Results
Q2 2026 Revenue Key Financial $3.6B Measures 17% Y/Y 13% Y/Y (ex-FX) Net Income $816M 23% Net income margin Adjusted EBITDA* $1.3B 35% Adjusted EBITDA Margin Free Cash $1.3B Flow (“FCF”)* 35% FCF Margin Trailing Twelve Month $4.8B (“TTM”) FCF* 37% TTM FCF Margin Gross Booking Key Business $27.2B Value (“GBV”) Metrics 16% Y/Y 15% Y/Y (ex-FX) Nights and 148.3M Seats Booked 10% Y/Y A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. * 2
Q2 2026 Shareholder Letter Over the first half of 2026, we’ve delivered some of our strongest results in years.
In Q2, that momentum accelerated as we exceeded our outlook across every key metric.
Revenue grew 17% year-over-year to $3.6 billion.
7GBV grew 16% year-over-year to $27.2 billion, driven by continued strong demand as well as a moderate increase in Average Daily Rate (“ADR”).
Nights and Seats Booked grew 10% year-over-year, accelerating from Q1 2026.
4Net income was $816 million and Adjusted EBITDA increased 21% year-over- year to $1.3 billion, representing an expansion in Adjusted EBITDA Margin to 35%.
One of the most encouraging trends in Q2 was that we saw year-over-year growth accelerate not just in our expansion markets, but in many of our largest core markets as well.
In fact, net origin nights booked in the U.S., France, the UK, and Australia all accelerated in Q2, reinforcing our confidence that our product innovation is driving demand across our business.
We’ve rebuilt Airbnb from the ground up to be an AI-native company, and it’s showing up in our results.
AI, combined with an exceptional team and better execution, is why we’re building and iterating faster than ever before.
On key initiatives, we’ve reduced the time from concept to delivery by as much as 60%.
And compared to the same period last year, we’ve increased the number of features and improvements we’ve shipped this year by nearly 80%.
This faster pace of innovation is reshaping nearly every part of Airbnb and we believe it’s one of the reasons we’re outperforming our largest peers.
Here are some highlights from the quarter: Making Airbnb better for guests and hosts Over the past two quarters, we’ve talked about our blueprint for improving Airbnb through hundreds of small improvements that compound over time.
Those improvements are making it easier to book, easier to host, and driving growth across the business.
For guests Search and discovery - With millions of homes and a growing selection of services and experiences on Airbnb, we improved search and discovery to help guests quickly find the right options for every trip. ¦ A redesigned homepage: Guests now see more relevant recommendations for listings, experiences, services, and destinations. ¦ Smarter search rankings: Search results prioritize higher-quality homes that are a better fit for each trip. ¦ Detailed neighborhood maps: Guests can explore nearby restaurants, landmarks, and transportation to better understand the neighborhoods where they’re staying.
Login and sign-up - Every additional step before booking can create friction.
We redesigned login and sign-up to help more guests access Airbnb and start booking. ¦ Redesigned sign-up and login: Guests can now create an account and sign in more easily across iOS, Android, and web. ¦ Added flexibility: Guests have additional ways to access their account, helping reduce login failures and customer support contacts.
Corporate events
Payments and checkout - The checkout experience can make the die ff rence between browsing and booking.
We expanded payment options and streamlined checkout to reduce friction and help more guests complete their booking. ¦ Reserve Now, Pay Later: Guests can now use Reserve Now, Pay Later on more listings in more countries, and they’ll see it more often throughout the booking journey. ¦ Flexible cancellation policies: Guests can more easily understand their cancellation options before booking. ¦ Updated checkout: Checkout now surfaces the most relevant promotions and credits for each guest, as well as eligible payment options. ¦ Interest-free installments: Eligible guests in Mexico and Brazil can now pay with interest- free installments.
For hosts Pricing - Effective pricing is one of the biggest drivers of host success.
