10-K 0001559720-26-000004 (2026-02-12) vs 10-K 0001559720-25-000010 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 24,703 |
12.3% |
| MD&A | Item 7 | 6,491 |
22.8% |
| Legal Proceedings | Item 3, via Note 13 – Commitments and Contingencies | 2,492 |
12.3% |
| Accounting Policies | Item 8, Note 2 – Significant Accounting Policies | 5,852 |
22.9% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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 ↗
RemovedRisk Factors
The Organization for Economic Cooperation and Development (the “OECD”) is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%. Our effective tax rate and cash tax payments could increase in future years as a result of these changes.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
potentially onerous requirements, including operational and payment security and strong customer authentication, which may increase compliance costs, raise risk of non-compliance, and impact the ease of usage of the payment features of the platform.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
Additionally, the proposed EU Third Payment Services Directive (“PSD3”) and proposed regulation on the same (“EU PSR”) will include amendments to strong customer authentication and anti-fraud obligations amongst other day-to-day requirements. The United Kingdom is also considering areas for reform for its payment services regime, including information requirements regarding currency conversion charges, and notice provisions for the termination of customer contracts. When these proposed measures are finalized and in-force, they may increase our compliance costs and require additional resources as well as changes to our processes and operations.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
Additionally, we note that as the use of AI and machine learning technologies (“AI and ML Technologies”) continues to grow, regulators (including data protection regulators) are expected to take an increased interest in issues, such as how we and our vendors collect, maintain and process and provide transparency on the use of personal data of our users and/ or hosts in that context. Our technology platform incorporates the use of AI and ML Technologies, for example, for fraud detection, search, enabling customized features and enhancing community support. Enhanced scrutiny of the use of AI and ML Technologies means that regulators may increasingly seek advance engagement with businesses like ours in respect of certain types of data processing. In addition, certain existing legal regimes, including those relating to data privacy and consumer protection, regulate certain aspects of AI and ML Technologies, and new laws regulating AI and ML Technologies have been or may be enacted or have entered into force in jurisdictions that we operate. 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, California enacted seventeen new laws in 2024 that further regulate the use of AI and ML Technologies and provide consumers with additional protections around companies’ use of AI and ML Technologies, such as requiring companies to disclose certain uses of generative AI. Other states have also passed AI-focused legislation, such as Colorado’s Artificial Intelligence Act, which will require developers and deployers of “high-risk” AI systems to implement certain safeguards against algorithmic discrimination, and Utah’s Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures for the use of generative AI in certain consumer interactions. Other legislation has been introduced or proposed at the federal and state level, and there remains uncertainty at the federal level regarding the regulation of AI and ML Technologies. Further, the EU Artificial Intelligence Act (the “EU AI Act”) entered into force in August 2024, and establishes a comprehensive, risk-based governance framework for AI in the EU market. The majority of the substantive requirements will apply from August 2026. The EU AI Act applies to companies that develop, use and/or provide AI in the EU and – depending on the AI use case – includes requirements around transparency, conformity assessments and monitoring, risk assessments, human oversight, security, accuracy, general purpose AI and foundation models, and fines for breach of up to 7% of worldwide annual turnover. These regulations may impact our ability to use, procure and commercialize AI and ML Technologies in the future, and we may need to expend resources to adjust our products or services, including if the laws are not consistent across jurisdictions.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
When we are required to disclose personal data to government agencies, such as tax authorities and law enforcement agencies, this could be perceived by third parties as non-compliance with data privacy and security laws, potentially leading to legal proceedings or actions
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
against us. Conversely, if we refuse to provide requested information due to a disagreement, such as on the interpretation of the law, we may face actions, litigation, and increased regulatory scrutiny, which could harm our relationships with governments and limit our ability to operate in certain regions. Any of the foregoing could materially adversely affect our brand, reputation, business, results of operations, and financial condition.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
The rapid evolution of AI and ML Technologies will continue to require the application of significant resources to adopt, develop, test, integrate, and maintain AI and ML Technologies included in our offerings in order to remain competitive and to help implement these
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
Development, maintenance and operation of AI and ML Technologies requires additional investment in the development of proprietary datasets, machine learning models, and systems to monitor and test for accuracy, bias, and other variables, which are complex, costly, and could impact our profit margin as we expand the use of AI and ML Technologies in our offerings. Developing, testing, and deploying AI and ML Technologies also increase associated computing costs.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
