Slide 1: Q2 2025
Slide 2: Q2 2025 Key Financial Measures
Q2 2025 Key Financial Measures Revenue $3.1B 13% Y/Y 13% Y/Y (ex-FX) Net Income $642M 21% Net income margin Adjusted EBITDA* $1.0B 34% Adjusted EBITDA Margin Free Cash Flow (“FCF”)* $1.0B 31% FCF Margin Trailing Twelve Month (“TTM”) FCF* $4.3B TTM 37% TTM FCF Margin Key Business Metrics Gross Bookin
Slide 3: Q2 2025 Shareholder Letter
Q2 2025 Shareholder Letter Airbnb had a strong Q2, exceeding expectations across key metrics including bookings, revenue, and margins. Despite global economic uncertainty early in the quarter, travel demand picked up, and nights booked on Airbnb accelerated from April to July. We continued executing
Slide 4: Outlook
¦ Q2 Free Cash Flow was $1.0 billion, representing a FCF Margin of 31%. Net cash provided by operating activities of $1.0 billion in Q2 2025 was slightly lower compared to $1.1 billion in Q2 2024 due to changes in operating assets and liabilities. Our TTM FCF was $4.3 billion, representing a TTM FCF
Slide 5: 2025 Summer Release
2025 Summer Release On May 13, Airbnb expanded beyond places to stay and introduced three things: ¦ Airbnb Services – Incredible services to make your stay more special ¦ Airbnb Experiences – Explore a city with the locals who know it best ¦ All-new Airbnb app – A redesigned app that makes it easy t
Slide 6: Now you can Airbnb more than an Airbnb
A CLOSER LOOK Now you can Airbnb more than an Airbnb The launch of Airbnb Experiences and Airbnb Services represents not just an expansion beyond our core business, but also two new marketplaces. Experiences are a curated selection of the most interesting things to do in cities all over the world, h
Slide 7: The app that travels with you
A CLOSER LOOK The app that travels with you The completely redesigned Airbnb app puts experiences and services front and center. Now when guests plan, book, and travel, they’ll get recommendations for relevant experiences and services in their trip itineraries, as well as via email and push notifica
Slide 8: New tools for every kind of host
A CLOSER LOOK New tools for every kind of host With thousands of new experiences and services hosts joining the platform, we needed to reimagine our host tools from the ground up. So we transformed every surface—updating onboarding flows, creating a new reservation management view, and giving hosts
Slide 9: Q2 2025 Business and Financial Performance
Q2 2025 Business and Financial Performance Q2 2025 134.4M $23.5B Nights & Seats Booked Gross Booking Value 7% Y/Y 11% Y/Y 9% Y/Y (ex-FX) In Q2 2025, we delivered strong growth of Nights and Seats Booked of 7%, which was relatively stable compared to Q1 2025. Nights and Seats Booked grew double-digit
Slide 10: Following broader macro uncertainty earlier in the quarter, we saw an improvement in travel demand
Following broader macro uncertainty earlier in the quarter, we saw an improvement in travel demand across North America. In the U.S., year-over-year growth of nights booked on a destination basis accelerated each month throughout Q2 2025, driven by domestic travel. Additionally, while travel from Ca
Slide 11: Co-Host Network and quality listings
guests, or cleaning, a co-host can help. Today, the Co-Host Network supports over 100,000 listings, which have had over 10 million nights booked since the launch of the network.4 ¦ Quality listings. Removing low-quality supply and making it easier for guests to find the best places to stay. Since we
Slide 12: $3.1B $642M $1.0B
Q2 2025 $3.1B $642M $1.0B Revenue Net Income Adjusted EBITDA 13% Y/Y 21% Margin 34% Margin 13% Y/Y (ex-FX) $1.0B $1.0B $4.3B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities 37% Margin Revenue of $3.1 billion in Q2 2025 represented a year-over-year increase of 13%, which w
Slide 13: Quarterly Revenue, Net Income, Adjusted EBITDA
Quarterly Revenue ($M) Q2 2025 revenue of $3.1 billion increased 13% compared to Q2 2024. $4,000M Y/Y Change 13% 11% $3,000M 18% $3,096 $2,000M $2,748 $2,484 $1,000M $0M Q2 2023 Q2 2024 Q2 2025 Quarterly Net Income ($M) Net income in Q2 2025 was $642 million, representing a net income margin of 21%.
