Airbnb (ABNB) Q4 2024 earnings summary

Executive summary

• Outpaced travel industry growth in 2024, with Q4 revenue, nights booked, and GBV accelerating from Q3.

• Rolled out over 535 product upgrades, including Guest Favorites and a new Co-Host Network, enhancing guest and host experiences.

• Rebuilt technology stack, enabling faster innovation and expansion beyond core short-term rentals.

• Entering a new chapter in 2025, focusing on perfecting core service, global market growth, and launching new offerings.

Financial highlights

• Q4 2024 revenue grew 12% year-over-year to $2.5 billion; nights and experiences booked also up 12%.

• Q4 net income was $461 million; Adjusted EBITDA reached $765 million.

• Full-year Adjusted EBITDA totaled $4 billion (36% margin); free cash flow for the year was $4.5 billion (40% margin).

• Ended 2024 with $10.6 billion in corporate cash/investments and $5.9 billion in guest funds.

• Repurchased $3.4 billion of stock in 2024; $3.3 billion remains authorized.

Outlook and guidance

• Q1 2025 revenue expected between $2.23–$2.27 billion, up 4–6% year-over-year (7–9% excluding FX headwinds).

• Adjusted EBITDA and margin expected to decline in Q1 2025 due to calendar and FX impacts, but would be flat year-over-year excluding these.

• Full-year 2025 Adjusted EBITDA margin expected at least 34.5%, even with $200–$250 million investment in new businesses.

• New business launches to begin in May, with impact on margins most pronounced in first nine months.