Airbnb 10-Q 2026-03-31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended March 31, 2026

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from_____ to _____

Commission File Number: 001-39778

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Airbnb, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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Delaware						26-3051428
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

888 Brannan Street

San Francisco, California 94103

(Address of Principal Executive Offices) (Zip Code)

(415) 728-0108

(Registrant’s Telephone Number, Including Area Code)

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Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Class A common stock, par value $0.0001 per share			ABNB			The Nasdaq Stock Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒						Accelerated filer			☐
Non-accelerated filer			☐						Smaller reporting company			☐
									Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 17, 2026, 417,930,233 shares of the registrant's Class A common stock were outstanding, 175,574,690 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.

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AIRBNB, INC.

Form 10-Q

TABLE OF CONTENTS

									Page
						Special Note Regarding Forward-Looking Statements			1
PART I. FINANCIAL INFORMATION
Item 1.						Condensed Consolidated Financial Statements (unaudited)			3
						Condensed Consolidated Balance Sheets			3
						Condensed Consolidated Statements of Operations			4
						Condensed Consolidated Statements of Comprehensive Income			5
						Condensed Consolidated Statements of Stockholders’ Equity			6
						Condensed Consolidated Statements of Cash Flows			7
						Notes to Condensed Consolidated Financial Statements			8
Item 2.						Management's Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3.						Quantitative and Qualitative Disclosures About Market Risk			31
Item 4.						Controls and Procedures			31
PART II. OTHER INFORMATION
Item 1.						Legal Proceedings			32
Item 1A.						Risk Factors			32
Item 2.						Unregistered Sales of Equity Securities and Use of Proceeds			33
Item 3.						Defaults Upon Senior Securities			33
Item 4.						Mine Safety Disclosures			33
Item 5.						Other Information			33
Item 6.						Exhibits			33
						Signatures			35

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Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, 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. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

• our expectations regarding our long-term growth strategy;

• our global expansion efforts and our expectations regarding our markets strategy and future investments in less mature markets;

• our expansion efforts beyond travel accommodations and our expectations regarding our multi-year product roadmap;

• our expectations regarding new products and offerings and investments in our platform;

• our initiatives related to trust and safety on our platform;

• our expectations regarding our technology platform and technological investments, and expectations regarding improvements to our foundational technology;

• our expectations regarding our investment in and the impact of our brand marketing, communications, and performance marketing strategy, and our ability to continue to attract guests and hosts to our platform through direct and unpaid channels;

• our approach to human capital management, including future headcount, our Live and Work Anywhere policy and other human capital initiatives and commitments;

• our expectations regarding our climate-related initiatives and commitments, including the purchase of carbon credits;

• our ability to stay in compliance with laws and regulations that currently apply or may become applicable to our business, both in the United States and internationally, and our expectations regarding various laws and restrictions that relate to our business;

• our expectations regarding the sufficiency of our insurance coverage;

• our expectations regarding the impact of future laws and regulations on our business;

• our efforts to work with policymakers and governments to update laws and regulations that affect hosts and/or guests and to dispute regulations that unreasonably restrict the right to host;

• the effects of seasonal trends on our results of operations;

• our ability to attract and retain hosts and guests;

• our expectations regarding host activities, host earnings, and our investments in our host community;

• our expectations regarding guest activities and our investments in our guest community;

• our expectations regarding our revenue growth rate;

• our expectations regarding our reliance on third-party payment service providers;

• our expectations regarding the success of integrating acquisitions into our business or the success of businesses we may acquire;

• our ability to successfully compete in our industry;

• our ability to maintain, protect, and enhance our intellectual property;

• the effectiveness of our cybersecurity risk management program and strategy;

• our ability to successfully defend litigation brought against us and our expectations around the resolution of pending legal matters;

• our expectations around declaring or paying cash dividends, entering into credit agreements or other borrowing arrangements, or repaying debt;

• future activity under our share repurchase program;

• the effects of our stakeholder approach to decision-making;

• our expectations regarding the resilience of our model and our ability to adapt to geopolitical conflicts or other changes in the travel industry or economic environment;

• anticipated trends, developments, and challenges in our industry and business;

• the effects of inflation, tariffs, foreign currency fluctuations, and other macroeconomic conditions, global events, and geopolitical conflicts on the travel industry and our future operational results;

• our expectations regarding our financial performance, including our revenue, expenses, Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, and Free Cash Flow;

• our expectations regarding future operating performance, including Nights and Seats Booked, Gross Booking Value (“GBV”), Average Daily Rate, and GBV per Nights and Seats Booked;

• our expectations regarding fluctuations to our global average nights per booking;

• the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs, and any future efforts to raise additional capital or incur additional indebtedness;

• the impact of exchange rate changes on our cash balances and our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;

• our expectations regarding our income tax liabilities, the adequacy of our reserves and settlement discussions related to tax audits, fluctuations in our effective tax rate, and uncertain tax positions;

• our expectations regarding our valuation allowance against our deferred tax assets, including reserves related to our research tax credits;

• our expectations regarding the impact of tax law changes;

• our expectations regarding our lodging tax obligations and other non-income tax liabilities; and

• our expectations regarding the impact of new accounting standards on our financial statements.

