Revenue increased 10% year-over-year, landing at the high end of our guidance. Adjusted EBITDA was over $2 billion, and this is our highest in any quarter ever. We are driving this growth by focusing on four key areas: making our service better, bringing Airbnb to more parts of the world, expanding what we offer, and integrating AI across our app. What I want to do is I want to share just a few highlights on each of these four growth levers.
In fact, we accelerated development by making 65 major improvements that we think will help further drive growth. This is, we think, going to be a huge user experience improvement and will keep people on our app and increase conversion. Not only do we think the demand is going to be there, the supply is there as well. I think that's especially true for younger generations who grew up on social media and are now surrounded by AI-generated content.
I'll start with a review of our Q3 financial results, and then I'll walk through our outlook for Q4. Gross booking value grew 14% year-over-year to $22.9 billion, driven by strong growth in both bookings and price. In Q3, nights growth across each of our major regions remained steady or accelerated sequentially. Asia-Pacific grew in the mid-teens, and both North America and EMEA were up in the mid-single digits.
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | Q4 2025 | $2.66B-$2.72B, up 7%-10% YoY, including a small FX tailwind after hedges |
| Gross booking value growth | Q4 2025 | Low double digits YoY, on modest ADR increase plus continued nights growth |
| Nights and seats booked growth | Q4 2025 | Mid-single-digit range YoY |
| Adjusted EBITDA margin | Full year 2025 | Approximately 35% |
| Metric | YoY | Note |
|---|---|---|
| Revenue | +10% | Landed at the high end of guidance on continued booking and price strength. |
| Gross booking value | +14% | Strong growth in both bookings and price, led by U.S. strength and ADR. |
| Nights and seats booked | +9% | Two-point sequential acceleration from Q2, mainly U.S. strength and Reserve Now, Pay Later. |
| Adjusted EBITDA | — | $2.1 billion at a 50% margin, the highest quarterly total ever. |
| EPS | +4% | $2.21; net income impacted by a one-time $213 million valuation allowance from the OBBBA. |
| Free cash flow | — | $1.3 billion in Q3; $4.5 billion over the trailing 12 months, a 38% FCF margin. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| AI integration | — | More than a dozen AI workstreams; AI customer support cut the need for a human agent by 15% in the U.S. (expanding to 50+ languages next year) and AI-powered natural-language search is in testing to roll out in 2026. | — |
| Hotels | — | Launched a true hotels business via pilots in Los Angeles, New York City, and Madrid, targeting boutiques and independents to fill supply gaps rather than cannibalize homes. | — |
| Services and experiences | — | Since the May 13 launch, rated 4.3 of 5 stars; supply scaling with 110,000 host applications, roughly half of experience bookers new to stays, and Paris Originals 70% booked by locals; three to five years to become material. | — |
| International expansion | — | Multi-year strategy; expansion markets grew average nights at double the core rate, with strong first-time booker gains in Japan and India and market-share leadership in Brazil/Latin America. | — |
| Core homes re-acceleration | — | Management argues the core is far from mature (about nine hotel stays for every home stay) and sees a path to re-accelerate via affordability, quality, supply growth, and pricing tools. | — |