Airbnb Q4 2025 financial results 

We issued our fourth quarter and full-year 2025 financial results. You can read the details here. Airbnb Co-Founder and CEO Brian Chesky said: 

“In Q4, we delivered our strongest GBV growth in more than two years, alongside acceleration in nights and revenue. We’ve strengthened the core business, improved how we innovate, and are scaling new businesses and AI with discipline. That momentum is building, and we expect growth to accelerate in 2026.”

Overview of Q4 results

Airbnb closed out 2025 with strong momentum, delivering double-digit growth across our key top-line metrics during the fourth quarter. Despite a tough year-over-year comparison, our business accelerated in Q4 compared to Q3. Revenue grew 12 percent, exceeding the high end of our guidance range, while Gross Booking Value grew 16 percent year-over-year—our highest-growth quarter in more than two years. Nights and Seats Booked rose 10 percent, marking our strongest growth quarter of the year. Our overall business performance was driven by the strength in demand across all regions and ADR.

These results reflect the strength of our core business and the durability of our long-term strategy. We’re driving growth by staying focused on four key areas: making the Airbnb service better, bringing Airbnb to more parts of the world, expanding what we offer, and integrating AI into our app. Here are some highlights:

We’re making Airbnb better for hosts and guests 

We’re continuously improving the experience for hosts and guests, and in Q4 these efforts drove meaningful growth. We focused on pricing and flexibility, including:

• Reserve Now, Pay Later – We know flexibility matters to guests, which is why we introduced a feature in the U.S. that allows guests to reserve an eligible stay and pay $0 upfront. The positive response from guests was immediate, and this feature contributed to the acceleration of bookings we saw in Q4. In February 2026, we completed testing Reserve Now, Pay Later across additional markets, and currently plan to make it available to even more guests globally in 2026.

• Updated cancellation policies – In October, we announced new cancellation policies to make it easier for guests to book a stay, even if their plans change. Hosts can now offer free cancellation up to 14 days before check-in under a new Limited policy. And we’re giving guests who book more than a week in advance a 24-hour grace period after their reservation is confirmed for refunds on shorter stays (under 28 days). These changes helped to reduce customer service contacts and increase bookings in Q4.

We’re bringing Airbnb to more parts of the world

Airbnb is still in the early stages of global growth. While we operate in more than 220 countries and regions, the majority of our business is concentrated in five countries, highlighting the significant opportunity ahead. In 2025, we made meaningful progress outside of our core markets by making Airbnb more locally relevant. Origin nights booked in our expansion markets grew at roughly twice the rate of our core markets, a clear signal that our strategy is working. In Q4 2025, we saw particularly strong performance in Brazil and Japan, and India became one of our fastest-growing countries on an origin basis, with nights booked up 50 percent year-over-year. In addition, first-time bookers grew at double-digit rates across all three countries, with India up more than 60 percent, showing how we’re bringing new travelers to Airbnb.

We’re expanding what we offer

We see a big opportunity to serve more types of trips and use cases on Airbnb. While homes remain at the heart of our platform, we’re expanding to meet the needs of more guests.

Since launching Airbnb Services and Airbnb Experiences in May, we’ve been focused on scaling high-quality supply. We’ve onboarded significantly more hosts across both offerings in the second half of 2025 and we’re piloting new services with partners, including grocery delivery. In Q4, services and experiences brought new people to Airbnb. In fact, almost half of experiences bookings were not attached to an accommodation booking.

We’re also capturing trips where a hotel may be the better choice. We’ve started with a pilot in cities that are supply constrained due to excess demand or regulation. In Q4, we began partnering directly with boutique and independent hotels in New York, Los Angeles, Madrid, and San Francisco. We’re seeing promising results, and plan to expand to other key markets later this year. We believe bringing more hotels onto the platform can increase our total addressable market, convert more existing guest demand, and drive repeat bookings across both hotels and homes.

We’re integrating AI into our app

We’re continuing to lay the foundation for a more intelligent, more personalized Airbnb. Here are some highlights from Q4:

• AI customer support in more places – AI-powered customer support has now been rolled out for English, French and Spanish speaking users across the U.S., Canada and Mexico. The results have been impressive so far this year: when users message our AI assistant, about a third of all issues are resolved without needing an agent. We’ve also seen a significant reduction in resolution time. We expect to roll out AI customer support globally later this year.

• AI-powered search – We’re applying AI to how people discover and plan trips on Airbnb. We’re taking an iterative approach to get this right. Early tests are focused on giving guests a more natural way to describe what they’re looking for, and ask questions about the listing and location. Over time, this will evolve into a more comprehensive and intuitive search experience that extends through the trip.

Outlook

Our growth and strong performance in 2025 were driven by disciplined execution. We focused on what matters to our hosts and guests, including better search, improved merchandising, more flexible payment and booking options, and simplified fees. These product improvements supported double-digit growth across our key top-line metrics in Q4.

Looking ahead to 2026, we’re not just maintaining our momentum; we’re accelerating. We have the right team and strategy in place, and we’re executing with greater focus and speed. Most importantly, we believe that we’re giving people more of what they want. In a world that’s becoming increasingly artificial, we’re using technology to help bring people together in the real world. This is what makes Airbnb unique, and we believe it will be a powerful driver of growth for years to come.

Q1 2026

• We expect to generate revenue of $2.59 billion to $2.63 billion, representing year-over-year growth of 14% to 16%, inclusive of an approximate three point foreign exchange tailwind after factoring in our hedging program. We expect our implied take rate in Q1 2026 to be up slightly year-over-year.
• We expect GBV to increase in the low teens year-over-year, driven by high-single-digit growth in Nights and Seats Booked and a moderate increase in ADR due to price appreciation and FX.
• We expect Adjusted EBITDA Margin to be approximately flat year-over-year.

Full-Year 2026

• For 2026, we expect year-over-year revenue growth to accelerate to at least low double digits. This is driven by the sustained strength in our core business, healthy demand, and continued execution across our key growth initiatives.
• For 2026, we expect our Adjusted EBITDA Margin to be stable year-over-year as we reinvest top-line efficiencies to support growth across the business, primarily in marketing, product, and technology.