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olivLaw · US equity research

Airbnb, Inc. ABNB

Services-To Dwellings & Other Buildings · SIC 7340 · Vertical: Services-To Dwellings & Other Buildings (SIC 7340)

176.37USD+5.64% · 1 dayClose 04 Nov 2026

Airbnb runs a global marketplace linking guests with stays, experiences and services in over 220 countries and regions. Revenue grew 10% to 12.2 billion USD in 2025, and growth accelerated in the second quarter of 2026, which makes the company relevant to investors tracking expansion beyond stays.

At the close of 04 Nov 2026, Airbnb, Inc. (ABNB) stock was 176.37 USD (+5.64% on the day), with beta 1.23, 52-week range 111.54–190.50 USD. Latest reported quarter (Q2 2026): revenue of 3.6 bn USD (+16.5% YoY), net income of 816.0 m USD (+27.1% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
1.23
Volatility (1y) 36%
52-week range
111.54190.50

Price history

Loading chart…

Technical reading

RSI (14)
58.9
strong (55–70)
Bollinger (20, 2)
160.89 – 178.94
in the upper half of the band · %B 0.86 · band width 10.6%
SMA 50 / 200
169.32 / 147.31
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.96 / 0.86
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+7.5%−1.1%+8.6 pp—
3 months+15.7%−0.5%+16.1 pp—
6 months+26.1%+4.4%+21.7 pp—
Year to date+30.0%+12.3%+17.6 pp—
1 year+44.2%+13.5%+30.6 pp−13.1%
3 years+43.8%+76.4%−32.6 pp+33.5%
5 years−12.5%+63.7%−76.2 pp—
Max drawdown (1y)
−21.5%
25 Aug 2026 → 23 Sept 2026
Max drawdown (5y)
−60.2%
15 Nov 2021 → 28 Dec 2022
Compound annual growth (5y)
−2.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
3.6 bn USD
+16.5% YoY
Net income
816.0 m USD
+27.1% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
22.6% / 21.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue3.7 bn2.5 bn2.3 bn3.1 bn4.1 bn2.8 bn2.7 bn3.6 bn
Cost of revenue465.0 m427.0 m506.0 m544.0 m549.0 m487.0 m581.0 m633.0 m
Research & development524.0 m538.0 m568.0 m610.0 m587.0 m589.0 m638.0 m672.0 m
Operating income1.5 bn430.0 m38.0 m612.0 m1.6 bn269.0 m86.0 m758.0 m
Pre-tax income1.7 bn622.0 m173.0 m779.0 m1.8 bn393.0 m281.0 m897.0 m
Income tax367.0 m161.0 m19.0 m137.0 m418.0 m52.0 m121.0 m81.0 m
Net income1.4 bn461.0 m154.0 m642.0 m1.4 bn341.0 m160.0 m816.0 m
Operating cash flow1.1 bn ≈466.0 m1.8 bn975.0 m ≈1.4 bn ≈526.0 m1.7 bn1.3 bn ≈
Share repurchases1.1 bn ≈838.0 m807.0 m1.0 bn ≈877.0 m ≈1.1 bn1.1 bn1.1 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue4.8 bn3.4 bn6.0 bn8.4 bn9.9 bn11.1 bn12.2 bn
Revenue YoYunavailable−29.7%+77.4%+40.2%+18.1%+11.9%+10.3%
Net income-674.3 m-4.6 bn-352.0 m1.9 bn4.8 bn2.6 bn2.5 bn
Net income YoYunavailableunavailableunavailableunavailable+153.1%−44.7%−5.2%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-14.0%-135.7%-5.9%22.5%48.3%23.9%20.5%
Free cash flow97.3 m-777.0 m2.3 bn3.4 bnunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
6.6 bn USD
Financial debt
2.0 bn USD
Net debt
-4.6 bn USD
Equity
8.2 bn USD
Total assets
22.2 bn USD
Debt / equity
0.24x
Current ratio
1.38x
ROE
30.2%
ROA
11.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
9.9 bn
2024
11.1 bn
2025
12.2 bn

