Airbnb (ABNB) 10-K risk factor changes: FY2025 vs FY2024

If we fail to retain or add hosts and guests, if hosts [removed: fail to] [added: do not] provide high-quality [removed: stays and] [added: stays,] experiences, [added: and services,] if [removed: our] new offerings and initiatives [added: on our platform] are unsuccessful, or if our community support [removed: offerings] [added: functions] are inadequate, our business, results of operations, and financial condition would be materially adversely affected.

Hosts must maintain and enhance their listings by offering a variety of desirable, competitively priced, and high-quality [removed: stays and] [added: stays,] experiences, [added: and services,] while providing exceptional hospitality and timely responses to guest inquiries.

Our ability to attract and retain guests is crucial and can be impacted by external factors such as pandemics, [added: natural disasters,] political instability, climate change, and economic downturns, as well as [removed: internal] [added: business-specific] factors like competition, brand perception, and platform usability.

[removed: Additionally, our] [added: Our] brand and reputation are critical to our success, as they influence our ability to attract and retain hosts, guests, and employees.

We continue to invest in the development of new offerings and initiatives, including innovations focused on improving [added: the experience of] our [removed: host] [added: hosts] and [removed: guest experiences;] [added: guests;] however, developing and delivering these new offerings and initiatives increase our expenses and our organizational complexity, and we may experience difficulties in developing and implementing these new offerings and initiatives.

[removed: Our new] [added: New] offerings and initiatives [added: on our platform] have a high degree of risk, as they may involve unproven businesses with which we have limited or no prior development or operating experience.

If [removed: our] new offerings and initiatives [added: on our platform] are not successful, or if we fail to provide a seamless and satisfactory experience for both hosts and guests, or if our host protection programs, including those provided through AirCover for hosts, become ineffective, our business, results of operations, and financial condition could be materially adversely affected.

Inadequate support or dispute resolution can harm our reputation and affect retention, [removed: leading] [added: and may also lead] to potential revenue reductions through refunds or coupons.

For the year ended December 31, [removed: 2024, 58%] [added: 2025, 61%] of our revenue was generated from listings outside of the United States.

Managing a global organization is difficult, time consuming, and expensive, and requires [removed: significant management attention and careful prioritization.]

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

If consumers become less reliant on search engines for travel searches and instead [removed: incorporate] [added: use] AI [removed: and machine learning] [added: apps] and other channels, we may not be able to optimize for searches on these emerging channels and may risk losing traffic to competitors.

Host, guest, or third-party actions that are criminal, violent, inappropriate, dangerous, or [removed: fraudulent,] [added: fraudulent] may undermine the [added: trust and] safety or the perception of safety [added: and security] on our platform and our ability to attract and retain hosts and guests and materially adversely affect our reputation, business, results of operations, and financial condition.

We cannot control or predict the actions of users and third parties, such as neighbors or invitees, during [removed: stays or] [added: stays,] experiences, [added: or services,] including actions that may compromise the safety [added: and security] of hosts, guests, and others.

We conduct background checks [added: in the United States and India] for certain [removed: U.S. and Indian] users and we screen users against sanctions watch lists, but these are not exhaustive due to regulatory, information, and frequency limitations.

We [removed: have not in the past and may] [added: do] not [removed: in the future undertake to] independently verify the safety, suitability, location, quality, compliance with Airbnb policies or standards, and legal compliance, such as fire code compliance or the presence of carbon monoxide detectors, hidden cameras or pool safety, of all our hosts’ [removed: listings or experiences.][added: listings, experiences, and services.]

[removed: We] [added: While we] have [removed: not] in the past [added: independently evaluated the expertise] and [added: reputation of some experiences or services hosts to the extent possible, we generally have not and] may not in the future undertake to independently verify [added: those factors, or] the location, safety, or suitability of experiences [added: or services] for individual guests, [removed: the suitability, qualifications,] or [removed: credentials of experiences hosts, or] the qualifications of individual experiences [added: or services] guests.

We have faced civil litigation, regulatory investigations, and inquiries involving allegations related to unsafe listings, discriminatory practices, and other [removed: misconduct.][added: misconduct by third parties.]

If hosts, guests, or third parties engage in criminal activity, misconduct, fraudulent, negligent, or inappropriate conduct, or use our platform as a conduit for criminal activity, we may receive negative media coverage, or be subject to involvement in a government investigation concerning such activity, which could adversely impact our brand and reputation, potentially leading consumers to think our platform and the listings on our platform are not [removed: safe,] [added: safe or secure,] and lower the adoption rate of our platform.

Further, claims have been asserted against us from our hosts, guests, and third parties for compensation due to alleged fatalities, [removed: shootings,] [added: gun violence,] other violent acts, carbon monoxide incidents, hidden camera incidents, accidents, injuries, assaults, theft, property damage, data privacy and data security issues, fraudulent [removed: listings,] [added: conduct,] and other incidents that are caused by other hosts, guests, or third parties while using our platform.

Our insurance policies, which may or may not be applicable to [removed: all] [added: some] claims and may not be available to us in the future on economically reasonable terms or at all, may be inadequate to fully cover alleged claims of liability, investigation costs, defense costs, and/or payouts.

We track operational metrics such as Nights and [removed: Experiences] [added: Seats] Booked, GBV, Average Daily Rate (“ADR”), active listings, active bookers, hosts, guest arrivals, greenhouse gas emissions, and other ESG metrics, which may differ from third-party estimates due to varying methodologies and assumptions.

Metrics like Nights and [removed: Experiences] [added: Seats] Booked and GBV are adjusted for cancellations and alterations that happen in the reporting period, but such cancellations and alterations can occur beyond the reporting period and can affect future metrics.

An active booker is a unique guest who has booked a [removed: stay] [added: stay, experience,] or [removed: experience] [added: service] in a given time period.

[removed: Financial] [added: Industry, Financial,] and Insurance Risks

When a guest books and pays for a [removed: stay] [added: stay, experience,] or [removed: experience] [added: service] on our platform, we hold the total amount the guest has paid until check-in, at which time we recognize our service fee as revenue and initiate the process to remit the payment to the host, which generally occurs [removed: 24 hours] [added: on the business day] after the scheduled check-in, barring any alterations or cancellations, which may result in funds being returned to the guest.

Accordingly, at any given time, we hold on behalf of our hosts and guests a substantial amount of funds, which are generally held in bank deposit accounts and in [removed: U.S. government] money market funds and recorded on our consolidated balance sheets as funds receivable and amounts held on behalf of customers.

Our spending for insurance has increased as our business has [removed: grown and losses from covered claims have increased.][added: grown.]

[removed: Premiums have increased as a result, and] [added: Due to the limited availability of companies insuring our risks,] we have experienced and expect to continue to experience increased difficulty in obtaining appropriate policy limits and levels of coverage at a reasonable cost and with reasonable terms and conditions.

[removed: In relation to our] [added: Our] Host Damage Protection [removed: program, which] [added: program] is a commercial guaranty agreement that provides reimbursement of up to $3 million for certain guest-caused [removed: loss] [added: losses] or damages to a host property that are not reimbursed by the [removed: guest, we maintain a contractual liability insurance policy to provide coverage to us for losses incurred by us under the Host Damage Protection program.][added: guest.]

In [removed: March] 2021, we issued $2.0 billion aggregate principal amount of 0% convertible senior notes due [added: March] 2026 (the “2026 Notes”).

As of December 31, [removed: 2024,] [added: 2025,] there were no borrowings outstanding under the 2022 Credit Facility, and we had total outstanding letters of credit of [removed: $19] [added: $20] million under the 2022 Credit Facility.

[added: Adoption of a change in accounting principles or interpretations] could have a significant effect on our reported results of operations and could affect the reporting of transactions completed before the adoption of such change.

[removed: Industry, Economic] [added: Climate, Economic,] and Market Risks

Climate change and other environmental or social pressures, as well as societal responses to [added: the] same, may exacerbate or lead to additional impacts from such events.

Hosts have numerous options for listing their [removed: spaces and] [added: spaces,] experiences, [added: and services,] both online and offline, and often cross-list their offerings.

We compete for hosts based on factors like booking volume, platform usability, service fees, host protections, [removed: and brand] [added: brand,] and reputation.

[added: Guests also have various options] for booking [removed: accommodations and] [added: accommodations,] experiences, and [added: services, and] we compete on inventory uniqueness, value and all-in cost, brand and reputation, platform usability, search relevance and personalization, trust and safety, and customer support.

Our competitors include OTAs, search engines, listing and meta-search websites, hotel chains, property management companies, and online experience [added: and service] platforms.

[removed: If major technology companies favor their own travel offerings or restrict our] app distribution, it could impact our ability to engage with users, materially affecting our business, results of operations, and financial condition.

During 2025, we introduced new artificial intelligence (“AI”) features to help deliver customer support in certain countries and languages.

AI presents risks and challenges that could affect the expansion of these features, and therefore our business; for more information, see our risk factor titled “Our use of artificial intelligence and machine learning gives risk to legal, business, and operational risks, which may result in diminished performance, regulatory scrutiny, social impacts, reputational harm, and liability arising from the use of this technology.” In addition, as our global customer base expands, particularly outside of North America and Europe, we face increased pressure to provide efficient, multilingual support.

We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.

significant management attention and careful prioritization.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

To the extent that major technology companies favor their own travel offerings or restrict our

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

Losses from covered claims have increased, resulting in increased premiums.

We maintain a contractual liability insurance policy to provide coverage to us for losses incurred by us under the Host Damage Protection program.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

Our business is seasonal, reflecting typical global travel patterns, with the peak travel season occurring in the third quarter across North America and EMEA.

We experience seasonality in our Nights and Seats Booked, GBV, Adjusted EBITDA and FCF.

Holiday timing and other events can also shift quarterly performance.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

In January 2025, Airbnb Ireland signed a similar agreement in settlement of the 2023 audit period for an aggregate payment of 179 million Euro ($186 million).

Airbnb Ireland commenced withholding on host payments related to Italian listings in 2024.

The U.S. federal and state governments, countries in the European Union, and a number of other countries and organizations such as the Organization for Economic Cooperation and Development (the “OECD”), are actively considering changes to existing tax laws that could increase our tax obligations in jurisdictions where we do business.

For example, the 15% global minimum tax under Pillar Two of the OECD Base Erosion and Profit Shifting (“BEPS”) Project could increase our overall taxes and have a materially adverse impact on our business, results of operations, and financial conditions.

If the IRS prevails in the assessment of additional tax due based on its position and such tax and

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

Additionally, unclear and changing laws can deter hosts and

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

For instance, the EU Short-Term Rental Regulation (“EU STR Regulation”), which intends to enhance and harmonize transparency, listing registration, and reporting requirements for short-term rental platforms, will enter into force in May 2026 and will require additional compliance efforts such as steps to enhance the transparency of certain host information on the platform, and reporting and data sharing to local authorities (e.g. host information; length of stay and number of guests), potentially discouraging and prohibiting current and potential hosts from listing properties.

For example, in 2025, the Spanish Ministry of Consumer Affairs proposed to assess a fine of approximately 65 million Euro ($76 million) in connection with alleged non-compliance with short-term rental listing regulations in Spain.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

jurisdictions where the laws with respect to the potential liability of online intermediaries such as ourselves are either unclear or less favorable.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

These controls do not guarantee that transactions inconsistent with applicable sanctions laws will not occur.

Companies like Airbnb face heightened expectations regarding such matters due to our size and geographical reach, as well as our brand recognition and public commitments.

We cannot guarantee that our approach, either now or in future, will align with the expectations or preferences of any particular stakeholder or that certain disclosures will not be considered erroneous or subject to misinterpretation.

We may also face risks as a result of the application of existing and new rules concerning greenwashing, particularly in the EU, where those new rules will amend existing consumer protection laws in relation to environmental claims made by companies.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

technologies, or branding infringe on or misappropriate their intellectual property rights.

Failure to comply with any of these laws and regulations may result in extensive

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

Ongoing legal developments in these regions may further impact our compliance obligations.

