Airbnb, Inc. (ABNB)

Price$162.43Cached quoteAs of 2026-10-03 01:45 UTC

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.

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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Revenue

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2020

2021

2022

2023

2024

2025

Net income

2019

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2022

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2025

Free cash flow

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2020

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$12.24B	$11.10B	$9.92B	$8.40B	$5.99B	$3.38B	$4.81B
Gross profit	$10.15B	$9.22B	$8.21B	$6.90B	$4.84B	$2.50B	$3.61B
Gross margin	82.96%	83.08%	82.83%	82.15%	80.71%	74.07%	75.10%
Research & development	$2.35B	$2.06B	$1.72B	$1.50B	$1.43B	$2.75B	$976.7M
Operating expenses	$9.70B	$8.55B	$8.40B	$6.60B	$5.56B	$6.97B	$5.31B
Operating income	$2.54B	$2.55B	$1.52B	$1.80B	$429.0M	−$3.59B	−$501.5M
Operating margin	20.78%	23.00%	15.31%	21.45%	7.16%	−106.28%	−10.44%
EBITDA	$2.56B	$2.57B	$1.55B	$1.84B	$514.6M	−$3.52B	−$444.3M
EBITDA margin	20.92%	23.14%	15.62%	21.96%	8.59%	−104.29%	−9.25%
Net income	$2.51B	$2.65B	$4.79B	$1.89B	−$352.0M	−$4.58B	−$674.3M
Net profit margin	20.51%	23.85%	48.32%	22.54%	−5.87%	−135.73%	−14.03%
Basic EPSper basic share	$4.10	$4.19	$7.52	$2.97	—	—	—
Diluted EPSper diluted share	$1.03	$4.11	$7.24	$2.79	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.87%of listed shares

BlackRock, Inc.33.06M shares · Jun 30, 2026

View holders

Top 20 reported holders of ABNB
Holder	% owned
BlackRock, Inc.	7.87%33.06M shares
VANGUARD CAPITAL MANAGEMENT LLC	6.34%26.62M shares
HARRIS ASSOCIATES L P	4.49%18.86M shares
STATE STREET CORP	4.32%18.15M shares
Invesco Ltd.	3.85%16.17M shares
Chesky Brian	≈2.62%11M shares
AQR CAPITAL MANAGEMENT LLC	2.53%10.62M shares
GEODE CAPITAL MANAGEMENT, LLC	2.46%10.34M shares
MORGAN STANLEY	2.41%10.1M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.88%7.91M shares
FMR LLC	1.60%6.71M shares
WELLINGTON MANAGEMENT GROUP LLP	1.38%5.79M shares
ACADIAN ASSET MANAGEMENT LLC	1.37%5.77M shares
Independent Franchise Partners LLP	1.29%5.42M shares
Clearbridge Investments, LLC	1.17%4.93M shares
Amundi	1.03%4.32M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.00%4.18M shares
NORGES BANK	0.88%3.71M shares
NORTHERN TRUST CORP	0.88%3.68M shares
TWO SIGMA INVESTMENTS, LP	0.85%3.55M shares

Percentages use 420M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

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