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ABNB 10-K Analysis: Airbnb's $705M Interest Dependency and the Double Squeeze

Airbnb grew revenue 10% to $12.2 billion in FY2025, yet EPS declined. The explanation is not the investment cycle Wall Street cites — it is a double squeeze the filing reveals but earnings coverage misses. Interest income of $705M (22.5% of pretax profit) is eroding as rates fall, while field operations and policy costs are surging 34%, creating a structural expense floor that cannot be cut like advertising. At 33x earnings, the stock needs 17% annual EPS growth — the filing delivered -1.8%.

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15 min

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