Specifically, cross-border transfers outside of the EEA and the United Kingdom, including those to the United States and other jurisdictions, will likely continue to face enhanced scrutiny from regulators.

As our global customer base expands, particularly outside of North America and Europe, we face increased pressure to provide efficient, multilingual support.

We are a global platform with hosts in more than 220 countries and regions and over 100,000 cities and towns, and we serve a global guest community.

Adoption of a change in accounting principles or interpretations

In addition, members of our workforce who work remotely may not have access to technology that is as robust as that in our offices, which could cause the networks, information systems, applications, and other tools available to those remote workers to be more limited or less reliable than in our offices.

Industry and Climate Risks

For more information, see our risk factor titled “We are subject to risks associated with the physical impacts of climate change as well as various efforts to transition to a low-carbon society.”

Guests also have various options

Economic and Market Risks

We experience seasonality in our Nights and Experiences Booked and GBV, and seasonality in Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) that is consistent with seasonality of our revenue, which has historically been, and is expected to continue to be, highest in the third quarter when we have the most check-ins as it is the peak travel season for North America and EMEA.

In the year ended December 31, 2024, we accrued approximately $95 million of corporate alternative minimum tax, and approximately $20 million of excise tax on stock repurchases.

The Organization for Economic Cooperation and Development (the “OECD”) is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%.

Our effective tax rate and cash tax payments could increase in future years as a result of these changes.

appropriate appellate court.

For example, we recorded approximately $53 million in expense related to digital service taxes relating to prior periods as a result of refining our interpretation of the law as it applies to us.

Additionally, we recorded $18 million of lodging tax expense in a particular jurisdiction over uncertainty as to how a new law applies to us.

requirements can lead to constraints on supply as well as compliance gaps.

For instance, EU Member State laws pertaining to the recently enacted EU STR Regulation will require additional compliance efforts, potentially discouraging and prohibiting current and potential hosts from listing properties.

potentially onerous requirements, including operational and payment security and strong customer authentication, which may increase compliance costs, raise risk of non-compliance, and impact the ease of usage of the payment features of the platform.

Additionally, the proposed EU Third Payment Services Directive (“PSD3”) and proposed regulation on the same (“EU PSR”) will include amendments to strong customer authentication and anti-fraud obligations amongst other day-to-day requirements.

The United Kingdom is also considering areas for reform for its payment services regime, including information requirements regarding currency conversion charges, and notice provisions for the termination of customer contracts.

When these proposed measures are finalized and in-force, they may increase our compliance costs and require additional resources as well as changes to our processes and operations.

organized, or resident in certain countries or regions or those listed on OFAC’s List of Specially Designated Nationals and Blocked Persons.

Despite having these controls in place, there is a risk that we might inadvertently engage in transactions inconsistent with applicable sanctions laws.

Companies like Airbnb face heightened expectations regarding matters such as environmental sustainability, diversity, human rights, and data privacy.

Furthermore, the transposition of the CSRD by EU member states will also impact the scope of these requirements.

Many member states have not yet transposed the directive, adding another layer of uncertainty to compliance efforts.

Additionally, the EU's Omnibus Simplification Package introduces further complexity and uncertainty in the European Union.

Compliance involves significant expenses and resources, with risks of errors in implementing necessary changes.

existing and future safeguards, including training and compliance programs to discourage corrupt practices by such parties, may not prove effective, and we cannot ensure that all such parties, including those that may be based in or from countries where practices that violate U.S. or other laws may be customary, will not take actions in violation of our policies, for which we may be ultimately responsible.

For example, in the United States, California enacted seventeen new laws in 2024 that further regulate the use of AI and ML Technologies and provide consumers with additional protections around companies’ use of AI and ML Technologies, such as requiring companies to disclose certain uses of generative AI.

Other states have also passed AI-focused legislation, such as Colorado’s Artificial Intelligence Act, which will require developers and deployers of “high-risk” AI systems to implement certain safeguards against algorithmic discrimination, and Utah’s Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures for the use of generative AI in certain consumer interactions.

Other legislation has been introduced or proposed at the federal and state level, and there remains uncertainty at the federal level regarding the regulation of AI and ML Technologies.

The majority of the substantive requirements will apply from August 2026.

The EU AI Act applies to companies that develop, use and/or provide AI in the EU and – depending on the AI use case – includes requirements around transparency, conformity assessments and monitoring, risk assessments, human oversight, security, accuracy, general purpose AI and foundation models, and fines for breach of up to 7% of worldwide annual turnover.

These regulations may impact our ability to use, procure and commercialize AI and ML Technologies in the future, and we may need to expend resources to adjust our products or services, including if the laws are not consistent across jurisdictions.

In particular, the European Commission approval of the current EU-US Data Privacy Framework for data transfers to certified entities in the United States may be challenged, which could also lead to challenges to, or impact the effectiveness of, other data transfer mechanisms such as the standard contractual clauses (a standard form of contract approved by the European Commission as an adequate personal data transfer mechanism).

In general, we expect that international transfers to the United States and to other jurisdictions more generally to continue to be subject to enhanced scrutiny by regulators and we cannot guarantee the ongoing efficacy of our data transfer mechanisms.

The CCPA imposes a range of other compliance obligations and imposes severe statutory damages, which could lead to injunctive relief or agreed settlements providing for ongoing audit and reporting requirements, as well as a private right of action, for certain data breaches.

This private right of action has increased the risks associated with data breach litigation.

For example, since the CCPA went into effect, comprehensive privacy statutes that share similarities with the CCPA are now in effect and enforceable in other states.

Except as otherwise noted, all references to [removed: 2024] [added: 2025] refer to the year [removed: ended] [added: ended*] December 31, [removed: 2024,] [added: 2025*,] references to [removed: 2023] [added: 2024] refer to the year [removed: ended] [added: ended*] December 31, [removed: 2023,] [added: 2024*,] and references to [removed: 2022] [added: 2023] refer to the year [removed: ended] [added: ended*] December 31, [removed: 2022.*][added: 2023*.*]

This section of this Annual Report on Form 10-K discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] are not included in this Form 10-K, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, [removed: 2023,] [added: 2024,] filed on February [removed: 16, 2024.][added: 13, 2025.]

| Active booker | | | | | | An active booker is a unique guest who has booked a [removed: stay] [added: stay, experience,] or [removed: experience] [added: service] in a given period. | | |

| Available listings | | | | | | Available listings are [removed: accommodations] [added: accommodations, experiences,] and [removed: experiences] [added: services] that are viewable on a certain date on our platform (excluding HotelTonight). | | |

| Check-ins | | | | | | Check-ins represent individual [removed: stays] [added: stays, experiences,] or [removed: experiences] [added: services] that occur during a period that have not been canceled. | | |

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

[removed: We are a community based on connection and belonging—a community that] [added: Airbnb] was [removed: born] [added: founded] in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown [removed: to] [added: into a global community of] over 5 million hosts who have welcomed over [removed: 2] [added: 2.5] billion guest arrivals in almost every country and region across the globe.

Every day, hosts offer unique [removed: stays] [added: stays, experiences,] and [removed: experiences] [added: services] that [removed: make it possible for] [added: enable] guests to connect with communities in a more authentic way.

[removed: Along] [added: We operate] with [removed: employees and] [added: five key stakeholders in mind: our employees,] shareholders, [removed: we serve] hosts, guests, and the communities [removed: in which they live.][added: we serve.]

[removed: 2024] [added: 2025] Financial Highlights

[removed: Our net cash] [added: Cash] provided by operating activities was [removed: $4.5] [added: $4.6] billion in [removed: 2024,] [added: 2025,] compared to [removed: $3.9 billion,] [added: $4.5 billion] in the prior year.

[removed: We generated] Free Cash Flow1 [removed: of $4.5] [added: (“FCF”) was $4.6] billion [removed: for the year ended December 31, 2024,] [added: in 2025,] compared to [removed: $3.8 billion,] [added: $4.5 billion] in the prior year.

As of December 31, [removed: 2024,] [added: 2025,] we completed the repurchases under the [removed: August 2, 2022] [added: February 2024] share repurchase program and had [removed: $3.3] [added: $5.6] billion available [removed: for] [added: to] repurchase [added: shares] of Class A common stock under [removed: the May 9, 2023] [added: our August 2025] share repurchase program.

1 A reconciliation of non-GAAP financial [removed: information] [added: measures] to the most comparable U.S. GAAP financial measures is provided under the subsection titled “Key Business Metrics and Non-GAAP Financial Measures— [removed: Adjusted EBITDA Reconciliation” and “—] Free Cash Flow Reconciliation” below.

| | | | [removed: 2023] [added: 2024] | | | [removed: 2024] [added: 2025] | | | % Change | | |

| Nights and [removed: Experiences] [added: Seats] Booked | | | [removed: 448] [added: 492] | | | [removed: 492] [added: 533] | | | [removed: 10] [added: 8] | | % |

| Gross Booking Value | | | $ | [removed: 73,252] [added: 81,784] | | $ | [removed: 81,784] [added: 91,273] | | 12 | | % |

[removed: *Nights] [added: Nights] and [removed: Experiences Booked*][added: Seats Booked]

Nights and [removed: Experiences] [added: Seats] Booked is a key measure of the scale of our platform, which in turn drives our financial performance.

Nights and [removed: Experiences] [added: Seats] Booked on our platform in a period represents the sum of the total number of nights booked for stays and the total number of seats booked for [removed: experiences,] [added: experiences and services,] net of cancellations and alterations that occurred in that period.

For example, a booking made on February 15 would be reflected in Nights and [removed: Experiences] [added: Seats] Booked for our quarter ended March 31.

If, in the example, the booking [removed: was] [added: were] canceled on May 15, Nights and [removed: Experiences] [added: Seats] Booked would be reduced by the cancellation for our quarter ended June 30.

Nights and [removed: Experiences] [added: Seats] Booked grows as we attract new customers to our platform and as repeat guests increase their activity on our platform.

A seat is booked for each participant in an [removed: experience.][added: experience or service.]

We believe Nights and [removed: Experiences] [added: Seats] Booked is a key business metric to help investors and others understand and evaluate our results of operations in the same manner as our management team, as it represents a single unit of transaction on our platform.

The increase in our Nights and [removed: Experiences] [added: Seats] Booked was driven by strong growth across all regions.

[removed: *Gross] [added: Gross] Booking [removed: Value*][added: Value]

The timing of recording GBV and any related cancellations is similar to that described in the subsection titled “— Key Business Metrics and Non-GAAP Financial Measures — Nights and [removed: Experiences] [added: Seats] Booked” above.

Growth in GBV reflects our ability to attract and retain customers and reflects growth in Nights and [removed: Experiences] [added: Seats] Booked.

The increase in our GBV was primarily due to an increase in Nights and [removed: Experiences] [added: Seats] Booked, combined with a modest increase in ADR.

Similar to Nights and [removed: Experiences] [added: Seats] Booked, our GBV improvement was driven by growth in bookings in all regions.

Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin, [removed: Free Cash Flow] [added: FCF,] and [removed: Free Cash Flow] [added: FCF] Margin, which are described below.

Because of these limitations, [removed: you should consider] Adjusted EBITDA and Adjusted EBITDA Margin [added: should be considered] alongside other financial performance measures, including net income and net income margin as well as our other U.S. GAAP results.

[removed: Free Cash Flow] [added: FCF] and [removed: Free Cash Flow] [added: FCF] Margin have limitations as [removed: an] analytical [removed: tool] [added: tools] and should not be considered in isolation or as a substitute for analysis of other U.S. GAAP financial measures, such as net cash provided by operating activities and net cash provided by operating activities margin.

