income | 0.0 | -0.5 | -3.6 | 0.4 | 1.8 | 1.5 | 2.6 | 2.5 | 2.7 | +101.7%/yr | |
| Net income | -0.0 | -0.7 | -4.6 | -0.4 | 1.9 | 4.8 | 2.6 | 2.5 | 2.7 | – | |
| Free cash flow | 0.5 | 0.1 | -0.8 | 2.3 | 3.4 | 3.8 | 4.5 | 4.6 | 4.8 | +37.2%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 1.5 | 2.3 | 3.4 | 3.8 | 4.1 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | 3.3 | – | 4.6 | 6.3 | 7.6 | 8.1 | 8.6 | 9.0 | 9.6 | +$5.7B | |
| Margins & returns (%) | |||||||||||
| Gross margin | 76.3 | 75.1 | 74.1 | 80.7 | 82.2 | 82.8 | 83.1 | 83.0 | 82.9 | +6.6 pts | |
| Operating margin | 0.5 | -10.4 | -106.3 | 7.2 | 21.5 | 15.3 | 23.0 | 20.8 | 20.8 | +20.3 pts | |
| Net margin | -0.5 | -14.0 | -135.7 | -5.9 | 22.5 | 48.3 | 23.9 | 20.5 | 20.4 | +21.0 pts | |
| FCF margin | 13.8 | 2.0 | -23.0 | 38.2 | 40.5 | 38.7 | 40.4 | 37.7 | 36.7 | +23.9 pts | |
| Return on equity | – | – | -158.0 | -7.4 | 34.0 | 58.7 | 31.5 | 30.6 | 34.5 | – | |
| R&D % of revenue | 15.9 | 20.3 | 81.5 | 23.8 | 17.9 | 17.4 | 18.5 | 19.2 | 18.9 | +3.4 pts | |
| Stock pay % of revenue | 1.5 | 2.0 | 88.9 | 15.0 | 11.1 | 11.3 | 12.7 | 13.0 | 13.0 | +11.5 pts | |
| Capex % of revenue | 2.5 | 2.6 | 1.1 | 0.4 | 0.3 | 0.5 | 0.3 | 0.3 | 0.3 | -2.2 pts | |
Change uses 2018 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2018 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- widening
- Pricing power
- moderate
- Airbnb Marketplace100.0%3 claims
Moat claims
- Applies to
- Airbnb Marketplace
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Airbnb operates a marketplace at global scale: more relevant supply improves guest choice, while more guest demand improves host earning opportunities. The rating stops below exceptional because hosts and guests can multi-home, inventory is not exclusive, and large online travel agencies aggregate competing supply.
Q2 nights and seats booked rose 10% to 148.3 million and first-time booker growth reached 11%, so the platform is attracting more demand as it expands supply.
- Nights and seats booked148,300,000+10%
- Gross booking value$27.2B+16%
- Nights booked through the app64.0%+5.0 pts
- First-time bookers growth+11%
- Host and guest multi-homing across platforms
- Large OTAs expanding alternative accommodations supply
- Search/traffic disintermediation (platform policy or algorithm shifts)
- Regulatory constraints reducing supply density in key cities
- FilingAirbnb Form 10-K (FY ended 2025-12-31) - Our TechnologyFeb 12, 2026
- FilingAirbnb Form 10-Q (quarter ended 2026-06-30) - OverviewAug 6, 2026
- SourceAirbnb names Pepijn Rijvers Chief Business OfficerSep 1, 2026
- Applies to
- Airbnb Marketplace
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Listing-level review history reduces adverse selection and gives established hosts an incentive to preserve their Airbnb reputation. This is distinct from marketplace liquidity, but only moderate: competitors replicate reviews, hosts can cross-list, and repeat guests can book directly.
Reviews still help guests judge unfamiliar homes, and support cost per booking fell about 16% in Q2, but Airbnb has not reported review-driven retention or a safety incident series.
- Customer support cost per booking growth~-16%
- Trust and safety incidents (fraud, assaults, discrimination) damaging perceived safety
- Review manipulation or declining review reliability
- Regulatory scrutiny tied to safety, discrimination, or consumer protection
- FilingAirbnb Form 10-K (FY ended 2025-12-31) - Our System of TrustFeb 12, 2026
- Applies to
- Airbnb Marketplace
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Airbnb says brand strength lowers its reliance on paid acquisition and major-event partnerships can recruit both supply and demand. The rating is moderate because Q2 sales and marketing expense was $875 million and brand is vulnerable to safety, community, and regulatory controversies.
