Revenue growth has normalized to a range between 6.1% and 17.9% over the last ten quarters, while operating margins remain highly sensitive to seasonality, swinging from a low of -22.4% to a peak of 40.9%.
| Sales/Revenue | 12.65B | 12.24B | 11.1B | 9.92B | 8.4B | 5.99B | 3.38B | 4.81B | 3.65B |
| Revenue Growth % | 12.6% | 10.26% | 11.95% | 18.07% | 40.17% | 77.37% | -29.7% | 31.58% | - |
| Cost of Goods Sold | 2.16B | 2.09B | 1.88B | 1.7B | 1.5B | 1.16B | 876.04M | 1.2B | 864.03M |
| COGS % of Revenue | - | 17.04% | 16.92% | 17.17% | 17.85% | 19.29% | 25.93% | 24.9% | 23.66% |
| Gross Profit | 10.49B | 10.15B | 9.22B | 8.21B | 6.9B | 4.84B | 2.5B | 3.61B | 2.79B |
| Gross Margin % | 82.91% | 82.96% | 83.08% | 82.83% | 82.15% | 80.71% | 74.07% | 75.1% | 76.34% |
| Gross Profit Growth % | - | 10.09% | 12.3% | 19.04% | 42.68% | 93.27% | -30.67% | 29.45% | - |
| Operating Expenses | 7.89B | 7.61B | 6.67B | 6.7B | 5.1B | 4.41B | 6.09B | 4.11B | 2.77B |
| OpEx % of Revenue | - | 62.18% | 60.09% | 67.52% | 60.7% | 73.55% | 180.34% | 85.54% | 75.83% |
| Selling, General & Admin | 4.12B | 3.93B | 3.33B | 3.79B | 2.47B | 2.02B | 2.31B | 2.32B | 1.58B |
| SG&A % of Revenue | - | 32.11% | 30.02% | 38.2% | 29.36% | 33.75% | 68.38% | 48.25% | 43.29% |
| Research & Development | 2.42B | 2.35B | 2.06B | 1.72B | 1.5B | 1.43B | 2.75B | 976.7M | 579.19M |
| R&D % of Revenue | - | 19.23% | 18.52% | 17.36% | 17.88% | 23.78% | 81.49% | 20.33% | 15.86% |
| Other Operating Expenses | 4M | 1.33B | 1.28B | 1.19B | 1.13B | 960M | 1.03B | 815.07M | 609.2M |
| Operating Income | 2.59B | 2.54B | 2.55B | 1.52B | 1.8B | 429M | -3.59B | -501.54M | 18.74M |
| Operating Margin % | 20.5% | 20.78% | 23% | 15.31% | 21.45% | 7.16% | -106.27% | -10.44% | 0.51% |
| Operating Income Growth % | - | -0.35% | 68.18% | -15.76% | 320.05% | 111.95% | -615.82% | -2775.75% | - |
| EBITDA | 2.57B | 2.54B | 2.62B | 1.56B | 1.88B | 567M | -3.46B | -387.38M | 101.14M |
| EBITDA Margin % | 20.3% | 20.78% | 23.58% | 15.75% | 22.42% | 9.46% | -102.55% | -8.06% | 2.77% |
| EBITDA Growth % | 0.04% | -2.83% | 67.61% | -17.05% | 232.1% | 116.37% | -794.28% | -483% | - |
| D&A (Non-Cash Add-back) | -25M | 0 | 65M | 44M | 81M | 138M | 125.88M | 114.16M | 82.4M |
| EBIT | 2.59B | 2.54B | 2.55B | 1.52B | 1.89B | 138M | -4.51B | -401.74M | 73.18M |
| Net Interest Income | 687M | 705M | 818M | 638M | 162M | -425M | -144.57M | 75.93M | 40.65M |
| Interest Income | 687M | 705M | 818M | 721M | 186M | 13M | 27.12M | 85.9M | 66.79M |
| Interest Expense | 0 | 0 | 0 | 83M | 24M | 438M | 171.69M | 9.97M | 26.14M |
| Other Income/Expense | 653M | 593M | 778M | 584M | 187M | -729M | -1.09B | 89.84M | 28.29M |
| Pretax Income | 3.25B | 3.14B | 3.33B | 2.1B | 1.99B | -300M | -4.68B | -411.7M | 47.03M |
| Pretax Margin % | 25.66% | 25.63% | 30% | 21.2% | 23.68% | -5.01% | -138.59% | -8.57% | 1.29% |
| Income Tax | 728M | 626M | 683M | -2.69B | 96M | 52M | -97.22M | 262.64M | 63.89M |
| Effective Tax Rate % | 22.43% | 19.96% | 20.5% | -127.97% | 4.83% | -17.33% | 2.08% | -63.79% | 135.85% |
| Net Income | 2.52B | 2.51B | 2.65B | 4.79B | 1.89B | -352M | -4.58B | -674.34M | -16.86M |
| Net Margin % | 19.9% | 20.51% | 23.85% | 48.32% | 22.54% | -5.87% | -135.71% | -14.03% | -0.46% |
| Net Income Growth % | -0.83% | -5.17% | -44.74% | 153.14% | 637.78% | 92.32% | -579.88% | -3899.64% | - |
| Net Income (Continuing) | 2.52B | 2.51B | 2.65B | 4.79B | 1.89B | -352M | -4.58B | -674.34M | -16.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.14 | 4.03 | 4.11 | 7.24 | 2.79 | -0.57 | -7.72 | -1.27 | -0.03 |
| EPS Growth % | 1.76% | -1.95% | -43.23% | 159.5% | 589.47% | 92.62% | -507.87% | -3893.71% | - |
| EPS (Basic) | - | 4.10 | 4.19 | 7.52 | 2.97 | -0.57 | -7.72 | -1.27 | -0.03 |
| Diluted Shares Outstanding | 608M | 623M | 645M | 662M | 680M | 616M | 594.08M | 530.95M | 530.95M |
| Basic Shares Outstanding | 598M | 613M | 632M | 637M | 637M | 616M | 594.08M | 530.95M | 530.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory and supply constraints