[removed: Free Cash Flow] [added: FCF] and [removed: Free Cash Flow] [added: FCF] Margin do not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting [removed: its] [added: their] usefulness as [removed: a] comparative [removed: measure.][added: measures.]

| Adjusted EBITDA & Adjusted EBITDA Margin | | | *Adjusted EBITDA*: Net income adjusted for: •provision for [removed: (benefit from)] income taxes; •other [removed: income (expense),] [added: expense,] net; •interest income; •depreciation and amortization; •stock-based compensation expense; •acquisition-related impacts consisting of gains (losses) recognized on changes in the fair value of contingent consideration [removed: arrangements, and •lodging taxes for which we may have joint] [added: arrangements; •settlements] and [removed: several liability with hosts] [added: reserves] for [removed: collecting and remitting such taxes, withholding taxes on payments made to hosts and any related settlements, and] [added: lodging, withholding,] transactional [added: and other non-income] taxes where [removed: there is] significant uncertainty [added: exists] as to how [removed: the] [added: these] taxes apply to [added: users of] our [removed: platform.] [added: platform and Airbnb; and •stock-settlement obligations, which represent employer and related taxes related to our Initial Public Offering (“IPO”).] *Adjusted EBITDA Margin*: Adjusted EBITDA divided by revenue. | | | •Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. •Used by management to make operating decisions such as evaluating performance, performing strategic planning, and budgeting. | | |

| [removed: Free Cash Flow] [added: FCF] & [removed: Free Cash Flow] [added: FCF] Margin | | | [removed: *Free Cash Flow:*] [added: *FCF:*] Net cash provided by operating activities less purchases of property and equipment. [removed: *Free Cash Flow] [added: *FCF] Margin*: [removed: Free Cash Flow] [added: FCF] divided by revenue. | | | •Indicator of liquidity that provides information to our management and investors about the amount of cash generated from operations, after purchases of property and equipment, that can be used for strategic initiatives. | | |

The following table summarizes our non-GAAP financial measures, along with the most directly comparable U.S. GAAP [removed: measure,] [added: measures,] for each period presented below (in millions, except percentages):

| Net income | | | $ | [removed: 4,792] [added: 2,648] | | $ | [removed: 2,648] [added: 2,511] | |

We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.

Our offerings have expanded to include services and redesigned experiences, which launched in May 2025.

Our commitment to making long-term decisions that benefit all these stakeholders is fundamental to our sustained success.

In 2025, net income decreased by 5% to $2.5 billion, compared to the prior year, primarily due to an increase in compensation expense and marketing spend, as well as lower interest income, which was partially offset by the increase in revenue of $1.1 billion.

Macroeconomic and Geopolitical Conditions on our Business

As we look forward, we recognize the potential impact of challenging macroeconomic and geopolitical conditions on our business, including inflation, interest rates, foreign currency fluctuations, tariffs and trade controls, and potential decreased consumer spending.

To date, these conditions have not had a material impact on our business, results of operations, cash flows, and financial condition; however, the impact in the future of these macroeconomic and geopolitical conditions on our business, results of operations, cash flows, and financial condition is uncertain and will depend on future developments that we may not be able to accurately predict.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

| Constant currency revenue growth rate | | | The change in the current period revenue over the prior comparable period where current period foreign currency revenue is translated using the exchange rates of the comparative period. | | | •Enhances comparability and provides investors with useful insight into the operational changes in revenue. •Used by management for financial and operational decision-making and as a means to evaluate performance by excluding the effects of foreign currency volatility which is not indicative of our core operating results. | | |

| | | | 2024 | | | 2025 | | |

| FCF | | | $ | 4,484 | | $ | 4,613 | |

| FCF Margin | | | 40 | | % | 38 | | % |

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

| | | | 2024 | | | 2025 | | |

| Stock-settlement obligations related to IPO | | | — | | | (5) | | |

| Adjusted EBITDA | | | $ | 4,041 | | $ | 4,297 | |

| Adjusted EBITDA Margin | | | 36 | | % | 35 | | % |

| | | | 2024 | | | 2025 | | |

| Net cash provided by operating activities | | | $ | 4,518 | | $ | 4,646 | |

| FCF | | | $ | 4,484 | | $ | 4,613 | |

| FCF Margin | | | 40 | | % | 38 | | % |

*Constant Currency*

In addition to revenue growth rates derived from revenue presented in accordance with U.S. GAAP, we disclose the percentage change in our current period revenue from the corresponding prior period by comparing the change in revenue using constant currencies.

We present constant currency revenue growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of changes in exchange rates.

We use the percentage change in constant currency revenues for financial and operational decision-making and as a means to evaluate period-to-period comparisons.

We believe the presentation of revenue on a constant currency basis in addition to the U.S. GAAP presentation helps improve the ability to understand our performance because it excludes the effects of foreign currency volatility that are not indicative of our core operating results.

The following table summarizes by region our Nights and Seats Booked, GBV, and revenue, determined based on the location of the host’s listing (in millions, except percentages):

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | |

We have five stakeholders and we have designed our Company with all of them in mind.

We intend to make long-term decisions considering all of our stakeholders because their collective success is key for our business to thrive.

In 2024, revenue increased by 12% to $11.1 billion compared to 2023, primarily due to a 10% increase in Nights and Experiences Booked of 43.3 million combined with higher Average Daily Rate (“ADR”) driving a 12% increase in Gross Booking Value of $8.5 billion.

The growth in GBV and revenue demonstrated continued strong travel demand.

In 2024, net income decreased by 45% to $2.6 billion, compared to the prior year, primarily due to the release of the majority of our valuation allowance on U.S. federal and state deferred tax assets of $2.9 billion in 2023, and the recognition of deferred tax expense related to the utilization of some of those assets in 2024 (see Note 14, *Income Taxes,* to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for further details).

This was partially offset due to a decrease in withholding taxes, associated fees, and penalties and interest expense due to a withholding tax settlement related to Italy of $770 million, $196 million and $64 million respectively.

Adjusted EBITDA1 increased 11% to $4.0 billion in 2024 demonstrating the continued strength of our business, growth in revenue and discipline in managing our cost structure.

During 2024, we repurchased an aggregate of 24.5 million shares of Class A common stock for $3.4 billion.

Trends

Inflation and other macroeconomic pressures in the United States and the global economy, such as tariffs, foreign currency fluctuations, as well as wars and other geopolitical conflicts, have contributed to an increasingly complex business environment.

As a result, our future operational results may be subject to volatility.

Additionally, health-related events, political instability, acts of terrorism, and natural disasters, are examples of other events that could have a negative impact on the travel industry in the future.

| | | | 2023 | | | 2024 | | |

| Free Cash Flow | | | $ | 3,837 | | $ | 4,484 | |

| Free Cash Flow Margin | | | 39 | | % | 40 | | % |

We measure Nights and Experiences Booked by region based on the location of the listing.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2023 | | | | | | 2024 | | | | | | | | |

Because we act as the merchant of record, we incur all payment processing costs associated with our bookings, and we have chargebacks, which arise from account takeovers and other fraudulent activities.

Cost of revenue may vary as a percentage of revenue from year to year based on activity

Cost of revenue increased $175 million, or 10%, in 2024 compared to 2023, primarily due to an increase in merchant fees of $173 million, due to an increase in GBV, the impact of certain one-time incentives in 2023, and an increase in cloud computing costs of $26 million, due to increased server and data storage usage.

These increases were partially offset by a reduction in chargebacks of $34 million.

Sales and marketing expense increased $385 million, or 22%, in 2024, compared to 2023, primarily due to a $294 million increase in marketing activities associated with ongoing marketing campaigns and search engine marketing, a $58 million increase in payroll-related expenses, and a $26 million increase in consultant and other service provider costs.

General and administrative expense also includes certain professional services fees, general corporate and director and officer insurance, allocated costs for facilities and information technology, indirect taxes,

including lodging tax reserves for which we may be held jointly liable with hosts for collecting and remitting such taxes, and bad debt expense.

General and administrative expense decreased $840 million, or 41%, in 2024, compared to 2023, primarily due to decreased non-income taxes and related fees and penalties, partially offset by an increase in payroll-related expenses.

Non-income taxes and related fees and penalties decreased $656 million and $194 million, respectively, primarily due to a withholding tax settlement related to Italy, partially off-set by an increase in payroll-related expenses of $22 million.

Interest income increased $97 million, or 13%, in 2024 compared to 2023, primarily due to higher cash and investment balances.

The change in other expense, net of $177 million in 2024 compared to 2023 was primarily due to increased foreign exchange gains of $77 million and a decrease in interest expense of $58 million related to interest on withholding taxes recorded in 2023, partially offset by an impairment charge of $45 million on an investment in a privately-held company in 2024.

The provision for income taxes during 2024 was driven by current tax on U.S. and foreign earnings and deferred tax expense resulting from prior year’s valuation allowance release on our U.S. federal and state deferred tax assets and the utilization of some of those assets in 2024.

The income tax benefit for 2023, was primarily due to the release of $2.9 billion of our valuation allowance related to certain of our U.S. federal and state deferred tax assets, as a discrete tax benefit.

In 2021, the Organization for Economic Co-operation and Development (“OECD”) established an inclusive framework on base erosion and profit shifting and agreed on a two-pillar solution to global taxation, focusing on global profit allocation, known to as Pillar One and a 15% global minimum effective tax rate, known as Pillar Two.

In December of 2022, the EU member states agreed to implement the OECD’s global minimum tax rate of 15%.

The OECD issued Pillar Two model rules and continues to release guidance on these rules.

The inclusive framework calls for tax law changes by participating countries to take effect in 2024 and 2025.

Various countries have enacted or have announced plans to enact new tax laws to implement the global minimum tax.

We offer the ability to transact on our platform in approximately 50 currencies, of which the most significant foreign currencies to our operations in [removed: 2024] [added: 2025] were the Euro, British pound, Canadian dollar, Australian dollar, Brazilian real, and Mexican peso.

- unbilled amounts for confirmed bookings under the terms of our [removed: Pay] [added: payment programs (Pay] Less Upfront [removed: program;] and [added: Reserve Now, Pay Later); and]

Movements in foreign exchange rates are recorded in other [removed: income (expense),] [added: expense,] net in our consolidated statements of operations.

These hedges are primarily designed to manage foreign exchange risk associated with forecasted foreign denominated revenue, balances held as funds payable and amounts payable to customers, and unbilled amounts for confirmed bookings under the terms of our [removed: Pay Less Upfront program.][added: payment programs.]

These contracts reduce, but do not entirely eliminate, the impact of foreign currency exchange rate movements on our revenue, [removed: assets] [added: assets,] and liabilities.

If our foreign-currency denominated assets, liabilities, [removed: revenues] [added: revenues,] or expenses increase, our results of operations may be more significantly impacted by fluctuations in the exchange rates of the currencies in which we do business.

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

If an adverse 10% foreign currency exchange rate change was applied to total net monetary assets and liabilities denominated in currencies other than the local currencies as of December 31, [removed: 2024,] [added: 2025,] it would have resulted in a loss of approximately [removed: $28] [added: $38] million.

We had cash and cash equivalents of [removed: $6.9] [added: $6.6] billion and short-term investments of [removed: $3.7] [added: $4.5] billion as of December 31, [removed: 2024,] [added: 2025,] which primarily consisted of corporate debt securities, mortgage-backed and asset-backed securities, U.S. government and government agency debt securities (“government bonds”), commercial paper, certificates of [removed: deposit] [added: deposit,] and time deposits.

As of December 31, [removed: 2024,] [added: 2025,] we had an additional [removed: $5.9] [added: $7.0] billion that we held for bookings in advance of guests completing check-ins, which we record separately on our consolidated balance sheets as funds receivable and amounts held on behalf of customers.

A hypothetical 100 basis point increase in interest rates would have resulted in a decrease of [removed: $27] [added: $30] million to our investment portfolio as of December 31, [removed: 2024.][added: 2025.]

[removed: We are a community based on connection and belonging—a community that] [added: Airbnb] was [removed: born] [added: founded] in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown [removed: to] [added: into a global community of] over 5 million hosts who have welcomed over [removed: 2] [added: 2.5] billion guest arrivals in almost every country and region across the globe.

Every day, hosts offer unique [removed: stays] [added: stays, experiences,] and [removed: experiences] [added: services] that [removed: make it possible for] [added: enable] guests to connect with communities in a more authentic way.

