North America

EMEA

Latin America

Asia Pacific

- United States

- France

- International

Total Revenue

64c62ea9a69edc59fedfad62d1e2fef0b96926ea8d5289cca573ee1b35cd2051

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

12a055b8726f7ee9302fdc218b1132e2a93e3650b9b5b5be18f034d27d35e552

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

3cdfc68a2fc74632fc363e2f86b8f9b0e9ebe6e4e592b3932e81ecc26d97c59e

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

1acc518b0771172b01b4f4c64608b40e7d55f6fc0e4c37323b87ab54b5e72177

Current Assets [USD, Millions]

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Inventory [N/A]

Non-Current Assets [USD, Millions]

PP&E [USD, Millions]

Goodwill [USD, Millions]

Intangible Assets [USD, Millions]

Current Liabilities [USD, Millions]

Accounts Payable [USD, Millions]

Short-term Debt [N/A]

Accrued Expenses [USD, Millions]

Non-Current Liabilities [USD, Millions]

Long-term Debt [USD, Millions]

Lease Liabilities [USD, Millions]

Deferred Tax Liabilities [N/A]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

abc4bf2e93e581f1a3d554d893cb2d89907bf64090952e4eadb38de201cd94e6

Increase in Nights and Experiences Booked (percent)

f6b637adb2f38fbd0fdb08b0ac02a57330d41252aaa3fdc6309854a463797525

Revenue (USD, millions)

Cost of Revenue (USD, millions)

Operations and Support Expenses (USD, millions)

Product Development Expenses (USD, millions)

Sales and Marketing Expenses (USD, millions)

General and Administrative Expenses (USD, millions)

Restructuring Charges (USD, millions)

Total Costs and Expenses (USD, millions)

Income from Operations (USD, millions)

Interest Income (USD, millions)

Other Income (Expense), Net (USD, millions)

Income before Income Taxes (USD, millions)

Provision for (Benefit from) Income Taxes (USD, millions)

Net Income (USD, millions)

Net Income per Share attributable to Class A and Class B Common Stockholders: Basic (USD)

Net Income per Share attributable to Class A and Class B Common Stockholders: Diluted (USD)

Weighted-average Shares used in Computing Net Income per Share attributable to Class A and Class B Common Stockholders: Basic

Weighted-average Shares used in Computing Net Income per Share attributable to Class A and Class B Common Stockholders: Diluted

b813c9366264c26954a6a89fe1e838106f4e8d4e70e108ee0ad10ff67171f172

Net income (USD, millions)

Depreciation and amortization (USD, millions)

Stock-based compensation expense (USD, millions)

Deferred income taxes (USD, millions)

Other, net (USD, millions)

Net cash provided by operating activities (USD, millions)

Purchases of short-term investments (USD, millions)

Sales and maturities of short-term investments (USD, millions)

Other investing activities, net (USD, millions)

Net cash used in investing activities (USD, millions)

Taxes paid related to equity awards (USD, millions)

Proceeds from exercise of equity awards and employee stock purchase plan (USD, millions)

Share repurchases (USD, millions)

Change in funds payable and amounts payable to customers (USD, millions)

Net cash used in financing activities (USD, millions)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (USD, millions)

Net increase in cash, cash equivalents, and restricted cash (USD, millions)

Prepaids and other assets (USD, millions)

Accrued expenses and other liabilities (USD, millions)

Unearned fees (USD, millions)

Cash, cash equivalents, and restricted cash, beginning of year (USD, millions)

Cash, cash equivalents, and restricted cash, end of year (USD, millions)

06e1720e98217524888ff90cbc920009bcfe4bc74c47ac989488ca086f8d96dc

Cash and cash equivalents [USD, millions]

Short-term investments [USD, millions]

Funds receivable and amounts held on behalf of customers [USD, millions]

Prepaids and other current assets [USD, millions]

Total current assets [USD, millions]

Deferred income tax assets [USD, millions]

Goodwill and intangible assets, net [USD, millions]

Other assets, noncurrent [USD, millions]

Total assets [USD, millions]

Accrued expenses, accounts payable, and other current liabilities [USD, millions]

Funds payable and amounts payable to customers [USD, millions]

Unearned fees [USD, millions]

Total current liabilities [USD, millions]

Long-term debt [USD, millions]

Other liabilities, noncurrent [USD, millions]

Total liabilities [USD, millions]

Additional paid-in capital [USD, millions]

Accumulated other comprehensive income (loss) [USD, millions]

Accumulated deficit [USD, millions]

Total stockholders’ equity [USD, millions]

Total liabilities and stockholders’ equity [USD, millions]

