Airbnb (ABNB)
Market Price (8/5/2026): $152.79 | Market Cap: $91.4 BilInvestor Relations Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Airbnb (ABNB)
Market Price (8/5/2026): $152.79Market Cap: $91.4 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 4.6 Bil, FCF LTM is 4.6 Bil Attractive yieldFCF Yield is 5.1% Stock buyback supportStock Buyback 3Y Total is 10 Bil Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Smart Buildings & Proptech. Themes include Online Marketplaces, Show more. | Trading close to highsDist 52W High is -2.1% Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -71% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.1x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Key risksABNB key risks include [1] escalating global regulatory pressure on short-term rentals that directly threatens its host supply and profitability and [2] intensifying competition from traditional hotels and rival online platforms. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 4.6 Bil, FCF LTM is 4.6 Bil |
| Attractive yieldFCF Yield is 5.1% |
| Stock buyback supportStock Buyback 3Y Total is 10 Bil |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Smart Buildings & Proptech. Themes include Online Marketplaces, Show more. |
| Trading close to highsDist 52W High is -2.1% |
| Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -71% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.1x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Key risksABNB key risks include [1] escalating global regulatory pressure on short-term rentals that directly threatens its host supply and profitability and [2] intensifying competition from traditional hotels and rival online platforms. |
Qualitative Assessment
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Airbnb (ABNB) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Revenue Beat and Upbeat Full-Year Guidance.
Airbnb reported its fiscal Q1 2026 results (for the quarter ended March 31, 2026) on May 7, 2026, with revenue reaching $2.68 billion. This surpassed analyst expectations of $2.62 billion and represented a 17.9% year-over-year increase. The company further fueled investor confidence by raising its full-year fiscal 2026 revenue guidance to "low-to-mid teens growth" and projecting an Adjusted EBITDA margin of at least 35%.
2. Optimistic Outlook for Fiscal Q2 2026 Driven by Travel Demand and World Cup.
Analysts project robust fiscal Q2 2026 results (for the quarter ending June 30, 2026), with earnings estimated at $1.26 per share and revenue around $3.58 billion. This positive sentiment is significantly influenced by expectations that the FIFA World Cup contributed to increased travel demand and accelerated website traffic for Airbnb during the quarter.
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Airbnb (ABNB) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Revenue Beat and Upbeat Full-Year Guidance.
Airbnb reported its fiscal Q1 2026 results (for the quarter ended March 31, 2026) on May 7, 2026, with revenue reaching $2.68 billion. This surpassed analyst expectations of $2.62 billion and represented a 17.9% year-over-year increase. The company further fueled investor confidence by raising its full-year fiscal 2026 revenue guidance to "low-to-mid teens growth" and projecting an Adjusted EBITDA margin of at least 35%.
2. Optimistic Outlook for Fiscal Q2 2026 Driven by Travel Demand and World Cup.
Analysts project robust fiscal Q2 2026 results (for the quarter ending June 30, 2026), with earnings estimated at $1.26 per share and revenue around $3.58 billion. This positive sentiment is significantly influenced by expectations that the FIFA World Cup contributed to increased travel demand and accelerated website traffic for Airbnb during the quarter.
3. Positive Analyst Ratings and Increased Price Targets.
During the period, several financial analysts reiterated or raised their price targets for Airbnb. For example, Citizens reiterated a "Market Outperform" rating and a $170 price target, while Robert W. Baird increased its price objective from $150 to $160. The consensus analyst rating for Airbnb remains a "Moderate Buy" with an average price target of $159.63.