We introduced simpler pricing and more flexible cancellation policies to help hosts succeed. ¦ Simplified pricing in Airbnb Setup: New hosts can more easily set die ff rent weekday and weekend rates. ¦ Single service fee for API hosts: Hosts can more easily set the same price guests see. ¦ Updated cancellation policies: We migrated eligible listings from Strict to Firm cancellation policies, helping hosts attract more bookings.
Recommendations and insights - We’re providing hosts with more personalized recommendations and insights to help them improve their listings, attract more bookings, and increase their earning potential. ¦ Personalized recommendations: Tailored suggestions help hosts improve their listings, calendar availability, and pricing, with proactive notifications that can help them take action. ¦ Quality insights: Hosts receive specic s fi uggestions for improvement based on recent guest reviews.
Host tools and onboarding - We removed friction throughout the hosting journey, making it easier for hosts to get started, manage their listings, and grow their business. ¦ Updated earnings dashboard: Hosts can now track their year-over-year performance and better understand earnings trends. ¦ Improved listing editor: Hosts can more easily highlight important details about their home, including sleeping arrangements.
Management commentary
Expanding what Airbnb oe ff rs In addition to making Airbnb better for hosts and guests, we’re continuing to expand what Airbnb offers.
Our 2026 Summer Release marked the next step in that journey. ¦ Airbnb Services: We expanded Airbnb Services to include grocery delivery, car rentals, airport pickups, and luggage storage.
These services address some of the biggest pain points guests face while traveling.
And we recently introduced resort passes, giving guests day access to amenities at some of the world’s best hotels.
It’s still early days, but we’re seeing real momentum—both in guests’ bookings and how quickly we’re scaling these partner services. ¦ Airbnb Experiences: We added thousands of new Experiences across our most in-demand categories, increasing Airbnb Experiences supply by nearly 80% year-over-year in Q2 2026.
As our selection grew, demand grew alongside it, with seats booked accelerating year-over- year and quarter-over-quarter. ¦ Boutique and independent hotels: We added thousands of boutique and independent hotels to Airbnb across more than 20 top destinations, including New York, Paris, London, Madrid, Rome, and Singapore, with more markets coming this year.
Featured hotels come with a price 1 match guarantee and up to 15% Airbnb credit that guests can use toward their next booking.
2 Approximately 35% of first time guests who book a hotel on Airbnb return to book a home.
While hotels still represent a single-digit percentage of nights booked, they’re seeing signic fi ant growth.
In fact, hotel nights booked grew approximately three times as fast as our homes business.
Building AI into every part of the trip As part of our 2026 Summer Release, we introduced AI tools that make Airbnb easier to use at every stage of the trip.
For guests, our AI models can now generate highlights from host listing descriptions and guest reviews, making it easier to quickly find information about the things they care about most, like location, amenities, or whether a home is family friendly.
Later this year, we’ll introduce AI-generated home comparisons that help guests compare homes across the key attributes that matter most to them.
For hosts, we’re rolling out AI-assisted tools that make it easier for them to create a listing and understand pricing and earning opportunities.
AI is also transforming customer support.
Our AI assistant, now available in more than 50 languages, has 3 been rated the best AI support assistant in travel.
Nearly 45% of issues that begin with our AI assistant are now resolved without a human agent, up from Q1, while delivering much faster resolution times.
Later this year, we’ll begin introducing an AI voice assistant, extending that experience to phone calls.
1 Applicable only for select hotels.
Price match requests must be made within 24 hours of booking.
Max credit of $400 USD or local currency equivalent.
Price difference is calculated excluding fees and taxes.
Credit valid for 1 year.
Terms and exclusions apply.
In addition, the 15% credit offer is valid until 12/31/2026 on eligible hotels.
Credit calculation excludes fees and taxes.
Credit valid for 1 year.
Max credit of $2,000 USD or local currency equivalent.
Terms and exclusions apply.
