Airbnb Q3 2026 earnings review

Revenue rose 18.9% to $4.9B and beat the prior Q3 guide as Adjusted EBITDA margin hit 51.5%.

Airbnb, Inc. · Q3 2026 · Published Nov 6, 2026 · By DeepCell AI · Sources

Airbnb Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Airbnb (ABNB) Q3 2026 earnings review

Revenue rose 18.9% to $4.9B and beat the prior Q3 guide as Adjusted EBITDA margin hit 51.5%

  1. 1.Revenue rose 18.9% to $4.9B; GBV rose 21.1% to $27.7B
  2. 2.Nights and Seats Booked rose 16.0% to 155.0 million
  3. 3.Adjusted EBITDA rose 22.3% to $2.5B; margin 51.5%
  4. 4.New $12.0B Class A buyback authorization; Q4 revenue guide $3.2B to $3.3B
  5. 5.Shares +10.6% in Nov 5 after-hours (mid $188.11, not a close) vs. the $170.13 close

Note: GBV is Gross Booking Value. After-hours mid is the Nasdaq bid/ask midpoint around 6:41 PM ET, labelled not a close. Street consensus was not independently verified for this deck.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; Airbnb newsroom, Nov 5, 2026; CNBC closes Nov 4-5, 2026; Nasdaq.com after-hours mid ~6:41 PM ET Nov 5, 2026; analysis of company data

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2 · Executive summary

Revenue of $4.9B beat the Aug 6 Q3 guide midpoint by +2.9%

Q3 2026 results vs. company Q3 guide (Aug 6, 2026)

MetricActualConsensusVarianceResult
Revenue vs. Q3 guide midpoint$4,869M$4,730M+$139M / +2.9%Beat
Revenue vs. Q3 guide high$4,869M$4,770M+2.1%Beat

Share price, Nov 4-5, 2026 (CNBC close; Nasdaq after-hours mid)

MeasureNov 4 closeNov 5 closeNov 5 AH midAH vs. Nov 5 close
Airbnb (NASDAQ)$176.37$170.13$188.11+$17.98 / +10.6%

Note: Street consensus was not verified from a primary wire for this build. After-hours mid is not a close.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; Airbnb newsroom Q2 2026, Aug 6, 2026; CNBC closes Nov 4-5, 2026; Nasdaq.com after-hours mid ~6:41 PM ET Nov 5, 2026; analysis of company data

3

3 · Q3 results vs. prior guide

Q4 revenue guide is $3.2B to $3.3B, or 16.0% to 18.0% YoY

Q4 2026 and full-year 2026 company outlook

MetricLowHighMid / point
Q4 revenue ($M)$3,220M$3,280M$3,250M
Q4 revenue growth YoY16.0%18.0%—
FY 2026 Adj. EBITDA margin——36.0%
New buyback authorization ($M)——$12,000M

Q3 2026 vs. prior company guide (Aug 6)

MetricGuide lowGuide highActual
Revenue ($M)$4,690M$4,770M$4,869M
vs midpoint——+2.9%
vs guide high——+2.1%

Note: FY revenue growth outlook is high teens. Q4 Adj. EBITDA margin is expected down slightly vs. Q4 2025.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

4

4 · Q4 and FY outlook

Revenue rose 18.9% and Adjusted EBITDA rose 22.3% YoY

  1. Bookings acceleratedGBV rose 21.1%; nights rose 16.0%.
  2. Margins expandedAdj. EBITDA margin 51.5%; net income margin 38.8%.
  3. Cash generation heldFree cash flow was $1.4B; TTM FCF $4.9B.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Revenue$4,095M$4,869M18.9%
Gross Booking Value$22,884M$27,719M21.1%
Nights and Seats Booked (m)133.6155.016.0%
Adjusted EBITDA$2,051M$2,509M22.3%
Net income$1,374M$1,890M37.6%

Note: Figures are Form 8-K Ex. 99.1 exacts. Adjusted EBITDA is Airbnb non-GAAP.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

5

5 · Q3 key financials

Nights rose 16.0% and ADR rose 4.4% to $178.83

Operating KPIs

Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Nights and Seats Booked (m)133.6155.016.0%
Gross Booking Value ($M)$22,884M$27,719M21.1%
Average Daily Rate ($)$171.29$178.834.4%
Implied take rate17.9%17.6%—
First-time booker growth accelerated to 13.0%Airbnb is back in growth mode. Brian Chesky, Co-Founder and CEO

Note: Take rate is revenue divided by GBV. ADR rose 5% ex-FX per the letter.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

6

6 · Operating KPIs

7 · Revenue bridge

8 · Growth rates

9 · Adjusted EBITDA bridge

Adjusted EBITDA margin rose to 51.5% and net income margin to 38.8%

Net income and Adjusted EBITDA margins

%, Q3 2025 vs. Q3 2026

Net income margin · Q3 2025: 33.6%Net income margin · Q3 2026: 38.8%Adjusted EBITDA margin · Q3 2025: 50.1%Adjusted EBITDA margin · Q3 2026: 51.5%Q3 2025Q3 20260.0%20.0%40.0%60.0%33.6%38.8%50.1%51.5%

