Slide 1: Q2 2026
Slide 2: Q2 2026 Key Financial Measures
Q2 2026 Key Financial Measures Revenue $3.6B 17% Y/Y 13% Y/Y (ex-FX) Net Income $816M 23% Net income margin Adjusted EBITDA* $1.3B 35% Adjusted EBITDA Margin Free Cash Flow (“FCF”)* $1.3B 35% FCF Margin Trailing Twelve Month (“TTM”) FCF* $4.8B 37% TTM FCF Margin Key Business Metrics Gross Booking Va
Slide 3: Q2 2026 Shareholder Letter
Q2 2026 Shareholder Letter Over the first half of 2026, we’ve delivered some of our strongest results in years. In Q2, that momentum accelerated as we exceeded our outlook across every key metric. Revenue grew 17% year-over-year to $3.6 billion. GBV grew 16% year-over-year to $27.2 billion, driven b
Slide 4: Payments and checkout
Payments and checkout - The checkout experience can make the difference between browsing and booking. We expanded payment options and streamlined checkout to reduce friction and help more guests complete their booking. ¦ Reserve Now, Pay Later: Guests can now use Reserve Now, Pay Later on more listi
Slide 5: Expanding what Airbnb offers
Expanding what Airbnb offers In addition to making Airbnb better for hosts and guests, we’re continuing to expand what Airbnb offers. Our 2026 Summer Release marked the next step in that journey. ¦ Airbnb Services: We expanded Airbnb Services to include grocery delivery, car rentals, airport pickups
Slide 6: These improvements are also making our business more efficient
These improvements are also making our business more efficient. In Q2, our customer support related cost per booking declined approximately 16% year-over-year, driven in part by improvements to our AI assistant. We expect this cost to continue declining as our AI assistant resolves a broader range o
Slide 7: Outlook
Outlook We’re pleased with the results we’ve delivered in the first half of 2026, and are excited about the continued traction from our product innovation and strong demand on our platform across all regions that is driving momentum in the second half of 2026. Given this strength, we are raising our
Slide 8: Helpful services at your service
A CLOSER LOOK Helpful services at your service Great trips include more than where you stay. Travel is easier when there’s a rental car ready to go, a place to store luggage before check-in, or groceries delivered to your door. These new services are the first of many ways we’re making the whole tri
Slide 9: Driving guest growth
GUEST SPOTLIGHT Driving guest growth To boost guest conversion, we redesigned the homepage, streamlined the sign-up flow, and introduced more flexible cancellation and expanded payment options. Search and discovery Login and sign-up The personalized homepage helps guests find the perfect home, An en
Slide 10: More host bookings
HOST SPOTLIGHT More host bookings We added more personalized insights across the app to help hosts attract bookings, and new tools to better manage and promote their listings. Recommendations and insights Tailored suggestions are built into the app to help hosts improve their listings, attract more
Slide 11: Business and Financial Performance
Business and Financial Performance Q2 2026 148.3M $27.2B Nights and Seats Booked Gross Booking Value 10% Y/Y 16% Y/Y 15% Y/Y (ex-FX) In Q2 2026, Nights and Seats Booked grew 10% year-over-year, representing an acceleration relative to Q1 2026, primarily driven by strong demand across all regions and
Slide 12: Regional performance
¦ North America: In North America, we saw high-single digit growth of Nights and Seats Booked during Q2 2026 compared to Q2 2025—representing the highest growth we’ve seen in almost three years. Growth was supported by strong underlying travel demand. ADR in North America increased 7% in Q2 2026 com
Slide 13: Q2 2026 Financial Performance
Q2 2026 $3.6B $816M $1.3B Revenue Net Income Adjusted EBITDA 17% Y/Y 23% Margin 35% Margin 13% Y/Y (ex-FX) $1.3B $1.3B $4.8B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities 35% Margin 37% Margin Revenue of $3.6 billion in Q2 2026 represented a year-over-year increase of 1
Slide 14: Quarterly Revenue, Net Income, Adjusted EBITDA