[removed: Along] [added: We operate] with [removed: employees and] [added: five key stakeholders in mind: our employees,] shareholders, [removed: we serve] hosts, guests, and the communities [removed: in which they live.][added: we serve.]

Additionally, we are leveraging our global markets strategy, which includes a more localized approach to product updates and marketing [removed: investments] to raise awareness and consideration in less mature markets.

[removed: Lastly, we] [added: We] are [removed: planning] [added: also extending our platform beyond stays with new offerings, such as Airbnb Services and redesigned experiences, with plans] to [added: continue to] expand our business beyond travel accommodations using our multi-year product roadmap to help drive long-term [removed: growth across new businesses.][added: growth.]

[removed: Our] [added: *Our] Platform for [removed: Hosts][added: Hosts*]

We partner with hosts throughout the process of setting up their [removed: listing] [added: listings] and provide them with a robust suite of tools to successfully manage their listings, including scheduling, merchandising, integrated payments, community support, host protections, pricing tools, and feedback from reviews.

[removed: Our] [added: *Our] Platform for [removed: Guests][added: Guests*]

Our website and mobile app provide our guests with an engaging [added: and intuitive] way to [removed: explore] [added: discover] and [removed: easily] book a [removed: wide variety] [added: diverse selection] of [removed: unique homes] [added: homes, experiences,] and [removed: experiences.][added: services.]

Over the last several years, we have launched a significant number of new features and upgrades [removed: through our biannual product releases] to help guests find affordable, high quality and reliable [removed: stays] [added: stays, experiences, and services] across the platform.

The system for trust that we [removed: have] designed [removed: includes the following components:] [added: continues to include core components such as] host and guest reviews, account protection, risk scoring, secure payments, a nondiscrimination policy, watchlist and background checks in certain jurisdictions, cleanliness, fraud and scam prevention, insurance and similar protections, booking restrictions, an urgent safety line, a 24/7 neighborhood support line, anti-party technology, and a guest refund policy.

[added: We offer protection for our hosts through] AirCover for [removed: Hosts includes, among other features, guest] [added: Hosts, which includes] property damage protection of up to $3 million per stay, liability coverage [removed: to hosts] of up to $1 million per occurrence [removed: in the event of] [added: for] third-party claims of personal injury or property damage, deep cleaning protection, and pet damage protection.

[removed: We have new] [added: With further] initiatives under [removed: development and will continue] [added: development, we are working] to create additional [removed: safety] features to strengthen the trust and safety on our platform.

Our technology platform powers our two-sided [added: global] marketplace and [removed: enables] [added: supports the broad, evolving needs of] our [removed: global] network of hosts and guests.

- *Support of [added: secure] global payments*.

It enables guests and hosts to [removed: send and receive money] [added: transact] in their preferred [removed: currency, supporting] [added: currency across] approximately 20 local payment [removed: methods.][added: methods, with advanced protections against fraud and money laundering.]

It provides multilingual, real-time community [removed: safety and] support, [removed: and] [added: including responsive] city-specific regulatory support.

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

It delivers deep business intelligence insights [added: and robust analytics] to manage [removed: our marketplace, including pricing insights] [added: marketplace performance, optimize pricing,] and [added: maximize] occupancy [removed: optimization] for our hosts.

- *Incorporation of [removed: artificial intelligence (“AI”)] [added: AI] and machine learning*.

It incorporates [removed: sophisticated] [added: expanded] AI [removed: into] [added: and machine learning capabilities, which are integral to] key areas, from fraud detection, to personalized listing matching and enabling customized and real-time community support.

- Data management systems that are designed to support user privacy, analytics, [added: and] machine [removed: learning/AI,] [added: learning] and [removed: business] [added: AI-driven] insights.

- Service reliability leading to best-in-class performance centered on availability, latency, [removed: disaster recovery and] business continuity, security, testability, observability, operability, and agility.

Our global communications team [removed: works] [added: coordinates with partners] across press, policy, and [removed: online influencers] [added: social media] to share timely [removed: and important] news [removed: about Airbnb.][added: and drive engagement in support of our brand strategy.]

While performance marketing [removed: is one] [added: remains a] component of our [removed: multi-pronged strategy,] [added: multi-faceted approach,] the strength of [removed: the Airbnb] [added: Airbnb’s] brand and our [removed: communications] [added: communication] strategy [removed: allows] [added: has allowed] us to [removed: be less reliant] [added: maintain lower reliance] on [removed: performance marketing.][added: paid marketing channels.]

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 7,300] [added: 8,200] employees.

[removed: As of December 31, 2024,] [added: Consistent with prior years,] we relied on a global network of approximately [removed: 11,000] [added: 13,000] third-party workers [added: as of December 31, 2025,] to [removed: handle] [added: support] the [removed: vast] majority of our community support contacts.

Our internal community support employees [removed: are comprised of operations teams who handle] [added: focus on managing] complex and sensitive issues, [removed: and] [added: while] enablement teams [removed: who] support all community-facing [removed: teams, including our] [added: teams and] partners.

Attracting, [removed: recruiting,] developing, and retaining talent from a wide range of backgrounds and experiences [removed: enables us to provide our hosts and guests with] [added: remains critical for delivering] innovative products and [removed: services as well as serve] [added: serving] our [removed: other stakeholders.][added: stakeholders globally.]

Through our hiring process, we commit to finding the [removed: best,] most qualified candidates for each [removed: role,] [added: role] while [removed: encouraging] [added: fostering] inclusion and [removed: eliminating] [added: striving to eliminate] bias.

Our [removed: Live] [added: “Live] and Work [removed: Anywhere] [added: Anywhere”] policy allows for the vast majority of our employees to work [removed: remotely.][added: remotely, supporting our ability to expand our talent pool well beyond the commuting range of our physical offices.]

We believe [removed: that expanding our talent pool beyond the commuting radius near our offices will allow] [added: this allows] us to attract the best [removed: employees over time,] [added: employees,] as it helps us to have a broader and more diverse range of qualified candidates for any given position.

[removed: In 2021, we committed to a goal to operate as a net zero company for our global corporate operations by 2030, reducing greenhouse gas emissions associated with our corporate operations across Scope 1 (direct emissions from stationary combustion and] refrigerants), Scope 2 (indirect emissions from purchased electricity, [added: purchased electricity from] diesel [removed: generators] [added: generators, onsite renewable electricity] and [removed: district heat),] [added: purchased direct heat (market-based)),] and [removed: the following] [added: select] Scope 3 categories [added: as currently] defined by the Greenhouse Gas [removed: Protocol:] [added: Protocol (these select Scope 3 categories are] purchased goods and services, capital goods, fuel- and energy-related activities (not included in Scope 1 or Scope 2), waste generated in operations, business travel, employee commuting, and upstream leased [removed: assets.][added: assets).]

To help meet our goals, we [removed: are implementing a broad range of] [added: continue to advance decarbonization] initiatives designed to [removed: help decarbonize our business and] make our corporate operations more sustainable.

[removed: We also purchase,] [added: Alongside decarbonization in furtherance of our goal, we purchase carbon credits] and [removed: plan] [added: we expect] to continue [removed: purchasing, carbon credits] to [removed: fully] [added: do so to ultimately] achieve our [removed: emissions] goals in the [removed: long-term.][added: long term.]

We are subject to [added: an evolving array of] laws, regulations, and rules [removed: that affect] [added: at] the [added: local, city, state, and national levels worldwide that impact] short-term and long-term [removed: rental and] [added: rental,] home [removed: sharing business at city, state, country,] [added: sharing,] and [removed: regional levels.][added: related business activities.]

We seek to work with governments to establish clear, fair, and workable home sharing rules to create clarity for our [removed: hosts, however] [added: hosts; however,] certain cities have passed onerous restrictions on short-term rentals.

[removed: In addition to laws, regulations, and rules directly applicable to the] [added: Beyond] short-term [removed: and long-term] rental [removed: and home sharing business,] [added: regulations,] we are [added: also] subject to a wide [removed: variety] [added: spectrum] of laws, [removed: regulations] [added: rules, regulations, policies, legal interpretations,] and [removed: rules] [added: regulatory guidance] governing our business practices.

As we continue to expand the reach of our brand into additional markets, we will be increasingly subject to additional laws, [added: rules,] regulations, [added: policies, legal interpretations,] and [removed: rules.][added: regulatory guidance.]

For additional [removed: information regarding these and other laws, regulations, and rules that affect us and our business,] [added: information,] see Note 13, *Commitments and Contingencies – Legal and Regulatory Matters – Regulatory Matters,* to our consolidated financial statements included in Item 8 of Part I of this Annual Report on Form 10-K and Item 1A.

We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.

Our offerings have expanded to include services and redesigned experiences, which launched in May 2025.

Our commitment to making long-term decisions that benefit all these stakeholders is fundamental to our sustained success.

Our key strategic priorities include making our service better, bringing Airbnb to more parts of the world, and expanding what we offer.

In addition, we provide the Co-Host Network, which connects potential and existing hosts with co-hosts who can help manage their listings.

In 2025, we continued to deliver host improvements, including updates to cancellation policies that make it easier for hosts to earn income, better pricing tools and price tips, and a refreshed messages tab.

In 2025, we launched a redesigned app experience featuring unified search and booking for all offerings, artificial intelligence (“AI”)-powered personalization, and integrated social features that allow guests to connect with co-travelers or experience attendees.

Guests benefit from flexible payment options, including Pay Less Upfront and Reserve Now, Pay Later.

Additionally, guests can utilize enhanced search tools and improved maps to help find high-quality, reliable options that fit their preferences.

In 2025, we made further investments in technology and processes to enhance trust and safety across our platform.

During 2025, we expanded the use of AI-powered customer service and support features to help more quickly and effectively resolve issues for both hosts and guests.

AI capabilities now assist in risk assessment and rapid fraud and scam detection, supplementing our existing review, watchlist, and background check procedures.

We also enhanced automation in case management, supporting more timely response and resolution for urgent situations on the platform.

In 2025, we substantially completed a rebuild of our technology stack, enhancing scalability, reliability, and the pace of innovation across the platform.

This modern architecture enables us to move rapidly in responding to changing customer needs while maintaining stability and correctness.

Our marketing strategy combines brand marketing, communications, performance marketing, and strategic partnerships to increase awareness among existing and potential hosts and guests, demonstrating what makes Airbnb distinct.

In 2025, we focused on unified brand campaigns promoting our full suite of offerings: homes, experiences, and services, showcasing where guests can seamlessly book all three on Airbnb.

We also leverage select sponsorships and co‑marketing collaborations with cultural institutions, sports and entertainment organizations, destinations, and media platforms to amplify our brand, align with key cultural moments, and engage our community globally.

We continue to invest in programs that support all employee growth and learning throughout the employee lifecycle.

We continue to promote employee connection and alignment with our business priorities through regular collaboration, including in-person sessions at offices or off-site locations, reinforcing both our remote flexibility and our focus on team cohesion tied to our product roadmap.

We continue to pursue our goal of operating as a “net zero” company for our global corporate operations by year end 2030, reducing greenhouse gas emissions associated with our corporate operations across Scope 1 (direct emissions from stationary combustion and

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

We aim to prioritize projects that meet our internal criteria and provide co-benefits, such as improved biodiversity, economic development, or improved community services and infrastructure.

While many jurisdictions have enacted or updated legislation on short-term rentals, others may do so in the future.

Gross Booking Value (“GBV”) generally follows the same seasonal trends as Nights and Seats Booked.

Holiday timing, such as Easter, and other events can also shift quarterly performance.

Seasonality in GBV also affects Free Cash Flow (“FCF”).

Higher GBV in the first half of the year typically results in increased unearned fees and higher FCF.

During the third quarter, GBV is typically lower and check-ins reach their peak, resulting in decreased unearned fees.

GBV and FCF are generally the lowest in the fourth quarter.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

- online platforms offering experiences and activities, such as Viator, GetYourGuide, and Klook; and

- providers in the highly fragmented guest services industry, which include many vertical-specific marketplaces that offer photography, beauty, spa, fitness, food, and other services.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

We operate a global marketplace, where hosts offer guests stays and experiences on our platform.