SEC (XBRL)· 12 Feb 2026verified

Cost of revenue
2023
1.7 bn
2024
1.9 bn
2025
2.1 bn

SEC (XBRL)· 12 Feb 2026verified

Gross profit
2023
8.2 bn ≈
2024
9.2 bn ≈
2025
10.2 bn ≈

SEC (XBRL)· 12 Feb 2026derived

Research & development
2023
1.7 bn
2024
2.1 bn
2025
2.4 bn

SEC (XBRL)· 12 Feb 2026verified

Operating income
2023
1.5 bn
2024
2.6 bn
2025
2.5 bn

SEC (XBRL)· 12 Feb 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Feb 2023verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Feb 2023derived

Pre-tax income
2023
2.1 bn
2024
3.3 bn
2025
3.1 bn

SEC (XBRL)· 12 Feb 2026verified

Income tax
2023
-2.7 bn
2024
683.0 m
2025
626.0 m

SEC (XBRL)· 12 Feb 2026verified

Net income
2023
4.8 bn
2024
2.6 bn
2025
2.5 bn

SEC (XBRL)· 12 Feb 2026verified

Weighted average diluted shares
2023
662.0 m
2024
645.0 m
2025
623.0 m

SEC (XBRL)· 12 Feb 2026verified

Balance sheet · USD

Cash
2023
6.9 bn
2024
6.9 bn
2025
6.6 bn

SEC (XBRL)· 12 Feb 2026verified

Receivables
2023
—
2024
—
2025
186.0 m

SEC (XBRL)· 07 May 2026verified

Current assets
2023
16.5 bn
2024
17.2 bn
2025
18.8 bn

SEC (XBRL)· 12 Feb 2026verified

Property, plant & equipment, net
2023
160.0 m
2024
147.0 m
2025
107.0 m

SEC (XBRL)· 12 Feb 2026verified

Goodwill
2023
752.0 m
2024
750.0 m
2025
754.0 m

SEC (XBRL)· 12 Feb 2026verified

Intangibles (excl. goodwill)
2023
40.0 m
2024
27.0 m
2025
16.0 m

SEC (XBRL)· 12 Feb 2026verified

Total assets
2023
20.6 bn
2024
21.0 bn
2025
22.2 bn

SEC (XBRL)· 12 Feb 2026verified

Accounts payable
2023
141.0 m
2024
142.0 m
2025
232.0 m

SEC (XBRL)· 12 Feb 2026verified

Short-term debt
2023
—
2024
0
2025
2.0 bn

SEC (XBRL)· 12 Feb 2026verified

Long-term debt
2023
2.0 bn
2024
2.0 bn
2025
0

SEC (XBRL)· 12 Feb 2026verified

Current liabilities
2023
10.0 bn
2024
10.2 bn
2025
13.6 bn

SEC (XBRL)· 12 Feb 2026verified

Total liabilities
2023
12.5 bn
2024
12.5 bn
2025
14.0 bn

SEC (XBRL)· 12 Feb 2026verified

Equity
2023
8.2 bn †
2024
8.4 bn †
2025
8.2 bn †

SEC (XBRL)· 12 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
3.9 bn
2024
4.5 bn
2025
4.6 bn

SEC (XBRL)· 12 Feb 2026verified

Capex
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Feb 2023verified

Free cash flow
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Feb 2023derived

Investing cash flow
2023
-1.0 bn
2024
-616.0 m
2025
-748.0 m

SEC (XBRL)· 12 Feb 2026verified

Financing cash flow
2023
-2.4 bn
2024
-3.6 bn
2025
-3.8 bn

SEC (XBRL)· 12 Feb 2026verified

Share repurchases
2023
2.3 bn
2024
3.4 bn
2025
3.8 bn

SEC (XBRL)· 12 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
10.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
13.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
29.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-0.4%
computed by olivLawFY 2025
Net income growth (YoY)
-5.2%
computed by olivLawFY 2025
Net income CAGR 3Y
9.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
82.9%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
20.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
20.4%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
34.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
9.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
75.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
25.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-4.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
4.9 bn USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
6 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
30 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 29.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