2 Based on guests who booked a hotel on Airbnb between July 2024 and June 2025 and came back to book a home on Airbnb within the following 365 days.
3 Based on benchmarking conducted by a leading third-party consulting firm between March and April 2026 comparing AI customer support assistants across six major travel platforms in the US.
Evaluation assessed performance across support quality, issue resolution, task completion, and overall conversational experience.
These improvements are also making our business more efficient.
In Q2, our customer support related cost per booking declined approximately 16% year-over-year, driven in part by improvements to our AI assistant.
We expect this cost to continue declining as our AI assistant resolves a broader range of issues and we introduce new capabilities.
Major events as a growth engine Major events help us strengthen the Airbnb brand while growing both supply and demand.
By partnering with organizers around the world, we introduce millions of people to Airbnb, encourage more people to become hosts, and help cities welcome more visitors.
The brand awareness and trust these partnerships create can benefit our business long after the event ends.
The FIFA World Cup 2026™ is one recent example of this strategy in action.
As an official Tournament Supporter, Airbnb hosted millions of guest arrivals during the tournament, including many first-time users.
More than 150,000 homes across host cities were listed on Airbnb for the first time, helping provide an economic uplift for the local community.
Beyond the World Cup, we’re building a repeatable playbook that scales across global, regional, and local events.
Partners include the International Olympic Committee, Tour de France, Art Basel fairs, Lollapalooza festivals, La Liga in Spain, and most recently NASCAR.
As we expand these partnerships, we’ll continue strengthening the Airbnb brand and supporting travel demand in destinations around the world.
Outlook
Outlook We’re pleased with the results we’ve delivered in the first half of 2026, and are excited about the continued traction from our product innovation and strong demand on our platform across all regions that is driving momentum in the second half of 2026.
1Given this strength, we are raising our full-year outlook for both revenue growth and Adjusted EBITDA Margin.Guidance raised
The uplift in revenue growth and margin reflects the strong demand on our platform, benefits from investments we’ve made in talent, technology, and marketing as well as strong execution across our product roadmap.
We continue to focus on investing behind our growth initiatives.
Q3 2026 ¦ We expect to generate revenue of $4.69 billion to $4.77 billion, representing year-over-year growth of 15% to 17%, inclusive of an approximate three percentage point FX tailwind after factoring in our hedging program.
8We expect our implied take rate to remain relatively in-line year-over-year. ¦ We expect year-over-year GBV growth to be in the mid teens, driven by low double-digit growth in Nights and Seats Booked and a moderate increase in ADR due to mix shift and price appreciation. ¦ We expect Adjusted EBITDA to increase year-over-year and Adjusted EBITDA Margin to be down slightly compared to Q3 2025, due to timing of investments.
2Full-year 2026 ¦ For full-year 2026, we now expect year-over-year revenue growth to improve to at least mid teens, supported by the accelerated pace of Nights and Seats Booked we’ve observed, traction from product and growth initiatives, as well as continued strong travel demand. ¦ For 2026, we now expect to deliver a full-year Adjusted EBITDA Margin of at least 35.5%— an improvement from 2025 that reflects stronger topline growth and underlying operating leverage in our core business, while continuing to invest behind opportunities to drive future growth.Guidance raised
Management commentary
A CLOSER LOOK Helpful services at your service Great trips include more than where you stay.
Travel is easier when there’s a rental car ready to go, a place to store luggage before check-in, or groceries delivered to your door.
These new services are the first of many ways we’re making the whole trip smoother, right in the Airbnb app.
GUEST SPOTLIGHT Driving guest growth To boost guest conversion, we redesigned the homepage, streamlined the sign-up flow, and introduced more flexible cancellation and expanded payment options.
Search and discovery Login and sign-up The personalized homepage helps guests find the perfect home, An entirely new login and sign-up flow has improved how easily experience, or service for their trip. new and returning guests access Airbnb.