Airbnb has five stakeholders and is designed with all of them in mind.

We intend to make long-term decisions considering all of our stakeholders because their collective success is key for our business to thrive.

Our key strategic priorities include perfecting our core business, accelerating growth in global markets, and launching and scaling new offerings.

During 2024, we introduced Co-Host Network, which enables our hosts to find co-hosts who can help manage their listing.

We offer protection for our hosts through AirCover for Hosts.

Designed for scalability and reliability, the platform ensures secure transactions through advanced protections against fraud and money laundering.

Our marketing strategy includes brand marketing, communications, and performance marketing.

Brand marketing increases awareness among potential hosts and guests, helping them understand the benefits of hosting and booking stays and experiences, and what makes these stays and experiences distinctly Airbnb.

They also oversee the execution of a global consumer, product, corporate, and policy-communications plan that supports our brand strategy and generates considerable press and social media coverage.

We are also focused on supporting all of our employees in continuing to grow and develop throughout the employee lifecycle.

We aim to create a highly coordinated working culture, and as such, will continue to promote ways to keep employees highly engaged and connected by aligning employees’ work through our product roadmap, as well as curating employee collaboration sessions either in the office or at off-site locations.

Our aim is to procure such credits from high integrity projects, with a focus on nature-based solutions or projects with other co-benefits where feasible.

While a number of cities, counties, states and countries have implemented legislation to address short-term rentals, there are many others that are not yet explicitly addressing or enforcing short-term rental laws, and could follow suit and enact regulations.

Our key business metrics, including Gross Booking Value (“GBV”) and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), can also be impacted by the timing of holidays and other events.

We experience seasonality in our GBV that is generally consistent with the seasonality of Nights and Experiences Booked.

Seasonal trends in our GBV impact Free Cash Flow for any given quarter.

A significant portion of our costs are relatively fixed across quarters or vary inline with booking volume.

We historically achieve our highest quarterly GBV in the first and second quarters of the year with comparatively lower check-ins.

As a result, increases in unearned fees typically make our Free Cash Flow and Free Cash Flow as a percentage of revenue the highest in the first two quarters of the year.

We typically see a slight decline in GBV and a peak in check-ins in the third quarter, which results in a decrease in unearned fees, a lower sequential decrease in Free Cash Flow, and a greater decline in GBV in the fourth quarter, where Free Cash Flow is typically lower.

- online platforms offering experiences.

See Note 13, *Commitments and Contingencies* – *Legal and Regulatory Matters*, to our consolidated financial statements included in Item 8 of this Annual Report on Form [removed: 10-K.][added: 10-K, which is incorporated by reference to this Item 3.]

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the Class A common stock held by non-affiliates of the registrant was approximately [removed: $66.1] [added: $56.2] billion based upon the closing price reported for such date on the NASDAQ Global Select Market.

As of January 31, [removed: 2025, 432,876,657] [added: 2026, 423,573,275] shares of the registrant's Class A common stock were outstanding, [removed: 188,462,942] [added: 175,940,683] shares of the registrant's Class B common stock were outstanding, no shares of the registrant’s Class C common stock were outstanding, and 9,200,000 shares of the registrant’s Class H common stock were outstanding.

The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in [removed: 2025,] [added: 2026,] which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.

| | | | | | | [Special Note Regarding Forward-Looking [removed: Statements](#i0e40a7c96eae46e69dcd2802e4334abf_10)] [added: Statements](#i5126a676aff44c5d86374aae8e5c24eb_10)] | | | [removed: [1](#i0e40a7c96eae46e69dcd2802e4334abf_10)] [added: [1](#i5126a676aff44c5d86374aae8e5c24eb_10)] | | |

| | | | | | | [Risk Factors [removed: Summary](#i0e40a7c96eae46e69dcd2802e4334abf_868)] [added: Summary](#i5126a676aff44c5d86374aae8e5c24eb_13)] | | | [removed: [2](#i0e40a7c96eae46e69dcd2802e4334abf_868)] [added: [2](#i5126a676aff44c5d86374aae8e5c24eb_13)] | | |

| [Item [removed: 1.](#i0e40a7c96eae46e69dcd2802e4334abf_19)] [added: 1.](#i5126a676aff44c5d86374aae8e5c24eb_19)] | | | | | | [removed: [Business](#i0e40a7c96eae46e69dcd2802e4334abf_19)] [added: [Business](#i5126a676aff44c5d86374aae8e5c24eb_19)] | | | [removed: [4](#i0e40a7c96eae46e69dcd2802e4334abf_19)] [added: [4](#i5126a676aff44c5d86374aae8e5c24eb_19)] | | |

| [Item [removed: 1A.](#i0e40a7c96eae46e69dcd2802e4334abf_22)] [added: 1A.](#i5126a676aff44c5d86374aae8e5c24eb_61)] | | | | | | [Risk [removed: Factors](#i0e40a7c96eae46e69dcd2802e4334abf_22)] [added: Factors](#i5126a676aff44c5d86374aae8e5c24eb_61)] | | | [removed: [8](#i0e40a7c96eae46e69dcd2802e4334abf_22)] [added: [8](#i5126a676aff44c5d86374aae8e5c24eb_61)] | | |

| [Item [removed: 1B.](#i0e40a7c96eae46e69dcd2802e4334abf_25)] [added: 1B.](#i5126a676aff44c5d86374aae8e5c24eb_64)] | | | | | | [Unresolved Staff [removed: Comments](#i0e40a7c96eae46e69dcd2802e4334abf_25)] [added: Comments](#i5126a676aff44c5d86374aae8e5c24eb_64)] | | | [removed: [31](#i0e40a7c96eae46e69dcd2802e4334abf_25)] [added: [31](#i5126a676aff44c5d86374aae8e5c24eb_64)] | | |

| [Item [removed: 1C.](#i0e40a7c96eae46e69dcd2802e4334abf_28)] [added: 1C.](#i5126a676aff44c5d86374aae8e5c24eb_67)] | | | | | | [removed: [Cybersecurity](#i0e40a7c96eae46e69dcd2802e4334abf_28)] [added: [Cybersecurity](#i5126a676aff44c5d86374aae8e5c24eb_67)] | | | [removed: [31](#i0e40a7c96eae46e69dcd2802e4334abf_28)] [added: [31](#i5126a676aff44c5d86374aae8e5c24eb_67)] | | |

| [Item [removed: 2.](#i0e40a7c96eae46e69dcd2802e4334abf_31)] [added: 2.](#i5126a676aff44c5d86374aae8e5c24eb_70)] | | | | | | [removed: [Properties](#i0e40a7c96eae46e69dcd2802e4334abf_31)] [added: [Properties](#i5126a676aff44c5d86374aae8e5c24eb_70)] | | | [removed: [32](#i0e40a7c96eae46e69dcd2802e4334abf_31)] [added: [31](#i5126a676aff44c5d86374aae8e5c24eb_70)] | | |

| [Item [removed: 3.](#i0e40a7c96eae46e69dcd2802e4334abf_34)] [added: 3.](#i5126a676aff44c5d86374aae8e5c24eb_73)] | | | | | | [Legal [removed: Proceedings](#i0e40a7c96eae46e69dcd2802e4334abf_34)] [added: Proceedings](#i5126a676aff44c5d86374aae8e5c24eb_73)] | | | [removed: [32](#i0e40a7c96eae46e69dcd2802e4334abf_34)] [added: [32](#i5126a676aff44c5d86374aae8e5c24eb_73)] | | |

| [Item [removed: 4.](#i0e40a7c96eae46e69dcd2802e4334abf_37)] [added: 4.](#i5126a676aff44c5d86374aae8e5c24eb_76)] | | | | | | [Mine Safety [removed: Disclosures](#i0e40a7c96eae46e69dcd2802e4334abf_37)] [added: Disclosures](#i5126a676aff44c5d86374aae8e5c24eb_76)] | | | [removed: [32](#i0e40a7c96eae46e69dcd2802e4334abf_37)] [added: [32](#i5126a676aff44c5d86374aae8e5c24eb_76)] | | |

| [Item [removed: 5.](#i0e40a7c96eae46e69dcd2802e4334abf_43)] [added: 5.](#i5126a676aff44c5d86374aae8e5c24eb_82)] | | | | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i0e40a7c96eae46e69dcd2802e4334abf_43)] [added: Securities](#i5126a676aff44c5d86374aae8e5c24eb_82)] | | | [removed: [33](#i0e40a7c96eae46e69dcd2802e4334abf_43)] [added: [33](#i5126a676aff44c5d86374aae8e5c24eb_82)] | | |

| [Item [removed: 6.](#i0e40a7c96eae46e69dcd2802e4334abf_46)] [added: 6.](#i5126a676aff44c5d86374aae8e5c24eb_85)] | | | | | | [removed: [\[Reserved\]](#i0e40a7c96eae46e69dcd2802e4334abf_46)] [added: [\[Reserved\]](#i5126a676aff44c5d86374aae8e5c24eb_85)] | | | [removed: [34](#i0e40a7c96eae46e69dcd2802e4334abf_46)] [added: [34](#i5126a676aff44c5d86374aae8e5c24eb_85)] | | |

| [Item [removed: 7.](#i0e40a7c96eae46e69dcd2802e4334abf_49)] [added: 7.](#i5126a676aff44c5d86374aae8e5c24eb_88)] | | | | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i0e40a7c96eae46e69dcd2802e4334abf_49)] [added: Operations](#i5126a676aff44c5d86374aae8e5c24eb_88)] | | | [removed: [34](#i0e40a7c96eae46e69dcd2802e4334abf_49)] [added: [34](#i5126a676aff44c5d86374aae8e5c24eb_88)] | | |

| [Item [removed: 7A.](#i0e40a7c96eae46e69dcd2802e4334abf_88)] [added: 7A.](#i5126a676aff44c5d86374aae8e5c24eb_133)] | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i0e40a7c96eae46e69dcd2802e4334abf_88)] [added: Risk](#i5126a676aff44c5d86374aae8e5c24eb_133)] | | | [removed: [44](#i0e40a7c96eae46e69dcd2802e4334abf_88)] [added: [45](#i5126a676aff44c5d86374aae8e5c24eb_133)] | | |

| [Item [removed: 8.](#i0e40a7c96eae46e69dcd2802e4334abf_91)] [added: 8.](#i5126a676aff44c5d86374aae8e5c24eb_136)] | | | | | | [Financial Statements and Supplementary [removed: Data](#i0e40a7c96eae46e69dcd2802e4334abf_91)] [added: Data](#i5126a676aff44c5d86374aae8e5c24eb_136)] | | | [removed: [46](#i0e40a7c96eae46e69dcd2802e4334abf_91)] [added: [46](#i5126a676aff44c5d86374aae8e5c24eb_136)] | | |

| [Item [removed: 9.](#i0e40a7c96eae46e69dcd2802e4334abf_196)] [added: 9.](#i5126a676aff44c5d86374aae8e5c24eb_220)] | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i0e40a7c96eae46e69dcd2802e4334abf_196)] [added: Disclosure](#i5126a676aff44c5d86374aae8e5c24eb_220)] | | | [removed: [82](#i0e40a7c96eae46e69dcd2802e4334abf_196)] [added: [82](#i5126a676aff44c5d86374aae8e5c24eb_220)] | | |

| [Item [removed: 9A.](#i0e40a7c96eae46e69dcd2802e4334abf_199)] [added: 9A.](#i5126a676aff44c5d86374aae8e5c24eb_223)] | | | | | | [Controls and [removed: Procedures](#i0e40a7c96eae46e69dcd2802e4334abf_199)] [added: Procedures](#i5126a676aff44c5d86374aae8e5c24eb_223)] | | | [removed: [82](#i0e40a7c96eae46e69dcd2802e4334abf_199)] [added: [82](#i5126a676aff44c5d86374aae8e5c24eb_223)] | | |