We caution investors that the foregoing list does not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. Forward-looking statements should not be relied upon as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections

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about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors listed or described from time to time in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 or described in the section titled “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made available. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and investors should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

This Quarterly Report on Form 10-Q, together with the documents that we reference in it and have filed as exhibits, should be read in its entirety with the understanding that our actual future results may be materially different from our expectations. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.

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PART I - FINANCIAL INFORMATION

Airbnb, Inc.

Condensed Consolidated Balance Sheets

(in millions, except par value)

(unaudited)

			December 31, 2025			March 31, 2026
Assets
Current assets:
Cash and cash equivalents			$	6,560		$	7,037
Short-term investments			4,454			4,968
Funds receivable and amounts held on behalf of customers			6,959			10,550
Prepaids and other current assets			824			1,046
Total current assets			18,797			23,601
Deferred income tax assets			2,102			1,941
Goodwill and intangible assets, net			770			767
Other assets, noncurrent			539			519
Total assets			$	22,208		$	26,828
Liabilities and Stockholders’ Equity
Current liabilities:
Accrued expenses, accounts payable, and other current liabilities			$	2,948		$	3,081
Funds payable and amounts payable to customers			6,959			10,550
Current portion of long-term debt			1,999			—
Unearned fees			1,743			2,733
Total current liabilities			13,649			16,364
Long-term debt, net			—			2,475
Other liabilities, noncurrent			360			353
Total liabilities			14,009			19,192
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value: Class A - authorized 2,000 shares; 426 and 419 shares issued & outstanding, respectively; Class B - authorized 710 shares; 176 and 176 shares issued & outstanding, respectively; Class C - authorized 2,000 shares; zero shares issued & outstanding, respectively; and Class H - authorized 26 shares; 9 shares issued and zero shares outstanding, respectively.			—			—
Additional paid-in capital			13,763			14,041
Accumulated other comprehensive loss			(62)			(2)
Accumulated deficit			(5,502)			(6,403)
Total stockholders’ equity			8,199			7,636
Total liabilities and stockholders’ equity			$	22,208		$	26,828

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Airbnb, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

			Three Months Ended March 31,
			2025			2026
Revenue			$	2,272		$	2,678
Costs and expenses:
Cost of revenue			506			581
Operations and support			303			326
Product development			568			638
Sales and marketing			563			751
General and administrative			294			296
Total costs and expenses			2,234			2,592
Income from operations			38			86
Interest income			173			155
Other income (expense), net			(38)			40
Income before income taxes			173			281
Provision for income taxes			19			121
Net income			$	154		$	160
Net income per share attributable to Class A and Class B common stockholders:
Basic			$	0.25		$	0.27
Diluted			$	0.24		$	0.26
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic			621			598
Diluted			632			608

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Airbnb, Inc.

Condensed Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

			Three Months Ended March 31,
			2025			2026
Net income			$	154		$	160
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax			4			(9)
Net unrealized gain (loss) on cash flow hedges, net of tax			(73)			73
Foreign currency translation adjustments			13			(4)
Other comprehensive income (loss)			(56)			60
Comprehensive income			$	98		$	220

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Airbnb, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in millions)

(unaudited)

			Three months ended March 31, 2025
			Common Stock						Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Stockholders’ Equity
			Shares			Amount
Balances as of December 31, 2024			623			$	—		$	12,602		$	35		$	(4,225)		$	8,412
Net income			—			—			—			—			154			154
Other comprehensive loss			—			—			—			(56)			—			(56)
Common stock and stock-based awards issued, net of shares withheld for employee taxes			2			—			(124)			—			—			(124)
Stock-based compensation			—			—			363			—			—			363
Repurchases of common stock			(6)			—			—			—			(812)			(812)
Balances as of March 31, 2025			619			$	—

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The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Annual Report”). This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled “Risk Factors” of our 2025 Annual Report. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Overview

Airbnb was founded in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown into a global community of over 5.5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country and region across the globe. Every day, hosts offer unique stays, experiences, and services that enable guests to connect with communities in a more authentic way. We operate a global marketplace connecting guests with these offerings, collectively in over 220 countries and regions.

We operate with five key stakeholders in mind: our employees, shareholders, hosts, guests, and the communities we serve. Our commitment to making long-term decisions that benefit all these stakeholders is fundamental to our sustained success.

First Quarter Financial Highlights

• Strong Top-Line Growth**: Revenue grew by 18% to $2.7 billion for the three months ended March 31, 2026, compared to the same period in the prior year. This growth was primarily driven by an increase in the number of check-ins relating to Nights and Seats Booked, and an increase in our Average Daily Rate (“ADR”).