142368cdc49f61d477783d2c5859aa1f0f659adc9ad26411be9c6881da9698f0

Airbnb's cash and cash equivalents in Q4 2024 were **$6,864 million**, which may seem low compared to what might be expected given their operating cash flows. However, this level results from a combination of factors. Although the company generated **$4,518 million** in net cash from operating activities, outflows from investing activities (**$616 million**) and financing activities (including **$3,430 million** spent on share repurchases and an additional **$3,572 million** total outflow in financing) played a significant role. Additionally, a **$237 million reduction** due to the strengthening of the U.S. dollar further contributed to the lower figure. In short, the balance reflects the net effect of robust operating cash flows being offset by strategic investing, financing maneuvers, and currency exchange impacts rather than an indication of a liquidity crisis.  **[0001559720-25-000010_abnb-20241231.htm:118]** **[0001559720-25-000010_abnb-20241231.htm:101]** **[0001193125-25-026054_d915198dex991.htm:17]** **[0001559720-25-000010_abnb-20241231.htm:91]** 

Why was Cash and cash equivalents so low in Q4 2024?

The spike in **Total Assets** for Q2 2024 was primarily driven by significant increases in several key asset line items. **Funds Receivable and Amounts Held on Behalf of Customers** saw a notable rise (from **$5,869 million** to **$10,342 million**), indicating a surge in customer funds held. Additionally, **Cash and Cash Equivalents** grew (from **$6,874 million** to **$7,882 million**), reflecting strong free cash flow generation during the period, while **Short-term Investments** also increased (from **$3,197 million** to **$3,369 million**). These changes collectively contributed to the overall increase in total assets for Q2 2024.  **[0001559720-24-000024_abnb-20240630.htm:5]** 

What caused the spike in Total assets in Q2 2024?

Airbnb’s higher short-term investments in Q4 2024 appear to be related to its strategic allocation of excess cash into highly liquid instruments. The documents note that these investments primarily consist of **investment-grade corporate debt securities, time deposits, commercial paper, certificates of deposit, U.S. government and government agency debt securities,** and **mortgage-backed and asset-backed securities**.  **[0001559720-25-000010_abnb-20241231.htm:90]**  This cautious investment approach was likely adopted to **preserve capital and meet liquidity requirements** without significantly increasing risk, which contributed to the increased level of short-term investments.  **[0001559720-25-000010_abnb-20241231.htm:96]** **[0001193125-25-026054_d915198dex991.htm:17]** 

What factors contributed to the higher Short-term investments in Q4 2024?

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The sharp recovery in Q4 2024 was driven by two main factors: **first**, Q4 2023 was negatively impacted by **one-time non-recurring tax withholding expenses and lodging tax reserves**, which suppressed the operating cash flow in that period.  **[0001193125-25-026054_d915198dex991.htm:8]** **[0001193125-25-026054_d915198dex991.htm:9]** **[0001193125-25-026054_d915198dex991.htm:2]**  **Second**, Q4 2024 saw significant improvements in operational performance, evidenced by strong revenue growth and a turnaround in profitability—illustrated by a net income shift from a loss in Q4 2023 to a profit in Q4 2024—thereby boosting the net cash provided by operating activities.  **[0001193125-25-026054_d915198dex991.htm:8]** **[0001193125-25-026054_d915198dex991.htm:2]** 

What factors contributed to the sharp recovery in operating cash flow in Q4 2024?

In FY **2024**, the increase in annual operating cash flow was driven by a combination of factors. **Revenue grew by 12%**—boosted by a **10% increase in Nights and Experiences Booked** and a modest rise in Average Daily Rate—augmented by strong operational performance, while **Adjusted EBITDA increased by 11% to $4.0 billion**, reflecting disciplined cost management. Additionally, **stock-based compensation expenses increased to $1,407 million**, and changes in deferred income taxes and operating liabilities (notably, a **$200 million increase in unearned fees**) further contributed to the improved cash flow from operations.  **[0001559720-25-000010_abnb-20241231.htm:80]** **[0001193125-25-026054_d915198dex991.htm:1]** **[0001559720-25-000010_abnb-20241231.htm:84]** **[0001559720-25-000010_abnb-20241231.htm:104]** 

What drove the increase in annual operating cash flow in FY 2024?

