Airbnb (ABNB) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw acceleration in revenue, nights booked, and gross booking value (GBV) compared to Q3, outpacing the broader travel industry.

• Over 535 product upgrades and features were launched, focusing on reliability, search, payments, and host tools.

• The Co-Host Network expanded to 100,000 listings in four months, and a new tech stack was completed to support faster innovation and new offerings.

• The company is executing a multi-year growth strategy: perfecting core service, expanding globally, and launching new businesses.

Financial highlights

• Q4 2024 revenue grew 12% year-over-year to $2.5 billion; nights and experiences booked also grew 12%.

• Q4 net income was $461 million; Adjusted EBITDA was $765 million.

• Full-year Adjusted EBITDA reached $4 billion (36% margin); free cash flow for the year was $4.5 billion (40% margin).

• $838 million of Class A stock was repurchased in Q4; $3.4 billion for the full year.

Outlook and guidance

• Q1 2025 revenue expected between $2.23–$2.27 billion, up 4%-6% year-over-year (7%-9% excluding FX headwinds).

• Adjusted EBITDA margin for Q1 2025 expected to decline due to calendar and FX impacts, but would be flat year-over-year excluding these.

• Full-year 2025 Adjusted EBITDA margin expected at least 34.5%, with $200–$250 million investment in new businesses.

• New business launches in May 2025 are expected to contribute to long-term revenue growth.