176.37 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
34.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
20.4%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
10.3%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 720derived 68

Score by group

29% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · input data missing
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-To Dwellings & Other Buildings (SIC 7340)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality75.1%100 (on a fixed band)36%
Net margin · Quality20.4%100 (vs peers)21%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth13.4%100 (on a fixed band)29%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.4x51 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial51/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality100/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Airbnb, Inc. (ABNB). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 12.2 bn USD in 2025; YoY growth 10.3%; net margin 20.4%; ROE 34.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 75.1%
  • Net margin: 20.4%
  • Revenue CAGR 3Y: 13.4%

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-To Dwellings & Other Buildings (SIC 7340) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
—
vertical median 29.9x
EV/EBITDA
—
vertical median —
P/S
—
vertical median 2.5x
P/B
—
vertical median 5.4x
ROE
34.5%
vertical median 10.9%
above median (+218.3%)
Net margin
20.4%
vertical median 3.0%
above median (+588.6%)
EBIT margin
20.8%
vertical median 5.4%
above median (+287.3%)
Revenue YoY
10.3%
vertical median 11.0%
below median (−6.6%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
APGAPi Group Corporation18.7 bn54.410.9%4.1%+12.7%+11% / +118%
ROLRollins, Inc.18.3 bn35.236.0%13.2%+11.0%−38% / −6%
FTDRFrontdoor, Inc.6.4 bn24.6101.9%12.8%+13.6%+72% / +170%
ABMAbm Industries Incorporated3.2 bn19.79.2%1.8%+4.6%+27% / +34%
PMECPrimech Holdings Ltd.11.6 m—-13.0%-2.6%+2.5%−71% / −88%
ARAIArrive AI Inc.5.4 m——-52,935.3%unavailable−97% / unavailable
ABNBAirbnb, Inc.——34.5%20.4%+10.3%+44% / +44%

1- and 3-year price returns: for ABNB from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Airbnb runs a global marketplace linking guests with stays, experiences and services in over 220 countries and regions. Revenue grew 10% to 12.2 billion USD in 2025, and growth accelerated in the second quarter of 2026, which makes the company relevant to investors tracking expansion beyond stays.

SWOT

Strengths

  • Strong brand, a global network of hosts and guests, and a business that generates solid operating cash flow, which supports growth and share repurchases.
  • Rapid innovation, supported by a rebuilt technology stack and the use of AI in support, search and host tools.
  • Diversification beyond stays, including services and experiences, which could add new revenue sources.

Weaknesses

  • Dependence on a model exposed to fragile local short-term rental rules that can limit supply in certain cities.
  • High community support costs, largely handled by third-party providers that require quality control.
  • Exposure to user-caused safety incidents, which can damage reputation and raise insurance costs.

Opportunities

  • Growth in regions with lower penetration, where the company invests in marketing and localized products.
  • Expansion into services, experiences and hotels, which could increase how often users engage with the platform.
  • Lower support and acquisition costs through automation, if the AI assistant resolves a larger share of cases.

Threats

  • Stricter rules in major cities that could reduce the supply of hosts.
  • Changes in search engine algorithms or mobile platforms favoring their own services.
  • Intense competition from online agencies, hotels and new AI players, plus geopolitical tensions that could weigh on demand.

Risks

  • Short-term rental regulationhigh

    Local restrictions could limit or ban host activity in some cities, which could reduce supply and revenue.

  • Safety and liabilityhigh

    Incidents involving users could lead to legal claims and damage trust, and existing insurance might not cover every situation.

  • Dependence on traffic and marketingmedium

    Customer acquisition costs could rise if search visibility falls or if users shift toward AI apps.

  • Geopolitical and currency exposuremedium

    Conflicts, tariffs and currency swings could affect demand and results, given the large share of revenue from outside the United States.

  • Data protection and AI regulationlow

    Tighter laws on personal data and AI use could raise compliance costs and limit some features.