It is also possible that new laws and regulations will be adopted in the United States and in other non-U.S. jurisdictions, or that existing laws and regulations, including data privacy, consumer protection, competition laws, may be interpreted in ways that would limit our ability to use AI and ML Technologies for our business, or require us to change the way we use AI and ML Technologies in a manner that negatively affects the performance of our products, services, and business and requires us to expend resources and adjust our products or services in certain jurisdictions. Further, the cost to comply with such laws, regulations, or decisions and/or guidance interpreting existing laws, could be significant and would increase our operating expenses (such as by imposing additional reporting obligations regarding our use of AI and ML Technologies). Such an increase in operating expenses, as well as any actual or perceived failure to comply with such laws and regulations, could adversely affect our business, financial condition and results of operations.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
corporate transaction requiring stockholder approval. In addition, this may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that stockholders may believe are in their best interest.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedRisk Factors
We have implemented policies, procedures, systems, and controls designed to ensure compliance with applicable laws and to discourage corrupt practices by our employees, consultants, and agents, and to identify and address potentially impermissible transactions under such laws and regulations; however, we cannot guarantee the efficacy of our existing and future safeguards, including training and compliance programs to discourage corrupt practices by such parties, and we cannot ensure that all such parties, including those that may be based in or from countries where practices that violate U.S. or other laws may be customary, will not take actions in violation of our policies, for which we may be ultimately responsible.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
For example, many ESG initiatives (including related metrics and targets) are based on methodologies, standards, and data that are still evolving or are subject to variable interpretation; as with other companies, our approach to such matters evolves, and we cannot guarantee including as a result of changes in technology, stakeholder responses, or other factors that may be in or out of our approach, either now or in future, will align with the expectations or preferences of any particular stakeholder or that certain disclosures will not be considered erroneous or subject to misinterpretation. control.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Compliance with EEA EEA, UK, and UK Canadian regulations, such as the EU Digital Operational Resilience Act Regulation, the Luxembourg implementation of the EU Second Payment Services Directive (“PSD2”) and (“PSD2”), the UK's Payment Services Regulations 2017 (“UK PSR”), and Canada’s Retail Payment Activities Act (“RPAA”), involves complex and potentially onerous requirements, including ICT risk and operational-resilience and payment security and strong customer authentication, which may increase compliance costs, raise risk of non-compliance, and impact the ease of usage of the payment features and of our platform.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The EU's EU Consumer Rights Directive and the Unfair Commercial Practices Directive Directive, the United Kingdom Digital Market, Competition and Consumers Act 2024 (“DMCCA”), and national consumer laws impose strict consumer protection requirements, with potential fines for non-compliance. non-compliance and in the case of the DMCCA, an increased risk of enforcement by the UK regulator in light of enhanced powers.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In relation to our Host Damage Protection program, which is a commercial guaranty agreement that provides reimbursement of up to $3 million for certain guest-caused loss or damages to a host property that are not reimbursed by the guest, we We maintain a contractual liability insurance policy to provide coverage to us for losses incurred by us under the Host Damage Protection program.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
For example, many ESG initiatives (including related metrics and targets) are based on methodologies, standards, and data that are still evolving or are subject to variable interpretation; as with other companies, our approach to such matters evolves, and we We cannot guarantee that our approach, either now or in future, will align with the expectations or preferences of any particular stakeholder or that certain disclosures will not be considered erroneous or subject to misinterpretation.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We While we have not in the past independently evaluated the expertise and reputation of some experiences or services hosts to the extent possible, we generally have not and may not in the future undertake to independently verify those factors, or the location, safety, or suitability of experiences or services for individual guests, the suitability, qualifications, or credentials of experiences hosts, or the qualifications of individual experiences or services guests.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In relation to our Our Host Damage Protection program, which program is a commercial guaranty agreement that provides reimbursement of up to $3 million for certain guest-caused loss losses or damages to a host property that are not reimbursed by the guest, we maintain a contractual liability insurance policy to provide coverage to us for losses incurred by us under the Host Damage Protection program. guest.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Despite significant investments in security, we cannot fully mitigate these risks, and such security incidents could disrupt operations and lead to negative publicity, reputational damage, loss of users, increased support costs, regulatory fines, legal claims (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 ↗
