abnb-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from_____ to _____

Commission File Number: 001-39778

______________

Airbnb, Inc.

(Exact Name of Registrant as Specified in Its Charter)

______________


Delaware						26-3051428
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

888 Brannan Street

San Francisco, California 94103

(Address of Principal Executive Offices) (Zip Code)

(415) 728-0108

(Registrant’s Telephone Number, Including Area Code)

______________


Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A common stock, par value $0.0001 per share	ABNB	The Nasdaq Stock Market

______________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 17, 2026, 417,930,233 shares of the registrant's Class A common stock were outstanding, 175,574,690 shares of the registrant's Class B common stock were outstanding, no shares of the registrant’s Class C common stock were outstanding, and 9,200,000 shares of the registrant’s Class H common stock were outstanding.

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AIRBNB, INC.

Form 10-Q

TABLE OF CONTENTS


		Page
	Special Note Regarding Forward-Looking Statements	1

PART I. FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Statements of Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	33
	Signatures	35

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Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, investors can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “commitment,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our expectations regarding our long-term growth strategy;

•our global expansion efforts and our expectations regarding our markets strategy and future investments in less mature markets;

•our expansion efforts beyond travel accommodations and our expectations regarding our multi-year product roadmap;

•our expectations regarding new products and offerings and investments in our platform;

•our initiatives related to trust and safety on our platform;

•our expectations regarding our technology platform and technological investments, and expectations regarding improvements to our foundational technology;

•our expectations regarding our investment in and the impact of our brand marketing, communications, and performance marketing strategy, and our ability to continue to attract guests and hosts to our platform through direct and unpaid channels;

•our approach to human capital management, including future headcount, our Live and Work Anywhere policy and other human capital initiatives and commitments;

•our expectations regarding our climate-related initiatives and commitments, including the purchase of carbon credits;

•our ability to stay in compliance with laws and regulations that currently apply or may become applicable to our business, both in the United States and internationally, and our expectations regarding various laws and restrictions that relate to our business;

•our expectations regarding the sufficiency of our insurance coverage;

•our expectations regarding the impact of future laws and regulations on our business;

•our efforts to work with policymakers and governments to update laws and regulations that affect hosts and/or guests and to dispute regulations that unreasonably restrict the right to host;

•the effects of seasonal trends on our results of operations;

•our ability to attract and retain hosts and guests;

•our expectations regarding host activities, host earnings, and our investments in our host community;

•our expectations regarding guest activities and our investments in our guest community;

•our expectations regarding our revenue growth rate;

•our expectations regarding our reliance on third-party payment service providers;

•our expectations regarding the success of integrating acquisitions into our business or the success of businesses we may acquire;

•our ability to successfully compete in our industry;

•our ability to maintain, protect, and enhance our intellectual property;

•the effectiveness of our cybersecurity risk management program and strategy;

•our ability to successfully defend litigation brought against us and our expectations around the resolution of pending legal matters;

•our expectations around declaring or paying cash dividends, entering into credit agreements or other borrowing arrangements, or repaying debt;

•future activity under our share repurchase program;

•the effects of our stakeholder approach to decision-making;

•our expectations regarding the resilience of our model and our ability to adapt to geopolitical conflicts or other changes in the travel industry or economic environment;

•anticipated trends, developments, and challenges in our industry and business;

•the effects of inflation, tariffs, foreign currency fluctuations, and other macroeconomic conditions, global events, and geopolitical conflicts on the travel industry and our future operational results;

•our expectations regarding our financial performance, including our revenue, expenses, Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, and Free Cash Flow;

•our expectations regarding future operating performance, including Nights and Seats Booked, Gross Booking Value (“GBV”), Average Daily Rate, and GBV per Nights and Seats Booked;

•our expectations regarding fluctuations to our global average nights per booking;

•the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs, and any future efforts to raise additional capital or incur additional indebtedness;

•the impact of exchange rate changes on our cash balances and our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;

•our expectations regarding our income tax liabilities, the adequacy of our reserves and settlement discussions related to tax audits, fluctuations in our effective tax rate, and uncertain tax positions;

•our expectations regarding our valuation allowance against our deferred tax assets, including reserves related to our research tax credits;

•our expectations regarding the impact of tax law changes;

•our expectations regarding our lodging tax obligations and other non-income tax liabilities; and

•our expectations regarding the impact of new accounting standards on our financial statements.

We caution investors that the foregoing list does not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. Forward-looking statements should not be relied upon as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections

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about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors listed or described from time to time in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 or described in the section titled “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made available. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and investors should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

This Quarterly Report on Form 10-Q, together with the documents that we reference in it and have filed as exhibits, should be read in its entirety with the understanding that our actual future results may be materially different from our expectations. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.

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PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Airbnb, Inc.

