At a glance
Airbnb Inc is worth $102.46B, about 41 times its fiscal 2025 earnings. Revenue grew 10.3% to $12.24B in fiscal 2025, with 20.5% kept as profit; over 5 years it has grown 29.4% a year. It pays no dividend; it spent $10.97B buying back its shares over FY2021–FY2025. The stock returned +35.2% over the past year with dividends reinvested and −0.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 50 months after the low.
The business in plain English
Airbnb runs an online marketplace that connects travelers (guests) with people who offer places to stay (hosts). It began in 2007, when two hosts welcomed three guests to their San Francisco home. Its annual report filed February 12, 2026, counts over 5 million hosts, who have welcomed more than 2.5 billion guest arrivals, with offerings in over 220 countries and regions. In May 2025 Airbnb launched bookable services and redesigned experiences alongside stays.
Hosts, not Airbnb, provide the homes, and Airbnb's revenue depends on bookings made through its platform. Hosts create listings and use Airbnb's tools for pricing, scheduling and payments. Guests search, book and pay through its website and app, using about 20 local payment methods. Hosts also get AirCover, which includes damage protection of up to $3 million per stay. In fiscal 2025, Airbnb kept 83% of revenue after direct costs (its gross margin) and 20.8% as operating profit (profit from running the business).
Revenue was $12.2 billion in fiscal 2025, up 10.3% from 2024. The 10-K does not give a clean revenue split by product or region. Airbnb says it is pushing into countries where it is less known, and that its customer base is expanding, particularly outside North America and Europe.
Price history
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ABNB +35.2% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.61B, up 16.5% from a year earlier, and net income was $816.0M (+27.1%).
- For fiscal 2025, revenue was $12.24B (+10.3% year over year; +29.4% a year from FY2020 to FY2025) with a 20.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +29.4% good |
|---|---|
| Operating margin | 20.8% good |
| Return on equity (FY2025) | 30.6% good |
| Return on assets (FY2025) | 11.3% good |
| Net cash (cash minus debt) | $9.59B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.38B | $-4.58B | $-777.0M |
| FY2021 | $5.99B | $-352.0M | $2.29B |
| FY2022 | $8.40B | $1.89B | $3.40B |
| FY2023 | $9.92B | $4.79B | — |
| FY2024 | $11.10B | $2.65B | — |
| FY2025 | $12.24B | $2.51B | — |
Valuation snapshot
| Market value | $102.46B |
|---|---|
| P/E ratio | 40.8 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ABNB price data to Nov 2, 2026 | +26.1% | +35.2% | +14.0% | -0.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.1% |
| 2025 | +3.3% |
| 2024 | -3.5% |
| 2023 | +59.2% |
| 2022 | -48.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.9% over that stretch · deepest drop along the way 52.3%, back to its old high 49.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 89 sales ($233.1M), 89 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Nathan Blecharczyk Chief Strategy Officer, Director, 10% owner | sell (plan) | $39.9M |
| Aug 25, 2026 | Nathan Blecharczyk Chief Strategy Officer, Director, 10% owner | sell (plan) | $38.0M |
| Aug 7, 2026 | Nathan Blecharczyk Chief Strategy Officer, Director, 10% owner | sell (plan) | $21.3M |
| Aug 24, 2026 | Nathan Blecharczyk Chief Strategy Officer, Director, 10% owner | sell (plan) | $18.7M |
| Aug 7, 2026 | Brian Chesky CEO and Chairman, Director, 10% owner | sell (plan) | $13.4M |
Who owns it
Large shareholders (13G filings)
| Brian Chesky | 13.6% | Jun 30, 2026 |
| Nathan Blecharczyk | 9.9% | Jun 30, 2026 |
| Joseph Gebbia | 7.5% | Jun 30, 2026 |
| Vanguard Capital Management | 7.15% | Mar 31, 2026 |
| FMR LLC | 3.1% | Dec 31, 2024 |
ETFs with the most weight in ABNB
| PTEC Global X PropTech ETF | 6.69% |
| WTRE WisdomTree New Economy Real Estate Fund | 5.89% |
| BUL Pacer US Cash Cows Growth ETF | 4.89% |
| NITE Nightview Fund NITE | 4.43% |
| AWAY Amplify Travel Tech ETF | 4.22% |
| CAMX Cambiar Aggressive Value ETF | 3.07% |
| XOVR ERShares Private-Public Crossover ETF | 2.92% |
| FDND FT Vest Dow Jones Internet & Target Income ETF | 2.67% |
What could go wrong
- Cities can restrict or ban short-term rentals. New York City's 2023 rules effectively banned short-term rentals there, and some smaller cities have passed harsh limits too. More rules like these could shrink the number of places hosts can list.