4. Strategic Company Initiatives and Strong Financials.
Airbnb continued to pursue strategic initiatives, including expanding its offerings with a hotel expansion strategy and the continued adoption of its "Reserve Now, Pay Later" feature. The company's strong financial health, evidenced by an impressive gross profit margin of 82.91% and $9.5 billion in net cash, along with ongoing share buyback programs, also contributed to investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 6.8% change in ABNB stock from 4/30/2026 to 8/4/2026 was primarily driven by a 5.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 140.36 | 149.92 | 6.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,241 | 12,647 | 3.3% |
| Net Income Margin (%) | 20.5% | 19.9% | -3.0% |
| P/E Multiple | 33.8 | 35.6 | 5.5% |
| Shares Outstanding (Mil) | 604 | 598 | 1.0% |
| Cumulative Contribution | 6.8% |
Market Drivers
4/30/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| ABNB | 6.8% | |
| Market (SPY) | 7.3% | 25.4% |
| Sector (XLY) | -0.1% | 48.1% |
Fundamental Drivers
The 15.9% change in ABNB stock from 1/31/2026 to 8/4/2026 was primarily driven by a 18.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 129.37 | 149.92 | 15.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,943 | 12,647 | 5.9% |
| Net Income Margin (%) | 22.0% | 19.9% | -9.7% |
| P/E Multiple | 30.0 | 35.6 | 18.6% |
| Shares Outstanding (Mil) | 611 | 598 | 2.2% |
| Cumulative Contribution | 15.9% |
Market Drivers
1/31/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| ABNB | 15.9% | |
| Market (SPY) | 11.8% | 47.3% |
| Sector (XLY) | -2.2% | 58.1% |
Fundamental Drivers
The 13.2% change in ABNB stock from 7/31/2025 to 8/4/2026 was primarily driven by a 12.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 132.41 | 149.92 | 13.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,232 | 12,647 | 12.6% |
| Net Income Margin (%) | 22.6% | 19.9% | -11.9% |
| P/E Multiple | 32.4 | 35.6 | 9.9% |
| Shares Outstanding (Mil) | 621 | 598 | 3.8% |
| Cumulative Contribution | 13.2% |
Market Drivers
7/31/2025 to 8/4/2026| Return | Correlation | |
|---|---|---|
| ABNB | 13.2% | |
| Market (SPY) | 23.1% | 45.5% |
| Sector (XLY) | 7.5% | 54.5% |
Fundamental Drivers
The -1.5% change in ABNB stock from 7/31/2023 to 8/4/2026 was primarily driven by a -25.1% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 152.19 | 149.92 | -1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,708 | 12,647 | 45.2% |
| Net Income Margin (%) | 23.3% | 19.9% | -14.6% |
| P/E Multiple | 47.6 | 35.6 | -25.1% |
| Shares Outstanding (Mil) | 634 | 598 | 6.0% |
| Cumulative Contribution | -1.5% |
Market Drivers
7/31/2023 to 8/4/2026| Return | Correlation | |
|---|---|---|
| ABNB | -1.5% | |
| Market (SPY) | 74.4% | 56.6% |
| Sector (XLY) | 39.3% | 58.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ABNB Return | 13% | -49% | 59% | -3% | 3% | 11% | 3% |
| Peers Return | 28% | -20% | 58% | 29% | 19% | 5% | 160% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| ABNB Win Rate | 58% | 33% | 67% | 58% | 58% | 50% | |
| Peers Win Rate | 53% | 45% | 62% | 63% | 60% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ABNB Max Drawdown | -39% | -56% | -26% | -33% | -35% | -17% | |
| Peers Max Drawdown | -21% | -39% | -18% | -20% | -30% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BKNG, EXPE, MAR, HLT, H. See ABNB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/4/2026 (YTD)
How Low Can It Go
| Event | ABNB | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.6% | -7.8% |
| % Gain to Breakeven | 34.4% | 8.5% |
| Time to Breakeven | 191 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.2% | -9.5% |
| % Gain to Breakeven | 30.3% | 10.5% |
| Time to Breakeven | 91 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.3% | -6.7% |
| % Gain to Breakeven | 11.5% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
In The Past
Airbnb's stock fell -25.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 34.4% gain to breakeven.
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Asset Allocation
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| Event | ABNB | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.6% | -7.8% |
| % Gain to Breakeven | 34.4% | 8.5% |
| Time to Breakeven | 191 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.2% | -9.5% |
| % Gain to Breakeven | 30.3% | 10.5% |
| Time to Breakeven | 91 days | 24 days |
In The Past
Airbnb's stock fell -25.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 34.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Airbnb (ABNB)
Airbnb, Inc. (ABNB) operates as a leading global online marketplace connecting individuals who want to rent out their properties or offer unique activities (hosts) with travelers seeking accommodation or experiences (guests). The company's innovative platform leverages web and mobile technologies to facilitate these transactions, essentially acting as an intermediary that streamlines the booking process for both parties worldwide.
