Airbnb (ABNB) Q3 2025 earnings summary

Executive summary

• Revenue grew 10% year-over-year to $4.1 billion in Q3 2025, driven by increased Nights and Seats Booked and strong U.S. market performance, with adjusted EBITDA exceeding $2 billion, the highest ever for a quarter.

• Gross booking value rose 14% year-over-year to $22.9 billion, supported by new payment options and broad-based regional growth.

• Strategic focus areas include product improvements, international expansion, expanding offerings (services, experiences, hotels), and AI integration.

• Over 65 major product improvements were made, including flexible payment and cancellation options, enhanced maps, and improved user experience.

• 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; $4.5 billion over the past 12 months, with a 38% margin.

• Gross Booking Value for Q3 2025: $22.9 billion (+14% YoY); Nights and Seats Booked: 134 million (+9% YoY).

• Nine months ended September 30, 2025: revenue $9.5 billion (+10% YoY), net income $2.2 billion, Adjusted EBITDA $3.5 billion (37% margin).

• A one-time $213 million tax valuation allowance impacted net income due to new tax legislation.

Outlook and guidance

• Q4 revenue expected between $2.66 billion and $2.72 billion, up 7%-10% year-over-year.

• Gross booking value for Q4 projected to grow in low double digits, with nights and seats booked up mid-single digits.

• Full-year adjusted EBITDA margin expected at approximately 35%, up from prior guidance.

• 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.

• Continued investment in growth initiatives, with more details on 2026 outlook to be shared in February.