Airbnb — Q3 2026 Earnings Summary

Financial Performance:

• Revenue for Q3 2026 was $4.9 billion, representing a 19% year-over-year increase (16% ex-FX).
• Net income was $1.9 billion, up from $1.374 billion in Q3 2025, with a net income margin of 39% compared to 34% in the prior year period.
• Adjusted EBITDA was $2.5 billion, a 22% increase year-over-year, with an Adjusted EBITDA margin of 52% compared to 50% in Q3 2025.
• Free Cash Flow was $1.4 billion (29% margin), up from $1.349 billion in Q3 2025.
• Net cash provided by operating activities was $1.5 billion, an increase from $1.356 billion in Q3 2025.
• Gross Booking Value (GBV) reached $27.7 billion, a 21% year-over-year increase (21% ex-FX).
• Nights and Seats Booked grew 16% year-over-year to 155.0 million, accelerating from Q2 2026 growth rates.
• Average Daily Rate (ADR) was $179, a 4% year-over-year increase (5% ex-FX).
• The implied take rate was 17.6%, down from Q3 2025, primarily due to the expansion of Reserve Now, Pay Later (RNPL) and higher contra revenue.
• Revenue from guest travel insurance increased nearly 70% year-over-year.
• Cash and cash equivalents, short-term investments, and restricted cash totaled $12.6 billion as of September 30, 2026.
• Unearned fees were $1.5 billion as of September 30, 2026, down from $1.82 billion in Q3 2025 due to RNPL expansion.

Guidance and Future Outlook:

• Raised full-year 2026 outlook for revenue growth to the high teens and Adjusted EBITDA Margin to approximately 36%.
• Q4 2026 revenue guidance is $3.22 billion to $3.28 billion, representing 16% to 18% year-over-year growth (inclusive of an approximate two percentage point FX tailwind).
• Q4 2026 GBV growth is expected to be in the mid-teens, driven by low double-digit growth in Nights and Seats Booked and a modest ADR increase.
• Q4 2026 Adjusted EBITDA is expected to increase year-over-year, with the margin expected to be down slightly compared to Q4 2025 due to marketing spend timing.
• Full-year 2026 effective tax rate is expected to be in the mid-teens.
• An AI-native travel agent is planned for rollout in the first half of 2027.
• Neighborhood pages are planned to expand to 1,500 neighborhoods by the end of the year.

Business Segments and Product Lines:

• Hotels on Airbnb now include thousands of boutique and independent hotels across more than 60 top destinations; approximately 35% of guests booking a hotel as their first Airbnb stay return to book a home.
• New services launched include meal delivery, laundry, baby gear, ski gear, boat rentals, and grocery delivery in Europe.
• Car rentals have become one of the most popular services, with guests reserving cars for longer than their Airbnb stays.
• AI features introduced include AI search, AI filters, AI listing descriptions, AI comparison, 3D floor plans, dynamic pricing, and earnings insights.
• The AI assistant resolved approximately 40% of customer support issues without human agents in Q3 2026, up from a third in Q2 2026.
• Customer support cost per booking declined more than 17% year-over-year.
• App strategy drove 29% year-over-year growth in nights booked on the app, which accounted for 66% of total nights booked.
• First-time bookers grew 13% year-over-year, the highest rate since early 2022.
• Supply grew at a high-single-digit rate year-over-year, with nights available increasing faster than total supply.

Market and Competitive Landscape:

• North America saw low-double digit growth in Nights and Seats Booked, the highest in four years, with ADR up 6%.
• EMEA saw mid-teens growth in Nights and Seats Booked, with ADR up 5% (7% ex-FX).
• Latin America saw over 20% growth in Nights and Seats Booked; Brazil origin net nights grew over 30% with first-time bookers increasing over 30%.
• Asia Pacific saw over 20% growth in Nights and Seats Booked; India origin net nights accelerated to over 60% with first-time bookers increasing over 80%.
• Expansion markets saw the fastest pace of net nights booked growth in almost three years.
• A partnership with American Express launched on October 22, bringing over one million listings to Amex Travel.
• Partnerships with Delta, Qantas, and TAP Air continue to provide new guest acquisition channels.

Risks and Challenges:

• Ongoing developments in EMEA are being closely monitored, though global travel demand remains healthy.
• Forward-looking statements are subject to risks including travel industry trends, economic downturns, competition, and regulatory changes.
• Risks include the ability to retain hosts and guests, changes in laws limiting host listings, and litigation related to the business.
• Free Cash Flow is impacted by the timing of GBV and the expansion of RNPL, which shifts payment recognition closer to the date of stay.

Management Commentary and Tone:

• Management expressed encouragement regarding the acceleration delivered in 2026 and underlying momentum heading into year-end.
• AI is described as "the best thing to ever happen to Airbnb," driving faster innovation and operational efficiency.
• Management highlighted the strategic advantage of building a specialized AI agent due to 20 years of marketplace data and direct control over reservations and support.
• The tone regarding capital allocation is confident, citing a strong balance sheet and cash flow to pursue organic growth, acquisitions, and shareholder returns.

Other Key Points:

• Announced a new share repurchase program authorizing up to an additional $12 billion of Class A common stock, following $0.7 billion repurchased in Q3 2026.
• Fully diluted share count has decreased approximately 10% since the inception of share repurchases in Q3 2022.
• On October 28, announced that every stay will now support Airbnb.org, with Airbnb donating $0.10 USD of revenue per stay to provide $500 million over five years.
• On October 30, 2026, entered into a new five-year $1.0 billion unsecured revolving credit facility, replacing the 2022 facility.
• Simplified fee structure migration to a single 15.5% service fee is nearly complete for property management software hosts.
• Airbnb will host an earnings webcast on November 5, 2026, at 2:00 p.m. PT / 5:00 p.m. ET.