• Increased Profitability:** Net income grew by $6 million to $160 million for the three months ended March 31, 2026, compared to the same period in the prior year. This improvement was primarily driven by strong revenue growth of 18%, which outpaced a 16% increase in operating expenses, alongside a $70 million realized gain from the sale of a privately-held equity investment. These increases were offset by continued investment in sales and marketing, and a $69 million one-time adjustment of certain deferred tax assets resulting from changes to the U.S. Corporate Alternative Minimum Tax (“CAMT”).

• Cash Generation:** Cash provided by operating activities and Free Cash Flow1 (“FCF”) were both $1.7 billion for the three months ended March 31, 2026, compared to $1.8 billion for both metrics during the same period in 2025.

• Share Repurchases**: During the three months ended March 31, 2026, we repurchased 8.1 million shares of Class A common stock for $1.1 billion, leaving $4.5 billion available to repurchase under our share repurchase program.

• Debt Refinancing**: In March 2026, we issued $2.5 billion aggregate principal amount of unsecured senior notes ("Senior Notes"). We utilized approximately $2.0 billion of the net proceeds to fully repay our 0% convertible senior notes due in 2026 (“2026 Notes”), and retained the remaining net proceeds of approximately $500 million for general corporate purposes.

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, wars and other geopolitical conflicts, and potential decreased consumer spending. The conflict in the Middle East has had and is expected to continue to have a slight impact on near-term booking trends, including increased cancellations in Europe, the Middle East, and Africa (“EMEA”) and Asia Pacific. 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.

Key Business Metrics and Non-GAAP Financial Measures

We track the following key business metrics and financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) (“non-GAAP financial measures”) to evaluate our operating performance, identify trends, formulate financial projections, and make strategic decisions. Accordingly, we believe that these key business metrics and non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their U.S. GAAP results.

These key business metrics and non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with U.S. GAAP, and may be different from similarly titled metrics or measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP is provided under the subsection titled “— Adjusted EBITDA Reconciliation” and “— Free Cash

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

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Flow Reconciliation” below. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

Key Business Metrics

We review the following key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions. We are not aware of any uniform standards for calculating these key metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way.

The following table summarizes our key business metrics, for each period presented below (in millions, except percentages):

			Three Months Ended March 31,
			2025			2026			% Change
Nights and Seats Booked			143			156			9		%
Gross Booking Value			$	24,515		$	29,187		19		%

Nights and Seats Booked

Nights and Seats Booked is a key measure of the scale of our platform, which in turn drives our financial performance. Nights and 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 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 Seats Booked for our quarter ended March 31. If, in the example, the booking were canceled on May 15, Nights and Seats Booked would be reduced by the cancellation for our quarter ended June 30. A night can include one or more guests and can be for a listing with one or more bedrooms. Nights and 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 experience or service. Substantially all of the bookings on our platform to date have come from nights. We believe Nights and 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.

During the three months ended March 31, 2026, the increase in Nights and Seats Booked, compared to the same period in the prior year, was driven by growth across all regions despite increased cancellations in EMEA and Asia Pacific from the Middle East conflict, with the strongest growth percentages in Latin America and Asia Pacific, as we continue to focus on international expansion. In addition, we observed a lengthening of lead times across all regions, driven in part by the continued expansion of our deferred payment programs.

Gross Booking Value

Gross Booking Value (“GBV”) represents the dollar value of bookings on our platform in a period and is inclusive of host earnings, service fees, cleaning fees, and taxes, net of cancellations and alterations that occurred during that period. 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 Seats Booked” above. Revenue from the booking is recognized upon check-in; accordingly, GBV is a leading indicator of revenue. The entire amount of a booking is reflected in GBV during the quarter in which booking occurs, whether the guest pays the entire amount of the booking upfront or elects to use our deferred payment programs. Growth in GBV reflects our ability to attract and retain customers and reflects growth in Nights and Seats Booked.

During the three months ended March 31, 2026, the increase in GBV, compared to the same period in the prior year, was primarily due to an increase in Nights and Seats Booked and ADR. We saw GBV growth across all regions, with the strongest growth percentages in Latin America and Asia Pacific.

Non-GAAP Financial Measures

Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin, FCF, and FCF Margin, which are described below. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP is provided below. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures. Adjusted EBITDA and Adjusted EBITDA Margin have limitations as a financial measure, should be considered as supplemental in nature, and are not meant as a substitute for the related financial information prepared in accordance with U.S. GAAP. Because of these limitations, Adjusted EBITDA and Adjusted EBITDA Margin should be considered alongside other financial performance measures, including net income and net income margin as well as our other U.S. GAAP results. FCF and FCF Margin have limitations as analytical 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. FCF and FCF Margin do not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting their usefulness as comparative measures.