The core of Airbnb's offerings centers on short-term rentals, encompassing a wide variety of lodging options such as private rooms, entire primary residences, and vacation homes. Beyond just accommodation, the platform also enables hosts to list and manage "experiences," which are curated activities like cooking classes, walking tours, or local adventures, providing guests with a more immersive travel experience.
Airbnb serves a diverse global customer base, primarily comprising property owners or individuals with spare rooms looking to earn income as hosts, and travelers seeking alternatives to conventional hotels. These guests typically look for unique stays, a sense of local immersion, or more spacious and personalized lodging options, catering to both leisure and business travel markets across the globe.
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1. eBay for private accommodations
2. Expedia for unique stays and experiences
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Major Products and Services of Airbnb (ABNB)
- Stays: A global marketplace connecting guests with hosts offering a diverse range of accommodations, including private rooms, entire homes, and vacation rentals.
- Experiences: A platform for hosts to offer unique activities and tours, allowing guests to discover and book immersive local experiences.
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Airbnb (ABNB) sells primarily to individuals. Its major customer categories include:
- Leisure Travelers: Individuals, couples, families, and groups seeking short-term accommodations for vacations, holidays, and recreational trips.
- Business Travelers: Professionals and teams utilizing the platform for work-related travel, including individual business trips, team off-sites, and project-based stays.
- Long-Term Stay Guests: Individuals and families requiring extended accommodations for purposes such as relocation, temporary assignments, or extended personal travel.
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- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
- PayPal Holdings, Inc. (PYPL)
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Brian Chesky, Chief Executive Officer
Brian Chesky is the co-founder and Chief Executive Officer of Airbnb. He sets the vision and strategy for the company. In 2007, he and Joe Gebbia became Airbnb's first hosts. A graduate of the Rhode Island School of Design, Chesky has embedded his creative roots in Airbnb's culture, product, and community. Prior to co-founding Airbnb, he worked as an industrial designer.
Ellie Mertz, Chief Financial Officer
Ellie Mertz has served as Chief Financial Officer of Airbnb since March 2024. She oversees Airbnb's global finance team, including financial planning and analysis, accounting, tax, treasury, and investor relations. Mertz joined Airbnb in 2013 as Head of Global Financial Planning & Analysis and became Vice President of Finance in 2019. Before joining Airbnb, she held various finance roles, including Vice President of Finance, at Netflix from 2006 to 2013. She also serves on the boards of directors for DoorDash, Faire Wholesale, and Netflix.
Dave Stephenson, Chief Business Officer and Head of Employee Experience
Dave Stephenson is currently the Chief Business Officer and Head of Employee Experience at Airbnb. In this role, he focuses on growing global businesses, recruiting and developing supply, and executing global in-market strategy, while also overseeing talent, leadership development, and diversity initiatives. He previously served as Airbnb's Chief Financial Officer for five years. Prior to joining Airbnb in January 2019, Stephenson spent 17 years at Amazon, where he was Vice President and CFO of their Worldwide Consumer Organization and CFO of Amazon's International Consumer business. He also led the finance function across areas like Amazon Web Services. Earlier in his career, he was President and CFO of Big Fish Games and started as a manufacturing engineer and finance manager at Procter and Gamble. Stephenson serves on the boards of Lyft and SiriusXM.
Nathan Blecharczyk, Co-founder and Chief Strategy Officer
Nathan (Nate) Blecharczyk is a co-founder of Airbnb and serves as its Chief Strategy Officer. He also holds the position of Chairman of Airbnb China. Blecharczyk received a Bachelor of Arts degree in Computer Science from Harvard University. He is a signatory to the Giving Pledge.
Aristotle Balogh, Chief Technology Officer
Aristotle Balogh serves as the Chief Technology Officer at Airbnb. Further background details were not readily available in the provided search results.
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The key risks to Airbnb (ABNB) are primarily centered around evolving regulatory environments, intense competition, and the critical need to maintain a strong base of hosts and guests.
