Airbnb, Inc. (ABNB) Earnings

metirFinance

Sep 2026upcoming

Next quarter

Reports Nov 5, 2026.

Consensus is $2.88 EPS for Sep 2026 across 11 estimates, ranging $2.61 to $3.28.

ABNB Jun 2026

Reported Aug 6, 2026 · after the close

: 14.17%
: +17.43%

: $1.20
: $1.37
: —
: $3.61B

Reported results

: $3.61B; from $3.10B
: 82.46%; from 82.43%
: $758.00M; from $612.00M
: 21.01%; from 19.77%
: $816.00M; from $642.00M

Highlights

Demand acceleration: Q2 revenue rose 17% year over year to $3.61 billion, while Nights and Seats Booked increased 10% to 148.3 million and GBV grew 16% to $27.2 billion.
Earnings beat: Diluted EPS was $1.37 versus consensus of $1.20, a 14.17% surprise; net income increased 27% to $816 million from $642 million.
Margin expansion: Adjusted EBITDA grew 21% to $1.26 billion, lifting the margin to 35% from 34% a year earlier; operating income rose 24% to $758 million.
Cash generation: Free cash flow increased 30% to $1.25 billion, or 35% of revenue, and trailing-twelve-month FCF reached $4.83 billion, with a 37% margin.
International strength: Nights and Seats Booked grew approximately 20% in Latin America and at a high-teens rate in Asia Pacific, versus high-single-digit growth in North America and EMEA.
Product expansion: Experiences supply increased nearly 80% year over year, hotel nights grew approximately three times faster than the homes business, and Airbnb expanded Services into grocery delivery, car rentals, airport pickups and luggage storage.
AI efficiency: Nearly 45% of customer-support issues initiated with Airbnb’s AI assistant were resolved without a human agent, while support cost per booking declined approximately 16% year over year.
Raised outlook: Airbnb now expects full-year 2026 revenue growth of at least mid-teens and an Adjusted EBITDA margin of at least 35.5%; Q3 revenue is forecast at $4.69 billion-$4.77 billion, up 15%-17%.
Capital returns: Airbnb repurchased $1.1 billion of Class A stock, or 7.9 million shares, during the quarter and had $3.4 billion remaining under its authorization.

Analysis

Airbnb delivered a stronger-than-expected second quarter, with diluted EPS of $1.37 versus consensus of $1.20. Revenue reached $3.61 billion, up 17% from $3.10 billion a year earlier and 35% from $2.68 billion in Q1, while net income rose to $816 million from $642 million in Q2 2025 and $160 million in Q1 2026. The sequential comparison reflects Airbnb’s normal seasonal ramp toward the third quarter. Operating income increased 24% year over year to $758 million, and Adjusted EBITDA rose 21% to $1.26 billion, although the bottom-line comparison benefited from a $77 million tax benefit related to guidance affecting prior-year taxes.

The defining feature of the print was broad-based demand improvement: Nights and Seats Booked accelerated to 10% growth, GBV rose 16%, and ADR increased 5% to $184. Management attributed the momentum to product improvements, international expansion and stronger growth in core markets. Airbnb also emphasized AI-enabled product development and customer support, alongside expansion into Experiences, hotels and travel services. Cash generation remained substantial, with $1.25 billion of FCF, while the company raised its full-year revenue-growth and margin outlook. The principal investment continues to be growth spending, particularly sales and marketing, which rose 27% year over year to $875 million.

Demand and marketplace growth

Booking volume: Nights and Seats Booked rose 10% year over year to 148.3 million, accelerating from Q1, while GBV increased 16% to $27.2 billion, or 15% excluding foreign exchange.
Pricing and mix: ADR was $184, up 5% year over year, or 4% on an ex-FX basis. Growth was supported by price appreciation and mix, particularly from entire homes and larger listings with four or more bedrooms.
Channel engagement: App nights increased 23% year over year and represented 64% of total nights, up from 59% in the prior-year quarter. First-time bookers grew 11%, the fastest rate in four years.
Geography: Latin America delivered approximately 20% Nights and Seats Booked growth and Asia Pacific grew at a high-teens rate. North America and EMEA each posted high-single-digit growth, with both regions showing acceleration or recovery in demand trends.

Product and AI execution

Guest conversion: Airbnb redesigned its homepage, login and sign-up flows, search rankings and checkout, while expanding Reserve Now, Pay Later and flexible payment options across more markets.
Host tools: New pricing, listing-editing, earnings-dashboard and personalized recommendation features are intended to make hosting easier and improve listing quality and availability.
New categories: Experiences supply increased nearly 80% year over year in Q2, with seats booked accelerating both year over year and sequentially. Airbnb also added thousands of boutique and independent hotels across more than 20 destinations.
AI economics: Airbnb’s support assistant was available in more than 50 languages, and nearly 45% of issues that began with it were resolved without a human agent. Customer-support cost per booking declined approximately 16% year over year.

Profitability and spending

Operating leverage: Revenue grew 17% while total costs and expenses increased 15% to $2.85 billion, raising operating income to $758 million from $612 million and the operating margin to 21% from 20%.
Adjusted earnings: Adjusted EBITDA increased to $1.26 billion from $1.04 billion, and the margin expanded to 35% from 34%. Management attributed the improvement to booking and ADR growth outpacing operating-expense growth.
Investment intensity: Sales and marketing expense rose 27% to $875 million, including a $132 million increase in marketing tied to emerging-market growth initiatives and partnerships. Product development increased 10% to $672 million.
Tax effect: Net income benefited from an $81 million tax provision versus $137 million a year earlier, including a $77 million benefit related to recently published guidance impacting prior-year taxes.

Outlook and capital allocation

Third quarter: Airbnb expects revenue of $4.69 billion-$4.77 billion, representing 15%-17% year-over-year growth and including an estimated three-percentage-point FX tailwind. Adjusted EBITDA is expected to rise, but the margin should decline slightly from Q3 2025 because of investment timing.
Full year: The company raised its 2026 revenue-growth outlook to at least mid-teens and expects an Adjusted EBITDA margin of at least 35.5%, compared with its 2025 result.
Repurchases: Airbnb bought back 7.9 million shares for $1.1 billion in Q2. Six-month repurchases totaled $2.1 billion, leaving $3.4 billion available under the program.
Liquidity and debt: Cash, cash equivalents and short-term investments totaled $12.1 billion, excluding $12.2 billion held on behalf of customers. Long-term debt was $2.5 billion principal after the March issuance and repayment of the $2.0 billion convertible notes.

Cash flow and regulatory exposure

Cash conversion: Operating cash flow was $1.27 billion and FCF was $1.25 billion in Q2, both up from $975 million and $962 million, respectively, in Q2 2025. Six-month FCF was $2.96 billion versus $2.74 billion a year earlier.
Reserve Now, Pay Later: Growing adoption shifts payment collection closer to check-in, reducing the correlation among bookings, unearned fees and quarterly cash flow. Unearned fees were $2.83 billion at June 30, up from $1.74 billion at year-end 2025.
Tax matters: Airbnb continues to contest an IRS position that could imply $1.3 billion of additional tax, plus penalties and interest, if the agency prevails beyond existing reserves.
Non-income taxes: The company had $127 million of accrued estimated lodging-tax obligations and $219 million of accrued other non-income-tax liabilities at June 30, with reasonably possible additional exposures of $29 million-$39 million and $240 million-$260 million, respectively.

Airbnb, Inc.

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