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Non-GAAP Measure			Definition			Purpose of Non-GAAP Measure
Adjusted EBITDA & Adjusted EBITDA Margin			Adjusted EBITDA: Net income adjusted for: •provision for income taxes, •other income (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 arrangements, and •settlements and reserves for lodging, withholding, transactional and other non-income taxes where significant uncertainty exists as to how these taxes apply to users of our platform and Airbnb. 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.
FCF & FCF Margin			FCF: Net cash provided by operating activities less purchases of property and equipment. FCF Margin: 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. •Used by management to measure operational performance to assess our ability to generate cash from ongoing business operations, and to make decisions about capital allocation.
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.

The following table summarizes our non-GAAP financial measures, along with the most directly comparable U.S. GAAP measure (in millions, except percentages):

			Three Months Ended March 31,
			2025			2026
Net income			$	154		$	160
Net income margin			7		%	6		%
Adjusted EBITDA			$	417		$	519
Adjusted EBITDA Margin			18		%	19		%
Net cash provided by operating activities			$	1,789		$	1,708
Net cash provided by operating activities margin			79		%	64		%
FCF			$	1,781		$	1,704
FCF Margin			78		%	64		%

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Adjusted EBITDA Reconciliation

The following is a reconciliation of net income to Adjusted EBITDA (in millions, except percentages):

			Three Months Ended March 31,
			2025			2026
Revenue			$	2,272		$	2,678
Net income			$	154		$	160
Adjusted to exclude the following:
Provision for income taxes			19			121
Other (income) expense, net			38			(40)
Interest income			(173)			(155)
Depreciation and amortization			25			22
Stock-based compensation expense			358			410
Acquisition-related impacts			—			(2)
Lodging taxes, host withholding taxes, and transactional taxes, net			(4)			3
Adjusted EBITDA			$	417		$	519
Adjusted EBITDA Margin			18		%	19		%

The above items are excluded from our Adjusted EBITDA measure because they are non-cash in nature, or because the amount and timing of these items are unpredictable, not driven by core results of operations, and renders comparisons with prior periods and competitors less meaningful.

The increase in Adjusted EBITDA for the three months ended March 31, 2026, compared to the same period in the prior year, was primarily due to revenue growth from an increase in the number of check-ins for Nights and Seats Booked and an increase in ADR.

Free Cash Flow Reconciliation

The following is a reconciliation of net cash provided by operating activities to FCF (in millions, except percentages):

			Three Months Ended March 31,
			2025			2026
Revenue			$	2,272		$	2,678
Net cash provided by operating activities			$	1,789		$	1,708
Purchases of property and equipment			(8)			(4)
FCF			$	1,781		$	1,704
FCF Margin			78		%	64		%

Our FCF is impacted by the timing of GBV because we collect our service fees at the time of booking, which is generally before a stay, experience, or service occurs. Funds held on behalf of our customers and amounts payable to our customers do not impact FCF, except interest earned on these funds.

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.

Seasonality

Our business is seasonal, reflecting typical global travel patterns. In a typical year, Nights and Seats Booked are highest in the first, second, and third quarters and lowest in the fourth quarter, with the peak travel season occurring in the third quarter across North America and EMEA.

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GBV generally follows the same seasonal trends as Nights and Seats Booked. Because revenue is recognized when guest check-ins occur, revenue and Adjusted EBITDA have historically been highest in the third quarter and lowest in the first quarter. Holiday timing, such as Easter, and other events can also shift quarterly performance.

Seasonality in GBV also affects 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.

Results of Operations

The following table sets forth our results of operations (in millions, except percentages):

			Three Months Ended March 31,
			2025			% of Revenue						2026			% of Revenue						% Change
Revenue			$	2,272		100		%				$	2,678		100		%				18		%
Costs and expenses:
Cost of revenue			506			22						581			22						15
Operations and support(1)			303			13						326			12						8
Product development(1)			568			25						638			24						12
Sales and marketing(1)			563			25						751			28						33
General and administrative(1)			294			13						296			11						1
Total costs and expenses			2,234			98						2,592			97						16
Income from operations			38			2						86			3						126
Interest income			173			8						155			6						(10)
Other income (expense), net			(38)			(2)						40			2						205
Income before income taxes			173			8						281			11						62
Provision for income taxes			19			1						121			5						537
Net income			$	154		7		%				$	160		6		%				4		%

(1)Includes stock-based compensation expense as follows (in millions, except percentages):

			Three Months Ended March 31,
			2025			% of Total						2026			% of Total						% Change
Operations and support			$	21		6		%				$	25		6		%				19		%
Product development			230			64						263			65						14
Sales and marketing			44			12						55			13						25
General and administrative			63			18						67			16						6
Stock-based compensation expense			$	358		100		%				$	410		100		%				15		%

Comparison of the Three Months Ended March 31, 2026 with the Same Period in 2025

Revenue

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Revenue			$	2,272		$	2,678		18		%

Revenue increased $406 million, or 18%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and an increase in ADR. On a constant currency basis, revenue increased 15% compared to the same period in the prior year.