- Regulatory and Compliance Risks: Airbnb faces significant and ever-changing regulatory challenges globally. Numerous cities and governments have implemented or are considering strict laws, zoning restrictions, permit requirements, and taxes specifically targeting short-term rentals. These regulations aim to address concerns such as housing affordability, neighborhood impact, and safety. Non-compliance can lead to substantial fines, operational disruptions, and in some cases, outright prohibitions on short-term rentals, directly impacting Airbnb's ability to operate in key markets and potentially reducing its host supply.
- Competition: The travel and hospitality industry is highly competitive, posing a significant risk to Airbnb's market share and pricing power. The company faces formidable competition from traditional hotel chains, many of which are expanding their own vacation rental offerings, as well as from other established online travel agencies (OTAs) like Booking.com and Expedia Group. These competitors often possess substantial financial resources, established brand recognition, and extensive customer loyalty programs. This intense competitive landscape can lead to pressure on Average Daily Rates (ADR) and a constant need for innovation to differentiate its platform.
- Host and Guest Retention and Supply/Demand Dynamics: Airbnb's marketplace model is highly dependent on its ability to attract and retain a diverse base of high-quality hosts and a consistent flow of guests. Risks include potential host dissatisfaction due to evolving platform policies, increasing fees, or stringent guest-first rules, which could lead some hosts to seek alternative platforms or exit the short-term rental market altogether. On the guest side, maintaining the platform's appeal and ensuring consistent quality experiences are crucial. The business is also sensitive to broader macroeconomic conditions, changes in discretionary travel spending, and general fluctuations in supply and demand within the travel and hospitality industries.
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The increasing global trend of stringent regulations and restrictions on short-term rentals in major cities and tourist destinations represents a clear emerging threat to Airbnb. Governments and local authorities worldwide are implementing new laws, higher taxes, registration requirements, and even outright bans or strict caps on rental days (e.g., New York, Paris, Barcelona, London), directly impacting the supply of listings, operational costs for hosts, and Airbnb's ability to operate and expand in key markets. This regulatory environment is becoming more widespread and aggressive, posing a significant challenge to Airbnb's core business model and growth.
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For the public company Airbnb (symbol: ABNB), the addressable markets for its main products and services are as follows:
Stays (Accommodation Market)
Airbnb's total addressable market (TAM) for stays is estimated to be approximately $2.01 trillion globally. This figure is based on their IPO documents, which identified a market of $1.8 trillion for short-term stays and $210 billion for long-term stays.
Other estimates for the global accommodation market include:
- The global travel accommodation market was valued at $961.6 billion in 2025 and is projected to reach $2,187.5 billion by 2034.
- The global alternative accommodation market was estimated at $127.28 billion in 2021 and is projected to reach $504.95 billion by 2030.
- The global travel accommodation market was valued at $797.7 billion in 2023 and is projected to reach $3,144.7 billion by 2035.
Experiences Market
Airbnb's IPO documents claimed a total addressable market (TAM) for Experiences of a striking $1.4 trillion globally. This figure includes $239 billion in recreational leisure spend by tourists and another $1.1 trillion in non-travel-related recreational spend.
Other analyses of the global experiences market indicate:
- The global market for tours, activities, and attractions is projected to reach $271 billion in 2025 and $342 billion by 2029.
- The global market for travel experiences (destination visitors) could be more than $1 trillion.
- The global experience travel services market size was valued at USD 138.00 billion in 2024 and is expected to grow to USD 372.93 billion by 2034.
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Airbnb (ABNB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of Offerings and Services: Airbnb plans to significantly broaden its platform beyond traditional short-term stays to include a wider range of services and experiences. This includes an expansion into boutique and independent hotel offerings, as well as the ambition to launch two new business lines annually, such as a "Host Services Marketplace" for cleaners and chefs. The company is also focusing on local experiences, positioning itself as a "weekend lifestyle app" rather than solely a travel tool, and testing new services like grocery delivery and airport pickup.
- Product Innovations and Enhanced User Experience: Airbnb is focused on continuous product improvements and pricing initiatives to simplify booking and improve overall satisfaction for both guests and hosts. Initiatives such as "Reserve Now, Pay Later," simplified fee structures, and updated cancellation policies have already driven positive shifts in booking dynamics and contributed to Gross Booking Value (GBV) growth. "Project Hawaii," aimed at making it easier to find and book homes, is also expected to generate significant revenue in 2026, building on its 2025 success.
