Revenue grew 12% year-over-year to $2.8 billion, exceeding the high end of our guidance. In a marketplace, reaccelerating growth isn't as simple as stepping on the gas pedal. Airbnb grew incredibly quickly in the years leading up to our IPO, faster than we ever imagined. That cycle: focus, shift, learn, scale, is what compounded our initial growth.
Now, these are just a few of the hundreds of improvements the team shipped, driving hundreds of millions of dollars in revenue in 2025 alone. So what I want to do is highlight four areas where the Y innovation model is driving growth. Now, we believe that pricing initiatives will drive as much revenue this year as Hawaii and will remain a strong tailwind for years to come. Most of our supply growth is organic, with hosts coming directly to us.
We've removed over 500,000 low-quality listings, while Guest Favorites, the very best listings on Airbnb, grew 30% in 2025 compared to 2024. You know, Airbnb operates in nearly every country in the world, but roughly 70% of our revenue comes from just five countries. So you can see why we're so excited about the year ahead, and our guidance reflects that. We expect revenue growth to accelerate to at least low double digits in 2026.
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | Q1 2026 | $2.59B-$2.63B, up 14%-16% YoY (incl. ~3pt FX tailwind) |
| Gross booking value | Q1 2026 | Low-teens YoY growth, driven by high-single-digit nights/fees and moderate ADR increase |
| Adjusted EBITDA margin | Q1 2026 | Approximately flat year-over-year |
| Revenue growth | Full year 2026 | Accelerate to at least low double digits, with ambition to grow faster |
| Adjusted EBITDA margin | Full year 2026 | Stable year-over-year |
| Effective tax rate | 2026 | Mid to high teens due to One Big Beautiful Bill Act foreign-earnings treatment |
| Metric | YoY | Note |
|---|---|---|
| Revenue | +12% to $2.8B | Impact of product updates; exceeded high end of guidance. |
| Gross booking value | +16% to $20.4B | Strong growth in both bookings and price. |
| Nights and seats booked | +10% | Acceleration from Q3 with strength across all regions. |
| Adjusted EBITDA | $786M, 28% margin | Revenue outperformance; exceeded guidance. |
| Net income | $341M | Negatively impacted by ~$90M one-time non-income tax. |
| Free cash flow | $529M in Q4; $4.6B FY at 38% margin | Continued strong cash generation. |
| Latin America nights | High teens | Strongest regional growth; Brazil a top-five market and #2 source of first-time bookers. |
| North America nights | Mid-single digits | Product changes and slightly stronger macro lifted it from low-single digits earlier in 2025. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| AI customer support | — | Custom AI agent resolves ~30% of English-based North America tickets; goal to expand to more languages, more ticket types, and voice. | — |
| Hotels strategy | Hotels seen as filling network gaps when homes are booked or at high occupancy | Expansive strategy focused on boutique and independent hotels; a huge TAM that strengthens the home business. | — |
| Fee structure | Dual fee (3% host fee plus variable guest fee) | Migrating to a single service fee; API hosts migrated in October, now piloting individual hosts. | — |
| Product release cadence | Held features for biannual (every six-month) release moments | Ship continuously as features are ready; May release becomes a marketing showcase. | — |
| Reserve Now, Pay Later | — | Launched in U.S. summer 2025, drove Q4 acceleration and mix shift to larger homes; expanding globally and to cross-border U.S. stays. | — |
| Loyalty program | — | In testing; aiming for a unique benefits-based program rather than an out-of-the-box points scheme. | — |