Airbnb, Inc. · NASDAQ:ABNB
Airbnb — Q1 2026 Earnings Presentation
27 slides from Airbnb's earnings presentation, May 7, 2026
Slide 1: 1
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Slide 2: Q1 2026 Key Financial Measures
Q1 2026 Key Financial Measures Revenue $2.7B 18% Y/Y 15% Y/Y (ex-FX) Net Income $160M 6% Net income margin Adjusted EBITDA* $519M 19% Adjusted EBITDA Margin Free Cash Flow (“FCF”)* $1.7B 64% FCF Margin Trailing Twelve Month ("TTM") FCF* $4.5B 36% TTM FCF Margin Key Business Metrics Gross Booking Val
Slide 3: Q1 2026 Shareholder Letter
Q1 2026 Shareholder Letter Airbnb had a strong start to 2026. Last quarter, we talked about the deliberate path we’ve been on to rebuild our foundation and innovate faster. In Q1, that work continued to pay off. Revenue grew 18% year- over-year to $2.7 billion, exceeding the high end of our guidance
Slide 4: Taking partnerships to new heights
than just standalone products. They’re entry points that we believe will drive future demand across the platform. We’re also expanding our partnership with Delta Air Lines to allow travelers to earn Delta miles on qualifying Airbnb Experiences and Services, in addition to homes. And we’re scaling ou
Slide 5: Outlook
Outlook We started the year off strong, with outperformance across key metrics relative to our expectations. For the remainder of 2026, we’re focused on building upon this momentum and are excited by the pace of innovation and inflection we are seeing across our top line. Our 2026 outlook is underpi
Slide 6: Taking partnerships to new heights
A CLOSER LOOK Taking partnerships to new heights Booking on Airbnb is now more rewarding than ever. With the expansion of our Delta partnership, guests can earn Delta miles for every dollar spent on homes, as well as qualifying experiences and services—giving travelers even more to look forward to.
Slide 7: Business and Financial Performance
Business and Financial Performance Q1 2026 156.2M $29.2B Nights & Seats Booked Gross Booking Value 9% Y/Y 19% Y/Y 13% Y/Y (ex-FX) In Q1 2026, Nights and Seats Booked grew over 9% year-over-year, despite increased cancellations from the Middle East conflict. Absent the impact of the conflict, we esti
Slide 8: Regional performance: EMEA and Latin America
¦ EMEA: In EMEA, we saw mid-single digit growth in Nights and Seats Booked during Q1 2026 compared to Q1 2025. During Q1 2026, we were proud to have nearly 200,000 guests stay on Airbnb and supply growth of almost 30% in the Milan region for the Olympic Games. Following a strong start to the quarter
Slide 9: Revenue, Net Income, Adjusted EBITDA and Free Cash Flow
Q1 2026 $2.7B $160M $519M Revenue Net Income Adjusted EBITDA 18% Y/Y 6% Margin 19% Margin 15% Y/Y (ex-FX) $1.7B $1.7B $4.5B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities 64% Margin 36% Margin Revenue of $2.7 billion in Q1 2026 represented a year-over-year increase of 18
Slide 10: Simplifying our fee structure
Beginning in Q4 2025, we started taking steps to simplify our fee structure, which we believe will help our hosts price more competitively and create greater guest transparency. We began migrating property management software hosts from a split fee structure (where hosts paid a 3% fee and guests pai
Slide 11: Quarterly Revenue, Net Income and Adjusted EBITDA
Quarterly Revenue ($M) Quarterly Net Income ($M) Quarterly Adjusted EBITDA ($M)* *A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 11
Slide 12: Quarterly Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by Operating Activities ($M) Quarterly Free Cash Flow ($M)* TTM Free Cash Flow ($M)* *A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 12
Slide 13: Shares (M)
Shares (M) We repurchased $1.1 billion of Class A common stock during Q1 2026 to help manage the impact of share dilution. As a result, we continue to see a reduction in our total common shares outstanding. 13
Slide 14: Balance Sheet and Cash Flows
Balance Sheet and Cash Flows As of March 31, 2026, we had $12.1 billion of cash and cash equivalents, short-term investments, and restricted cash, as well as $10.6 billion of funds held on behalf of guests. Additionally, we held $2.7 billion of unearned fees as of March 31, 2026, stable compared to
Slide 15: Earnings Webcast
Earnings Webcast Airbnb will host an audio webcast to discuss its first quarter results at 2:00 p.m. PT / 5:00 p.m. ET on May 7, 2026. The link to the webcast will be made available on the Investor Relations website at https://investors.airbnb.com. Interested parties can register for the call in adv
Slide 16: About Airbnb
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 17: Non-GAAP Financial Measures
retain existing hosts and guests and add new hosts and guests; any decline or disruption in the travel and hospitality industries or economic downturn; the Company’s ability to compete successfully; changes to the laws and regulations that may limit the Company’s hosts’ ability and willingness to pr
Slide 18: Non-GAAP measure definitions
on changes in the fair value of contingent consideration arrangements; (vii) settlements and reserves for lodging, withholding, transactional and other non-income taxes where significant uncertainty exists as to how these taxes apply to users of our platform and Airbnb; and (viii) stock-settlement o
Slide 19: Adjusted EBITDA Margin and Free Cash Flow definitions
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial performance measures, including net income (loss) and our other GAAP results. Free Cash Flow represents net
Slide 20: Quarterly Summary
Quarterly Summary 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nights and 132.6M 125.1M 122.8M 111.0M 143.1M 134.4M 133.6M 121.9M 156.2M Seats Booked Y/Y 9% 9% 8% 12% 8% 7% 9% 10% 9% Gross Booking Value $22.9B $21.2B $20.1B $17.6B $24.5B $23.5B $22.9B $20.4B $29.2B Y/Y 12% 11% 10% 13% 7% 11% 14% 16% 19
Slide 21: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended March 31 2025 2026 Revenue $2,272 $2,678 Costs and expenses: Cost of revenue 506 581 Operations and support (1) 303 326 Product development (1) 568 638 Sales and marketing (1) 563 751
Slide 22: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) As of December 31 As of March 31 2025 2026 Assets Current assets: Cash and cash equivalents $6,560 $7,037 Short-term investments 4,454 4,968 Funds receivable and amounts held on behalf of customers 6,959 10,550 Prepaids and other current
Slide 23: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Three Months Ended March 31 2025 2026 Cash flows from operating activities: Net income $154 $160 Adjustments to reconcile net income to cash provided by operating activities: Stock-based compensation expense 358 410 Deferred inc
Slide 24: Key Business Metrics
Key Business Metrics Three Months Ended March 31 2025 2026 Nights and Seats Booked 143.1M 156.2M Gross Booking Value $24.5B $29.2B We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions. Our key business metric
Slide 25: Adjusted EBITDA Reconciliation
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 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 2024 2024 2024 2024 2025 2025 2025 2
Slide 26: 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 2024 2024 2024 2024 2025 2025 2025 2025 2026 Revenue $
Slide 27: Anivident/
Anivident/