Flexible cancellation policies Payments and checkout Guests book with more confidence now that it’s easier The flexibility of Reserve Now, Pay Later and a streamlined checkout to understand their cancellation options before booking. experience makes it easier for guests to complete their booking.
HOST SPOTLIGHT More host bookings We added more personalized insights across the app to help hosts attract bookings, and new tools to better manage and promote their listings.
Recommendations and insights Tailored suggestions are built into the app to help hosts improve their listings, attract more bookings, and increase their earnings.
Ee ff ctive pricing Improved earnings dashboard We simplified Airbnb Setup to make it easier for new hosts The new, more insightful dashboard helps hosts track their year- to fine-tune their weekday and weekend pricing. over-year performance and better understand earnings trends.
Results
Business and Financial Performance Q2 2026 148.3M $27.2B Nights and Seats Booked Gross Booking Value 10% Y/Y 16% Y/Y 15% Y/Y (ex-FX) In Q2 2026, Nights and Seats Booked grew 10% year-over-year, representing an acceleration relative to Q1 2026, primarily driven by strong demand across all regions and continued momentum behind our product roadmap including search and merchandising, pricing and tools, and flexible payments.
Additionally, growth continued to be driven in part by our app strategy, with nights booked on our app in Q2 2026 increasing 23% year-over-year and accounting for 64% of total nights booked—up from 59% in the prior-year period.
In addition, we saw year-over-year growth of first-time bookers accelerate to 11% in Q2 2026—the highest in four years—with continued strong growth in Brazil, Japan, and India.
In Q2 2026, GBV was $27.2 billion, representing a year-over-year increase of 16%.
On an ex-FX basis, GBV increased 15% year-over-year—two percentage points higher than Q1 2026—driven by improving growth of Nights and Seats Booked, as well as an increase in ADR.
ADR was $184 in Q2 2026, increasing 5% compared to Q2 2025.
On an ex-FX basis, ADR in Q2 2026 increased 4% year-over-year and was up across all regions— particularly North America and EMEA—due to price appreciation and mix.
Specifically, in Q2 2026, we saw entire homes, especially listings with four or more bedrooms continue to grow the fastest.
Bedroom Nights Booked Group travel remains one of Airbnb’s best use cases—families and friends can stay together under one roof, splitting the cost and sharing the space in a way traditional accommodations can’t match.
Bookings on a bedroom basis clearly show this preference for togetherness: while Nights and Seats Booked grew 10% year-over-year in Q2 2026, Bedroom Nights Booked—nights booked multiplied by bedroom count— grew over 12%, continuing a multi-year pattern.
6In fact, over the trailing twelve months through Q2 2026, guests booked more than 1 billion bedroom nights on Airbnb—the highest on record.
Geographic Performance We continue to make great progress in our eo ff rt to expand Airbnb to more parts of the world.
Our strategy is to build Airbnb’s local market relevance by improving product-market fit, building brand awareness and consideration, and driving traffic.
In Q2, we leaned into local marketing campaigns in key growth markets, reinforcing relevancy to each country.
We continue to see success with this approach; over the last twelve months, the average growth rate of net nights booked on an origin basis in our expansion markets was roughly twice that of our core markets.
¦ North America: In North America, we saw high-single digit growth of Nights and Seats Booked during Q2 2026 compared to Q2 2025—representing the highest growth we’ve seen in almost three years.
Growth was supported by strong underlying travel demand.
ADR in North America increased 7% in Q2 2026 compared to Q2 2025, driven by both price appreciation and mix shift.
Growth in short-term stays and entire homes, particularly listings with four or more bedrooms, continued to outpace long-term stays (trips of 28 days or more) and private rooms, extending a mix-shift trend we have now seen for over a year. ¦ EMEA: In EMEA, we saw high-single digit growth in Nights and Seats Booked during Q2 2026 compared to Q2 2025, accelerating from Q1 2026.
Following the headwinds we saw last quarter related to the ongoing conflict in the Middle East, we’ve observed a steady recovery of demand trends within the region.
