A Business at a Glance
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Airbnb was founded in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown into a global community of over 5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country and region across the globe. Every day, hosts offer unique stays, experiences, and services that enable guests to connect with communities in a more authentic way. We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions. Our offerings have expanded to include services and redesigned experiences, which launched in May 2025. We operate with five key stakeholders in mind: our employees, shareholders, hosts, guests, and the communities we serve. Our commitment to making long-term decisions that benefit all these stakeholders is fundamental to our sustained success.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.2B | 12.2B | 11.1B | 9.9B | 8.4B | 6.0B |
| Net Income | 2.5B | 2.5B | 2.6B | 4.8B | 1.9B | -352M |
| EPS | $4.03 | $4.03 | $4.11 | $7.24 | $2.79 | $-0.57 |
| Free Cash Flow | 4.6B | 4.6B | 4.5B | 3.9B | 3.4B | 2.3B |
| ROIC | 36.1% | 44.5% | 24.1% | 47.2% | 30.8% | 9.0% |
| Gross Margin | 51.1% | 51.1% | 52.3% | 53.5% | 51.9% | 54.5% |
| Debt/Equity | 0.49 | 0.49 | 0.24 | 0.24 | 0.41 | 0.51 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.5B | 2.5B | 2.6B | 1.5B | 1.8B | 429M |
| Operating Margin | 20.8% | 20.8% | 23.0% | 15.3% | 21.5% | 7.2% |
| ROE | 30.6% | 30.2% | 31.5% | 58.7% | 34.0% | -7.4% |
| Shares Outstanding | 623M | 623M | 644M | 662M | 678M | 618M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 4.8B | 3.4B | 6.0B | 8.4B | 9.9B | 11.1B | 12.2B | 12.2B |
| Gross Margin | 75.1% | 74.1% | 54.5% | 51.9% | 53.5% | 52.3% | 51.1% | 51.1% |
| R&D | 977M | 2.8B | 1.4B | 1.5B | 1.7B | 2.1B | 2.4B | 2.4B |
| SG&A | 697M | 1.1B | 836M | 950M | 2.0B | 1.2B | 1.3B | 1.3B |
| EBIT | -502M | -3.6B | 429M | 1.8B | 1.5B | 2.6B | 2.5B | 2.5B |
| Op. Margin | -10.4% | -106.3% | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% | 20.8% |
| Net Income | -674M | -4.6B | -352M | 1.9B | 4.8B | 2.6B | 2.5B | 2.5B |
| Net Margin | -14.0% | -135.7% | -5.9% | 22.5% | 48.3% | 23.9% | 20.5% | 20.5% |
| Non-Recurring | 38M | 151M | 225M | 444M | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 23.9% | -97.2% | 9.0% | 30.8% | 47.2% | 24.1% | 44.5% | 36.1% |
| ROE | 101.8% | -158.0% | -7.4% | 34.0% | 58.7% | 31.5% | 30.2% | 30.6% |
| ROA | N/A | -43.7% | -2.6% | 11.8% | 23.2% | 12.6% | 11.6% | 11.3% |
| Cash Flow | ||||||||
| Op. Cash Flow | 223M | -630M | 2.3B | 3.4B | 3.9B | 4.5B | 4.6B | 4.6B |
| Free Cash Flow | 97M | -667M | 2.3B | 3.4B | 3.9B | 4.5B | 4.6B | 4.6B |
| Owner Earnings | 68M | -3.8B | 1.3B | 2.4B | 2.7B | 3.1B | 3.0B | 3.0B |
| CapEx | 125M | 37M | 25M | 25M | 0 | 0 | 0 | 0 |
| Maint. CapEx | 57M | 126M | 138M | 81M | 44M | 16M | 17M | 17M |
| Growth CapEx | 68M | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 57M | 126M | 138M | 81M | 44M | 16M | 17M | 17M |
| CapEx/OCF | 56.3% | N/A | 1.1% | 0.7% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 1.5B | 2.3B | 3.4B | 3.8B | 3.8B |
| Buyback Yield | N/A | N/A | N/A | 2.7% | 2.5% | 4.0% | 4.4% | 4.7% |
| Stock-Based Comp | 98M | 3.0B | 899M | 930M | 1.1B | 1.4B | 1.6B | 1.6B |
| Debt Repayment | 0 | 5.0M | 2.0B | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -3.0B | -4.1B | -5.9B | -7.3B | -8.1B | -8.6B | -7.0B | -2.6B |
| Cash & Equiv. | 2.0B | 5.5B | 6.1B | 7.4B | 6.9B | 6.9B | 6.6B | 6.6B |
| Long-Term Debt | 0 | 1.8B | 2.0B | 2.0B | 2.0B | 2.0B | 0 | N/A |
| Debt/Equity | 0.00 | 0.79 | 0.51 | 0.41 | 0.24 | 0.24 | 0.49 | 0.49 |
| Interest Coverage | -96.9 | -20.9 | 1.0 | 75.1 | N/A | N/A | N/A | N/A |
| Equity | -808M | 2.9B | 4.8B | 5.6B | 8.2B | 8.4B | 8.2B | 8.2B |