| [Item [removed: 9B.](#i0e40a7c96eae46e69dcd2802e4334abf_202)] [added: 9B.](#i5126a676aff44c5d86374aae8e5c24eb_226)] | | | | | | [Other [removed: Information](#i0e40a7c96eae46e69dcd2802e4334abf_202)] [added: Information](#i5126a676aff44c5d86374aae8e5c24eb_226)] | | | [removed: [82](#i0e40a7c96eae46e69dcd2802e4334abf_202)] [added: [82](#i5126a676aff44c5d86374aae8e5c24eb_226)] | | |

| [Item [removed: 9C.](#i0e40a7c96eae46e69dcd2802e4334abf_208)] [added: 9C.](#i5126a676aff44c5d86374aae8e5c24eb_232)] | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i0e40a7c96eae46e69dcd2802e4334abf_208)] [added: Inspections](#i5126a676aff44c5d86374aae8e5c24eb_232)] | | | [removed: [82](#i0e40a7c96eae46e69dcd2802e4334abf_208)] [added: [82](#i5126a676aff44c5d86374aae8e5c24eb_232)] | | |

| [Item [removed: 10.](#i0e40a7c96eae46e69dcd2802e4334abf_214)] [added: 10.](#i5126a676aff44c5d86374aae8e5c24eb_238)] | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#i0e40a7c96eae46e69dcd2802e4334abf_214)] [added: Governance](#i5126a676aff44c5d86374aae8e5c24eb_238)] | | | [removed: [83](#i0e40a7c96eae46e69dcd2802e4334abf_214)] [added: [83](#i5126a676aff44c5d86374aae8e5c24eb_238)] | | |

| [Item [removed: 11.](#i0e40a7c96eae46e69dcd2802e4334abf_217)] [added: 11.](#i5126a676aff44c5d86374aae8e5c24eb_241)] | | | | | | [Executive [removed: Compensation](#i0e40a7c96eae46e69dcd2802e4334abf_217)] [added: Compensation](#i5126a676aff44c5d86374aae8e5c24eb_241)] | | | [removed: [83](#i0e40a7c96eae46e69dcd2802e4334abf_217)] [added: [83](#i5126a676aff44c5d86374aae8e5c24eb_241)] | | |

| [Item [removed: 12.](#i0e40a7c96eae46e69dcd2802e4334abf_220)] [added: 12.](#i5126a676aff44c5d86374aae8e5c24eb_244)] | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i0e40a7c96eae46e69dcd2802e4334abf_220)] [added: Matters](#i5126a676aff44c5d86374aae8e5c24eb_244)] | | | [removed: [83](#i0e40a7c96eae46e69dcd2802e4334abf_220)] [added: [83](#i5126a676aff44c5d86374aae8e5c24eb_244)] | | |

| [Item [removed: 13.](#i0e40a7c96eae46e69dcd2802e4334abf_223)] [added: 13.](#i5126a676aff44c5d86374aae8e5c24eb_247)] | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i0e40a7c96eae46e69dcd2802e4334abf_223)] [added: Independence](#i5126a676aff44c5d86374aae8e5c24eb_247)] | | | [removed: [83](#i0e40a7c96eae46e69dcd2802e4334abf_223)] [added: [83](#i5126a676aff44c5d86374aae8e5c24eb_247)] | | |

| [Item [removed: 14.](#i0e40a7c96eae46e69dcd2802e4334abf_226)] [added: 14.](#i5126a676aff44c5d86374aae8e5c24eb_250)] | | | | | | [Principal Accountant Fees and [removed: Services](#i0e40a7c96eae46e69dcd2802e4334abf_226)] [added: Services](#i5126a676aff44c5d86374aae8e5c24eb_250)] | | | [removed: [83](#i0e40a7c96eae46e69dcd2802e4334abf_226)] [added: [83](#i5126a676aff44c5d86374aae8e5c24eb_250)] | | |

| [Item [removed: 15.](#i0e40a7c96eae46e69dcd2802e4334abf_232)] [added: 15.](#i5126a676aff44c5d86374aae8e5c24eb_256)] | | | | | | [removed: [Exhibit](#i0e40a7c96eae46e69dcd2802e4334abf_232)[s](#i0e40a7c96eae46e69dcd2802e4334abf_232) [and] [added: [Exhibits and] Financial Statement [removed: Schedules](#i0e40a7c96eae46e69dcd2802e4334abf_232)] [added: Schedules](#i5126a676aff44c5d86374aae8e5c24eb_256)] | | | [removed: [84](#i0e40a7c96eae46e69dcd2802e4334abf_232)] [added: [84](#i5126a676aff44c5d86374aae8e5c24eb_256)] | | |

| [Item [removed: 16.](#i0e40a7c96eae46e69dcd2802e4334abf_238)] [added: 16.](#i5126a676aff44c5d86374aae8e5c24eb_262)] | | | | | | [Form 10-K [removed: Summary](#i0e40a7c96eae46e69dcd2802e4334abf_238)] [added: Summary](#i5126a676aff44c5d86374aae8e5c24eb_262)] | | | [removed: [86](#i0e40a7c96eae46e69dcd2802e4334abf_238)] [added: [85](#i5126a676aff44c5d86374aae8e5c24eb_262)] | | |

In some cases, [removed: you] [added: investors] can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “commitment,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions.

- our expectations regarding our technology platform and our continued technological investments and expectations [removed: around] [added: regarding] improvements to our foundational technology;

- our expectations regarding the impact of future [added: laws and] regulations on our business;

- our expectations regarding future operating performance, including Nights and [removed: Experiences] [added: Seats] Booked, Gross Booking Value (“GBV”), Average Daily Rate, and GBV per [removed: Night] [added: Nights] and [removed: Experience] [added: Seats] Booked;

- our expectations regarding [removed: our income tax liabilities,] lodging tax obligations and other non-income tax [removed: liabilities, fluctuations in our effective tax rate,] [added: liabilities;] and [removed: uncertain tax positions;]

- our expectations regarding [added: our income tax liabilities,] the adequacy of our reserves and settlement discussions related to tax [removed: audits;][added: audits, fluctuations in our effective tax rate, and uncertain tax positions;]

- our expectations regarding our valuation allowance against our deferred tax assets, including [added: reserves] related to our research [removed: and development] tax [removed: credit generation; and][added: credits;]

We caution [removed: you] [added: investors] that the foregoing list does not contain all of the forward-looking statements made in this Annual Report on Form 10-K.

[removed: You] [added: Forward-looking statements] should not [removed: rely] [added: be relied] upon [removed: forward-looking statements] as predictions of future events.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

| [PART I](#i5126a676aff44c5d86374aae8e5c24eb_19) | | | | | | | | | | | |

| [PART II](#i5126a676aff44c5d86374aae8e5c24eb_79) | | | | | | | | | | | |

| [PART III](#i5126a676aff44c5d86374aae8e5c24eb_235) | | | | | | | | | | | |

| [PART IV](#i5126a676aff44c5d86374aae8e5c24eb_253) | | | | | | | | | | | |

| | | | | | | [Signatures](#i5126a676aff44c5d86374aae8e5c24eb_265) | | | [86](#i5126a676aff44c5d86374aae8e5c24eb_265) | | |

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

| [PART I](#i0e40a7c96eae46e69dcd2802e4334abf_19) | | | | | | | | | | | |

| [PART II](#i0e40a7c96eae46e69dcd2802e4334abf_40) | | | | | | | | | | | |

| [PART III](#i0e40a7c96eae46e69dcd2802e4334abf_211) | | | | | | | | | | | |

| [PART IV](#i0e40a7c96eae46e69dcd2802e4334abf_229) | | | | | | | | | | | |

| | | | | | | [Signatures](#i0e40a7c96eae46e69dcd2802e4334abf_241) | | | [87](#i0e40a7c96eae46e69dcd2802e4334abf_241) | | |

- an information security team who, in collaboration with the broader technology [removed: organization,] [added: organization and the management team,] manages and maintains our (1) cybersecurity risk assessment processes including our Incident Response Plan, (2) security controls, and (3) response to cybersecurity incidents;

- the use of external service providers, where appropriate, to assess, [removed: test] [added: test,] or otherwise assist with aspects of our security controls;

There can be no assurance that our cybersecurity risk management program and processes, including our policies, [removed: controls] [added: controls,] or procedures, will be fully implemented, complied [removed: with] [added: with,] or effective in protecting our systems and confidential [removed: information.][added: information given the ever-evolving threat landscape.]

Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Risk and Compliance Committee (the “Audit Committee”) oversight of cybersecurity, [removed: privacy] [added: privacy,] and other information technology risks.

Our management team, including our Chief Legal Officer, our Chief Security [removed: Officer] [added: Officer,] and our Chief Technology Officer, is responsible for assessing and managing our material risks from cybersecurity threats.

The [added: management] team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information security team and our retained external cybersecurity consultants.

[Table of Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)

As of December 31, [removed: 2024,] [added: 2025,] we leased office facilities totaling approximately 1.5 million square feet, including approximately 0.9 million square feet offered for sublease, in multiple locations in the United States and internationally.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

Holders of our common stock as of January 31, [removed: 2025,] [added: 2026,] were as follows:

- Class [removed: A] [added: B] common stock: [removed: 905] [added: 53] stockholders of record.

- Class [removed: B] [added: A] common stock: [removed: 74] [added: 803] stockholders of record.

The following table sets forth information relating to repurchases of our equity securities during the three months ended December 31, [removed: 2024] [added: 2025] (in millions, except average price paid per share amounts):

(2)On February 13, 2024, we announced that our board of directors approved a share repurchase program [removed: with authorization] to purchase up to [removed: 6.0] [added: $6.0] billion of our Class A common [removed: stock at management’s discretion.][added: stock.]

The share repurchase [removed: program does] [added: programs do] not have [removed: an] expiration [removed: date, does not] [added: dates or] obligate us to repurchase any specific number of shares, and may be modified, [removed: suspended] [added: suspended,] or terminated at any time at our discretion.

The [added: following] graph [removed: below compares the] [added: shows a comparison of five-year] cumulative total stockholder [removed: return on our Class A common stock with the cumulative total return] [added: return, calculated] on [added: a dividend-reinvested basis, for us,] the S&P 500 Index (“S&P 500”), the S&P 500 Information Technology Index (“S&P 500 IT”), and the Nasdaq Composite Index (“NASDAQ”).

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

[removed: ![Performance] [added: ![Annual Perf] Graph [removed: for 10-K.jpg](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/abnb-20241231_g2.jpg)][added: 2021-2025.jpg](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/abnb-20251231_g2.jpg)]

| October 1 - 31 | | | 3 | | | $ | 123.43 | | 3 | | | $ | 6,274 | |

| November 1 - 30 | | | 3 | | | $ | 118.65 | | 3 | | | $ | 5,879 | |

| December 1 - 31 | | | 3 | | | $ | 125.98 | | 3 | | | $ | 5,559 | |

| Total | | | 9 | | | $ | 122.37 | | 9 | | | | | |

On August 6, 2025, we announced that our board of directors approved a new share repurchase program with an authorization to purchase up to an additional $6.0 billion of our Class A common stock.

Share repurchases under the share repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, or accelerated share repurchase transactions or by any combination of such methods.

Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements, and other relevant factors.

The graph assumes an investment of $100 in our Class A common stock and in each index on the last trading day for the fiscal year ended

December 31, 2020, and its relative performance tracked through December 31, 2025.

| October 1 - 31 | | | 2.3 | | | $ | 132.84 | | 2.3 | | | $ | 3,853 | |

| November 1 - 30 | | | 1.9 | | | $ | 136.12 | | 1.9 | | | $ | 3,590 | |

| December 1 - 31 | | | 2.0 | | | $ | 134.95 | | 2.0 | | | $ | 3,320 | |

| Total | | | 6.2 | | | $ | 134.54 | | 6.2 | | | | | |

The graph assumes $100 was invested at the market close on December 10, 2020, which was the first day our Class A common stock began trading.

Data for the S&P 500, S&P 500 IT, and NASDAQ assume reinvestment of dividends.