ADR in EMEA increased 7% in Q2 2026 compared to Q2 2025.
On an ex-FX basis, ADR increased 5% compared to Q2 2025, primarily driven by price appreciation. ¦ Latin America: In Latin America, we saw approximately 20% growth in Nights and Seats Booked during Q2 2026 compared to Q2 2025.
ADR in Latin America increased 9% in Q2 2026 compared to Q2 2025, primarily driven by FX.
On an ex-FX basis, ADR increased 2% compared to Q2 2025.
Brazil continued to see meaningful demand, with origin net nights booked accelerating to over 30% year-over-year growth and the number of first-time bookers increasing 40% in Q2 2026 compared to Q2 2025.
Additionally, we saw continued strength from bookers in Mexico, helped in part by the introduction of installment payments in June.
Overall, we continue to observe market share gains broadly across Latin America, demonstrating the success of our expansion strategy within this region. ¦ Asia Pacific: In Asia Pacific, we saw high-teens growth in Nights and Seats Booked during Q2 2026 compared to Q2 2025.
ADR in Asia Pacific increased 1% in Q2 2026 compared to Q2 2025.
Our hyper-local approach to Asia Pacific is yielding positive results in countries like Japan, where in Q2 2026, origin net nights booked grew in the high-teens year-over-year, driven by continued momentum for domestic travel.
Additionally, we saw origin net nights booked in India accelerate to 60% year-over-year, and the number of first-time bookers in Q2 2026 more than doubled compared to Q2 2025.
Supply Our supply strategy is deliberate and precise; we are seeking the right homes, in the right place, at the right time.
Our acquisition eo ff rts are concentrated on markets and geographies where underlying demand exists, while actively encouraging existing hosts to open up more of their calendar availability where possible.
We continue to improve the tools and services available to target, onboard, and support both prospective and existing hosts.
For example, in preparing for the World Cup, in October 2025 we began targeting prospective hosts across 16 cities and added over 150,000 listings by first time hosts for the event.
Q2 2026 $3.6B $816M $1.3B Revenue Net Income Adjusted EBITDA 17% Y/Y 23% Margin 35% Margin 13% Y/Y (ex-FX) $1.3B $1.3B $4.8B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities 35% Margin 37% Margin Revenue of $3.6 billion in Q2 2026 represented a year-over-year increase of 17%, and was primarily driven by strong growth in nights stayed and a moderate increase in ADR.
5Net income of $816 million in Q2 2026 increased significantly compared to Q2 2025, driven primarily by higher operating income and a $77 million benefit recorded in the current period related to recently published guidance impacting prior year taxes.
Net income margin was 23% in Q2 2026 compared to 21% in Q2 2025.
3Adjusted EBITDA in Q2 2026 of $1.3 billion increased 21% compared to $1.0 billion in Q2 2025.
Adjusted 4 EBITDA Margin in Q2 2026 was 35%, compared to 34% in Q2 2025.
For the full-year 2026, we expect our ee ff ctive tax rate to be in the high teens.
Monetization and Take Rate During Q2 2026, the implied take rate (defined as revenue divided by GBV) of 13.2% was in-line with Q2 2025.
Factors impacting the Q2 2026 take rate included FX and the timing of when guests booked their travel and when guests stayed—a dynamic that reflects the growth of Reserve Now, Pay Later, which has resulted in guests booking further in advance.
Since the introduction of paid guest travel insurance in 2022, we continue to see increased adoption of the offering.
During Q2 2026, revenue from guest travel insurance, which is available in 12 of our largest countries, increased over 60% year-over-year.
We are excited by the performance of this offering over the past few years and have begun piloting additional forms of insurance products to support both guests and hosts.
Beginning in Q4 2025, we started taking steps to simplify our fee structure, which is helping our hosts price more competitively and creating greater guest transparency.
We initially migrated most property management software hosts from a split fee structure (where hosts paid a 3% fee and guests paid a separate service fee) to a single fee of 15.5%.
