Airbnb, Inc. (ABNB)

Airbnb reported second-quarter 2026 revenue of $3.6 billion, up 17 percent from a year earlier, with net income of $816 million 3. Gross booking value, the total guests paid for stays, experiences and services, was $27.2 billion 3. Nights and seats booked rose 10 percent to 148.3 million 3.

The company said growth picked up in many of its largest markets, naming the U.S., France, the UK and Australia, and credited product changes built faster with AI tools 3. It raised its full-year outlook to revenue growth of at least the mid teens and an adjusted EBITDA margin of at least 35.5 percent 3. Adjusted EBITDA is a profit measure that leaves out interest, taxes and some other items 1.

The open questions are how fast the new hotel and services businesses grow, and whether the third quarter lands in the company's own revenue range of $4.69 billion to $4.77 billion 3.

Airbnb was founded in 2007, when two hosts welcomed three guests to their San Francisco home 1. Its first annual report after listing says Airbnb started during the Great Recession of 2008 and that people turn to hosting to earn extra income 5.

By 2019 revenue had reached $4.8 billion, up 32 percent from 2018 5.

The pandemic cut travel sharply in 2020 5. Revenue fell $1.4 billion, or 30 percent, almost entirely because nights and experiences booked dropped 41 percent 5. In May 2020 the company cut about 1,800 employees, roughly a quarter of its workforce 5.

Airbnb listed its shares on 14 December 2020, when its public offering closed 5. Revenue then rebounded 77 percent to $6.0 billion in 2021, as bookings recovered and daily rates rose 6. In 2021 it also issued $2.0 billion of 0% convertible notes due March 2026 1.

In 2022 revenue grew 40 percent to $8.4 billion, which the company tied to 31 percent more nights and experiences booked and higher daily rates 7. It ended the year with net income of $1.9 billion, after a net loss of $352.0 million in 2021, and called 2022 its first profitable year 7. In August 2022 the board approved a repurchase program of up to $2.0 billion of Class A stock 7.

Revenue grew 18 percent to $9.9 billion in 2023, on 14 percent more nights and experiences booked and higher daily rates 8. Net income jumped to $4.8 billion, helped by a benefit from income taxes of $2.7 billion 8.

Growth then slowed: Chesky told the Skift Global Forum in September 2025 that revenue growth fell from 40 percent in 2022 to 18 percent in 2023 and 12 percent in 2024 12. Revenue was $11.1 billion in 2024 and $12.2 billion in 2025, a rise of 10 percent that the company tied mainly to more check-ins 1.

In May 2025 Airbnb launched Airbnb Services and redesigned experiences, widening the business beyond places to stay 1. Net income was $2.6 billion in 2024 and $2.5 billion in 2025 1.

Homes, experiences and services

Airbnb runs a global marketplace that connects guests with stays, experiences and services in over 220 countries and regions 1. It says over 5 million hosts have welcomed over 2.5 billion guest arrivals 1.

In 2025 guests booked 533 million nights and seats, up 8 percent, and gross booking value was $91.3 billion, up 12 percent 1. North America brought in $5.2 billion of revenue and EMEA, Europe, the Middle East and Africa, $4.7 billion 1.

Latin America and Asia Pacific each brought in $1.2 billion, up 20 percent and 17 percent 1.

Experiences supply rose nearly 80 percent in the second quarter of 2026 from a year earlier, the company says 3.

Hotels and trip services

TechCrunch reported on 20 May 2026 that Airbnb added a hotel filter, starting with boutique hotels in 20 cities including New York, Paris and London 9. It also added luggage storage in over 15,000 locations 9.

Hotels are still a single-digit share of nights booked, yet hotel nights grew about three times as fast as the homes business, and about 35 percent of first-time hotel bookers later book a home 3.

Skift cited AirDNA for 3,939 hotels on the new listing format as of 4 September 10.

The company says nearly 45 percent of issues that start with its AI support assistant are now resolved without a human agent 3.

People and places

Brian Chesky is chief executive officer 1. Airbnb had approximately 8,200 employees and about 13,000 third-party workers handling most support contacts at the end of 2025 1.

The headquarters is in San Francisco, where it leases about 0.8 million square feet, with about 0.5 million offered for sublease 1.

In March 2026 it sold $2.5 billion of senior notes due 2029, 2031 and 2036, and an August 2025 program allows up to $6.0 billion of Class A stock repurchases 42.

Rivals

The annual report names online travel agencies such as Booking Holdings and Expedia Group, which owns VRBO, plus Trip.com, search engines such as Google, and hotel chains as competitors 1.

Problems and rules

The annual report says New York City passed regulations in 2023 that resulted in a de facto ban of short-term rental activities 1.

Airbnb Ireland signed several agreements to settle Italian tax audits, the latest in January 2025 for 179 million euros, or $186 million 1.

The umbrella, in words

Airbnb sells under one main brand, Airbnb, covering stays, experiences and services 1. The annual report lists its significant subsidiaries in Exhibit 21, and Airbnb Ireland is the one it names in its tax settlements 1.

The founders control the company's votes: Class B stock carries 20 votes per share against one for Class A, and the founders together hold a majority of the voting power 1. They are bound by a Voting Agreement to vote for each founder as a director 1.

As of 31 December 2025 it leased office space of about 1.5 million square feet in the United States and abroad, with about 0.9 million offered for sublease 1.

For the third quarter of 2026 the company expects revenue of $4.69 billion to $4.77 billion, growth of 15 to 17 percent, with a foreign exchange tailwind of about three points 3.

It expects adjusted EBITDA to rise but its margin to be down slightly from the third quarter of 2025, because of the timing of investments 3.

For the full year the company now expects revenue growth of at least the mid teens and an adjusted EBITDA margin of at least 35.5 percent 3.

Later this year it plans AI-generated home comparisons for guests and an AI voice assistant for phone support 3. It said more hotel markets are coming this year 3.

TechCrunch reported that car rentals would launch in the summer of 2026 9. Skift reported Chesky wants hotels to become one of Airbnb's next "multi-billion-dollar businesses" 10.

A repurchase program of up to $6.0 billion, approved in August 2025, may be modified, suspended or ended at any time 2.