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Cost of Revenue

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Cost of revenue			$	506		$	581		15		%
Percentage of revenue			22		%	22		%

Cost of revenue increased $75 million, or 15%, primarily due to a $64 million increase in merchant fees and a $12 million increase in chargebacks. The increase in merchant fees was driven by higher net pay-in volumes, which were partially offset by higher payment processor rebates and incentives. The increase in chargebacks was driven by overall growth in GBV and a slight increase in our chargeback rate. These increases were partially offset by a reduction in amortization expenses related to capitalized internal-use software projects.

Operations and Support

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Operations and support			$	303		$	326		8		%
Percentage of revenue			13		%	12		%

Operations and support expense increased $23 million, or 8%, primarily due to a $14 million increase in payroll-related expenses driven by an increase in average headcount and a $3 million increase in customer relations costs related to higher refunds and credits.

Product Development

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Product development			$	568		$	638		12		%
Percentage of revenue			25		%	24		%

Product development expense increased $70 million, or 12%, primarily due to a $69 million increase in payroll-related expenses. This increase was driven by an increase in average headcount and annual compensation costs.

Sales and Marketing

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Brand and performance marketing			$	378		$	512		35		%
Field operations and policy			185			239			29		%
Total sales and marketing			$	563		$	751		33		%
Percentage of revenue			25		%	28		%

Sales and marketing expense increased $188 million, or 33%, primarily due to a $126 million increase in marketing activities driven by paid growth initiatives in emerging markets and partnerships, a $42 million increase in payroll-related expenses driven by increased average headcount, and a $14 million increase in third-party service provider expenses incurred to support the expansion and optimization of Airbnb Experiences and Services supply.

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General and Administrative

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
General and administrative			$	294		$	296		1		%
Percentage of revenue			13		%	11		%

General and administrative expense remained relatively flat, increasing by $2 million, or 1%. This slight change was primarily due to a $7 million increase in professional services expenses, primarily related to legal and tax consulting fees, and a $6 million increase in payroll related expenses driven by increased average headcount, which were largely offset by a $10 million decrease in non-income taxes.

Interest Income

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Interest income			$	173		$	155		(10)		%

Interest income decreased by $18 million, or 10%, for the three months ended March 31, 2026, primarily due to lower interest rates.

Other Income (Expense), Net

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Other income (expense), net			$	(38)		$	40		205		%

Other income (expense), net changed $78 million, or 205%, primarily resulting from $70 million in proceeds received following a third-party acquisition of a privately-held company investment with a carrying value of zero, and $32 million net change in impairment charges to privately-held company investments, partially offset by increased interest expense and net foreign exchange losses.

Provision for Income Taxes

			Three Months Ended March 31,
			2025			2026			% Change
			(in millions, except percentages)
Provision for income taxes			$	19		$	121		537		%
Effective tax rate			11		%	43		%

The provision for income taxes increased by $102 million, or 537%, primarily due to a $69 million one-time adjustment of certain deferred tax assets as a result of changes to the CAMT and decreased stock-based compensation deductions. See Note 10, Income Taxes, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

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Liquidity and Capital Resources

Sources and Conditions of Liquidity

As of March 31, 2026, our principal sources of liquidity were cash, cash equivalents, and short-term investments totaling $12.0 billion. As of March 31, 2026, cash and cash equivalents totaled $7.0 billion, which included $2.8 billion held by our foreign subsidiaries. Cash and cash equivalents consist of cash on deposit with banks and interest-bearing accounts and highly-liquid securities with an original maturity of 90 days or less. As of March 31, 2026, short-term investments totaled $5.0 billion. Short-term investments primarily consist of highly-liquid investment grade corporate debt securities, time deposits, commercial paper, certificates of deposit, U.S. government and government agency debt securities (“government bonds”), and mortgage-backed and asset-backed securities. These short-term investments do not include funds of $10.6 billion as of March 31, 2026, that were held for bookings in advance of guests completing check-ins, which are recorded separately on our unaudited condensed consolidated balance sheets in funds receivable and amounts held on behalf of customers with a corresponding liability in funds payable and amounts payable to customers.

In March 2026, we issued $2.5 billion aggregate principal amount of Senior Notes, consisting of $850 million of 4.40% senior notes due March 2029, $850 million of 4.65% senior notes due March 2031, and $800 million of 5.25% senior notes due March 2036. We utilized $2.0 billion of the net proceeds to fully repay our outstanding 2026 Notes upon their maturity. The remaining net proceeds of approximately $500 million (less underwriting discounts and offering expenses) were retained for general corporate purposes. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

We have access to $1.0 billion of commitments and a $200 million sub-limit for the issuance of letters of credit under the 2022 Credit Facility. As of March 31, 2026, no amounts were drawn under our 2022 Credit Facility and outstanding letters of credit totaled $20 million. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Our cash and cash equivalents are generally held at large global systemically important banks which are subject to high capital requirements and are required to regularly perform stringent stress tests related to their ability to absorb capital losses. Our cash, cash equivalents, and short-term investments held outside the U.S. may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. However, repatriation of such funds may result in additional tax liabilities. We believe that our existing cash, cash equivalents, and short-term investments balances in the U.S. are sufficient to fund our working capital needs.