Investment thesis

What would need to be true (bull case)

  • Booking and revenue growth accelerated in the second quarter of 2026 and the company raised its full-year outlook, which could support longer expansion if demand stays strong.
  • AI-driven innovation could lower operating costs and speed up feature delivery, which could improve margins if the trend continues.
  • Expansion beyond stays into hotels, services and experiences could create new revenue and raise how often users engage with the platform.

What would break the thesis

  • Restrictive local rules could limit supply in major cities and weigh on revenue over the long term.
  • If marketing and acquisition costs rise, margins could come under pressure, especially with competition from online agencies and AI search.
  • Geopolitical tensions and slower consumer spending could reduce travel demand and slow booking growth.

What to watch

  • Delivery of the raised revenue guidance for the third quarter of 2026Q3 2026
  • Adjusted EBITDA margin trajectory against the updated outlookQ3 2026
  • Effect of local rental regulation on host supply in major cities2027
  • Adoption of services, experiences and hotels and their contribution to revenuenext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Airbnb was founded in 2007 and operates a two-sided marketplace connecting hosts and guests, with offerings in stays, experiences and services. The company describes a community of over 5 million hosts and over 2.5 billion guest arrivals 1. Its strategy rests on improving the service, expanding into new markets and diversifying beyond stays, including redesigned experiences and services launched in May 2025 1.

Revenue is driven by fees on bookings made through the platform and recognized at guest check-in, which is why gross booking value (GBV) is a leading indicator of revenue 1. The company has also built a system of trust that includes host and guest protections, risk scoring and AI-assisted fraud detection 1.

The operating model is global and flexible: the company reports about 8,200 employees and relies on roughly 13,000 third-party workers for most community support contacts. Its Live and Work Anywhere policy lets most employees work remotely 1.

Segments

Stays (homes)

Stays remain the core of the business, with steady growth in nights booked. In the second quarter of 2026 Nights and Seats Booked grew 10%, and hotel nights booked grew roughly three times as fast as the homes business 3.

Experiences and services

The company expanded services such as grocery delivery, car rentals, airport pickups and luggage storage, and added many experiences in the second quarter of 2026 3. These lines are still early and could diversify revenue beyond stays if traction holds 3.

Market context

The short-term rental market is competitive and locally regulated. Restrictions are a major factor, as in New York City, where 2023 rules produced a de facto ban on short-term rentals 1. International growth was strongest in Latin America and Asia Pacific in the first half of 2026 2.

Most revenue comes from outside the United States, which means exposure to currency movements, taxes and varied local rules 1. The company notes that wars and geopolitical conflicts could affect booking trends 2.

Trends

  • Artificial intelligence in operationstailwind

    The company uses AI for customer support, fraud detection and host tools. Its AI assistant resolves a share of issues without a human agent, which could lower support cost per booking 3.

  • International expansionmixed

    Growth in Latin America and Asia Pacific is an important driver, but it requires investment and exposes the company to operational, tax and regulatory risks across many markets 12.

  • Flexible paymentsmixed

    Deferred payment options such as Reserve Now, Pay Later can support bookings, but they show higher cancellation rates, which makes the link between GBV, revenue and cash receipts less predictable 23.

  • Short-term rental regulationheadwind

    Many cities are adopting or updating short-term rental rules, some very restrictive, which can limit supply in a given city without affecting every market equally 1.

Competitive position

The company competes for hosts and guests with online travel agencies, search engines, hotel chains, property managers and experience platforms 1. Competition for guests depends on inventory, all-in cost, brand, trust and ease of use 1.

The company argues that its fast AI-driven innovation sets it apart from larger peers, but the guest services market is highly fragmented and customer acquisition costs remain a constant pressure 13.

  • Booking HoldingsBKNG

    Online travel agency that includes Booking.com, named in the annual report as a main competitor.

  • Expedia GroupEXPE

    Online travel agency that includes Expedia and VRBO, directly competing for short-term stays.

  • Marriott InternationalMAR

    Large hotel chain competing for guests who choose hotel stays, a segment where the company has expanded its offering.

  • AI-powered search engines

    Indirect competition from search engines and AI apps that could redirect travel traffic away from the platform.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Airbnb, Inc. · 12 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Airbnb, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Airbnb, Inc. · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.