Quarterly Revenue ($M) $4,000M 17% Y/Y Change 13% 11% $3,000M $3,608 $3,096 $2,000M $2,748 $1,000M $0M Q2 2024 Q2 2025 Q2 2026 Quarterly Net Income ($M) $1,000M Net income 23% % of revenue $750M 21% 20% $816 $500M $642 $555 $250M $0M Q2 2024 Q2 2025 Q2 2026 Quarterly Adjusted EBITDA ($M)* $1,500M 35
Slide 15: Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by Operating Activities ($M) $1,500M 35% Net cash provided by operating activities 38% $1,125M 31% % of revenue $1,270 $1,051 $750M $975 $375M $0M Q2 2024 Q2 2025 Q2 2026 Quarterly Free Cash Flow ($M)* $1,500M 35% Free Cash Flow % of revenue 38% $1,125M 31% $1,253 $1,043
Slide 16: Shares (M)
Shares (M) We repurchased $1.1 billion of Class A common stock during Q2 2026 to help manage the impact of share dilution. As a result, we continue to see a reduction in our total common shares outstanding. 800M Fully Diluted 673 652 Share Count 634 39 39 Stock Based Awards 600M 44 Outstanding 634 6
Slide 17: Balance Sheet and Cash Flows
Balance Sheet and Cash Flows As of June 30, 2026, we had $12.1 billion of cash and cash equivalents, short-term investments, and restricted cash, as well as $12.2 billion of funds held on behalf of guests. Additionally, we held $2.8 billion of unearned fees as of June 30, 2026, which was relatively
Slide 18: About Airbnb; Forward-Looking Statements
About Airbnb Airbnb was born in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown to over 5.5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country across the globe. Every day, hosts offer unique stays, experiences, and servi
Slide 19: Non-GAAP Financial Measures
litigation, and other proceedings related to the Company’s business in a variety of areas; the Company’s ability to maintain its brand and reputation, and effectively drive traffic to its platform; the effectiveness of the Company’s strategy and business initiatives; the Company’s operations in inte
Slide 20: Adjusted EBITDA definition
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. Reconciliat
Slide 21: Free Cash Flow definition
management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business, growth through acquisitions, and strengthening our balance sheet. Our Free Cash Flow is
Slide 22: Quarterly Summary
Quarterly Summary 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nights and 132.6M 125.1M 122.8M 111.0M 143.1M 134.4M 133.6M 121.9M 156.2M 148.3M Seats Booked Y/Y 9% 9% 8% 12% 8% 7% 9% 10% 9% 10% Gross Booking Value $22.9B $21.2B $20.1B $17.6B $24.5B $23.5B $22.9B $20.4B $29.2B $27.2B Y/Y 12% 11% 10%
Slide 23: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended June 30 Six Months Ended June 30 2025 2026 2025 2026 Revenue $3,096 $3,608 $5,368 $6,286 Costs and expenses: Cost of revenue 544 633 1,050 1,214 Operations and support (1) 332 361 635
Slide 24: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) As of December 31 As of June 30 2025 2026 Assets Current assets: Cash and cash equivalents $6,560 $6,821 Short-term investments 4,454 5,248 Funds receivable and amounts held on behalf of customers 6,959 12,224 Prepaids and other current a
Slide 25: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Six Months Ended June 30 2025 2026 Cash flows from operating activities: Net income $796 $976 Adjustments to reconcile net income to cash provided by operating activities: Stock-based compensation expense 782 897 Deferred income
Slide 26: Key Business Metrics
Key Business Metrics Three Months Ended June 30 Six Months Ended June 30 2025 2026 2025 2026 Nights and Seats Booked 134.4M 148.3M 277.5M 304.5M Gross Booking Value $23.5B $27.2B $48.0B $56.4B We track certain key business metrics to measure our performance, identify trends, formulate financial proj
Slide 27: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures The following is a reconciliation of net income to Adjusted EBITDA. Adjusted EBITDA Reconciliation (in millions, except percentages) Three Months Ended Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 2024 2024 2024 2025 2025 2025 2025 2
Slide 28: Free Cash Flow Reconciliation
The following is a reconciliation of net cash provided by operating activities to Free Cash Flow. Free Cash Flow Reconciliation (in millions, except percentages) Three Months Ended Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue $
Slide 29: The world is meant to meet.
The world is meant to meet.