Airbnb (ABNB) investor relations material

Executive summary

• Q2 2026 delivered record results, with revenue up 17% year-over-year to $3.6 billion and gross booking value up 16% to $27.2 billion, driven by increased Nights and Seats Booked and a modest rise in ADR.

• Net income rose by $174 million to $816 million, reflecting improved profitability as revenue growth outpaced a 15% increase in operating expenses.

• Nights and seats booked grew 10% year-over-year, with app bookings up 23% and first-time bookers up 11%, the highest in four years.

• AI-driven innovation accelerated product development, reducing time to launch by 60% and increasing shipped features by 80% year-over-year.

• Expansion into services (grocery, car rental, airport pickup, luggage storage) and hotels is driving new guest acquisition and retention.

Financial highlights

• Revenue reached $3.6 billion, up 17% year-over-year, exceeding guidance.

• Net income was $816 million (+27% YoY); adjusted EBITDA was $1.3 billion (35% margin), with free cash flow for Q2 at $1.3 billion and trailing 12-month free cash flow at $4.8 billion (37% margin).

• Gross Booking Value (GBV) for Q2 2026 was $27.2 billion (+16% YoY); Nights and Seats Booked: 148 million (+10% YoY).

• ADR increased 5% year-over-year (4% ex-FX), with strong performance in North America and Europe.

• Customer support costs per booking declined 16% year-over-year, driven by AI efficiencies.

Outlook and guidance

• Q3 2026 revenue expected at $4.69–$4.77 billion, up 15–17% year-over-year, with mid-teens GBV growth.

• Full-year 2026 revenue growth outlook raised to at least mid-teens; adjusted EBITDA margin expected at least 35.5%.

• Implied take rate to remain flat versus 2025, with higher customer incentives offsetting monetization gains.

• Management highlights potential impacts from inflation, interest rates, foreign currency fluctuations, and geopolitical conflicts, but notes these have not materially affected results to date.

• Continued focus on international expansion, product innovation, and flexible payment options.