According to recent financial disclosures, ABNB's revenue growth has exhibited significant volatility, fluctuating between 6.1% and 17.9% over the last ten quarters, reflecting a transition from post-pandemic recovery to a more mature, seasonally-dependent growth profile that remains heavily influenced by third-quarter peak travel demand cycles.
The revenue trajectory suggests that the company is moving past its hyper-growth phase, with growth rates increasingly sensitive to macroeconomic conditions and regional travel demand. Investors should monitor whether the platform can sustain double-digit expansion as it faces tougher year-over-year comparisons and potential saturation in core North American markets.
As reported in quarterly income statements, ABNB maintains a robust gross margin profile, consistently hovering between 77.6% and 87.5%, which underscores the inherent scalability of its asset-light marketplace model despite periodic fluctuations driven by seasonal booking volume and associated payment processing costs.
The ability to maintain high gross margins suggests strong pricing power and a lack of direct ownership costs, which differentiates the firm from traditional hospitality operators. However, the variance in quarterly margins warrants investigation into whether shifts in product mix or increased customer support requirements are beginning to exert pressure on unit economics.
Based on the provided income statement data, ABNB's operating margins have demonstrated extreme sensitivity to seasonal revenue spikes, swinging from a negative 22.4% in 2023Q4 to a peak of 40.9% in 2024Q3, indicating that fixed costs are not yet fully decoupled from seasonal revenue fluctuations.
The lack of consistent operating leverage suggests that management continues to prioritize aggressive investment in product development and brand marketing, which periodically masks the underlying profitability of the core business. Analysts should evaluate whether the current level of SG&A spending is a strategic necessity for market share or a sign of inefficient overhead scaling.
Analysis of recent filings reveals that stock-based compensation remains a persistent and significant non-cash expense, consistently exceeding $350 million per quarter, which creates a meaningful wedge between GAAP net income and the company's underlying operational cash generation capabilities for shareholders.
The reliance on equity-based incentives appears to be a structural component of the company's talent strategy, yet it complicates the assessment of true earnings quality. Investors should be cautious of the potential for ongoing dilution to offset the benefits of share repurchase programs, particularly if net income growth fails to outpace the growth of these non-cash charges.
While the company's asset-light model is often praised, recent data suggests that localized regulatory shocks, such as those seen in major urban markets, may act as a structural ceiling on supply growth, potentially undermining the long-term thesis of infinite, low-cost inventory expansion.
Short-sellers may focus on the risk that regulatory friction will force the company to pivot toward more expensive, professionalized inventory, which could erode the unique community-driven value proposition. This shift may lead to margin compression as the platform is forced to compete more directly with traditional, standardized hotel offerings.
Quick answers to the most common questions about buying ABNB stock.
For fiscal year 2025, Airbnb, Inc. (ABNB) reported total revenue of $12.24B. This represents a 235.2% increase compared to $3.65B in 2018.
Airbnb, Inc. (ABNB) is profitable, generating $2.51B in net income for the fiscal year ending 2025 with a net profit margin of 20.5%.
Airbnb, Inc. (ABNB) reported an operating income of $2.54B, resulting in an operating profit margin of 20.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Airbnb, Inc. (ABNB) generated $10.15B in gross profit for the year, representing a gross profit margin of 83.0%. This demonstrates the company's core pricing power and production efficiency.