ABNB · Airbnb, Inc.

Airbnb delivered a strong Q1 2026, with revenue of $2.7 billion (+18% YoY) exceeding guidance and driven by robust Gross Booking Value ($29.2B, +19% YoY) and Nights and Seats Booked (156.2M, +9% YoY). The acceleration in app-booked nights (+22% YoY, now 63% of total) and first-time bookers (+10% YoY — highest since early 2022) reflects successful product enhancements and international traction, especially in Brazil, India, and Japan. Adjusted EBITDA rose 24% YoY to $519 million (19% margin), supported by AI-driven operational efficiencies — including a 10% YoY decline in cost-per-booking and over 40% of AI Assistant support issues resolved without human agents. Management attributes margin expansion to improved monetization via Reserve Now, Pay Later (20% of global GBV in Q1), simplified fee structures, and insurance programs lifting the full-year take rate. While Middle East conflict-related cancellations modestly weighed on EMEA and Asia Pacific nights growth (~100bps headwind estimated for Q2), Airbnb’s distributed supply model demonstrated resilience. The company raised full-year 2026 revenue guidance to low-to-mid teens growth and set a minimum 35% Adjusted EBITDA margin target, underpinned by continued strength in North America and Latin America, ADR growth (+9% YoY to $187), and scalable initiatives in services, experiences, hotels, and AI. With over 100,000 new homes listed ahead of the FIFA World Cup 2026™, the events strategy remains a key growth catalyst.