RewordedRisk Factors
This will likely result in material changes to the day to day AML and CTF operating procedures of APLux and material divergence between the AML and CTF rules applicable to APUK in the UK and those applicable to APLux, bringing with it resulting in increased costs and the regulatory enforcement risks (such as fines, censures and potentially the suspension or removal of regulatory licenses or controls placed on APLux’s ability to onboard new customers) associated with designing compliance with a nascent regime.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Moreover, as we send marketing messages via email and short message service, or SMS, text messages, we are subject to the CAN-SPAM Act, which imposes certain obligations regarding the content of emails and providing and honoring opt-outs, and the Telephone Consumer Protection Act, which imposes restrictions impose certain obligations on the ability to send text messages without prior consent. us.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Similarly, in the United Kingdom, the Online Safety Act 2023, or the OSA, 2023 (the “OSA”) establishes an extensive regulatory framework for certain user-to-user and search services and imposes obligations to protect users from illegal content which, if applicable, may increase compliance costs and may otherwise adversely affect our business, operations and financial condition. content.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
Our insurance policies, which may or may not be applicable to all some claims and may not be available to us in the future on economically reasonable terms or at all, may be inadequate to fully cover alleged claims of liability, investigation costs, defense costs, and/or payouts.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
However, Airbnb’s subsidiary in Italy and Airbnb Ireland continue to be, or could in the future be, subject to tax audits in Italy, including in relation to permanent establishment, transfer pricing, withholding obligations, and tourist taxes.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
Failure to comply with these standards could result in losing our payment card acceptance privileges, materially adversely affecting our business, results of operations, and financial condition.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
These requirements are not uniform, and may not be interpreted or applied uniformly, which may increase the cost and complexity of compliance, as well as any related risks.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
If we or our third-party providers fail to protect confidential information and/or experience material security incidents, there may be damage to our brand and reputation, material financial penalties, and legal liability, along with a decline in use of our platform, which would materially adversely affect our business, results of operations, and financial condition.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
We and certain a subset of our third-party service providers have experienced cyberattacks and other security incidents in the past, including distributed denial-of-service type attacks on our IT Systems that have made portions of our platform slow or unavailable for periods of time.
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 ↗
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
•stock-settlement obligations, which represent employer and related taxes related to our Initial Public Offering (“IPO”).
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 February 2024, our board of directors approved a share repurchase program to purchase up to $6.0 billion of our Class A common stock.
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 ↗
RemovedMD&A
In 2024, net income decreased by 45% to $2.6 billion, compared to the prior year, primarily due to the release of the majority of our valuation allowance on U.S. federal and state deferred tax assets of $2.9 billion in 2023, and the recognition of deferred tax expense related to the utilization of some of those assets in 2024 (see Note 14, Income Taxes, to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for further details). This was partially offset due to a decrease in withholding taxes, associated fees, and penalties and interest expense due to a withholding tax settlement related to Italy of $770 million, $196 million and $64 million respectively.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Adjusted EBITDA1 increased 11% to $4.0 billion in 2024 demonstrating the continued strength of our business, growth in revenue and discipline in managing our cost structure.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Inflation and other macroeconomic pressures in the United States and the global economy, such as tariffs, foreign currency fluctuations, as well as wars and other geopolitical conflicts, have contributed to an increasingly complex business environment. As a result, our future operational results may be subject to volatility. Additionally, health-related events, political instability, acts of terrorism, and natural disasters, are examples of other events that could have a negative impact on the travel industry in the future.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
•lodging taxes for which we may have joint and several liability with hosts for collecting and remitting such taxes, withholding taxes on payments made to hosts and any related settlements, and transactional taxes where there is significant uncertainty as to how the taxes apply to our platform.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
including lodging tax reserves for which we may be held jointly liable with hosts for collecting and remitting such taxes, and bad debt expense.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
