Revenue growth decelerated to 16.5% in 2026Q2 from 17.8% in 2024Q1, while gross margins remained stable at 82.5%, though operating margins exhibit extreme seasonality swinging from 1.7% in 2025Q1 to 39.7% in 2025Q3.
Airbnb, Inc. (ABNB) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 13.16B | 12.24B | 11.1B | 9.92B | 8.4B | 5.99B | 3.38B | 4.81B | 3.65B |
| Revenue Growth % | 13.64% | 10.26% | 11.95% | 18.07% | 40.17% | 77.37% | -29.7% | 31.58% | - |
| Cost of Goods Sold | 2.25B | 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 | 10.91B | 10.15B | 9.22B | 8.21B | 6.9B | 4.84B | 2.5B | 3.61B | 2.79B |
| Gross Margin % | 82.9% | 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 | 8.17B | 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 | 4.31B | 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 | 2.49B | 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 | 2.74B | 2.54B | 2.55B | 1.52B | 1.8B | 429M | -3.59B | -501.54M | 18.74M |
| Operating Margin % | 20.81% | 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 | 2.96B | 3.14B | 2.62B | 1.56B | 1.88B | 567M | -3.46B | -387.38M | 101.14M |
| EBITDA Margin % | 22.52% | 25.63% | 23.58% | 15.75% | 22.42% | 9.46% | -102.55% | -8.06% | 2.77% |
| EBITDA Growth % | 10.23% | 19.82% | 67.61% | -17.05% | 232.1% | 116.37% | -794.28% | -483% | - |
| D&A (Non-Cash Add-back) | 21M | 0 | 65M | 44M | 81M | 138M | 125.88M | 114.16M | 82.4M |
| EBIT | 3.11B | 3.14B | 3.33B | 2.19B | 1.89B | 138M | -4.51B | -401.74M | 73.18M |
| Net Interest Income | 643M | 705M | 818M | 638M | 162M | -425M | -144.57M | 75.93M | 40.65M |
| Interest Income | 680M | 705M | 818M | 721M | 186M | 13M | 27.12M | 85.9M | 66.79M |
| Interest Expense | 37M | 0 | 0 | 83M | 24M | 438M | 171.69M | 9.97M | 26.14M |
| Other Income/Expense | 625M | 593M | 778M | 584M | 187M | -729M | -1.09B | 89.84M | 28.29M |
| Pretax Income | 3.36B | 3.14B | 3.33B | 2.1B | 1.99B | -300M | -4.68B | -411.7M | 47.03M |
| Pretax Margin % | 25.56% | 25.63% | 30% | 21.2% | 23.68% | -5.01% | -138.59% | -8.57% | 1.29% |
| Income Tax | 672M | 626M | 683M | -2.69B | 96M | 52M | -97.22M | 262.64M | 63.89M |
| Effective Tax Rate % | 19.98% | 19.96% | 20.5% | -127.97% | 4.83% | -17.33% | 2.08% | -63.79% | 135.85% |
| Net Income | 2.69B | 2.51B | 2.65B | 4.79B | 1.89B | -352M | -4.58B | -674.34M | -16.86M |
| Net Margin % | 20.45% | 20.51% | 23.85% | 48.32% | 22.54% | -5.87% | -135.71% | -14.03% | -0.46% |
| Net Income Growth % | 2.51% | -5.17% | -44.74% | 153.14% | 637.78% | 92.32% | -579.88% | -3899.64% | - |
| Net Income (Continuing) | 2.69B | 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) | 4.51 | 4.03 | 4.11 | 7.24 | 2.79 | -0.57 | -7.72 | -1.27 | -0.03 |
| EPS Growth % | 5.8% | -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 | 597M | 623M | 645M | 662M | 680M | 616M | 594.08M | 530.95M | 530.95M |
| Basic Shares Outstanding | 592M | 613M | 632M | 637M | 637M | 616M | 594.08M | 530.95M | 530.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Regulatory supply shocks
Metrics are mathematically derived from official filings.
Growth Normalizing Toward Maturity
Revenue growth decelerated from 17.8% in 2024Q1 to 16.5% in 2026Q2, with Q3 2025 showing only 9.7% growth, suggesting a maturing platform. According to the latest income statement data, the deceleration appears driven by tougher comps and potential ADR softening.
The 10-quarter trend shows a clear deceleration from the high-teens growth rates of early 2024 to low-double-digit or even single-digit growth in recent quarters. The 2026Q2 growth of 16.5% is a rebound from the 9.7% in 2025Q3, but the overall trajectory suggests a normalization toward a more mature growth profile. This may indicate that the pandemic-era tailwinds have fully lapped, and future growth will likely rely on supply expansion and international penetration rather than pent-up demand.
