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ABNBAirbnb

Consumer discretionary · Building Services · Nasdaq
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The 10-K against last year's

193 changes: 19 added, 17 removed, 150 reworded, 7 quiet changes

10-K Feb 12, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
12.3%
of the text changed · 24,703 words now
22.8%
of the text changed · 6,491 words now
Legal ProceedingsRedline ↓
12.3%
of the text changed · 2,492 words now
Accounting PoliciesRedline ↓
22.9%
of the text changed · 5,852 words now

10-K 0001559720-26-000004 (2026-02-12) vs 10-K 0001559720-25-000010 (2025-02-13)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 298 words changed in this paragraph; it is 36% similar to last year's version.
The regulatory and intellectual property frameworks governing the use and protection of AI and ML Technologies and of its outputs are rapidly evolving, and we cannot predict how future legislation and regulation will impact our ability to offer and protect products or services that we develop which leverage AI and ML Technologies. Many federal, state Regulators (including data protection regulators) have taken, and foreign government bodies are expected to continue to take, an increased interest in issues, such as how we and agencies have introduced or proposed additional laws our vendors collect, maintain, process, and regulations. Additionally, existing laws and regulations may be interpreted provide transparency on the use of personal data in ways that would affect the operation this context. The increased use of and availability of IP protection for our AI and ML Technologies. As a result, implementation standards, enforcement practices, and available scope Technologies means that regulators are increasingly seeking advance engagement with businesses like ours in respect of certain types of data processing, including our lead EU data protection are likely to remain uncertain for regulator, the foreseeable future, and we cannot yet determine the impact future laws, regulations, or standards may have on our business (including our positioning with respect to our competition) and may not always be able to anticipate how to respond to these laws or regulations. Already, Irish Data Protection Commission. In addition, certain existing legal regimes (e.g., relating including those related to data privacy) privacy, competition, and consumer protection, may also regulate certain aspects of AI and ML Technologies, and new laws regulating AI may be adopted and ML Technologies are expected to continue to be proposed and enacted interpreted in the United States and globally. For further information related to AI laws and regulations that may affect our business, see the risk factor titled “Compliance with federal, state, and foreign laws relating to data privacy, data security, artificial intelligence, marketing and consumer protection involves significant expenditure and resources, and any actual or perceived failure by us or our vendors to comply may result in significant liability, litigation or other legal action against us, negative publicity, an erosion of trust, and/or result in regulatory scrutiny, fines and penalties and could materially adversely affect our business, results of operations, and financial condition.” ways

Source: Item 1A, 10-K 0001559720-26-000004 vs Item 1A, 10-K 0001559720-25-000010

Accounting Policies 205 words changed in this paragraph; it is 40% similar to last year's version.
The Company considers generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on its platform. The Company’s customers are both hosts and guests to be its customers. The customers guests. Customers must agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the host agrees to provide the use of the property. At such time, property and both parties agree to the host booking amount which excludes taxes and guest also agree upon the applicable booking value as well as host fees and guest fees (collectively “service fees”). Company’s service fees. The Company charges Company’s service fees are charged in exchange for certain activities, including the use of the Company’s platform, platform use, customer support, and payment processing activities. These activities activities, which are not distinct from each other and are not separate collectively constitute a single performance obligations. As a result, obligation. The performance obligation, governed by the acceptance of 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 ToS, is satisfied upon at the point of check-in when the guest begins their stay and the Company has the obtains an enforceable right to receive payment for payment. Accordingly, revenue is recognized on the fulfillment 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 performance obligation. host’s service fees.

Source: Item 8, Note 2 – Significant Accounting Policies, 10-K 0001559720-26-000004 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001559720-25-000010

Legal Proceedings 159 words changed in this paragraph; it is 62% similar to last year's version.
In May 2023, the Guardia di Finanza de Milano (“GdF”) issued 2017, Italy passed a Tax Audit Report recommending law purporting to require short-term rental platforms that process payments to withhold and remit host income tax and collect and remit tourist tax, amongst other obligations (“2017 Law”). The Company challenged this law before the Italian tax authorities a formal tax assessment courts and the Court of 779 million Euro on Airbnb’s subsidiary in Ireland relating to Justice of the 2017 Law and associated withholding tax obligations. European Union (“CJEU”). On December 13, 2023, without admitting any liability, Airbnb Ireland signed an agreement with the Italian Revenue Agency (“ITA”) in settlement of the 2017-2021 audit period for an aggregate payment of 576 million Euro ($621 million). Such agreement settled a dispute about Airbnb Ireland’s obligations to withhold and remit host income tax, including taxes, interest, and penalties, for those relevant periods. The GdF conducted a withholding tax audit of Airbnb Ireland for the 2022 and 2023 tax years and issued a report to the ITA in March 2024. In December 2024, Airbnb Ireland signed a similar agreement in settlement of the 2022 audit period for an aggregate payment of 139 million Euro ($150 million). In January 2025, Airbnb Ireland entered into an agreement with the Italian Revenue Agency to close the 2023 audit period for an aggregate payment of 179 million Euro ($186 million); million). Of this amount, 123 million Euro ($148 million) was paid in December of 2024 and 2024, while 56 million Euro ($66 million), which was recognized as a liability as of December 31, 2024, was paid in January of 2025. In 2024, Airbnb Ireland started commenced withholding on host payments related to Italian listings.