The net financing cash outflows widened significantly in Q3 2024 primarily due to a marked increase in share repurchases, along with changes in other financing activities. Specifically, share repurchases rose substantially to **$2.6 billion** compared to **$1.5 billion** in the comparable period, which contributed notably to the increased outflows. Additionally, there were changes such as lower taxes paid related to net share settlement of equity awards (**$422 million** versus **$1.0 billion**) and a reduced change in funds payable and amounts payable to customers (**$665 million** versus **$1.2 billion**). These factors combined led to the overall increase in net cash used in financing activities during Q3 2024.  **[0001559720-24-000032_abnb-20240930.htm:40]** **[0001559720-24-000032_abnb-20240930.htm:8]** 

Why did net financing cash outflows widen significantly in Q3 2024?

In Q4 2024, accrued expenses and other liabilities turned negative due to a **decrease of $104 million** relative to Q4 2023. The documents explain that in Q4 2023 there were significant **non-recurring tax withholding expenses and lodging tax reserves totaling approximately $935 million**, which likely contributed to the higher balance in that period, making the Q4 2024 figure appear negative by comparison.  **[0001559720-25-000010_abnb-20241231.htm:104]** **[0001559720-25-000010_abnb-20241231.htm:104]** **[0001559720-25-000010_abnb-20241231.htm:101]** **[0001193125-25-026054_d915198dex991.htm:17]** **[0001193125-25-026054_d915198dex991.htm:7]** 

What led to accrued expenses and other liabilities turning negative in Q4 2024?

7eaed4e2d6531cec8ad0e6af6af5514c1437acbb954bb06c6ad0bb9eaa8a5c02

Airbnb's net income dropped significantly in Q3 2024 because **Q3 2023** benefitted from a **one-time tax benefit of $2.8 billion** that inflated its net income, while in **Q3 2024**, the company recognized **non-cash deferred tax expenses** related to the utilization of deferred tax assets, which negatively impacted net income.  **[0001193125-24-253103_d886752dex991.htm:8]** **[0001193125-24-253103_d886752dex991.htm:1]** **[0001193125-24-253103_d886752dex991.htm:7]** **[0001193125-24-253103_d886752dex991.htm:2]** **[0001559720-24-000032_abnb-20240930.htm:28]** 

Why did Net Income drop so significantly in Q3 2024?

The swing to a positive tax provision in Q3 2024 was driven by the absence of the one-time tax benefit that occurred in Q3 2023—where a **$2.7 billion** benefit was recorded due to the release of a valuation allowance on certain U.S. deferred tax assets—and by increased tax expense from current and deferred taxes on U.S. and foreign earnings. In Q3 2024, the tax expense was primarily attributed to deferred tax expense on the utilization of U.S. deferred tax assets, as there was no valuation allowance in place during that period.  **[0001559720-24-000032_abnb-20240930.htm:38]** **[0001559720-24-000032_abnb-20240930.htm:23]** **[0001559720-25-000010_abnb-20241231.htm:89]** 

What drove the swing to a positive tax provision in Q3 2024?

Airbnb’s annual net income was lower in FY 2024 because the company recognized a significant deferred tax expense from utilizing a large portion of its previously reserved valuation allowance on U.S. federal and state deferred tax assets. In FY 2023, Airbnb released the majority of a **$2.9 billion** valuation allowance, and in FY 2024, the related deferred tax expense was recorded, substantially impacting net income. This negative effect was partially mitigated by decreases in withholding taxes, fees, and certain penalties and interest expenses from a tax settlement in Italy ( **[0001559720-25-000010_abnb-20241231.htm:80]** **[0001559720-25-000010_abnb-20241231.htm:86]** **[0001559720-25-000010_abnb-20241231.htm:88]** ).

Why is annual Net Income lower in FY 2024 compared to FY 2023?

The turnaround in Q4 2024 was driven by **strong revenue growth**—with a **12% year-over-year increase**, reaching **$2.5 billion**—alongside **revenue-enhancing initiatives** such as expanded guest travel insurance offerings and a new service fee for cross-currency bookings. Additionally, the company maintained **cost discipline** despite increased investments, which helped improve margins, and the significant **reduction in non-recurring expenses** (notably the nearly **$1 billion** in one-time tax and lodging-related costs incurred in Q4 2023) further contributed to the improvement. An **enhanced cost structure** was also achieved, with a lower percentage of general and administrative expenses relative to revenue in FY 2024 compared to the previous year.  **[0001193125-25-026054_d915198dex991.htm:7]** **[0001193125-25-026054_d915198dex991.htm:1]** **[0001193125-25-026054_d915198dex991.htm:8]** **[0001559720-25-000010_abnb-20241231.htm:86]** 

What contributed to the turnaround in Operating Income in Q4 2024?

f1d8f84e2f9d1ff215ed570b14a3c84cc22ae835d3c37c8eed068c2db0bc0a1c

Airbnb Inc (ABNB)

Financials