- Global Market Expansion and Penetration: The company is actively expanding its presence in new and existing international markets. This strategy is evident in the strong performance and increased first-time bookers in regions like Brazil, which has entered Airbnb's top five markets, as well as significant growth in India and Japan. Strategic market penetration is also being leveraged through global events such as the Olympics and FIFA World Cup, presenting opportunities to increase both demand and supply diversity.
- Leveraging Artificial Intelligence (AI): Airbnb considers AI a central pillar of its strategy to enhance user experience and operational efficiency. AI is being utilized to drive discovery and personalize recommendations. Furthermore, an in-house AI agent is already resolving a substantial portion of customer support tickets, which streamlines operations and improves service delivery.
- Growth in Nights and Seats Booked & Gross Booking Value (GBV): As a culmination of the aforementioned strategies, Airbnb anticipates continued growth in its core metrics: the number of nights and seats booked, and Gross Booking Value. The company's Q4 2025 results showed a 10% increase in nights and seats booked and a 16% increase in GBV, with management projecting continued high-single-digit growth in nights and seats booked for Q1 2026. The disciplined investment in technology, product, and marketing is aimed at sustaining this momentum.
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Share Repurchases
- Airbnb announced a new share repurchase program with authorization to purchase up to an additional $6 billion of its Class A common stock in August 2025, with no expiration date.
- As of December 31, 2025, $5.6 billion remained available under the share repurchase program.
- The company repurchased 29.7 million shares of Class A common stock for $3.8 billion in 2025, following $3.4 billion in 2024 and $2.252 billion in 2023.
Share Issuance
- Share repurchases since the program's inception in August 2022 have helped to offset dilution from employee stock programs.
- Stock-based compensation, a form of share issuance, was approximately $1.59 billion recently, contributing to increased compensation expenses.
- Insider sales, such as those by Elinor Mertz in late 2025 and early 2026 and Joseph Gebbia's associated Sycamore Trust in late 2025 and March 2026, reflect the disposition of Class A common shares.
Outbound Investments
- Airbnb's most recent acquisition was GamePlanner.AI in November 2023 for $200 million, a provider of artificial intelligence development services.
- In April 2023, Airbnb acquired Letting Cloud for an undisclosed amount.
- The average number of acquisitions per year over the last five years (2020–2025) is 0.4.
Capital Expenditures
- Airbnb's capital expenditures have been consistently very low, with a capital expenditures margin of 0.0% for fiscal years ending December 2021 through 2025.
- The capital expenditure for the three months ended December 2025 was $0.00 million.
- This reflects Airbnb's asset-light, platform-based business model.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 253.17 |
| Mkt Cap | 80.2 |
| Rev LTM | 13,909 |
| Op Inc LTM | 2,754 |
| FCF LTM | 3,616 |
| FCF 3Y Avg | 2,602 |
| CFO LTM | 4,146 |
| CFO 3Y Avg | 3,305 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 8.2% |
| Rev Chg Q | 10.6% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 18.2% |
| Op Inc Chg 3Y Avg | 11.5% |
| Op Mgn LTM | 18.3% |
| Op Mgn 3Y Avg | 17.6% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 24.5% |
| CFO/Rev 3Y Avg | 21.4% |
| FCF/Rev LTM | 21.3% |
