Airbnb
ABNB · NasdaqServices-To Dwellings & Other Buildings · Fiscal year ends Dec 31
Airbnb reported revenue of $12.2B in the fiscal year ended Dec 2025, up 10.3% from the year before. Operating income was $2.5B, an operating margin of 20.8%, and net income was $2.5B. It held more cash than debt (net cash $4.6B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6B | $8.4B | $9.9B | $11.1B | $12.2B |
| Cost of revenue | $1.2B | $1.5B | $1.7B | $1.9B | $2.1B |
| Gross profit | $4.8B | $6.9B | $8.2B | $9.2B | $10.2B |
| Research & development | $1.4B | $1.5B | $1.7B | $2.1B | $2.4B |
| Operating income | $429M | $1.8B | $1.5B | $2.6B | $2.5B |
| Pre-tax income | −$300M | $2B | $2.1B | $3.3B | $3.1B |
| Income tax | $52M | $96M | −$2.7B | $683M | $626M |
| Net income | −$352M | $1.9B | $4.8B | $2.6B | $2.5B |
| Diluted shares | 616M | 680M | 662M | 645M | 623M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.1B | $7.4B | $6.9B | $6.9B | $6.6B |
| Receivables | – | – | – | – | $186M |
| Current assets | $12.4B | $14.9B | $16.5B | $17.2B | $18.8B |
| Net PP&E | $157M | $121M | $160M | $147M | $107M |
| Goodwill | $653M | $650M | $752M | $750M | $754M |
| Total assets | $13.7B | $16B | $20.6B | $21B | $22.2B |
| Payables | $118M | $137M | $141M | $142M | $232M |
| Deferred revenue | $3.7B | $4.8B | $5.9B | $5.9B | $7B |
| Current liabilities | $6.4B | $8B | $10B | $10.2B | $13.6B |
| Short-term debt | $0 | – | – | $0 | $2B |
| Long-term debt | $2B | $2B | $2B | $2B | $0 |
| Total liabilities | $8.9B | $10.5B | $12.5B | $12.5B | $14B |
| Shareholders' equity | $4.8B | $5.6B | $8.2B | $8.4B | $8.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $3.4B | $3.9B | $4.5B | $4.6B |
| Capital expenditure | $25M | $25M | – | – | – |
| Free cash flow | $2.3B | $3.4B | – | – | – |
| Depreciation & amortisation | $86M | $43M | $18M | $16M | $17M |
| Stock-based compensation | $899M | $930M | $1.1B | $1.4B | $1.6B |
| Acquisitions | $0 | – | – | – | – |
| Share buybacks | $0 | $1.5B | $2.3B | $3.4B | $3.8B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 40.2% | 18.1% | 11.9% | 10.3% |
| Operating income growth (YoY) | – | 320.0% | −15.8% | 68.2% | −0.4% |
| Gross margin | 80.7% | 82.2% | 82.8% | 83.1% | 83.0% |
| Operating margin | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% |
| Net margin | −5.9% | 22.5% | 48.3% | 23.9% | 20.5% |
| Return on equityBlank when equity is negative | −7.4% | 34.0% | 58.7% | 31.5% | 30.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.8% | 22.4% | 14.2% | 23.6% | 29.7% |
| Free cash flow margin | 38.2% | 40.5% | – | – | – |
| Cash conversion (CFO ÷ net income) | −6.57x | 1.81x | 0.81x | 1.71x | 1.85x |
| Receivable days | – | – | – | – | 6 |
| Payable days | 37 | 33 | 30 | 28 | 41 |
| Debt ÷ equity | 0.42x | 0.36x | 0.24x | 0.24x | 0.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$4.1B | −$5.4B | −$4.9B | −$4.9B | −$4.6B |
| Current ratio | 1.95x | 1.86x | 1.66x | 1.69x | 1.38x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.