| Total Assets | N/A | 10.5B | 13.7B | 16.0B | 20.6B | 21.0B | 22.2B | 22.2B |
| Total Liabilities | N/A | 7.6B | 8.9B | 10.5B | 12.5B | 12.5B | 14.0B | 14.0B |
| Intangibles | N/A | 76M | 52M | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | N/A | -6.0B | -6.4B | -6.0B | -3.4B | -4.2B | -5.5B | -5.5B |
| Working Capital | N/A | 3.8B | 6.0B | 6.9B | 6.6B | 7.0B | 5.1B | 5.1B |
| Current Assets | N/A | 8.9B | 12.4B | 14.9B | 16.5B | 17.2B | 18.8B | 18.8B |
| Current Liabilities | N/A | 5.1B | 6.4B | 8.0B | 9.9B | 10.2B | 13.6B | 13.6B |
| Per Share Data | ||||||||
| EPS | N/A | -16.12 | -0.57 | 2.79 | 7.24 | 4.11 | 4.03 | 4.03 |
| Owner EPS | N/A | -5.84 | 2.07 | 3.57 | 4.11 | 4.80 | 4.87 | 4.87 |
| Book Value | N/A | 4.51 | 7.73 | 8.19 | 12.34 | 13.06 | 13.16 | 13.16 |
| Cash Flow/Share | N/A | -0.98 | 3.75 | 5.06 | 5.87 | 7.01 | 7.46 | 4.06 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | 642.9M | 617.5M | 678.5M | 661.9M | 644.3M | 623.1M | 623.1M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 29.6 | 18.9 | 32.5 | 34.0 | 32.3 |
| P/FCF | N/A | N/A | 45.8 | 16.4 | 23.3 | 19.0 | 18.3 | 17.5 |
| EV/EBIT | N/A | N/A | 229.5 | 26.8 | 54.4 | 30.3 | 30.8 | 30.9 |
| Price/Book | N/A | 33.0 | 21.9 | 10.1 | 11.1 | 10.2 | 10.4 | 9.9 |
| Price/Sales | N/A | 28.1 | 17.2 | 10.2 | 8.3 | 8.2 | 6.5 | 6.6 |
| FCF Yield | N/A | -0.7% | 2.2% | 6.1% | 4.3% | 5.3% | 5.4% | 5.7% |
| Market Cap | N/A | 95.8B | 104.8B | 56.0B | 90.7B | 85.9B | 85.2B | 81.2B |
| Avg. Price | N/A | 147.43 | 167.29 | 126.09 | 124.09 | 142.05 | 128.49 | 130.32 |
| Year-End Price | N/A | 149.00 | 169.71 | 82.49 | 137.00 | 133.38 | 136.82 | 130.32 |
Airbnb, Inc. passes 8 of 9 quality checks, indicating strong fundamentals.
Airbnb, Inc. trades at 32.3x trailing earnings, compared to its 15-year median P/E of 31.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.5x vs a median of 19.0x. The company's 5-year average ROIC is 31.1% with a gross margin of 52.7%. Total shareholder yield (buybacks) is 4.7%. At current prices, the estimated annualized return to fair value is +37.0%.
Airbnb, Inc. (ABNB) has a current P/E ratio of 32.3, compared to its historical median P/E of 31.0. The stock is currently considered Fair based on its historical valuation range.
Airbnb, Inc. (ABNB) has a 5-year average return on invested capital (ROIC) of 31.1%. This indicates strong capital allocation and a potential competitive advantage.
Airbnb, Inc. (ABNB) has a market capitalization of $81.2B. It is classified as a large-cap stock.
Airbnb, Inc. (ABNB) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.67%.
Based on historical P/E analysis, Airbnb, Inc. (ABNB) appears fair. The current P/E of 32.3 is 4% above its historical median of 31.0. The estimated fair value CAGR (P/E method) is 41.2%.
Airbnb, Inc. (ABNB) operates in the Services-To Dwellings & Other Buildings industry, within the Industrials sector.
Airbnb, Inc. (ABNB) reported annual revenue of $12.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Airbnb, Inc. (ABNB) has a net profit margin of 20.5%. This is a strong margin indicating high profitability.
Airbnb, Inc. (ABNB) generated $4.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Airbnb, Inc. (ABNB) has a debt-to-equity ratio of 0.49. This indicates a conservatively financed balance sheet.
Airbnb, Inc. (ABNB) reported earnings per share (EPS) of $4.03 in its most recent fiscal year.
Airbnb, Inc. (ABNB) has a return on equity (ROE) of 30.2%. This indicates the company generates strong returns for shareholders.
Airbnb, Inc. (ABNB) has a 5-year average gross margin of 52.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Airbnb, Inc. (ABNB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Airbnb, Inc. (ABNB) has a book value per share of $13.16, based on its most recent annual SEC filing.