Slide 14: Quarterly Operating Cash Flow, Free Cash Flow, TTM FCF
Quarterly Net Cash Provided by Operating Activities ($M) In Q2 2025, net cash provided by operating activities was $1.0 billion. $1,200M 38% Net cash provided by 31% 37% operating activities % of revenue $900M $1,051 $975 $909 $600M $300M $0M Q2 2023 Q2 2024 Q2 2025 Quarterly Free Cash Flow ($M)* We
Slide 15: Shares (M)
Shares (M) We repurchased $1.0 billion of Class A common stock during Q2 2025 to help manage the impact of share dilution. 800M Fully Diluted 686 673 Share Count 652 52 39 39 Stock Based Awards & 600M Warrants Outstanding 634 634 613 Common Shares Outstanding 400M 200M 0M Jun 2023 Jun 2024 Jun 2025
Slide 16: Balance Sheet and Cash Flows, Capital Allocation, Earnings Webcast
Balance Sheet and Cash Flows For the three months ended June 30, 2025, we reported $1.0 billion of net cash provided by operating activities and $1.0 billion of FCF, highlighting the strength of our cash-generating business model.6 As of June 30, 2025, we had $11.4 billion of cash and cash equivalen
Slide 17: 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 million hosts who have welcomed over 2 billion guest arrivals in almost every country across the globe. Every day, hosts offer unique stays, experiences, and services
Slide 18: Non-GAAP Financial Measures
to the laws and regulations that may limit the Company’s hosts’ ability and willingness to provide their listings, and/or result in significant fines, liabilities, and penalties to the Company; the effect of extensive regulation and oversight, litigation, and other proceedings related to the Company
Slide 19: Adjusted EBITDA definition and excluded items
significant uncertainty as to how the taxes apply to our platform; and (viii) stock-settlement obligations, which represent employer and related taxes related to the Initial Public Offering (“IPO”). The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nat
Slide 20: Free Cash Flow definition
Free Cash Flow represents net cash provided by operating activities less purchases of property and equipment. We believe Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchase
Slide 21: Quarterly Summary
Quarterly Summary 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nights and 121.1M 115.1M 113.2M 98.8M 132.6M 125.1M 122.8M 111.0M 143.1M 134.4M Seats Booked Y/Y 19% 11% 14% 12% 9% 9% 8% 12% 8% 7% Gross Booking Value $20.4B $19.1B $18.3B $15.5B $22.9B $21.2B $20.1B $17.6B $24.5B $23.5B Y/Y 19% 13% 17%
Slide 22: 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 2024 2025 2024 2025 Revenue $2,748 $3,096 $4,890 $5,368 Costs and expenses: Cost of revenue 506 544 986 1,050 Operations and support (1) 338 332 623 6
Slide 23: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) December 31, 2024 June 30, 2025 Assets Current assets: Cash and cash equivalents $6,864 $7,402 Short-term investments 3,747 3,954 Funds receivable and amounts held on behalf of customers 5,931 11,067 Prepaids and other current assets 638
Slide 24: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Six Months Ended June 30 2024 2025 Cash flows from operating activities: Net income $819 $796 Adjustments to reconcile net income to cash provided by operating activities: Stock-based compensation expense 677 782 Deferred income
Slide 25: Key Business Metrics
Key Business Metrics Three Months Ended June 30 Six Months Ended June 30 2024 2025 2024 2025 Nights and Seats Booked 125.1M 134.4M 257.7M 277.5M Gross Booking Value $21.2B $23.5B $44.1B $48.0B We track certain key business metrics to measure our performance, identify trends, formulate financial proj
Slide 26: Adjusted EBITDA Reconciliation
Reconciliations of Non-GAAP Financial Measures The following is a reconciliation of net income (loss) to Adjusted EBITDA. Adjusted EBITDA Reconciliation (in millions, except percentages) Three Months Ended Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 2023 2023 2023 2023 20
Slide 27: 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 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 2023 2023 2023 2023 2024 2024 2024 2024 2025 20
Slide 28: Proud partner of the Tour de France
A CLOSER LOOK Proud partner of the Tour de France Last year, nearly 10 million people lined the Tour de France route. This year, as a partenaire officiel, and with over 100,000 Airbnb listings across the iconic course, we proudly hosted racegoers, showcased France’s diverse regions, and delivered un
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