Gross Margin Resilience Amid Mix Shift
Gross margin has remained remarkably stable, ranging from 77.6% to 87.5% over the past ten quarters, with 2026Q2 at 82.5%. As reported in the financial statements, this stability suggests the fee-based model is resilient to volume fluctuations, though the slight dip in Q1 quarters indicates seasonal mix effects.
The gross margin's consistency, even as revenue growth decelerates, underscores the asset-light nature of the business. The Q1 dips to ~78% are likely due to lower take rates or higher payment processing costs during off-peak seasons. The 2025Q3 peak of 86.6% aligns with peak travel season, indicating strong pricing power. However, the recent trend of ADR softening, as noted in the business drivers, could pressure gross margins if guests shift to lower-priced listings.
Operating Leverage Amplifies Seasonality
Operating margin swings dramatically from 1.7% in 2025Q1 to 39.7% in 2025Q3, highlighting extreme operating leverage. Based on the income statement data, the fixed cost base in R&D and SG&A causes profitability to be highly sensitive to seasonal revenue fluctuations.
The operating margin range of 1.7% to 40.9% over the past ten quarters demonstrates that the company's cost structure is largely fixed, with variable costs limited to COGS and some marketing. This leverage works both ways: in peak quarters, incremental revenue drops to the bottom line, but in trough quarters, fixed costs compress margins. The 2026Q2 operating margin of 21.0% is above the year-ago level of 19.8%, suggesting some efficiency gains, but the Q1 troughs remain a concern for annual profitability.
SBC Distorts True Earnings Power
Stock-based compensation averaged over $400 million per quarter, exceeding net income in some quarters like 2026Q1, where SBC was $410M versus net income of $160M. As disclosed in the financial statements, this non-cash expense significantly understates the cash-generative nature of the business.
The gap between GAAP net income and cash earnings is substantial, with SBC representing roughly 15-20% of revenue. In 2026Q1, SBC was more than double net income, indicating that reported profitability is heavily influenced by non-cash charges. Investors should adjust for SBC to assess true cash earnings, which appear robust given the high gross margins and low capital intensity. However, the dilution from SBC may offset some of the cash flow benefits, and the company's buyback program appears designed to manage this dilution.
R&D and SG&A Scaling Disciplined
R&D and SG&A expenses have grown at a slower pace than revenue, with R&D up from $475M in 2024Q1 to $672M in 2026Q2, while revenue grew from $2.1B to $3.6B. According to the income statement data, this suggests improving cost discipline and potential for further operating leverage.
The ratio of combined R&D and SG&A to revenue has declined from roughly 60% in 2024Q1 to 52% in 2026Q2, indicating that the company is scaling its overhead efficiently. This is particularly notable given the company's investment in AI-driven search and host tools, which may be contributing to conversion improvements without proportional cost increases. However, the absolute dollar growth in R&D and SG&A remains significant, and any acceleration in these costs could pressure margins if revenue growth continues to decelerate.
2025Q3 Peak Profitability Inflection
The third quarter of 2025 marked a peak in profitability with operating margin of 39.7% and net margin of 33.6%, driven by record revenue of $4.1B. As reported in the income statement, this quarter demonstrated the platform's earnings power at scale, but subsequent quarters have shown a reversion to more normalized levels.
The 2025Q3 results were exceptional, with net income of $1.4B and EPS of $2.21, representing a significant inflection point in the company's earnings trajectory. This was likely fueled by strong summer travel demand and effective cost management. However, the following quarters (2025Q4 and 2026Q1) saw a sharp decline in profitability, highlighting the seasonality and the difficulty in sustaining such peak margins. The 2026Q2 recovery to a 21% operating margin suggests a return to a more sustainable level, but the volatility underscores the cyclicality of the travel industry.
Margin Compression Risks Loom
Despite strong gross margins, operating margins have been volatile and may face structural pressure from rising regulatory costs and increased competition. The 2026Q2 operating margin of 21.0% is below the 2025Q2 level of 19.8%? Actually, it's higher, but the trend is mixed, and the Q1 troughs remain a concern.
Short-sellers might argue that the company's high margins are unsustainable due to rising regulatory compliance costs, particularly in key markets like New York and Barcelona, which could reduce supply and increase costs. Additionally, the shift toward professional hosts may erode the platform's unique value proposition, leading to higher marketing expenses to maintain growth. The recent guest complaints about cleaning fees and chore lists could also pressure demand, forcing the company to invest more in customer support or adjust its fee structure, potentially compressing margins. While the current financials show resilience, these structural risks warrant monitoring.