App bookings reached 64% of nights in Q2, up from 59%, while sales and marketing expense rose to $875 million; stronger engagement has not yet proved lower acquisition dependence.
- Sales and marketing expense$875M+27%
- Nights booked through the app64.0%+5.0 pts
- First-time bookers growth+11%
- Negative media cycles from safety/security incidents
- Regulatory actions leading to perception of illegality or community harm
- Competitive brand-building by OTAs and super-app ecosystems
- FilingAirbnb Form 10-K (FY ended 2025-12-31) - Our MarketingFeb 12, 2026
Profile change log
- Oct 6, 2026 · business change
Pepijn Rijvers joined Airbnb as Chief Business Officer to lead homes, hotels, global markets and enterprise operations, replacing Dave Stephenson as the company broadens its travel offer.
- Oct 6, 2026 · business change
The Fifth Circuit upheld New Orleans rental-license limits and platform verification rules against Airbnb’s appeal, preserving a barrier to local host supply; the separate monthly-reporting issue was outside this appeal.
- Oct 6, 2026 · business change
Airbnb announced home comparison, search and host-pricing improvements in its fall update, aiming to reduce booking friction and improve host earnings; rollout and financial gains are still to be tested.
- Oct 6, 2026 · business change
Airbnb expanded Instacart grocery ordering across eligible US stays and announced Canada would follow, adding a service that can make the platform more useful during a trip.
- Oct 6, 2026 · business change
Airbnb raised its full-year revenue growth outlook to at least the mid teens and its adjusted EBITDA margin outlook to at least 35.5%, supported by stronger demand and product improvements.
- Oct 6, 2026 · analyst revision
The debate now tests booking demand against marketing, support, deferred-payment and regulatory costs. The ownership profile records founder leadership and 80.6% insider voting power.
- Oct 6, 2026 · analyst revision
The network is widening with booking and new-guest growth; the review and brand advantages remain stable because direct evidence of stronger retention is limited.
- Oct 6, 2026 · analyst revision
Q2 sales and marketing expense was $875 million, correcting the earlier $600 million figure; rising spend limits the claim that brand alone lowers customer acquisition costs.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global short-term rental platforms
Online booking of homes, apartments and private rooms for short stays, including bookings through large travel platforms and direct rental channels. Hotels, campsites and standalone tours or personal services are outside this market; they are substitutes or adjacent offers.
- Airbnb
- Booking
- Expedia
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ABNB | 80 | 82.9% | 20.8% | |
| Industry median | 9 | 80 | 77.7% | 32.9% |
| Sector median | 85 | 74 | 55.5% | 16.9% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Travel volume and household purchasing power drive nights booked; whole homes are attractive when groups share the total cost.
- More usable homes and easier host tools improve local availability, which can attract demand and make hosting more worthwhile.
- Apps, clear total prices and flexible payment can reduce booking friction; repeat engagement can reduce reliance on paid search.
- Expansion into less penetrated countries and rural destinations can add supply without relying only on cities with tight housing rules.
- Lower support cost can improve marketplace economics if guest trust and resolution quality hold up.
- Registration, zoning, night limits and delisting orders can remove homes from attractive cities; national rules do not eliminate local restrictions.
- Recession, expensive airfares, geopolitical conflict and exchange-rate changes can reduce travel or shift destinations quickly.
- Hosts can cross-list and guests can choose hotels or rival platforms, limiting exclusive inventory and lasting commission increases.
- Deferred payment raises cancellation and cash-timing risk; faster gross bookings do not automatically mean faster cash generation.
- Safety incidents, misleading listings and weak complaint handling can damage trust; AI search intermediaries can also change who controls demand.
Bulls & bears
Can Airbnb keep winning repeat bookings and usable host supply without rising marketing, regulatory and cancellation costs absorbing the gain?
Arguments
What to watch
- 1Nights and seats booked, gross booking value and cancellations after deferred-payment adoption
- 2App share of nights and first-time booker growth alongside sales and marketing expense
- 3Support cost per booking, host supply availability and operating income before discrete tax benefits
Next check: Q3 2026 results and the October 13 host-fee transition; the Q3 results date was not confirmed at collection.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 80/100 by <a href="https://www.findmymoat.com/stocks/XNAS:ABNB">Find My Moat</a> (as of September 2026)Request update
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