ABNB Q3 2025 Earnings

Call Details

• Call Title: Airbnb, Inc. Q3 2025 Earnings Call
• Date: November 6, 2025 at 10:00 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

• Gross booking value grew 14% year-over-year to $22.9B in Q3 2025.
• Revenue for the quarter was $4.1B, representing 10% year-over-year growth.
• Nights and seats booked increased 9% year-over-year and accelerated by two percentage points sequentially from Q2.
• Adjusted EBITDA was $2.1B in Q3 2025, representing a 50% adjusted EBITDA margin for the quarter.
• Net income was $1.4B and EPS was $2.21, up 4% year-over-year.
• Q3 results included a one-time $213M valuation allowance related to corporate alternative minimum tax credits due to the One Big Beautiful Bill Act.
• Free cash flow was $1.3B in Q3 and $4.5B on a trailing 12-month basis, representing a 38% free cash flow margin.

Guidance

• Q4 2025 revenue is guided to $2.66B to $2.72B, implying year-over-year growth of 7% to 10%.
• Q4 2025 nights and seats booked are expected to grow in the mid-single-digit range year-over-year.
• Airbnb expects gross booking value to grow in the low double-digit range in Q4 2025 after hedges are considered.
• The company anticipates sequential acceleration on a year-over-two-year basis from Q3 to Q4 2025.
• Full-year 2025 adjusted EBITDA margin is now expected to be approximately 35%, up from the previously shared 34.5%.
• Airbnb will provide a 2026 outlook on the next earnings call in February 2026.