ABNB Q2 2025 Earnings

Call Details

• Call Title: Airbnb, Inc. Q2 2025 Earnings Call
• Date: August 6, 2025 at 8:30 PM UTC
• Management Team:
  • Angela Yang (Director of Investor Relations)
  • Brian Chesky (Co-founder and CEO)
  • Ellie Mertz (Chief Financial Officer)

Call Summary

Financial Performance

• Airbnb reported revenue of $3.1B in Q2 2025, up 13% year over year.
• The company reported 134 million nights and seats booked, which was up 7% year over year.
• Adjusted EBITDA for the quarter was $1B, representing a 34% adjusted EBITDA margin versus 0.5% in the prior year period.
• Net income was $642M and EPS was $1.03, which management said grew 16% and 20% year over year, respectively.
• Free cash flow for Q2 was $1B, and trailing 12‑month free cash flow was $4.3B, implying a 37% free cash flow margin over the last 12 months.
• At quarter end, corporate cash and investments were $11.4B and funds held on behalf of guests were $11.1B.

Guidance

• Q3 revenue guidance was narrowed to $4.02B to $4.1B, representing 8% to 10% year over year growth.
• Nights and seats booked are expected to grow at a similar rate to Q2 2025, per the company commentary.
• The company expects ADR to increase modestly year over year in Q3, with FX noted as a primary driver of ADR movement.
• Adjusted EBITDA for Q3 is expected to exceed $2B, but adjusted EBITDA margin is expected to be lower than Q3 2024.
• The company expects a similar year over year decline in adjusted EBITDA margin in Q4 2025 due to tougher year over year comparisons and growth investments.
• For the full year 2025, the company reaffirmed an adjusted EBITDA margin target of at least 34.5%, which includes approximately $200M of investments in new businesses.