Condensed Consolidated Balance Sheets

(in millions, except par value)

(unaudited)


	December 31, 2025		March 31, 2026
Assets
Current assets:
Cash and cash equivalents	$	6,560	$	7,037
Short-term investments	4,454		4,968
Funds receivable and amounts held on behalf of customers	6,959		10,550
Prepaids and other current assets	824		1,046
Total current assets	18,797		23,601


Deferred income tax assets	2,102		1,941
Goodwill and intangible assets, net	770		767
Other assets, noncurrent	539		519
Total assets	$	22,208	$	26,828
Liabilities and Stockholders’ Equity
Current liabilities:
Accrued expenses, accounts payable, and other current liabilities	$	2,948	$	3,081
Funds payable and amounts payable to customers	6,959		10,550
Current portion of long-term debt	1,999		—
Unearned fees	1,743		2,733
Total current liabilities	13,649		16,364
Long-term debt, net	—		2,475

Other liabilities, noncurrent	360		353
Total liabilities	14,009		19,192
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value: Class A - authorized 2,000 shares; 426 and 419 shares issued & outstanding, respectively; Class B - authorized 710 shares; 176 and 176 shares issued & outstanding, respectively; Class C - authorized 2,000 shares; zero shares issued & outstanding, respectively; and Class H - authorized 26 shares; 9 shares issued and zero shares outstanding, respectively.	—		—
Additional paid-in capital	13,763		14,041
Accumulated other comprehensive loss	(62)		(2)
Accumulated deficit	(5,502)		(6,403)
Total stockholders’ equity	8,199		7,636
Total liabilities and stockholders’ equity	$	22,208	$	26,828

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Airbnb, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)


	Three Months Ended March 31,
	2025		2026
Revenue	$	2,272	$	2,678
Costs and expenses:
Cost of revenue	506		581
Operations and support	303		326
Product development	568		638
Sales and marketing	563		751
General and administrative	294		296

Total costs and expenses	2,234		2,592
Income from operations	38		86
Interest income	173		155

Other income (expense), net	(38)		40
Income before income taxes	173		281
Provision for income taxes	19		121
Net income	$	154	$	160
Net income per share attributable to Class A and Class B common stockholders:
Basic	$	0.25	$	0.27
Diluted	$	0.24	$	0.26
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic	621		598
Diluted	632		608

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Airbnb, Inc.

Condensed Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)


	Three Months Ended March 31,
	2025		2026
Net income	$	154	$	160
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax	4		(9)
Net unrealized gain (loss) on cash flow hedges, net of tax	(73)		73
Foreign currency translation adjustments	13		(4)
Other comprehensive income (loss)	(56)		60
Comprehensive income	$	98	$	220

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Airbnb, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in millions)

(unaudited)


	Three months ended March 31, 2025
	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balances as of December 31, 2024	623	$	—	$	12,602	$	35	$	(4,225)	$	8,412
Net income	—	—		—		—		154		154
Other comprehensive loss	—	—		—		(56)		—		(56)
Common stock and stock-based awards issued, net of shares withheld for employee taxes	2	—		(124)		—		—		(124)
Stock-based compensation	—	—		363		—		—		363
Repurchases of common stock	(6)	—		—		—		(812)		(812)
Balances as of March 31, 2025	619	$	—	$	12,841	$	(21)	$	(4,883)	$	7,937


	Three months ended March 31, 2026
	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balances as of December 31, 2025	602	$	—	$	13,763	$	(62)	$	(5,502)	$	8,199
Net income	—	—		—		—		160		160
Other comprehensive income	—	—		—		60		—		60
Common stock and stock-based awards issued, net of shares withheld for employee taxes	1	—		(132)		—		—		(132)
Stock-based compensation	—	—		410		—		—		410
Repurchases of common stock	(8)	—		—		—		(1,061)		(1,061)
Balances as of March 31, 2026	595	$	—	$	14,041	$	(2)	$	(6,403)	$	7,636

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Airbnb, Inc.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)


	Three Months Ended March 31,
	2025		2026
Cash flows from operating activities:
Net income	$	154	$	160
Adjustments to reconcile net income to cash provided by operating activities:


Stock-based compensation expense	358		410
Deferred income taxes	1		147






Other, net	95		34
Changes in operating assets and liabilities:
Prepaids and other assets	(79)		(210)


Accrued expenses and other liabilities	155		179

Unearned fees	1,105		988
Net cash provided by operating activities	1,789		1,708
Cash flows from investing activities:

Purchases of short-term investments	(766)		(1,375)
Sales and maturities of short-term investments	623		849
Other investing activities, net	(8)		65
Net cash used in investing activities	(151)		(461)
Cash flows from financing activities:
Change in funds payable and amounts payable to customers	3,074		3,707


Proceeds from issuance of long-term debt, net of issuance costs	—		2,483
Principal repayment of long-term debt	—		(2,000)

Share repurchases	(807)		(1,088)
Taxes paid related to tax on equity awards	(152)		(140)


Proceeds from exercise of equity awards	30		8

SEC Form 10-Q filed by Airbnb Inc.