- Safety and fraud incidents can damage trust. Crimes, scams or dangerous behavior by hosts or guests can hurt Airbnb's reputation and drive users away. Losses under its damage protection program, and gaps in insurance, could also be costly.
- Hosts and guests can switch to rivals. Airbnb depends on hosts to offer appealing, well-priced stays, which it does not directly control. Hosts can also list with competitors, and keeping both hosts and guests in a competitive industry costs money.
- Expansion beyond stays may not pay off. Airbnb launched services and redesigned experiences in May 2025. Its 10-K calls new offerings high risk because they raise costs and complexity and may not attract enough users to cover their expenses.
- Travel slowdowns can hit bookings hard. Demand depends on travel, which can fall in recessions, pandemics, natural disasters or political turmoil. Airbnb lost $4.6 billion in 2020, and its results can swing widely from quarter to quarter.
- Multi-class shares and large insider stakes. Airbnb has four share classes; its 10-K warns this may weigh on the price of its Nasdaq-traded Class A shares. CEO Brian Chesky reported a 13.6% stake as of June 30, 2026.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
Airbnb pays no dividend and paid none from fiscal 2021 through 2025. An investor who needs income from it would have to cash in shares. Instead, it returns money through share repurchases (buybacks), which shrink the share count. It spent about $11.0 billion on them from fiscal 2021 to 2025, including $3.8 billion in 2025. That was more than its $2.5 billion of net income that year. As of June 30, 2026, cash and investments exceeded debt by about $9.6 billion.
In the 2022 bear market, a long slide in stock prices, Airbnb's stock fell 52.3% from its February 16 peak to its June 30 low. It took about 50 months from that low, until August 21, 2026, to regain the peak. Its price history does not reach back to the 2008 crisis or the 2020 COVID crash. As of October 28, 2026, the shares were down about 3% over five years. A single stock like Airbnb carries more risk than a diversified fund.
Questions investors ask
How does Airbnb make money?
Airbnb makes money from bookings on its online marketplace. Hosts list homes, experiences and services. Guests search, book and pay through Airbnb's website and app, and third-party payment providers help it collect from guests and pay hosts. Revenue reached $12.2 billion in fiscal 2025, up 10.3% from 2024. Airbnb kept 83% of that revenue after direct costs (its gross margin). Its 10-K does not give a clean revenue split by product or region.
Does Airbnb pay a dividend?
No. Airbnb paid no dividends from fiscal 2021 through 2025 and had no dividend yield as of October 28, 2026. Instead, it returns cash through share repurchases (buybacks). It spent about $11.0 billion on them from fiscal 2021 to 2025, including $3.8 billion in 2025. Buybacks shrink the share count, which can raise each remaining share's slice of profits. They do not provide regular cash income.
Is Airbnb profitable?
Yes. Airbnb earned $2.5 billion of net income on $12.2 billion of revenue in fiscal 2025, a net margin of 20.5%, though profit fell 5.2% from 2024. In the quarter ended June 30, 2026, net income rose 27.1% from a year earlier to $816 million. Airbnb lost money in 2020 and 2021 and has been profitable every fiscal year since. As of October 28, 2026, its price-to-earnings (P/E) ratio was 39.6. That means investors paid about $40 for each $1 of fiscal 2025 profit.
Does Airbnb have a lot of debt?
No, not compared with its cash. As of June 30, 2026, Airbnb held about $12.1 billion in cash and investments and $2.5 billion of total debt, leaving net cash of about $9.6 billion. A March 16, 2026 filing reported a major agreement and a new debt or financial obligation. The 10-K still lists debt among its risks, warning that it could limit the cash available for operations.
How has Airbnb stock performed?
Unevenly. As of October 28, 2026, the shares had gained 29.7% over one year and 46% in total over three years, but were down about 3% over five years. Calendar-year returns swung from a 48.65% loss in 2022 to a 59.23% gain in 2023. The 2026 figure of 22.34% is year to date, not a full year. The deepest fall from a peak to a low in the stock's price history was 60.7%.