Short answer
Airbnb (ABNB) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $12.2B (+10.3% year over year) and net income of $2.5B.
- Top risk flagged: Regulatory risk from insurance laws impacting Host Damage Protection program; potential coverage denials, premium increases, and insolvent insurers affecting cost and liability
FY2025 key financial metrics · XBRL
- Revenue
- $12.2B
- +10.3% YoY
- Net income
- $2.5B
- −5.2% YoY
- Operating margin
- 20.8%
- −2.2 pp YoY
- ROE
- 30.6%
- −0.9 pp YoY
- Operating cash flow
- $4.6B
- +2.8% YoY
Source: XBRL data from the Airbnb (ABNB) FY2025 10-K on SEC EDGAR. USD.
Airbnb FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global marketplace connecting guests with unique stays, experiences, and services across 220+ countries and regions
- Introduced Airbnb Services and redesigned experiences in May 2025 to expand offerings beyond traditional travel accommodations
- Strategic emphasis on localized product updates and marketing in less mature markets to drive global expansion and user engagement
- Employee count grew to approximately 8,200 in 2025 with an additional 13,000 third-party workers supporting community contacts
- Completed major technology stack rebuild in 2025, enhancing scalability, AI integration, and platform stability for faster innovation and trust improvements
Management Discussion & Analysis
- Revenue $12.2B, up 10% YoY (+$1.1B), driven by Nights and Seats Booked growth and 3% ADR increase
- Net income $2.5B, down 5% YoY; net margin 21% vs 24% due to higher compensation, marketing, and lower interest income
- Best segment Latin America revenue $1.16B (+20%), worst North America revenue $5.2B (+4%): largest regional revenue but slowest growth
- Operating cash flow $4.6B (+3%), free cash flow $4.6B with $3.8B of share repurchases completed, $5.6B repurchase capacity remaining
- Management sees macroeconomic and geopolitical risks (inflation, currency, tariffs) as uncertain future impact; no material effect to date
Risk Factors
- Regulatory risk from insurance laws impacting Host Damage Protection program; potential coverage denials, premium increases, and insolvent insurers affecting cost and liability
- Macroeconomic exposure to global travel downturns; 61% of revenue outside U.S. vulnerable to economic, political, and pandemic disruptions
- Operational dependency on third-party support providers and AI-driven customer service expansion, risking quality deterioration and rising costs
- Competitive threat from search engines like Google potentially disintermediating platform traffic and leveraging own travel services
- Financial risk from managing substantial customer funds; failure in internal controls or regulatory compliance could lead to penalties and reputational damage
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