The graph uses the closing market price on December 10, 2020 of $144.71 per share as the initial value of our Class A common stock.

| [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID](#i0e40a7c96eae46e69dcd2802e4334abf_94) 238[)](#i0e40a7c96eae46e69dcd2802e4334abf_94)] [added: ID](#i5126a676aff44c5d86374aae8e5c24eb_139) 238[)](#i5126a676aff44c5d86374aae8e5c24eb_139)] | | | [removed: [47](#i0e40a7c96eae46e69dcd2802e4334abf_94)] [added: [47](#i5126a676aff44c5d86374aae8e5c24eb_139)] | | |

| [Consolidated Balance [removed: Sheets](#i0e40a7c96eae46e69dcd2802e4334abf_97)] [added: Sheets](#i5126a676aff44c5d86374aae8e5c24eb_142)] | | | [removed: [49](#i0e40a7c96eae46e69dcd2802e4334abf_97)] [added: [49](#i5126a676aff44c5d86374aae8e5c24eb_142)] | | |

| [Consolidated Statements of [removed: Operations](#i0e40a7c96eae46e69dcd2802e4334abf_103)] [added: Operations](#i5126a676aff44c5d86374aae8e5c24eb_145)] | | | [removed: [50](#i0e40a7c96eae46e69dcd2802e4334abf_103)] [added: [50](#i5126a676aff44c5d86374aae8e5c24eb_145)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i0e40a7c96eae46e69dcd2802e4334abf_109)] [added: Income](#i5126a676aff44c5d86374aae8e5c24eb_148)] | | | [removed: [51](#i0e40a7c96eae46e69dcd2802e4334abf_109)] [added: [51](#i5126a676aff44c5d86374aae8e5c24eb_148)] | | |

| [Consolidated Statements of [removed: Stockholders’](#i0e40a7c96eae46e69dcd2802e4334abf_112) [Equity](#i0e40a7c96eae46e69dcd2802e4334abf_112)] [added: Stockholders’](#i5126a676aff44c5d86374aae8e5c24eb_151) [Equity](#i5126a676aff44c5d86374aae8e5c24eb_151)] | | | [removed: [52](#i0e40a7c96eae46e69dcd2802e4334abf_112)] [added: [52](#i5126a676aff44c5d86374aae8e5c24eb_151)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i0e40a7c96eae46e69dcd2802e4334abf_121)] [added: Flows](#i5126a676aff44c5d86374aae8e5c24eb_154)] | | | [removed: [53](#i0e40a7c96eae46e69dcd2802e4334abf_121)] [added: [53](#i5126a676aff44c5d86374aae8e5c24eb_154)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i0e40a7c96eae46e69dcd2802e4334abf_127)] [added: Statements](#i5126a676aff44c5d86374aae8e5c24eb_157)] | | | [removed: [54](#i0e40a7c96eae46e69dcd2802e4334abf_127)] [added: [54](#i5126a676aff44c5d86374aae8e5c24eb_157)] | | |

| [Schedule II—Valuation and Qualifying [removed: Account](#i0e40a7c96eae46e69dcd2802e4334abf_193)] [added: Account](#i5126a676aff44c5d86374aae8e5c24eb_217)] | | | [removed: [81](#i0e40a7c96eae46e69dcd2802e4334abf_193)] [added: [81](#i5126a676aff44c5d86374aae8e5c24eb_217)] | | |

[Table of [removed: Contents](#i0e40a7c96eae46e69dcd2802e4334abf_7)][added: Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)]

We have audited the accompanying consolidated balance sheets of Airbnb, Inc. and its subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of operations, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] including the related notes and schedule of valuation and qualifying account for each of the three years in the period ended December 31, [removed: 2024 listed] [added: 2025 appearing] in the accompanying index (collectively referred to as the "consolidated financial statements").

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Notes 2 and 14 to the consolidated financial statements, the Company has recorded gross unrecognized tax benefits of [removed: $869] [added: $835] million relating to uncertain tax positions as of December 31, [removed: 2024.][added: 2025.]

The Company is in various stages of examination in connection with its ongoing tax audits [removed: globally] [added: globally,] and management believes that an adequate provision has been recorded for any adjustments that may result from tax audits.

These procedures also included, among others, (i) testing the [removed: completeness of management's assessment of the identification of uncertain tax positions; (ii) testing the] recognition and measurement of the liability for [added: certain] uncertain tax positions, including management's assessment of the technical merits of the tax positions and the amount of tax benefit expected to be sustained; [removed: (iii)] [added: (ii)] testing the information used in the calculation of the liability for uncertain tax positions, including intercompany agreements, international, federal, and state filing positions, and the related final tax returns; [removed: (iv)] [added: (iii)] evaluating the status and results of income tax audits with the relevant tax authorities; and [removed: (v)] [added: (iv)] evaluating third party income tax documentation obtained by the Company.

| | | | [removed: December 31,] [added: December 31,] | | | | | |

| | | | 2023 | | | 2024 | | | [added: | | |]

| Cash and cash equivalents | | | $ | [removed: 6,874] [added: 6,864] | | $ | [removed: 6,864] [added: 6,560] | |

| Short-term investments | | | [removed: 3,197] [added: 3,747] | | | [removed: 3,747] [added: 4,454] | | |

| Funds receivable and amounts held on behalf of customers | | | [removed: 5,869] [added: 5,931] | | | [removed: 5,931] [added: 6,959] | | |

| Prepaids and other current assets | | | [removed: 569] [added: 638] | | | [removed: 638] [added: 824] | | |

| Total current assets | | | [removed: 16,509] [added: 17,180] | | | [removed: 17,180] [added: 18,797] | | |

| Deferred income tax assets | | | [removed: 2,881] [added: 2,439] | | | [removed: 2,439] [added: 2,102] | | |

| Goodwill and intangible assets, net | | | [removed: 792] [added: 777] | | | [removed: 777] [added: 770] | | |

| Other assets, noncurrent | | | [removed: 463] [added: 563] | | | [removed: 563] [added: 539] | | |

| Total assets | | | $ | [removed: 20,645] [added: 20,959] | | $ | [removed: 20,959] [added: 22,208] | |

| Accrued expenses, accounts payable, and other current liabilities | | | $ | [removed: 2,654] [added: 2,614] | | $ | [removed: 2,614] [added: 2,948] | |

| Funds payable and amounts payable to customers | | | [removed: 5,869] [added: 5,931] | | | [removed: 5,931] [added: 6,959] | | |

| Unearned fees | | | [removed: 1,427] [added: 1,616] | | | [removed: 1,616] [added: 1,743] | | |

| Total current liabilities | | | [removed: 9,950] [added: 10,161] | | | [removed: 10,161] [added: 13,649] | | |

| Long-term debt | | | [removed: 1,991] [added: 1,995] | | | [removed: 1,995] [added: —] | | |

| Other liabilities, noncurrent | | | [removed: 539] [added: 391] | | | [removed: 391] [added: 360] | | |

| Total liabilities | | | [removed: 12,480] [added: 12,547] | | | [removed: 12,547] [added: 14,009] | | |

| Common stock, $0.0001 par value: Class A - authorized 2,000 shares; [removed: 438 and] 434 [added: and 426] shares issued & outstanding, respectively Class B - authorized 710 shares; [removed: 200 and] 189 [added: and 176] shares issued & outstanding, respectively Class C - authorized 2,000 shares; zero shares issued & outstanding, [removed: respectively] [added: respectively, and] Class H - authorized 26 shares; 9 shares issued and zero shares outstanding, respectively | | | — | | | — | | |

| Additional paid-in capital | | | [removed: 11,639] [added: 12,602] | | | [removed: 12,602] [added: 13,763] | | |

| Accumulated other comprehensive income (loss) | | | [removed: (49)] [added: 35] | | | [removed: 35] [added: (62)] | | |

| Accumulated deficit | | | [removed: (3,425)] [added: (4,225)] | | | [removed: (4,225)] [added: (5,502)] | | |

| Total stockholders’ equity | | | [removed: 8,165] [added: 8,412] | | | [removed: 8,412] [added: 8,199] | | |

| Total liabilities and stockholders’ equity | | | $ | [removed: 20,645] [added: 20,959] | | $ | [removed: 20,959] [added: 22,208] | |

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

February 12, 2026

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

| Current portion of long-term debt | | | — | | | 1,999 | | |

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

| Repurchases of common stock | | | (18) | | | — | | | | | | — | | | (2,252) | | | (2,252) | | |

| Net income | | | — | | | — | | | — | | | — | | | 2,511 | | | 2,511 | | |

| Repurchases of common stock | | | (30) | | | — | | | — | | | — | | | (3,788) | | | (3,788) | | |

| Balances as of December 31, 2025 | | | 602 | | | $ | — | | $ | 13,763 | | $ | (62) | | $ | (5,502) | | $ | 8,199 | |

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

Investments

The Company’s investments consist of time deposits, available-for-sale (“AFS”) debt securities, and held-to-maturity (“HTM”) debt securities.

Time deposits are accounted for at amortized cost within short term investments in the consolidated balance sheets.

HTM debt securities include investments the Company has the positive intent and ability to hold to maturity and are recorded at amortized cost, net of any allowance for credit losses.

The Company classifies these investments as short-term investments or other assets, noncurrent in the consolidated balance sheets based on their remaining contractual maturities as of the reporting date.

*Impairment and Credit Losses*

If either condition is met, the difference between amortized cost and fair value is recognized in earnings.

If the Company does not intend to sell and is not required to sell the security before recovery, the Company evaluates whether the decline is due to credit-related factors.

Credit-related losses, if any, are recognized through

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

an allowance for credit losses with a corresponding charge to earnings, and any remaining unrealized loss is recognized in other comprehensive income (loss).

Equity investments are accounted for using either the equity method or the measurement alternative, depending on the level of influence and availability of fair value information.

Under this method, the Company recognizes its proportionate share of the investee’s net income or loss, and the carrying amount is adjusted for the Company’s share of the investee’s earnings, losses, and any impairments.

The measurement alternative is reassessed each reporting period to determine eligibility.

Impairments are recognized in other expense, net to the extent that the carrying value exceeds fair value.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

Upon a booking made by a guest, the host agrees to provide use of the property and both parties agree to the booking amount which excludes taxes and the Company’s service fees.

The performance obligation, governed by the acceptance of the Company’s ToS, is satisfied at the point of check-in when the guest begins their stay and the Company obtains an enforceable right to payment.

Accordingly, revenue is recognized on the consolidated statements of operations, at the point of check-in.

For all bookings, the guest pays the booking amount to the Company, which disburses the booking amount to the host after check-in, net of the host’s service fees.

Historically, the Company operated only under a split-fee structure, charging service fees as a percentage of the booking amount to both hosts and guests.

In October 2025, the Company began transitioning to a single-fee structure, charging only the host a service fee.

For bookings that remain under the split-fee model, the Company continues to charge service fees separately to both hosts and guests.

[Table of Contents](#i5126a676aff44c5d86374aae8e5c24eb_7)

As a result, at December 31, 2024 and 2025, there were no partially satisfied or unsatisfied performance obligations.

Long-term stays are generally cancelable within 30 days before check-in, permitting guests to avoid cancellation fees or paying for unused nights beyond the notice period.

February 13, 2025

| Restructuring charges | | | 89 | | | — | | | — | | |

| | | | | | | | | | | | | | | | | | | | | |

| Balances as of December 31, 2021 | | | 634 | | | $ | — | | $ | 11,140 | | $ | (7) | | $ | (6,358) | | $ | 4,775 | |

| Share repurchases | | | (14) | | | — | | | — | | | — | | | (1,500) | | | (1,500) | | |

| Share repurchases | | | (1,500) | | | (2,252) | | | (3,430) | | |

The Company considers all highly-liquid investments with original maturities of greater than 90 days to be short-term investments.

The Company determines realized gains or losses on the sale of equity and debt securities on a specific identification method.

The Company records an impairment of its available-for-sale debt securities if the amortized cost basis exceeds its fair value and if the Company has the intention to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis.