The provision for income taxes during 2024 was driven by current tax on U.S. and foreign earnings and deferred tax expense resulting from prior year’s valuation allowance release on our U.S. federal and state deferred tax assets and the utilization of some of those assets in 2024. The income tax benefit for 2023, was primarily due to the release of $2.9 billion of our valuation allowance related to certain of our U.S. federal and state deferred tax assets, as a discrete tax benefit.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
In 2021, the Organization for Economic Co-operation and Development (“OECD”) established an inclusive framework on base erosion and profit shifting and agreed on a two-pillar solution to global taxation, focusing on global profit allocation, known to as Pillar One and a 15% global minimum effective tax rate, known as Pillar Two. In December of 2022, the EU member states agreed to implement the OECD’s global minimum tax rate of 15%. The OECD issued Pillar Two model rules and continues to release guidance on these rules. The inclusive framework calls for tax law changes by participating countries to take effect in 2024 and 2025. Various countries have enacted or have announced plans to enact new tax laws to implement the global minimum tax. We considered the applicable tax law changes on Pillar Two implementation in the relevant countries, and concluded there was no material impact to our tax provision for 2024. We will continue to evaluate the impact of these tax law changes on future reporting periods.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedMD&A
Operations and support expense increased $96 $45 million, or 8%, 4%, in 2024 compared to 2023, 2025, primarily due to a $38 $33 million increase in payroll-related expenses, an increase in customer relations costs of $25 million, mainly due to higher nights booked, and an increase in insurance costs of $25 $14 million, due to higher premiums as a result of higher nights booked. booked, an $11 million increase in allocated costs for facilities and information technology, and an increase in expensed software and equipment of $10 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
General and administrative expense decreased $840 increased $157 million, or 41%, 13%, in 2024, compared to 2023, 2025, primarily due to decreased a $74 million increase from non-income taxes and related fees and penalties, partially offset a $51 million increase in payroll-related expenses driven by an increase in payroll-related expenses. headcount, and an increase in professional service fees of $37 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Revenue In 2025, revenue increased $1.2 billion, or 12%, in 2024 by 10% to $12.2 billion compared to 2023, the prior year, primarily due to an increase in the number of check-ins relating to Nights and Experiences Seats Booked and a modest increase in ADR driven by our North America and EMEA regions. Average Daily Rate (“ADR”).
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Provision for (benefit from) income taxes (2,690) 683 626 Other expense, net 137 40 112 Interest income (721) (818) (705) Depreciation and amortization 44 65 91 Stock-based compensation expense 1,120 1,407 1,592 Acquisition-related impacts (3) (7) 1 Lodging taxes, host withholding taxes, and transactional taxes, net 974 23 74 Stock-settlement obligations related to IPO — (5) Adjusted EBITDA $ 3,653 4,041 $ 4,041 4,297 Adjusted EBITDA Margin 37 % 36 % 35 %
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Because we act as As the merchant of record, we incur bear all payment processing costs associated with for our bookings, including those from chargebacks due to both fraud and we have chargebacks, which arise from account takeovers and other fraudulent non-fraud activities.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The increase in Adjusted EBITDA for the year ended December 31, 2024, in 2025, compared to the prior year, was primarily driven by due to revenue growth in revenue which was driven by the from an increase in the number of check-ins relating to for Nights and Experiences Seats Booked and a modest increase in ADR.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Revenue increased $1.2 $1.1 billion, or 12%, 10%, in 2024 compared to 2023, 2025, primarily due to an increase in the number of check-ins relating to Nights and Experiences Booked and a modest increase in ADR driven by our North America and EMEA regions. Seats Booked.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
General and administrative expense also includes certain primarily consists of personnel costs for management and administrative functions (finance, accounting, legal, human resources), professional services fees, general corporate and director and officer insurance, allocated costs for facilities and information technology, and indirect taxes, including lodging tax reserves.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Our net cash provided by operating activities Free Cash Flow1 (“FCF”) was $4.6 billion in 2025, compared to $4.5 billion in 2024, compared to $3.9 billion, in the prior year.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
During 2024, In 2025, we repurchased an aggregate of 24.5 29.7 million shares of Class A common stock for $3.4 $3.8 billion, leaving $5.6 billion through two available to repurchase under our share repurchase programs. program.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
During 2024, In 2025, we recorded a reduction an increase of $237 $655 million in cash, cash equivalents, and restricted cash, primarily due to the strengthening weakening of the U.S. dollar. dollar against major currencies, mainly the Euro and British Pound.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
We are a community based on connection and belonging—a community that Airbnb was born founded in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown to into a global community of over 5 million hosts who have welcomed over 2 2.5 billion guest arrivals in almost every country and region across the globe.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
On a long-term basis, we would 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.
Read it in 10-K 2026-02-12 at sec.gov ↗
