Revenue (LTM)
$12.2B
+10.3% YoY
Net Income (LTM)
$2.5B
-5.2% YoY
Watch on earnings:Nights & Experiences Booked (volume growth)Gross Booking Value (GBV) and take rate (revenue per booking)Active listings growth and host retention ratesFree cash flow margin (target 40%+ of revenue)Sales & marketing efficiency (CAC payback period)International revenue mix and cross-border travel recovery Key metrics:Nights & Experiences Booked quarterly growth rate (leading indicator of revenue) · Gross Booking Value per Night (ADR trends and pricing power) · Active listings growth and host churn rates (supply health) · Cross-border travel mix (higher margin, cyclical recovery indicator)
Income Statement
| Metric | Dec 21 | Dec 22 | Dec 23 | Dec 24 | Dec 25 |
|---|
| Revenue | 5,992 | 8,399↑40.2% | 9,917↑18.1% | 11,102↑11.9% | 12,241↑10.3% |
| Gross Profit | 4,836 | 6,900↑42.7% | 8,214↑19.0% | 9,224↑12.3% | 10,155↑10.1% |
| Operating Income | 429 | 1,802↑320.0% | 1,518↓15.8% | 2,553↑68.2% | 2,544↓0.4% |
| Net Income | -352 | 1,893↑637.8% | 4,792↑153.1% | 2,648↓44.7% | 2,511↓5.2% |
| EBITDA | 276 | 1,972↑614.5% | 1,562↓20.8% | 2,618↑67.6% | 2,544↓2.8% |
| EPS Diluted | -0.57 | 2.79↑589.5% | 7.24↑159.5% | 4.11↓43.2% | 4.03↓1.9% |
Balance Sheet
⚠ Minimal financial risk with $7.5B cash, $2.2B debt, and $4.6B annual free cash flow providing 3+ years of operating runway without revenue| Metric | Dec 21 | Dec 22 | Dec 23 | Dec 24 | Dec 25 |
|---|
| Cash & Equivalents | 6,067 | 7,378↑21.6% | 6,874↓6.8% | 6,864↓0.1% | 6,560↓4.4% |
| Total Current Assets | 12,386 | 14,861↑20.0% | 16,509↑11.1% | 17,180↑4.1% | 18,797↑9.4% |
| Total Assets | 13,708 | 16,038↑17.0% | 20,645↑28.7% | 20,959↑1.5% | 22,208↑6.0% |
| Total Current Liabilities | 6,359 | 7,978↑25.5% | 9,950↑24.7% | 10,161↑2.1% | 13,649↑34.3% |
| Total Liabilities | 8,933 | 10,478↑17.3% | 12,480↑19.1% | 12,547↑0.5% | 14,009↑11.7% |
| Total Equity | 4,775 | 5,560↑16.4% | 8,165↑46.9% | 8,412↑3.0% | 8,199↓2.5% |
| Total Debt | 2,418 | 2,341↓3.2% | 2,304↓1.6% | 2,294↓0.4% | 2,067↓9.9% |
| Net Debt | -3,649 | -5,037↓38.0% | -4,570↑9.3% | -4,570↓0.0% | -4,493↑1.7% |
Cash Flow Statement
| Metric | Dec 21 | Dec 22 | Dec 23 | Dec 24 | Dec 25 |
|---|
| Operating Cash Flow | 2,313 | 3,430↑48.3% | 3,884↑13.2% | 4,518↑16.3% | 4,646↑2.8% |
| Capital Expenditure | 0 | -25 | 0 | 0 | 0 |
| Free Cash Flow | 2,313 | 3,405↑47.2% | 3,884↑14.1% | 4,518↑16.3% | 4,646↑2.8% |
| Stock-Based Comp | 0 | 930 | 1,120↑20.4% | 1,407↑25.6% | 1,592↑13.1% |
| Net Change in Cash | 2,059 | 2,376↑15.4% | 564↓76.3% | 93↓83.5% | 726↑680.6% |
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down