This is the highest growth that we have seen in four years. What's especially encouraging is that we're not only seeing growth accelerate in our emerging markets, we are seeing growth accelerate in many of our core markets. In fact, the U.S., France, U.K., and Australia all accelerated in growth in Q2. By reducing friction across the guest journey, we are converting more traffic into bookings, and that's become one of the biggest drivers of our growth.
We also gave hosts more actionable insights to help them improve their listings and increase their earning potential. We added 1,000 new experiences across our most in-demand categories, increasing supply by nearly 80% year-over-year during Q2. Roughly 35% of first-time hotel guests return to Airbnb to book a home. Many events, major events help strengthen the Airbnb brand, while driving both supply and demand.
It's given us so much confidence in the second half of this year, that that's why we're raising our guidance. I'll start with Q2 financial results, then cover our outlook for Q3 and the full year 2026. Despite the ongoing conflict in the Middle East, we continue to see strong underlying demand globally, the impact to our business from the conflict was less than we had anticipated. Gross booking value grew 16% year-over-year to $27.2 billion, driven by strong growth in both nights and seats booked and ADR.
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | Q3 2026 | $4.69B-$4.77B, +15%-17% YoY (incl. ~3pp FX tailwind) |
| GBV growth | Q3 2026 | mid-teens YoY |
| Nights and seats booked growth | Q3 2026 | low double-digit YoY |
| Adjusted EBITDA margin | Q3 2026 | down slightly vs Q3 2025 due to timing of investments |
| Revenue growth | Full year 2026 | at least mid-teens |
| Adjusted EBITDA margin | Full year 2026 | at least 35.5% |
| Implied take rate | Full year 2026 | relatively flat vs 2025 |
| Metric | YoY | Note |
|---|---|---|
| Revenue ($3.6B) | +17% | Broad-based execution across the product roadmap; exceeded the high end of outlook. |
| Gross booking value ($27.2B) | +16% | Strong growth in both nights and seats booked and ADR. |
| Nights and seats booked | +10% | Strong growth across every region, accelerating from Q1; high single-digit in North America and Europe, ~20% in Latin America, high teens in Asia-Pacific. |
| Nights booked on app | +23% | Now 64% of total nights booked, up from 59% a year ago. |
| ADR | +5% | Up 4% excluding FX, with noticeable strength in North America and Europe; driven by mix shift toward larger multi-bedroom homes and RNPL. |
| First-time bookers | +11% | Highest growth in four years; compounding product improvements plus strength in expansion markets like India and Brazil and RNPL confidence. |
| Adjusted EBITDA ($1.3B, 35% margin) | — | Margin expanded over 100 bps on strong revenue growth and cost efficiencies in operations, support, and product development, partly offset by S&M investment. |
| Net income ($816M) | — | Higher operating income plus a $77 million tax benefit related to recently published tax guidance on prior-year taxes. |
| Customer support cost per booking | -16% | Driven in part by improvements from the AI assistant resolving more issues without a human agent. |
| Free cash flow ($1.3B in Q2) | — | Efficient, capital-light model; trailing-12-month FCF of $4.8B at a 37% margin. |
| Experiences supply | +80% | Added 1,000 new experiences across in-demand categories; bookings accelerated year-over-year and sequentially, though still a small base. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| AI-native transformation | Middle-of-the-pack for AI a year ago; AI framed as an existential risk | Now among the most AI-native companies in Silicon Valley after hiring CTO Ahmed Abdalla (ex-Meta Llama lead); AI accelerates product velocity and lowers support costs at de minimis inference cost | — |
| Hotels expansion | Started in regulatory-constrained cities where demand outstripped home supply | Expanded supply acquisition to a top-20 set of cities with strong inbound hotel interest; hotel nights growing ~3x faster than homes and accretive to home bookings | — |
| Ancillary services (car rental, luggage storage, groceries, airport pickup, Resort Passes) | Newer category expansion launched in May | Car rentals expected to be the largest by asset size (with longer-than-expected reservation lengths); mostly partner-based so low incremental cost; building toward a one-stop travel shop | — |
| Reserve Now, Pay Later | A payment option discussed in prior quarters | Over 20% of total GBV; expanded to more booking types in July; drives bookings, longer lead times, higher ADR, and first-time-booker confidence | — |
| Single service fee | Launched September last year for API-connected hosts (mostly property managers) | Now covers ~half of active listings after winter/spring testing; broader rollout to remaining hosts expected complete by year-end, improving price competitiveness | — |
| AI search | In development / testing | Entering a small-traffic test this month via an opt-in toggle over core search, expanding through the year; expected to lift conversion via natural-language search, responses, titles, and personalized PDPs | — |
| Host pricing tools | Existing pricing tips and affordability push | Building a new AI-powered dynamic pricing model as one of the single biggest growth levers, described as many multiples larger than RNPL | — |
| Major-events strategy | Housing for events is in Airbnb's DNA | World Cup as official partner added 150,000+ first-time-listed homes; playbook extended to Olympics, Tour de France, Art Basel, Lollapalooza, LaLiga, and NASCAR for lasting brand and supply benefit | — |