US · Nasdaq · ABNB
Airbnb (ABNB) stock analysis: valuation and financials
Consumer Discretionary · Diversified Commercial Services
$164.65 +0.7% Price as of Oct 13, 2026
High-quality marketplace: 83% gross margin, $9.6B net cash, buybacks cutting shares 2.9%/yr; but 10% growth decelerating and 34.75x EV/EBITDA already prices a 9% base-case CAGR with North America risk.
- Market cap
- $98.6B
- P/E
- 36.6x
- EV/Sales
- 6.8x
- FCF yield
- —
- 52-week range
- $111.54 – $190.50
- Next earnings
- Nov 5, 2026
Research as of Oct 13, 2026
Business quality scorecard
- Growth49
- Profitability80
- Cash flow57
- Balance sheet84
- Capital allocation100
- Innovation76
- Valuation47
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Guests pay service fees on stay bookings and hosts pay a fee only on experiences and services; substantially all revenue comes from stays, and this single operating segment earns a 20.8% FY2025 operating margin on an 83.0% gross margin.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $6.0B | $8.4B | $9.9B | $11.1B | $12.2B |
| Revenue growth | +77.4% | +40.2% | +18.1% | +11.9% | +10.3% |
| Gross margin | 80.7% | 82.2% | 82.8% | 83.1% | 83.0% |
| Operating margin | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% |
| Net income | -$352.0M | $1.9B | $4.8B | $2.6B | $2.5B |
| Free cash flow | $2.3B | $3.4B | — | — | — |
| FCF margin | 38.2% | 40.5% | — | — | — |
Amounts in USD · What is free cash flow?
Margins FY2025 gross margin 83.0% (-13bp yoy) and operating margin 20.8% (-221bp yoy) as S&M (+20%) and product development (+14%) outgrew 10% revenue growth. TTM: gross 82.9%, operating 20.8%. Q2 FY2026 operating margin recovered to 21.0%.
- Cash flow WatchFY2025 operating cash flow $4.6B vs net income $2.5B, aided by $1.6B stock-based compensation and $122M of unearned fees from booking growth; FCF also $4.6B.
- Debt LowNet cash of $9.593B and net debt/EBITDA of -3.75x against $2.476B total debt; debt/equity 0.3175.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $12.1B
- Total debt
- $2.5B
- Net cash
- $9.6B
- Current ratio
- 1.4x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management StrongCapital allocation: $10.97B of buybacks against $5.95B share-based comp over five years; diluted share count CAGR -2.9% (3y) and $9.6B net cash, with no acquisitions.
- Credibility HighRevenue topped the guidance high end in four of the last five quarters (Q2 FY2026 $3.61B vs $3.60B; Q1 FY2026 $2.68B vs $2.63B; Q4 FY2025 $2.78B vs $2.72B; Q2 FY2025 $3.10B vs $3.05B); Q3 FY2025 hit its $4.10B high.
Of 5 guided figures checked: 3 beat, 2 in range, 0 missed.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.