Material Cash Requirements

Our principal contractual obligations and commitments consist primarily of our long-term debt and the associated ongoing semi-annual interest payments. During the three months ended March 31, 2026, our long-term material cash requirements changed due to the issuance of $2.5 billion in Senior Notes and the concurrent retirement of $2.0 billion principal amount of our 2026 Notes. The Senior Notes bear fixed interest rates that will materially increase our ongoing semi-annual cash interest obligations. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

In August 2025, 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 share repurchase programs do not obligate us to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at our discretion. During the three months ended March 31, 2026, we repurchased 8.1 million shares of Class A common stock for $1.1 billion, through our share repurchase program. As of March 31, 2026, we had $4.5 billion available to repurchase shares of Class A common stock under our share repurchase program.

Cash Flows

The following table summarizes our cash flows (in millions):

			Three Months Ended March 31,
			2025			2026
Net cash provided by operating activities			$	1,789		$	1,708
Net cash used in investing activities			(151)			(461)
Net cash provided by financing activities			2,145			2,970
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			207			(118)
Net increase in cash, cash equivalents, and restricted cash			$	3,990		$	4,099

Net cash provided by operating activities for the three months ended March 31, 2026 was $1.7 billion. This was primarily due to $1.0 billion provided by net working capital items, including unearned fees, resulting from growth in bookings, and net income of $160 million. Additionally, we had adjustments for non-cash operating expenses primarily consisting of $410 million of stock-based compensation.

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While we experienced strong growth in bookings during the three months ended March 31, 2026, net cash provided by operating activities was consistent with the $1.8 billion generated during the same period in the prior year. The growth in GBV was driven in part by increased guest adoption of our deferred payment programs, which allows guests to pay closer to check-in dates rather than at time of booking, which shifts the timing of when net cash provided by operating activities is recognized. For example, while our GBV increased during the three months ended March 31, 2026 compared to the same period in the prior year, our unearned fees remained relatively flat primarily, reflecting the shift in payment timing associated with the increased adoption of these programs.

Net cash used in investing activities for the three months ended March 31, 2026 was $461 million. This was primarily driven by purchases of short-term investments, partially offset by proceeds from the sale and maturity of our short-term and equity investments.

Net cash provided by financing activities for the three months ended March 31, 2026 was $3.0 billion. This was primarily driven by $2.5 billion in net proceeds from the issuance of our new Senior Notes and a $3.7 billion increase in funds payable and amounts payable to customers, which were partially offset by repayment of $2.0 billion of our 2026 Notes, share repurchases of $1.1 billion, and taxes paid related to net share settlement of equity awards of $140 million.

The effect of exchange rate changes on cash, cash equivalents, and restricted cash on our unaudited condensed consolidated statements of cash flows relates to certain assets, principally cash balances held on behalf of customers, that are denominated in currencies other than the functional currency of certain of our subsidiaries. For the three months ended March 31, 2026, we recorded a reduction of $118 million in cash, cash equivalents, and restricted cash, primarily due to the strengthening of the U.S. dollar against major currencies, mainly the Euro and British Pound. The impact of exchange rate changes on cash balances can serve as a natural hedge for the effect of exchange rates on our liabilities to our hosts and guests.

We assess our liquidity in terms of our ability to generate cash to fund our short- and long-term cash requirements. As such, we believe that the cash flows generated from operating activities will meet our anticipated cash requirements in the short-term. In addition to normal working capital requirements, we anticipate that our short- and long-term cash requirements will include share repurchases, introduction of new products and offerings, timing and extent of spending to support our efforts to develop our platform, debt repayments, and expansion of sales and marketing activities. Our future capital requirements, however, will depend on many factors, including, but not limited to our growth, headcount, and ability to attract and retain customers on our platform. Additionally, we may in the future raise additional capital or incur additional indebtedness to continue to fund our strategic initiatives. On a long-term basis, we plan to rely on either our access to the capital markets or our credit facility for any long-term funding not provided by operating cash flows and cash on hand. In the event that additional financing is required from outside sources, we may seek to raise additional funds at any time through equity, equity-linked arrangements, and/or debt, which may not be available on favorable terms, or at all. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition could be materially adversely affected. Our liquidity is subject to various risks including the risks identified in Item 3. "Quantitative and Qualitative Disclosures about Market Risk" of Part I of this Quarterly Report on Form 10-Q.

