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$189.43
Market Capi
$112B
Growth-adj P/E (3-yr hist)i
3.4x
Growth-adj P/E (3-yr proj)i
1.4x
P/S 26Ei
7.9x
P/S 28Ei
6.4x
EV/EBIT 26Ei
32x
EV/EBIT 28Ei
21x
P/E 26Ei
36x
P/E 28Ei
26x
P/S 26Ei
7.9x
EV/EBIT 26Ei
32x
P/E 26Ei
36x
P/S 28Ei
6.4x
EV/EBIT 28Ei
21x
P/E 28Ei
26x
Revenue
2026E
$14B
Gross Margini
83%
Hist. CAGRi
13%
Proj. CAGRi
12%
EBIT
2026E
$3.1B
Op. Margini
21%
Hist. CAGRi
10%
Proj. CAGRi
20%
Net profit
2026E
$3.1B
Net Margini
21%
Hist. CAGRi
9.9%
Proj. CAGRi
18%
Business Model
Recent Developments
Average Targeti
$172.17-3%
Consensusi
Outperform
45 analysts covering
Net cashi
$11B
Div. Yieldi
n/a
Buyback Yldi
2.9%
Market Capi
$112B
P/E 26Ei
36x
Adj. P/E (fwd.)i
1.4x
Revenue 26E
$14B
Proj. CAGRi
12%
Gross Margini
83%
EBIT 26E
$3.1B
Proj. CAGRi
20%
Op. Margini
21%
Net Profit 26E
$3.1B
Proj. CAGRi
18%
Net Margini
21%
Average Targeti
$172.17-3%
Consensusi
Outperform
45 analysts covering
Profile
Airbnb operates a single global marketplace connecting hosts who list short-term accommodations with guests who book them. The company earns a service fee from both sides of each transaction — a percentage of the booking value charged to guests and a separate host fee — making gross booking value the primary revenue driver rather than any owned real estate. Since 2026, Airbnb has begun expanding into hotel listings and ancillary travel services (airport pickups, grocery delivery, luggage storage), but these remain early-stage contributions to the top line.
Airbnb does not report separately named revenue segments; all revenue flows through a single platform reporting line.
Industry
Airbnb's primary customers are leisure and short-term-stay travelers globally, with a growing share of longer-stay and work-from-anywhere bookings. The business is inherently consumer-facing and cyclical, sensitive to macroeconomic conditions and travel demand. Geographic mix skews toward North America (~43% of revenue) and EMEA (~39%), with Latin America and Asia-Pacific together accounting for the remainder. The short-term rental market is fragmented but increasingly facing municipal supply constraints, while competition from Booking Holdings and Expedia intensifies on the demand side.
Key metrics
Economic moat
Airbnb's primary moat is a two-sided network effect: more hosts attract more guests, and vice versa, making the platform increasingly difficult to displace at scale after 15+ years of compounding. The brand is unusually strong for a marketplace — "Airbnb" is a verb in consumer vocabulary across dozens of languages, conferring organic demand acquisition that structural competitors cannot easily replicate. High switching costs exist on the host side, where years of reviews, Superhost status, and optimized listing history are non-transferable assets tied to the platform.
Brian Chesky
Chesky co-founded Airbnb in 2008 alongside Nathan Blecharczyk and Joe Gebbia after the trio famously rented out air mattresses in their San Francisco apartment to fund rent. An industrial designer by training, Chesky has led the company from a scrappy startup through a turbulent COVID period and into a profitable global platform. He remains deeply operationally involved — he has publicly committed to personal product reviews and sets the pace for the hotel and services expansion now underway.
Nathan Blecharczyk
Blecharczyk built the original Airbnb technical infrastructure and has been a board member since the company's founding. He currently serves in a principal/strategy role rather than a day-to-day operational one, but his long tenure and equity stake give him continued influence over the company's direction.
Joe Gebbia
Gebbia co-founded Airbnb and served in design and product leadership roles during the company's formative years. He remains a board member, though his operational involvement has diminished over time as professional management has taken over day-to-day operations.
Other key figures
Elinor Mertz (CFO) has been in the finance leadership role since 2018, providing continuity through the IPO and post-pandemic rebuild. Gus Fuldner joined as COO in March 2026, a significant new addition as Airbnb scales its services and hotel initiatives. Ahmad Al-Dahle was appointed CTO in January 2026, signaling a renewed push on AI-powered product development across search, host onboarding, and customer support.
P/S Ratioi
EV/EBITi
P/E RatioiP/E values for 2021 were omitted from this chart because negative or above 150x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profitNet profit year-over-year growth labels for 2022 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Airbnb's second quarter, reported August 6, 2026, delivered revenue of $3.6 billion, up 17% year-over-year, ahead of its own guidance.
Adjusted EPS of $1.37 topped analyst estimates, with net income of $816 million and adjusted EBITDA up 21% to $1.3 billion, a 35% margin.
Gross booking value reached $27.2 billion (+16%), powered by nights and seats booked growth of 10%, an acceleration from the prior quarter, plus fast-growing hotels and experiences supply.
Management raised full-year guidance to revenue growth of at least mid-teens (from low-to-mid-teens) and an adjusted EBITDA margin of at least 35.5%, citing durable travel demand.
Recent developments
Airbnb's 2026 Summer Release pushed beyond stays into car rentals, grocery delivery and boutique hotels, including an Instacart grocery-delivery tie-up across more than 25 US cities.
As an official Tournament Supporter of the FIFA World Cup 2026, over 150,000 homes were newly listed across host cities to meet guest demand during the tournament.
New coworking listings launched through partnerships with Oneder and Work.Life, extending Airbnb into daytime and services bookings.
Under its $6 billion buyback program, Airbnb repurchased $1.07 billion of stock in the quarter, with $3.4 billion still authorized.
Debate & sentiment
Bulls cite the fastest first-time booker growth in four years and management's claim that AI tooling has cut product development time by up to 60%.
The hotels and experiences push is seen as a credible second growth engine, prompting several analysts to turn more constructive on the stock.
Skeptics counter that hotel stays remain a low single-digit share of total nights booked, so the diversification thesis is still unproven at scale.
With guidance reset higher, bears argue there is little room for a shortfall against Airbnb's own newly elevated full-year targets.
Consensusi
Outperform
Average targeti
$172.17-3%
Highest targeti
$210.00+18%
Lowest targeti
$115.00-35%
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