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