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. See Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Annual Report for a discussion of the assumptions and judgments involved in our critical accounting estimates. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions.

Recent Accounting Pronouncements

See Note 2, Summary of Significant Accounting Policies, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for a description of recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted.

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There have been no material changes in our market risk set forth in Part II, Item 7A Quantitative and Qualitative Disclosures About Market Risk of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”) except for the following interest rate risk which supplements the market risks disclosed in the 2025 Annual Report.

Interest Rate Risk

As of March 31, 2026, we had $2.5 billion aggregate principal amount of unsecured senior notes (“Senior Notes”) outstanding. To manage our exposure to interest rate risk, we entered into interest rate swap agreements with an aggregate notional amount of approximately $1.7 billion that effectively convert the fixed interest rates on our $850 million of 4.65% senior notes due March 2031 and $800 million of 5.25% senior notes due March 2036 to floating interest rates based on the Secured Overnight Financing Rate. Accordingly, our exposure to fluctuations in market interest rates is on the hedged fixed-rate debt of approximately $1.7 billion.

An immediate hypothetical 100 basis point increase or decrease in market interest rates would result in an estimated change of $17 million in our annualized interest expense, and would also impact the fair value of our hedged debt and related derivative instruments. The remainder of our outstanding Senior Notes bear interest at fixed rates, and therefore do not subject us to financial statement risk associated with cash flow changes in interest rates. See Note 6, Derivative Instruments and Hedging, and Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of March 31, 2026, the end of the period covered by this Quarterly Report on Form 10-Q, 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, 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.

Changes in Internal Control Over Financial Reporting

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 March 31, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Controls

Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their desired objectives. Management does not expect, however, that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within our Company have been detected.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are currently involved in, and may in the future be involved in, legal proceedings, claims, and government investigations in the ordinary course of business. These include proceedings, claims, and investigations relating to, among other things, regulatory matters, commercial matters, intellectual property, competition, tax, employment, pricing, discrimination, consumer rights, personal injury, and property rights. See Note 9, Commitments and Contingencies, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Depending on the nature of the proceeding, claim, or investigation, we may be subject to monetary damage awards, fines, penalties, or injunctive orders. Furthermore, the outcome of these matters could materially adversely affect our business, results of operations, and financial condition. The outcomes of legal proceedings, claims, and government investigations are inherently unpredictable and subject to significant judgment to determine the likelihood and amount of loss related to such matters. While it is not possible to determine the outcomes, we believe based on our current knowledge that the resolution of all such pending matters will not, either individually or in the aggregate, have a material adverse effect on our business, results of operations, cash flows, or financial condition.

There have been no material changes from the risk factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”), except for the following risk factors which supplement the risk factors disclosed in our 2025 Annual Report. Our business, operations, and financial results are subject to various risks and uncertainties that could materially adversely affect our business, results of operations, financial condition, and the trading price of our Class A common stock. Investors should carefully read and consider the risks and uncertainties included in the 2025 Annual Report and described below, together with all of the other information in the 2025 Annual Report and this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our unaudited condensed consolidated financial statements and related notes, and other documents that we file with the U.S. Securities and Exchange Commission. The risks and uncertainties described in these reports may not be the only ones we face. The factors discussed in these reports, among others, could cause our actual results to differ materially from historical results and those expressed in forward-looking statements made by us or on our behalf in filings with the SEC, press releases, communications with investors, and oral statements.

Industry, Financial, and Insurance Risks

Our indebtedness could adversely affect our business and financial condition.

As of March 31, 2026, we had $2.5 billion of long-term debt outstanding, all of which consisted of our unsecured senior notes (“Senior Notes”). We also have access to $1.0 billion of commitments and a $200 million sub-limit for the issuance of letters of credit under the 2022 Credit Facility. As of March 31, 2026, no amounts were drawn under our 2022 Credit Facility and outstanding letters of credit totaled $20 million. Risks relating to our indebtedness include:

• increasing our vulnerability to general adverse economic and industry conditions;

• requiring us to dedicate a portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of cash flow to fund working capital, capital expenditures, acquisitions and investments and other general corporate purposes;

• making it difficult for us to optimally capitalize and manage the cash flow for our business;

• limiting our flexibility in planning for, or reacting to, changes in our business and the markets in which we operate;

• placing us at a competitive disadvantage compared to our competitors that are less levered; and

• limiting our ability to borrow additional funds or to borrow funds at desirable rates or terms we find acceptable.