Net income marginAdjusted EBITDA margin

Net income rose 37.6% to $1,890M

Note: Net income margin includes a lower tax provision vs. a CAMT valuation allowance in Q3 2025.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

10

10 · Margins

11 · Net income bridge

Q3 buybacks were $0.7B; a new $12.0B authorization was added

Cash flow and capital returns

$M unless noted, Q3 2026

MetricQ3 2026
Operating cash flow$1,508M
Free cash flow$1,426M
Free cash flow margin29.3%
TTM free cash flow$4,904M
Share repurchases, Q3$700M
Authorization remaining (pre-new)$2,700M
New Class A authorization$12,000M
TTM free cash flow margin was 35.2%

Note: Prior-period OCF was not restated in the Q3 letter body used here.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

12

12 · Capital returns and cash

Q4 guide embeds a ~2 ppt FX tailwind and slightly lower Adj. EBITDA margin vs. Q4 2025

Indicator
What to watch
Implication
Latest reading
EMEA demand
Nights and GBV
Macro and FX in Europe
Letter: monitoring EMEA
Take rate
Revenue vs. GBV
RNPL timing and incentives
Take rate 17.6%
Marketing timing
Q4 Adj. EBITDA margin
Spend shifts vs. Q4 2025
Margin down slightly guided
ADR mix
GBV growth
Price vs. mix
ADR $178.83

Note: GBV is Gross Booking Value; ADR is Average Daily Rate; RNPL is Reserve Now, Pay Later. These are analytical watch points, not company targets.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

13

13 · Key risks to guidance

Appendix: product and AI highlights

ClaimEvidenceCalculation
Support without a human agent40.0% of issues in Q3Shareholder letter
Support cost per booking-17.0% YoYShareholder letter
Nights booked on the app66.0% of total; +29.0% YoYShareholder letter
First-time bookersGrowth 13.0%, highest since early 2022Shareholder letter

Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

14

14 · Appendix: Product and AI

15 · Appendix: Outlook detail

Appendix: capital returns

ClaimEvidenceCalculation
Q3 repurchases$0.7B of Class AShareholder letter
Remaining before new programUp to $2.7B as of Sep 30Shareholder letter
New authorizationUp to an additional $12.0BShareholder letter
Q3 free cash flow$1.4BShareholder letter

Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

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16 · Appendix: Capital returns

17 · Appendix: Price reaction

Appendix: KPI and margin detail

Key operating and profit metrics

$M unless notedQ3 2025Q3 2026YoY
Revenue$4,095M$4,869M18.9%
Gross Booking Value$22,884M$27,719M21.1%
Adjusted EBITDA$2,051M$2,509M22.3%
Net income$1,374M$1,890M37.6%

Margins

%Q3 2025Q3 2026
Net income margin33.6%38.8%
Adjusted EBITDA margin50.1%51.5%
Implied take rate17.9%17.6%

Note: Adjusted EBITDA and free cash flow are non-GAAP; see the shareholder letter for reconciliations.Source: Airbnb Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

18

18 · Appendix: KPI and margin detail

Appendix: sources

  • Shareholder letter / Form 8-K Ex. 99.1, Nov 5, 2026 — https://www.sec.gov/Archives/edgar/data/1559720/000119312526449727/d437988dex991.htm
  • Newsroom overview, Nov 5, 2026 — https://news.airbnb.com/airbnb-q3-2026-financial-results
  • Investor relations financials — https://investors.airbnb.com/financials/default.aspx
  • Prior Q3 guide: Q2 2026 newsroom results, Aug 6, 2026 — https://news.airbnb.com/airbnb-q2-2026-financial-results
  • Share price closes: CNBC quote ABNB, Nov 4 and Nov 5, 2026 — https://www.cnbc.com/quotes/ABNB
  • After-hours mid: Nasdaq.com ABNB quote ~6:41 PM ET Nov 5, 2026 — https://www.nasdaq.com/market-activity/stocks/abnb
  • Street consensus for Q3 2026 was not independently verified; comparison uses company guidance only.
  • Times are US Eastern. After-hours mid is labelled not a close.

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19 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Airbnb, Inc. Form 8-K of November 5, 2026 (Exhibit 99.1) and its newsroom overview. Share prices are third-party data from CNBC and Nasdaq.com, credited on the sources page. We have not independently verified third-party data.

Forward-looking statements. Company guidance and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, Adjusted EBITDA margin and free cash flow follow Airbnb own definitions and are reconciled to GAAP in its shareholder letter. They may not be comparable with other companies measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Airbnb, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, with share prices through the Nov 5 regular close and an after-hours mid around 6:41 PM ET.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Built with DeepCell / deepcell.net

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20 · Disclosures

Sources

Not investment advice; no rating or price target.

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