Airbnb closed out 2025 with strong momentum, accelerating growth in Q4 across key top-line metrics. The company's performance was driven by increased demand, strategic product improvements like 'Reserve Now, Pay Later', and expansion into new markets, reflecting the durability of its long-term strategy.
Revenue grew 12% year-over-year to $2.8 billion, exceeding the high end of guidance and accelerating from Q3.
positiveGross Booking Value (GBV) grew 16% year-over-year to $20.4 billion, marking the highest growth quarter in over two years.
positiveNights and Seats Booked rose 10% year-over-year, representing the strongest growth quarter of the year.
positiveFull-year 2025 revenue grew 10% year-over-year to $12.2 billion.
positiveFull-year 2025 Gross Booking Value grew 12% year-over-year to $91.3 billion.
positiveFree Cash Flow for Q4 2025 was $521 million, up 19% year-over-year.
positiveFull-year 2025 Free Cash Flow was $4.6 billion, up 10% year-over-year.
positiveExpansion markets grew origin nights booked at roughly twice the rate of core markets.
positiveNet income in Q4 2025 was $341 million, a decrease from $461 million in Q4 2024, impacted by planned investments and approximately $90 million of non-income tax matters.
negativeNet income margin in Q4 2025 was 12%, down from 19% in Q4 2024.
negativeAdjusted EBITDA Margin in Q4 2025 was 28%, down from 31% in Q4 2024.
negativeImplied take rate in Q4 2025 was 13.6%, down year-over-year from 14.1% in Q4 2024.
attentionFull-year 2025 stock-based compensation expense increased 13% driven by headcount growth.
attentionFull-year 2026 Adjusted EBITDA Margin is expected to be stable year-over-year as the company reinvests efficiencies into marketing, product, and technology.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Airbnb closed out 2025 with strong momentum, delivering double-digit growth across our key top-line metrics during the fourth quarter.
Our overall business performance was driven by the strength in demand across all regions and ADR.
We’re driving growth by staying focused on four key areas: making the Airbnb service better, bringing Airbnb to more parts of the world, expanding what we offer, and integrating AI into our app.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.