Airbnb, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Airbnb, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,805	3,378	5,992	8,399	9,917	11,102	12,241
Cost of revenue	1,196	876	1,156	1,499	1,703	1,878	2,086
Gross profit	3,609	2,502	4,836	6,900	8,214	9,224	10,155
Research and development	977	2,753	1,425	1,502	1,722	2,056	2,354
Selling and marketing	1,622	1,175	1,186	1,516	1,763	2,148	2,588
General and administrative	697	1,135	836	950	2,025	1,185	1,342
Operating income	-502	-3,590	429	1,802	1,518	2,553	2,544
Other non-operating income	13.9	-947	-304	1	-137	-40	-112
Pre-tax income	-412	-4,682	-300	1,989	2,102	3,331	3,137
Income tax	263	-97	52	96	-2,690	683	626
Net income	-674	-4,585	-352	1,893	4,792	2,648	2,511
EBITDA	-444	-3,523	515	1,845	1,536	2,569	2,561
Shares, basic (weighted)	261	284	616	637	637	632	613
Shares, diluted (weighted)	261	284	616	680	662	645	623

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,014	5,481	6,067	7,378	6,874	6,864	6,560
Short-term investments		911	2,255	2,244	3,197	3,747	4,454
Receivables							186
Other current assets		310	349	456	569	638	824
Total current assets		8,916	12,386	14,861	16,509	17,180	18,797
Property, plant and equipment		270	157	121	160	147	107
Lease right-of-use assets		384	272	138	119	144	150
Goodwill	652	656	653	650	752	750	754
Intangible assets		75.9	52	34	40	27	16
Other non-current assets		189	188	477	463	563	539
Total assets		10,491	13,708	16,038	20,645	20,959	22,208
Accounts payable		79.9	118	137	141	142	232
Accrued liabilities		2,414	1,559	1,876	436	498	593
Deferred revenue		408	904	1,182	1,427	1,616	1,743
Short-term debt		10	0			0	1,999
Total current liabilities		5,140	6,359	7,978	9,950	10,161	13,649
Long-term debt		1,816	1,983	1,987	1,991	1,995	0
Lease liabilities		431	372	295	252	236	204
Other non-current liabilities		203	219	218	539	391	360
Total liabilities		7,590	8,933	10,478	12,480	12,547	14,009
Total debt		1,826	2,000	1,987	1,991	1,995	1,999
Paid-in capital		8,905	11,140	11,557	11,639	12,602	13,763
Retained earnings		-6,006	-6,358	-5,965	-3,425	-4,225	-5,502
Other comprehensive income		2.64	-7	-32	-49	35	-62
Shareholders' equity	-808	2,901	4,775	5,560	8,165	8,412	8,199
Total equity	-808	2,901	4,775	5,560	8,165	8,412	8,199
Total liabilities and equity		10,491	13,708	16,038	20,645	20,959	22,208

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-674	-4,585	-352	1,893	4,792	2,648	2,511
Depreciation and amortization	57.2	67.2	85.6	42.6	18	16	17
Stock-based compensation	97.5	3,003	899	930	1,120	1,407	1,592
Deferred income tax	-5.63	-20	11	-1	-2,875	433	376
Change in payables	75.7	-73	40	20
Cash from operations	223	-740	2,313	3,430	3,884	4,518	4,646
Capital expenditures	-125	-37	-25	-25
Acquisitions	-192	0	0
Purchases of investments	-1,016	-3,033	-4,938	-4,072	-3,308	-3,146	-3,438
Sales and maturities of investments			3,611	4,071	2,380	2,605	2,736
Cash from investing	-347	80	-1,352	-28	-1,042	-616	-748
Debt repaid	0	-5	-1,995	0	0
Stock issued	5.87	15	189	88	110
Share buybacks		0	0	-1,500	-2,252	-3,430	-3,789
Cash from financing	855	3,051	1,308	-689	-2,430	-3,572	-3,827
Exchange rate effect	-25.3	134	-210	-337	152	-237	655
Net change in cash	705	2,525	2,059	2,376	564	93	726
Free cash flow	97.3	-777	2,288	3,405
Interest paid	5.18	130	50	8	55	2	2
Income taxes paid	28.2	15	17	68	132	350	232

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $157.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	82.9%	Gross profit / revenue.
Operating margin	20.8%	Operating income / revenue.
Pre-tax margin	25.6%	Pre-tax income / revenue.
Net margin	20.4%	Net income / revenue.
Operating cash flow margin	36.9%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	34.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.4%	Net income / average total assets.
Return on invested capital (ROIC)	63.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.9%	Research and development expense / revenue.
Stock-based pay / revenue	13.0%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	32.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-0.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-0.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-5.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-2.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.41x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.67x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.6%	Total debt / total assets.
Liabilities / assets	72.9%	Total liabilities / total assets.
Net debt	-$9.59B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$7.39B	Current assets - current liabilities.
Tangible book value	$7.80B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Receivables turnover	63.0x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	23 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.04	Revenue / diluted weighted shares.
Operating cash flow per share	$8.14	Cash from operations / diluted weighted shares.
Book value per share	$13.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.06	Tangible book value / shares outstanding.
Cash per share	$20.22	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$94.29B	Share price x shares outstanding.
Enterprise value	$84.70B	Market cap + total debt - cash - short-term investments.
P/E	35.0x	Market cap / net income. Only when net income is positive.
P/S	7.17x	Market cap / revenue.
P/B	12.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.1x	Market cap / tangible book value, when positive.
P/OCF	19.4x	Market cap / cash from operations, when positive.
EV/Sales	6.44x	Enterprise value / revenue.
EV/EBIT	30.9x	Enterprise value / operating income, when both are positive.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.4%	(Dividends paid + share buybacks) / market cap.

What was Airbnb, Inc.'s revenue in fiscal 2025?

Airbnb, Inc. reported revenue of $12.24B for fiscal 2025, 10.3% higher than the year before.

Was Airbnb, Inc. profitable in fiscal 2025?

Yes. Net income was $2.51B, a net margin of 20.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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