Airbnb, Inc. · NASDAQ:ABNB
Airbnb — Q3 2025 Earnings Presentation
29 slides from Airbnb's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025
Q Q3 2025 Tae
Slide 2: Q3 2025 Key Financial Measures
Q3 2025 Key Financial Measures Revenue $4.1B 10% Y/Y 10% Y/Y (ex-FX) Net Income $1.4B 34% Net income margin Adjusted EBITDA* $2.1B 50% Adjusted EBITDA Margin Free Cash Flow (“FCF”)* $1.3B 33% FCF Margin Trailing Twelve Month (“TTM”) FCF* $4.5B 38% TTM FCF Margin Key Business Metrics Gross Booking Va
Slide 3: Q3 2025 Shareholder Letter
Q3 2025 Shareholder Letter Q3 2025 was another strong quarter for Airbnb. Revenue increased 10% year-over-year, landing at the high end of our guidance range. Adjusted EBITDA was over $2.0 billion, our highest in any quarter. Gross Booking Value increased 14% year-over-year, while Nights and Seats B
Slide 4: We're expanding what we offer
We’re expanding what we offer: In May, we took the first step in expanding Airbnb beyond stays with the launch of Airbnb Services and reimagined Airbnb Experiences. Since launch, feedback from guests has been overwhelmingly positive— with services and experiences receiving an average rating of 4.93
Slide 5: Outlook
Outlook Our Q3 2025 results demonstrate our continued focus on driving faster growth, as year-over-year growth of nights booked accelerated relative to Q2 2025. In October, we continued to see strong demand despite more difficult year-over-year comparisons. Specifically, we are seeing strength in lo
Slide 6: Local investment, global returns
A CLOSER LOOK Local investment, global returns Airbnb is synonymous with authentic travel. But as an American company, showing up authentically in markets around the world depends on our ability to connect at the local level. So we’re investing in and empowering local teams to create campaigns that
Slide 7: The start of something social
A CLOSER LOOK The start of something social The best trips are the ones we take together. Airbnb is rolling out new social features so you can share memories with co-travelers, stay in touch with the people you meet on experiences, and manage everything with simple and transparent privacy controls.
Slide 8: Q3 2025 Business and Financial Performance
Q3 2025 Business and Financial Performance Q3 2025 133.6M $22.9B Nights & Seats Booked Gross Booking Value 9% Y/Y 14% Y/Y 12% Y/Y (ex-FX) In Q3 2025, we delivered year-over-year growth in Nights and Seats Booked of 9%, representing an acceleration compared to Q2 2025. Nights and Seats Booked grew do
Slide 9: Regional performance
5% in Q3 2025 compared to Q3 2024, primarily driven by mix shift. Growth in short-term stays and entire homes continued to outpace long-term stays (trips of 28 days or more) and private rooms, respectively, helping to drive the mix shift. In August, we launched our Reserve Now, Pay Later payment opt
Slide 10: Guest Favorites and listings
550,000 listings, and we saw a year-over-year reduction in customer service issue rates and credit card chargeback rates during Q3 2025. We also made it easier for guests to find the best places to stay with Guest Favorites. Since launch, we have seen nearly 500 million nights booked at Guest Favori
Slide 11: Q3 2025 Financial Results
Q3 2025 $4.1B $1.4B $2.1B Revenue Net Income Adjusted EBITDA 10% Y/Y 34% Margin 50% Margin 10% Y/Y (ex-FX) $1.4B $1.3B $4.5B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities 33% Margin 38% Margin Revenue of $4.1 billion in Q3 2025 represented a year-over-year increase of 1
Slide 12: Fee structure simplification
In October, we took steps to simplify our fee structure, which we believe will help our hosts price more competitively. We migrated property management software (“PMS”) hosts on our split fee structure (where hosts paid a 3% fee and guests paid a separate service fee) to a single 15.5% single servic
Slide 13: Quarterly Revenue, Net Income and EBITDA
Quarterly Revenue ($M) Q3 2025 revenue of $4.1 billion increased 10% compared to Q3 2024. $5,000M Y/Y Change 10% 10% 18% $3,750M $4,095 $3,732 $2,500M $3,397 $1,250M $0M Q3 2023 Q3 2024 Q3 2025 Quarterly Net Income ($M) Net income in Q3 2025 was $1.4 billion, representing a net income margin of 34%.
Slide 14: Cash flow and free cash flow
Quarterly Net Cash Provided by Operating Activities ($M) In Q3 2025, net cash provided by operating activities was $1.4 billion. $1,500M 39% 33% Net cash provided by operating activities 29% % of revenue $1,125M $1,325 $1,356 $1,078 $750M $375M $0M Q3 2023 Q3 2024 Q3 2025 Quarterly Free Cash Flow ($
Slide 15: Shares
Shares (M) We repurchased $857 million of Class A common stock during Q3 2025 to help manage the impact of share dilution. 800M Fully Diluted 681 665 Share Count 646 42 38 38 Stock Based Awards & 600M Warrants Outstanding 639 627 608 Common Shares Outstanding 400M 200M 0M Sept 2023 Sept 2024 Sept 20
Slide 16: Balance Sheet and Cash Flows
Balance Sheet and Cash Flows For the three months ended September 30, 2025, we reported $1.4 billion of net cash provided by operating activities and $1.3 billion of FCF, highlighting the strength of our cash-generating business model.3 As of September 30, 2025, we had $11.7 billion of cash and cash
Slide 17: 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 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
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’s business in a variety of areas; the Company’s ability to maintain its brand and reputati
Slide 19: Adjusted EBITDA definition
significant uncertainty as to how the taxes apply to our platform; and (viii) stock-settlement obligations, which represent employer and related taxes related to our 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 Q3 Nights and 121.1M 115.1M 113.2M 98.8M 132.6M 125.1M 122.8M 111.0M 143.1M 134.4M 133.6M Seats Booked Y/Y 19% 11% 14% 12% 9% 9% 8% 12% 8% 7% 9% Gross Booking Value $20.4B $19.1B $18.3B $15.5B $22.9B $21.2B $20.1B $17.6B $24.5B $23.5B $2
Slide 22: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended Nine Months Ended September 30 September 30 2024 2025 2024 2025 Revenue $3,732 $4,095 $8,622 $9,463 Costs and expenses: Cost of revenue 465 549 1,451 1,599 Operations and support (1)
Slide 23: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) December 31, 2024 September 30, 2025 Assets Current assets: Cash and cash equivalents $6,864 $7,528 Short-term investments 3,747 4,156 Funds receivable and amounts held on behalf of customers 5,931 7,209 Prepaids and other current assets
Slide 24: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Nine Months Ended September 30 2024 2025 Cash flows from operating activities: Net income $2,187 $2,170 Adjustments to reconcile net income to cash provided by operating activities: Stock-based compensation expense 1,039 1,181 D
Slide 25: Key Business Metrics
Key Business Metrics Three Months Nine Months Ended Ended September 30 September 30 2024 2025 2024 2025 Nights and Seats Booked 122.8M 133.6M 380.5M 411.1M Gross Booking Value $20.1B $22.9B $64.2B $70.9B We track certain key business metrics to measure our performance, identify trends, formulate fin
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 Sept 30 2023 2023 2023
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 Sept 30 2023 2023 2023 2023 2024 2024 2024 2024
Slide 28: Partners in all the right places
A CLOSER LOOK Partners in all the right places Airbnb is rooted in local connections—between people, places, and culture. That’s why we’re growing our partnerships and aligning our brand with cultural moments and global events that have massive local impact. In the process, we’re strengthening relat
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