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Airbnb (ABNB) investor relations material
Airbnb Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Revenue grew 10% year-over-year to $4.1 billion in Q3 2025, driven by increased Nights and Seats Booked and U.S. market strength, with adjusted EBITDA reaching a record $2.1 billion and a 50% margin.
Net income for Q3 2025 was $1.4 billion, up $6 million from the prior year, reflecting revenue growth offset by higher payroll expenses, lower interest income, and a higher tax provision.
Gross booking value rose 14% year-over-year to $22.9 billion, with nights and seats booked up 9%, driven by U.S. market strength and new payment options.
Strategic focus areas include product improvements, international expansion, new offerings (services, experiences, hotels), and AI integration.
6.7 million shares were repurchased for $857 million in Q3 2025, with $6.6 billion remaining under repurchase programs.
Financial highlights
Q3 2025 revenue: $4.1 billion (+10% YoY); net income: $1.4 billion; Adjusted EBITDA: $2.1 billion (50% margin).
Free cash flow for Q3 was $1.3 billion, totaling $4.5 billion over the past 12 months (38% margin).
Gross Booking Value for Q3 2025: $22.9 billion (+14% YoY); Nights and Seats Booked: 134 million (+9% YoY).
Free Cash Flow margin for Q3 2025: 33%.
Nine months ended September 30, 2025: revenue $9.5 billion (+10% YoY), net income $2.2 billion, Adjusted EBITDA $3.5 billion (37% margin).
Outlook and guidance
Q4 revenue expected between $2.66–$2.72 billion, up 7–10% year-over-year.
Full-year adjusted EBITDA margin forecasted at approximately 35%, up from prior guidance.
Continued investment in growth initiatives, with more details on 2026 outlook to come.
Management notes potential future impact from macroeconomic and geopolitical factors, including inflation, interest rates, and consumer spending, though no material impact has been observed to date.
Ongoing focus on international expansion, especially in Latin America and Asia Pacific.
IRS tax dispute: What is the potential cash impact?
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Strategy behind increased share repurchase program
Detail AI's role in real-world connection
When do new ventures become material to financials?
Outline strategy to reaccelerate core homes
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Q4 202513 Feb, 2026
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Frequently asked questions
The #1 home renting platform
Airbnb Inc is an American technology company that operates a platform for individuals to rent out their homes and for users to book their stays.
Guests can book a variety of properties such as individual rooms, shared rooms, apartments, houses, hotels, and vacation homes. Airbnb builds on the principle that people with an extra home or room are willing to rent it out to people traveling to that area, as Airbnb doesn’t own any properties themselves.
The company was founded in 2008 and is headquartered in San Francisco, California.
The living room B&B
The Company was previously known and founded as AirBed & Breakfast. The name stems from the initial idea that the co-founders Brian Chesky, Joe Gebbia, and Nathan Blecharczyk had of putting air mattresses in their apartment to help visitors find somewhere to live for a relatively low cost and essentially creating a bed and breakfast. They built a website where travelers could book lodging and got their first customers in 2008.
To initially fund the business, CEO Brian Chesky had used credit cards, and at one point, he owed $25,000 in debt. The company later joined the famous startup incubator, Y Combinator, in 2009 and received $20,000 in funding.
The global asset-light hotel
Airbnb builds on the premise that individuals are willing to rent out their rooms, houses, apartments, etc. This means that Airbnb itself doesn’t own any properties and thus has a very asset-light business model. Instead, Airbnb’s revenue stems from taking a fee from bookings on the platform. Further, Airbnb has a business model that builds on network effects. An increase in supply (renters) means that it will attract more demand (guests) and vice-versa. This means that Airbnb doesn’t have to make any investments in properties to increase their revenues but rather attract more hosts and guests to the platform.
The IPO
Airbnb went public on December 10, 2020, at an original price of $68 per share. The stock opened at $146, representing a gain of 115% and a market valuation of $100 billion.
Before the announcement of the IPO, Airbnb saw a major struggle in the challenges of the covid-19 pandemic due to bookings collapsing as a result of less travel and even saw a net loss. There were speculations if the IPO even would take place due to the current market climate and the company’s challenges with the pandemic. Eventually, they did follow through with the IPO in December 2020 and raised approximately $3.5 billion.
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