Airbnb, Inc. (ABNB)

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AI: Fair-priced

Price checkThe shares look fairly priced, with strong cash flow offset by demanding expectations.

At $184.06, Airbnb’s 589.59 million shares imply a $108.5 billion market value; subtracting net cash and other adjustments gives roughly $99.0 billion of enterprise value, the value assigned to operations. Against trailing net income of $2.69 billion and operating cash flow near $4.86 billion, that is about 40 times earnings and 20 times cash flow. A rough model using a 10% required return and 3% lasting growth needs about 8% annual cash-flow growth for a decade. That is plausible, but leaves little room for disappointment.

Big pictureAirbnb’s growth and cash generation look durable, but travel spending can swing sharply.

Revenue rose from $3.38 billion in 2020 to $12.24 billion in 2025, while operating income swung from a $3.59 billion loss to a $2.54 billion profit. Cash from operations reached $4.65 billion in 2025. Momentum improved in 2026’s second quarter: revenue grew 16.5% to $3.61 billion, operating income 24% to $758 million, and operating cash 30% to $1.27 billion. However, 2025 operating profit was flat despite 10% revenue growth, and the 2020 collapse shows discretionary travel can fall hard during severe shocks.

Business strengthThe strong balance sheet funds buybacks, though employee share awards remain expensive.

At June 30, Airbnb held $6.82 billion of cash against $2.48 billion of debt, leaving $4.35 billion of net cash; current assets also exceeded current liabilities by $7.39 billion. Over the latest four quarters, it repurchased about $4.11 billion of shares versus $1.71 billion of employee share awards recorded as expense, and the share count fell 3.9%. Buybacks therefore more than offset dilution, but awards consumed a large part of economic cash generation. Operating cash also benefits from guest payments collected before hosts are paid, so it should not be treated like ordinary profit.

What could change the storySustained faster growth could justify today’s price; weaker bookings would expose its high cost.

Management now expects about 15% revenue growth in 2026 and adjusted profit before interest, tax, and noncash charges equal to at least 35.5% of revenue. Third-quarter revenue guidance of $4.69–$4.77 billion implies 15%–17% growth. The bull case is that international markets, hotels, services, and cheaper artificial-intelligence support keep growth above the roughly 8% cash-growth hurdle. The bear case is that currency added about four points to second-quarter growth, employee share awards remain near $1.7 billion annually, or conflict-driven cancellations spread. Double-digit bookings with rising operating profit would strengthen the case.

$184.06 price considered

AI: News

Strong second-quarter resultsAirbnb beat expectations and raised its outlook, driving a sharp one-day share-price rally.

On August 6, 2026, Airbnb reported second-quarter revenue of $3.61 billion, up 17%, and net income of $816 million, up 27%, including a $77 million tax benefit. Booking value rose 16% to $27.2 billion, while booked nights and seats increased 10% to 148 million. Management lifted full-year revenue growth guidance to about 15% and guided third-quarter growth to 15%–17%. Shares jumped 17.4% the next day; the timing strongly links the move to earnings, although the broader market also rose.

Broader travel platformNew hotels and trip services widen Airbnb’s opportunity, but their profit impact remains unproven.

On May 20, 2026, Airbnb expanded beyond home stays with boutique hotels in 20 destinations, thousands of additional experiences, car rentals, grocery delivery, airport pickups, and luggage storage. The additions could increase how much each traveler spends and help Airbnb compete where short-term-rental supply is constrained. They also require investment and place Airbnb nearer established full-service booking platforms. No reliable isolated share-price reaction was found, so any immediate market effect is uncertain; the importance lies mainly in future revenue and customer-retention expectations.

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	2025	2024	2023	2022	2021	2020	2019
Revenue	$12.24B	$11.10B	$9.92B	$8.40B	$5.99B	$3.38B	$4.81B
Research & development	$2.35B	$2.06B	$1.72B	$1.50B	$1.43B	$2.75B	$976.7M
Operating income	$2.54B	$2.55B	$1.52B	$1.80B	$429.0M	−$3.59B	−$501.5M
EBITDAderived	—	—	$1.55B	$1.84B	$514.6M	−$3.52B	−$444.3M
Net income	$2.51B	$2.65B	$4.79B	$1.89B	−$352.0M	−$4.58B	−$674.3M

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)490$1.56B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4 · 10b5-1	Blecharczyk NathanChief Strategy Officer	SellClass A Common Stock · indirect	8.8K	$147.07	$1.29M	77.6K
Jun 26, 2026Form 4 · 10b5-1	Blecharczyk NathanChief Strategy Officer	SellClass A Common Stock · indirect	13.0K	$146.59	$1.91M	86.4K
Jun 26, 2026Form 4 · 10b5-1	Blecharczyk NathanChief Strategy Officer	SellClass A Common Stock · indirect	9.2K	$145.58	$1.34M	99.4K
Jun 25, 2026Form 4 · 10b5-1	Blecharczyk NathanChief Strategy Officer	SellClass A Common Stock · indirect	2.1K	$145.09	$306.6K	12.4K
Jun 24, 2026Form 4 · 10b5-1	Blecharczyk NathanChief Strategy Officer	SellClass A Common Stock · indirect	2.4K	$147.09	$358.9K	12.4K

Review ownership filings at SEC.gov ↗

Airbnb, Inc. (ABNB)

Financial charts

Financial statements

Insider buys & sells