In July, we announced plans to migrate most of the remaining hosts to a single 15.5% service fee, with migration expected to be completed this year.
Hosts are able to adjust their prices to maintain the same net earnings and guests will continue to see the full price upfront.
4 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter.
Quarterly Revenue ($M) 17% $4,000M Y/Y Change 13% 11% $3,608 $3,000M $3,096 $2,748 $2,000M $1,000M $0M Q2 2024 Q2 2025 Q2 2026 Quarterly Net Income ($M) $1,000M Net income 23% % of revenue 21% $750M 20% $816 $500M $642 $555 $250M $0M Q2 2024 Q2 2025 Q2 2026 Quarterly Adjusted EBITDA ($M)* $1,500M Adjusted EBITDA 35% % of revenue 34% $1,125M 33% $1,261 $1,043 $750M $894 $375M $0M Q2 2024 Q2 2025 Q2 2026 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. * 14
Quarterly Net Cash Provided by Operating Activities ($M) $1,500M 35% Net cash provided by operating activities 38% % of revenue 31% $1,125M $1,270 $1,051 $975 $750M $375M $0M Q2 2024 Q2 2025 Q2 2026 Quarterly Free Cash Flow ($M)* $1,500M Free Cash Flow % 35% of revenue 38% 31% $1,125M $1,253 $1,043 $750M $962 $375M $0M Q2 2024 Q2 2025 Q2 2026 TTM Free Cash Flow ($M)* 37% $5,000M 41% 37% TTM Free Cash Flow % of TTM revenue $4,827 $3,750M $4,308 $4,275 $2,500M $1,250M $0M Q2 2024 Q2 2025 Q2 2026 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. * 15
Capital return
Shares (M) We repurchased $1.1 billion of Class A common stock during Q2 2026 to help manage the impact of share dilution.
As a result, we continue to see a reduction in our total common shares outstanding.
800M Fully Diluted 673 Share Count 652 634 39 39 Stock Based Awards 44 600M Outstanding 634 613 590 Common Shares Outstanding 400M 200M 0M Jun 2024 Jun 2025 Jun 2026 16
Results
Balance Sheet and Cash Flows As of June 30, 2026, we had $12.1 billion of cash and cash equivalents, short-term investments, and restricted cash, as well as $12.2 billion of funds held on behalf of guests.
Additionally, we held $2.8 billion of unearned fees as of June 30, 2026, which was relatively stable compared to June 30, 2025.
Absent the impact of Reserve Now, Pay Later bookings, which defer guest payments from the time of booking closer to the date of stay, we expect that unearned fees would have grown year-over-year.
For the three months ended June 30, 2026, net cash provided by operating activities and FCF were both 5 $1.3 billion, highlighting the strength of our cash-generative business model.
Our FCF increased 30% year-over-year primarily due to higher net income, partially offset by working capital changes, including the impact from the continued expansion of Reserve Now, Pay Later.
Specifically, Reserve Now, Pay Later shifts payment and recognition of unearned fees closer to the date of stay, impacting quarterly FCF.
Capital Allocation During Q2 2026, we repurchased $1.1 billion of our Class A common stock.
As of June 30, 2026, we had the authorization to purchase up to $3.4 billion of our Class A common stock.
The repurchase program continues to be executed as part of our broader capital allocation strategy which prioritizes investments in organic growth, strategic acquisitions or partnerships, and return of capital to shareholders, in that order.
Our strong balance sheet and significant cash flow generation provides us the opportunity to pursue all three capital allocation priorities.
In addition to our share repurchase program, we use corporate cash to make required tax payments associated with the vesting of employee RSUs, and withhold a corresponding number of shares from employees.
Since the inception of our share repurchases in Q3 2022, our fully diluted share count has decreased approximately 10%, driven by our share repurchases and cash used for employee tax obligations totaling over $16 billion.
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