ABNB Q4 2025 Earnings

Call Details

• Call Title: Airbnb Q4 2025 Earnings Call
• Date: February 12, 2026 at 10:00 PM UTC
• Management Team:
  • Andrew Slabin (Vice President of Investor Relations)
  • Brian Chesky (Chief Executive Officer)
  • Ellie Mertz (Chief Financial Officer)

Call Summary

Financial Performance

• Revenue was $2.8B, up 12% year-over-year, and exceeded the high end of guidance.
• Gross booking value (GBV) was $20.4B, up 16% year-over-year, which the company called the highest gross quarter in more than two years.
• Nights/stays metric referenced as 'nice and steep books' increased 10% year-over-year and showed acceleration from Q3.
• Adjusted EBITDA was $786M, representing a 28% adjusted EBITDA margin for the quarter.
• Net income was $341M and was negatively impacted by roughly $90M of a one-time non-income tax item.
• Free cash flow was $521M in Q4 and $4.6B for full-year 2025, representing a 38% free cash flow margin for 2025.
• At quarter-end the company held $11B of corporate cash investments plus $7B of funds held on behalf of guests.

Guidance

• Q1 2026 revenue guidance is $2.59B to $2.63B, representing year-over-year growth of 14% to 16%.
• Q1 GBV growth is expected to increase at a low teens year-over-year per the prepared remarks.
• Q1 adjusted EBITDA margin is expected to be approximately flat year-over-year.
• CFO expects an FX tailwind into Q1 of approximately three percentage points to revenue.
• There is an internal inconsistency in full-year commentary where the CEO stated revenue growth should accelerate to at least low double digits while the CFO later said full-year 2026 revenue growth is expected to accelerate below double digits.
• No incremental benefit from AI search or other AI pilots is baked into the published Q1 or full-year outlook per the CFO.