Source: Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001559720-26-000004 vs Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001559720-25-000010

MD&A 139 words changed in this paragraph; it is 40% similar to last year's version.
During 2024, 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. In 2025, we repurchased an aggregate of 24.5 29.7 million shares of Class A common stock for $3.4 billion. $3.8 billion through two share repurchase programs. As of December 31, 2024, 2025, we completed the repurchases under the August 2, 2022 February 2024 share repurchase program and had $3.3 $5.6 billion available for to repurchase shares of Class A common stock under the May 9, 2023 our August 2025 share repurchase program.

Source: Item 7, 10-K 0001559720-26-000004 vs Item 7, 10-K 0001559720-25-000010

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of ABNB's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13. Each links to the text at sec.gov.

AddedRisk Factors
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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
and may continue to require us to modify our data processing practices and policies and incur related costs and expenses. For example, the California Consumer Privacy Act (“CCPA”) provides enhanced data privacy rights to California residents, allows for statutory damages, and provides a private right of action for certain data breaches, increasing the risk of litigation. The enactment of the CCPA prompted a wave of similar legislative developments in over a third of other states, which created a patchwork of overlapping but different state laws.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
The regulatory and intellectual property frameworks governing the use and protection of AI and ML Technologies and its outputs are rapidly evolving, and we cannot predict how future legislation and regulation will impact our ability to offer and protect products or services that we develop which leverage AI and ML Technologies. Regulators (including data protection regulators) have taken, and are expected to continue to take, an increased interest in issues, such as how we and our vendors collect, maintain, process, and provide transparency on the use of personal data in this context. The increased use of AI and ML Technologies means that regulators are increasingly seeking advance engagement with businesses like ours in respect of certain types of data processing, including our lead EU data protection regulator, the Irish Data Protection Commission. In addition, certain existing legal regimes including those related to data privacy, competition, and consumer protection, may also regulate certain aspects of AI and ML Technologies, and new laws may be adopted and interpreted in ways

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
that would limit our ability to use AI and ML Technologies. This may affect our use of AI and ML Technologies and our ability to provide, improve or commercialize our services effectively and efficiently and result in increased costs. For example, in the United States, legislation related to AI and ML Technologies has been introduced at the federal level and enacted by various states. Several states – such as California, Colorado, Connecticut, and Texas – have enacted or proposed laws governing the development and deployment of AI and ML Technologies at varying degrees, typically focused on high-risk uses of AI. Many U.S. states continue to advance various AI regulatory frameworks, including requirements around transparency, risk management, and accountability for AI and ML Technologies. Further, the California Privacy Protection Agency has finalized regulations under the CCPA regarding the use of automated decision-making technology. Collectively, these developments signal an emerging trend towards a patchwork of state-level governance of AI in the United States. Further, the EU Artificial Intelligence Act (the “EU AI Act”) entered into force in August 2024 (with the majority of substantive requirements applying from August 2026), and establishes a broad, risk-based governance framework for AI use, development, or provision in the EU market. Applicable requirements depend on the risk level of each AI use case, and actual or perceived contraventions could expose us to material penalties, significant legal liability, and may materially adversely affect our business, results of operations, and financial condition. With regard to China, the regulatory requirements on AI and ML Technologies, export controls and other relevant regulations are still evolving and have ongoing complexity and uncertainty. The positions and interpretation of these regulations by the authorities may not align with our interpretation or may not be consistent across jurisdictions, which may impact our ability, or require additional resources (which may be substantial), to develop and/or maintain related product features.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Airbnb does not meet the thresholds to be designated as a gatekeeper platform for the purposes of the Digital Markets Act, although this could change in the future. Compliance with these evolving regulations and such designation may increase operational costs and materially adversely affect our business, results of operations, and financial condition.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
(including class actions), and significant financial losses, especially under laws which impose statutory damages per breached record, all of which could materially impact our business, results of operations, and financial condition.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2026-02-12 at sec.gov ↗

Show the other 11
AddedMD&A
•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; and

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
•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.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
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):

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
The provision for income taxes decreased by $57 million, or 8%, due to reduced taxes accrued driven by a larger foreign derived intangible income benefit and a $105 million reduction in uncertain tax positions relating to prior years, partially offset by the recognition of a $213 million valuation allowance against the corporate alternative minimum tax (“CAMT”) credit deferred tax asset.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses and changes to the U.S. taxation of foreign derived intangible income. Following the enactment of the OBBBA, management concluded it is no longer more-likely-than-not that we are able to utilize our historic CAMT credits. Management further concluded that no prudent and feasible tax-planning strategies are currently available to utilize the existing CAMT credits. Our policy is to not consider the impact of future years’ CAMT in our valuation allowance assessment for deferred tax assets other than CAMT credits. The amount of the valuation allowance may be adjusted in future quarters if estimates of future taxable income change. We will continue to evaluate the full impact of legislative changes as more guidance becomes available.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
As of December 31, 2025, we had outstanding $2.0 billion in aggregate principal amount of indebtedness of our 0% convertible senior notes due on March 15, 2026.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
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. In 2025, we repurchased an aggregate of 29.7 million shares of Class A common stock for $3.8 billion through two share repurchase programs. As of December 31, 2025, we completed the repurchases under the February 2024 share repurchase program and had $5.6 billion available to repurchase shares of Class A common stock under our August 2025 share repurchase program.

Read it in 10-K 2026-02-12 at sec.gov ↗

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