Airbnb (ABNB) investor relations material

Executive summary

• Revenue grew 18% year-over-year to $2.7 billion in Q1 2026, exceeding guidance, driven by strong demand, product innovation, and higher ADR.

• Gross Booking Value (GBV) increased 19% year-over-year to $29.2 billion, with nights and seats booked up 9% despite a 100 basis point headwind from Middle East conflict.

• First-time booker growth accelerated to 10%, the highest since 2022, with notable strength in Brazil, Japan, and India.

• Expansion markets' net nights grew at twice the rate of core markets, supported by targeted local marketing and product localization.

• Net income was $160 million, up $6 million from Q1 2025, aided by strong revenue growth and a $70 million gain from the sale of a private equity investment.

Financial highlights

• Adjusted EBITDA was $519 million, up 24% year-over-year, with margin increasing to 19%.

• Free cash flow reached $1.7 billion in Q1 and $4.5 billion over the trailing twelve months, with margin reported at both 36% and 64%.

• Over $1.1 billion of common stock was repurchased in Q1, with 8.1 million shares bought and $4.5 billion remaining under the program.

• Issued $2.5 billion in new unsecured senior notes, using $2.0 billion to repay maturing convertible notes.

• Net income margin was 6%, impacted by a $69 million one-time tax adjustment due to U.S. Corporate Alternative Minimum Tax.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to low to mid-teens year-over-year, with adjusted EBITDA margin expected at least 35%.

• Q2 revenue expected between $3.54 billion and $3.6 billion, up 14%-16% year-over-year, with a 3% FX tailwind.

• GBV for Q2 projected to increase in the low double digits, with nights and seats booked growth decelerating slightly due to ongoing Middle East conflict.

• Management notes potential impacts from inflation, interest rates, currency fluctuations, and geopolitical conflicts, particularly in EMEA and Asia Pacific.

• No specific quantitative guidance provided beyond revenue and margin targets, with macroeconomic and geopolitical risks expected to continue affecting near-term booking trends.