The agreements governing our indebtedness contain various covenants that may limit our ability to effectively operate our businesses, including those in our 2022 Credit Facility that restrict our ability to (i) incur additional indebtedness at subsidiaries that are not guarantors of the 2022 Credit Facility; (ii) create or incur additional liens; (iii) partake in sale/leaseback transactions; (iv) engage in certain fundamental changes, including mergers or consolidations; and (v) enter into negative pledge clauses and clauses restricting subsidiary distributions. The indenture governing the Senior Notes contains limited covenants and does not restrict us or our subsidiaries' ability to incur additional debt, pay dividends, repurchase securities, or engage in a variety of corporate transactions. Additionally, the covenants in our Senior Notes restricting our ability to create liens or enter into sale and leaseback transactions apply only to "principal properties," and as of March 31, 2026, neither we nor our subsidiaries own any property that constitutes a principal property.

Any failure to comply with the restrictions of our 2022 Credit Facility or the indenture governing our outstanding Senior Notes may result in an event of default under those agreements. Such default may allow the creditors to accelerate the related debt, which acceleration may trigger cross-acceleration or cross-default provisions in other debt. In addition, lenders may be able to terminate any commitments they had made to supply us with further funds. In addition, it is possible that we may need to incur additional indebtedness in the future in the ordinary course of business or otherwise.

In connection with the offering of the Senior Notes, we entered into interest rate swaps with an aggregate notional amount of approximately $1.7 billion that involves the exchange of fixed-for-floating rate interest payments. These swaps effectively convert the fixed interest rates on a portion of our Senior Notes to floating interest rates based on the Secured Overnight Financing Rate, which increases our

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exposure to interest rate risk. If interest rates were to increase, our debt service obligations on the indebtedness with respect to which we have entered into these fixed-for-floating interest rate swaps would increase, even though the principal amount issued remains the same.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table sets forth information relating to repurchases of our equity securities during the three months ended March 31, 2026 (in millions, except per share amounts):

Period			Total Number of Shares Purchased			Average Price Paid per Share (1)			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (2)
January 1 - 31			2.2			$	134.38		2.2			$	5,256
February 1 - 28			3.0			$	123.98		3.0			$	4,880
March 1 - 31			2.9			$	130.80		2.9			$	4,506
Total			8.1			$	129.26		8.1

(1)Includes broker commissions.

(2)On August 6, 2025, we announced that our board of directors approved a share repurchase program with authorization to purchase up to an additional $6.0 billion of our Class A common stock at management’s discretion. The share repurchase program does not have an expiration date, does not obligate us to repurchase any specific number of shares, and may be modified, suspended, or terminated at any time at our discretion.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Director and Officer 10b5-1 Trading Plans (“10b5-1 Plans”)

The following table sets forth the material terms of 10b5-1 Plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) that were adopted, terminated, or modified by our directors and officers during the three months ended March 31, 2026:

Name and Title of Director or Officer			Action			Date			Expiration Date			Maximum Number of Shares to be Sold Under the Plan
Brian Chesky, Chief Executive Officer and Director			Adopt			2/26/2026			11/25/2026			1,785,000
Joseph Gebbia, Director			Adopt			2/27/2026			11/27/2026			3,450,000

There were no “non-Rule 10b5-1 trading arrangements,” as defined in Item 408(c) of Regulation S-K, adopted, terminated, or modified by our directors or officers during the three months ended March 31, 2026.

The documents listed in the Exhibit Index of this Quarterly Report on Form 10-Q are incorporated herein by reference or are filed with this Quarterly Report on Form 10-Q, in each case as indicated herein (numbered in accordance with Item 601 of Regulation S-K).

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Exhibit Index

												Incorporated by Reference
Exhibit Number						Exhibit Description						Form						File Number						Date						Number						Filed Herewith
3.1						Restated Certificate of Incorporation of the Registrant						8-K						001-39778						6/7/2024						3.1
3.2						Amended and Restated Bylaws of the Registrant						8-K						001-39778						12/14/2020						3.2
4.1						Base Indenture, dated as of March 16, 2026, by and between the Company and U.S. Bank Trust Company, National Association, as trustee						8-K						001-39778						03/16/2026						4.1
4.2						First Supplemental Indenture, dated as of March 16, 2026, by and between the Company and U.S. Bank Trust Company, National Association, as trustee						8-K						001-39778						03/16/2026						4.2
4.3						Form of 2029 Note (included in Exhibit 4.2)						8-K						001-39778						03/16/2026						4.3
4.4						Form of 2031 Note (included in Exhibit 4.2)						8-K						001-39778						03/16/2026						4.4
4.5						Form of 2036 Note (included in Exhibit 4.2)						8-K						001-39778						03/16/2026						4.5
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 2002																														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 2002																														X
32.1*						Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002																														X
101						The following unaudited condensed financial statements from the Company’s 10-Q, formatted as Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements																														X
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)																														X

*The certifications attached as Exhibit 32.1 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Airbnb, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			AIRBNB, INC.
			By:			/s/ BRIAN CHESKY
Date: May 7, 2026						Brian Chesky Chief Executive Officer (Principal Executive Officer)

			By:			/s/ ELINOR MERTZ
Date: May 7, 2026						Elinor Mertz Chief Financial Officer (Principal Financial Officer)