If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the unrealized loss is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance in the consolidated balance sheets with a corresponding charge in the consolidated statements of operations.

Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income (loss).

The Company classifies its non-marketable investments that meet the definition of a debt security as available-for-sale.

The accounting policy for debt securities classified as available-for-sale is described above.

The Company’s non-marketable equity investments are accounted for using either the equity method of accounting or as equity investments without readily determinable fair values under the measurement alternative.

The carrying amount of the investment in equity interests is adjusted to reflect the Company’s interest in the investee’s net income and any impairments, and is classified in other assets, noncurrent on the consolidated balance sheets.

This election is reassessed each reporting period to determine whether non-marketable equity securities have a readily determinable fair value, in which case they would no longer be eligible for this election.

Impairment indicators might include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors.

Upon determining that an impairment exists, the Company recognizes as an impairment in other income (expense), net on the consolidated statements of operations the amount by which the carrying value exceeds the fair value of the investment.

For the year ended December 31, 2022, the Company recorded $91 million of long-lived asset impairment, of which $89 million was recorded within restructuring charges and the remainder within general and administrative, on the consolidated statements of operations.

Upon confirmation of a booking made by a guest, the host agrees to provide the use of the property.

At such time, the host and guest also agree upon the applicable booking value as well as host fees and guest fees (collectively “service fees”).

These activities are not distinct from each other and are not separate performance obligations.

As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”).

The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation.

The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes.

The Company collects both the booking value from the guest on behalf of the host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method.

After check-in, the Company disburses the booking value to the host, less the fees due from the host to the Company.

Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2023 and 2024.

Such stays are generally cancelable with 30 days advance notice for no significant penalty.

Accordingly, such amounts are not included as a component of revenue or cost of revenue.

The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.

For certain bookings, a guest may opt to pay a percentage of the

Bad Debt

The Company generally collects funds related to bookings from guests on behalf of hosts prior to check-in.

In limited circumstances, the Company disburses funds to a host or a guest on behalf of a counterparty guest or host prior to collecting such amounts from the counterparty.

These customer receivables, reflected in prepaids and other current assets on the consolidated balance sheets, are subject to a customer receivable allowance for potential credit losses.

The Company estimates uncollectible amounts based on historical data, economic forecasts, and the age of the debt, writing off assets deemed uncollectible.

Restructuring Charges

Costs and liabilities associated with management-approved restructuring activities are recognized when they are incurred.

One-time employee termination costs are recognized at the time of communication to employees, unless future service is required, in which case the costs are recognized ratably over the future service period.

Based on that evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2024,] [added: 2025,] the end of the period covered by this Annual Report on Form 10-K, to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, [removed: summarized] [added: summarized,] and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, under the supervision of our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework in *Internal Control-Integrated Framework* (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, management, including our principal executive officer and principal financial officer, concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in Item 8 of this Annual Report on Form 10-K.

There were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during the quarter ended December 31, [removed: 2024] [added: 2025] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the three months ended December 31, [removed: 2024,] [added: 2025,] none of our officers or directors adopted, [removed: modified] [added: modified,] or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as each term is defined in Item 408 of Regulation S-K.

The information required by this Item is incorporated by reference to the Company’s [removed: 2025] [added: 2026] Proxy Statement (the [removed: “2025] [added: “2026] Proxy Statement”) to be filed with the SEC within 120 days after December 31, [removed: 2024] [added: 2025] in connection with the solicitation of proxies for the Company’s [removed: 2025] [added: 2026] annual meeting of stockholders.

We have adopted a Code of Ethics that applies to our officers, [removed: directors] [added: directors,] and employees, which is available on our website (investors.airbnb.com) under “Governance.” The Code of Ethics is intended to qualify as a “code of ethics” within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002, as amended, and Item 406 of Regulation S-K.

In addition, we intend to promptly disclose on our website (investors.airbnb.com) (1) the nature of any amendment to our Code of Ethics that applies to our [removed: directors] [added: directors,] or our principal executive officer, principal financial officer, principal accounting [removed: officer] [added: officer,] or [removed: controller] [added: controller,] or persons performing similar functions and (2) the nature of any waiver, including an implicit waiver, from a provision of our Code of Ethics that is granted to a director or one of these specified officers, the name of such person who is granted the [removed: waiver] [added: waiver,] and the date of the waiver.

We have adopted insider trading policies and procedures governing the purchase, [removed: sale] [added: sale,] and other dispositions of our securities by directors, [removed: officers] [added: officers,] and employees that are designed to promote compliance with insider trading laws, [removed: rules] [added: rules,] and regulations, and applicable Nasdaq listing standards, as well as procedures designed to further the foregoing purposes.

The information required by this Item is incorporated by reference to the [removed: 2025] [added: 2026] Proxy Statement.

The information required by this Item is incorporated by reference to the [removed: 2025] [added: 2026] Proxy Statement.

The information required by this Item is incorporated by reference to the [removed: 2025] [added: 2026] Proxy Statement.

The information required by this Item is incorporated by reference to the [removed: 2025] [added: 2026] Proxy Statement.

All financial statement schedules have been omitted because they are not applicable, [removed: immaterial] [added: immaterial,] or the required information is shown in Part II, Item 8 of this Annual Report on Form 10-K.

| 10.20# | | | | | | [Employment Agreement by and between the Registrant and [removed: Dave Stephenson](https://www.sec.gov/Archives/edgar/data/0001559720/000119312520294801/d81668dex1019.htm)] [added: Aristotle Balogh](https://www.sec.gov/Archives/edgar/data/0001559720/000119312520294801/d81668dex1020.htm)] | | | | | | S-1 | | | | | | 333-250118 | | | | | | 11/16/2020 | | | | | | [removed: 10.19] [added: 10.20] | | | | | | | | |

| [removed: 10.21#] [added: 10.23#] | | | | | | [removed: [Employment] [added: [Form of Indemnification] Agreement [removed: by and between the Registrant] [added: for Directors] and [removed: Aristotle Balogh](https://www.sec.gov/Archives/edgar/data/0001559720/000119312520294801/d81668dex1020.htm)] [added: Officers](https://www.sec.gov/Archives/edgar/data/0001559720/000119312520294801/d81668dex1025.htm)] | | | | | | S-1 | | | | | | 333-250118 | | | | | | 11/16/2020 | | | | | | [removed: 10.20] [added: 10.25] | | | | | | | | |

| [removed: 10.22#] [added: 10.21#] | | | | | | [Employment Agreement by and between the Registrant and Elinor Mertz](https://www.sec.gov/Archives/edgar/data/1559720/000155972024000024/exh101airbnb-elinormertzpr.htm) | | | | | | 10-Q | | | | | | 001-39778 | | | | | | 08/06/2024 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.23#] [added: 10.22#] | | | | | | Amended and Restated [Non-Employee Director Compensation Program](https://www.sec.gov/Archives/edgar/data/1559720/000155972023000010/a102non-employeedirectorco.htm) | | | | | | 10-Q | | | | | | 001-39778 | | | | | | 05/09/2023 | | | | | | 10.2 | | | | | | | | |

| [removed: 10.25#] [added: 10.24#] | | | | | | [Nominating Agreement, dated as of November 27, 2020, by and among Brian Chesky, Joe Gebbia, Nathan Blecharczyk and the Registrant](https://www.sec.gov/Archives/edgar/data/1559720/000119312520306257/d81668dex1029.htm) | | | | | | S-1/A | | | | | | 333-250118 | | | | | | 12/01/2020 | | | | | | 10.29 | | | | | | | | |

| [removed: 10.26#] [added: 10.25#] | | | | | | [Voting Agreement, dated as of December 4, 2020, by and among Brian Chesky, Joe Gebbia, Nathan Blecharczyk, and certain affiliated trusts and entities described therein](https://www.sec.gov/Archives/edgar/data/1559720/000119312520311265/d81668dex1031.htm) | | | | | | S-1/A | | | | | | 333-250118 | | | | | | 12/07/2020 | | | | | | 10.31 | | | | | | | | |

| [removed: 10.27] [added: 10.26] | | | | | | [Form of Capped Call Confirmation](https://www.sec.gov/Archives/edgar/data/1559720/000119312521073345/d145643dex101.htm) | | | | | | 8-K | | | | | | 001-39778 | | | | | | 03/08/2021 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.28#] [added: 10.27#] | | | | | | [Form of Change in Control and Severance Agreement between the Registrant and its Executive Officers](https://www.sec.gov/Archives/edgar/data/1559720/000155972022000009/exh101-changeincontrolands.htm) | | | | | | 10-Q | | | | | | 001-39778 | | | | | | 05/09/2022 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.29] [added: 10.28] | | | | | | [Revolving Credit Agreement, dated October 31, 2022, by and among the Registrant, certain subsidiaries of the Registrant, and Morgan Stanley Senior, as [removed: amended February] [added: amended](https://www.sec.gov/Archives/edgar/data/1559720/000155972023000003/exh1031airbnbrevolvingcred.htm) [on](https://www.sec.gov/Archives/edgar/data/1559720/000155972023000003/exh1031airbnbrevolvingcred.htm) [February] 16, 2023](https://www.sec.gov/Archives/edgar/data/1559720/000155972023000003/exh1031airbnbrevolvingcred.htm) | | | | | | 10-K | | | | | | 001-39778 | | | | | | 02/17/2023 | | | | | | 10.31 | | | | | | | | |

| 19.1 | | | | | | [Airbnb, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh191-airbnbinsidertradin.htm) [I](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh191-airbnbinsidertradin.htm)[nsider] [added: Inc. Insider] Trading Policy](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh191-airbnbinsidertradin.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-39778] | | | | | | [added: 02/13/2025] | | | | | | [added: 19.1] | | | | | | [removed: X] | | |

| 21.1 | | | | | | [List [removed: of](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh211-listofsubsidiaries_.htm) [Significant](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh211-listofsubsidiaries_.htm) [Subsidiaries](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh211-listofsubsidiaries_.htm)] [added: of](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/exh211-listofsubsidiaries2.htm) [Significant](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/exh211-listofsubsidiaries2.htm) [Subsidiaries](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/exh211-listofsubsidiaries2.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh231-pwcconsent_202410k.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/exh231-pwcconsent202510k.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (included in signature pages [removed: hereto)](#i0e40a7c96eae46e69dcd2802e4334abf_241)] [added: hereto)](#i5126a676aff44c5d86374aae8e5c24eb_265)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh311-certification_2024.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/exh311-certification202510k.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh312-certification_2024.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/exh312-certification202510k.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1* | | | | | | [Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1559720/000155972025000010/exh321-certification_2024.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/exh321-certification202510k.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.24# | | | | | | [Form of Indemnification Agreement for Directors and Officers](https://www.sec.gov/Archives/edgar/data/0001559720/000119312520294801/d81668dex1025.htm) | | | | | | S-1 | | | | | | 333-250118 | | | | | | 11/16/2020 | | | | | | 10.25 | | | | | | | | |

| Date: February [removed: 13, 2025] [added: 12, 2026] | | | | | | Brian Chesky *Chief Executive Officer* | | |

| /s/ [removed: Brian Chesky] [added: BRIAN CHESKY] | | | Chief Executive Officer and Director (Principal Executive Officer) | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Elinor Mertz] [added: ELINOR MERTZ] | | | Chief Financial Officer (Principal Financial Officer) | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: David Bernstein] [added: DAVID BERNSTEIN] | | | Chief Accounting Officer (Principal Accounting Officer) | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Angela Ahrendts] [added: ANGELA AHRENDTS] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Amrita Ahuja] [added: AMRITA AHUJA] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Nathan Blecharczyk] [added: NATHAN BLECHARCZYK] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Kenneth Chenault] [added: KENNETH CHENAULT] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Joseph Gebbia] [added: JOSEPH GEBBIA] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Jeffrey Jordan] [added: JEFFREY JORDAN] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: Alfred Lin] [added: ALFRED LIN] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |

| /s/ [removed: James Manyika] [added: JAMES MANYIKA] | | | Director | | | February [removed: 13, 2025] [added: 12, 2026] | | |