| FCF/Rev 3Y Avg | 17.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 80.2 |
| P/S | 4.5 |
| P/Op Inc | 22.9 |
| P/EBIT | 22.7 |
| P/E | 35.4 |
| P/CFO | 22.0 |
| Total Yield | 3.2% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 4.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.4% |
| 3M Rtn | 7.3% |
| 6M Rtn | 10.1% |
| 12M Rtn | 22.6% |
| 3Y Rtn | 68.5% |
| 1M Excs Rtn | -5.9% |
| 3M Excs Rtn | 1.1% |
| 6M Excs Rtn | -0.5% |
| 12M Excs Rtn | -0.7% |
| 3Y Excs Rtn | 2.5% |
Comparison Analyses
Price Behavior
| Market Price | $149.92 | |
| Market Cap ($ Bil) | 89.7 | |
| First Trading Date | 12/10/2020 | |
| Distance from 52W High | -2.1% | |
| 50 Days | 200 Days | |
| DMA Price | $141.51 | $132.73 |
| DMA Trend | up | up |
| Distance from DMA | 5.9% | 13.0% |
| 3M | 1YR | |
| Volatility | 31.2% | 30.3% |
| Downside Capture | 57.41 | 114.63 |
| Upside Capture | 70.91 | 102.84 |
| Correlation (SPY) | 26.7% | 45.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.64 | 0.65 | 0.66 | 1.19 | 1.11 | 1.30 |
| Up Beta | -2.69 | 0.18 | 0.67 | 1.02 | 1.13 | 1.37 |
| Down Beta | 0.50 | 0.36 | 0.32 | 1.18 | 1.04 | 1.35 |
| Up Capture | 217% | 141% | 88% | 140% | 113% | 137% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 31 | 64 | 134 | 385 |
| Down Capture | 121% | 49% | 69% | 115% | 112% | 107% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 22 | 32 | 62 | 118 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABNB | |
|---|---|---|---|---|
| ABNB | 17.2% | 30.3% | 0.53 | - |
| Sector ETF (XLY) | 10.2% | 19.5% | 0.37 | 53.9% |
| Equity (SPY) | 25.2% | 12.9% | 1.47 | 44.7% |
| Gold (GLD) | 21.1% | 28.1% | 0.67 | 2.9% |
| Commodities (DBC) | 28.3% | 19.8% | 1.14 | -27.5% |
| Real Estate (VNQ) | 15.6% | 13.8% | 0.81 | 27.7% |
| Bitcoin (BTCUSD) | -44.2% | 43.0% | -1.23 | 20.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABNB | |
|---|---|---|---|---|
| ABNB | 0.9% | 43.8% | 0.16 | - |
| Sector ETF (XLY) | 6.1% | 24.1% | 0.21 | 64.5% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 59.7% |
| Gold (GLD) | 17.3% | 18.5% | 0.76 | 3.7% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 9.8% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 40.5% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 27.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABNB | |
|---|---|---|---|---|
| ABNB | 0.2% | 45.7% | 0.16 | - |
| Sector ETF (XLY) | 12.4% | 22.2% | 0.51 | 58.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 53.7% |
| Gold (GLD) | 11.6% | 16.1% | 0.58 | 2.8% |
| Commodities (DBC) | 7.0% | 18.0% | 0.31 | 11.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 35.7% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 22.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 0.7% | -4.8% | -4.3% |
| 2/12/2026 | 4.6% | 10.3% | 10.7% |
| 11/6/2025 | 0.3% | 0.5% | 4.0% |
| 8/6/2025 | -8.0% | -4.6% | -5.1% |
| 5/1/2025 | 1.0% | 1.9% | 4.5% |
| 2/13/2025 | 14.4% | 3.6% | -10.0% |
| 11/7/2024 | -8.7% | -8.7% | -6.9% |
| 8/6/2024 | -13.4% | -10.4% | -11.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 7 | 8 |
| # Negative | 10 | 15 | 14 |
| Median Positive | 4.3% | 3.6% | 8.0% |
| Median Negative | -7.4% | -5.6% | -7.0% |
| Max Positive | 14.4% | 10.3% | 13.0% |
| Max Negative | -13.4% | -19.9% | -16.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 0.7% | -4.8% | -4.3% |
| 2/12/2026 | 4.6% | 10.3% | 10.7% |
| 11/6/2025 | 0.3% | 0.5% | 4.0% |
| 8/6/2025 | -8.0% | -4.6% | -5.1% |
| 5/1/2025 | 1.0% | 1.9% | 4.5% |
| 2/13/2025 | 14.4% | 3.6% | -10.0% |
| 11/7/2024 | -8.7% | -8.7% | -6.9% |
| 8/6/2024 | -13.4% | -10.4% | -11.0% |
| 5/8/2024 | -6.9% | -7.7% | -7.1% |
| 2/13/2024 | -1.7% | -1.0% | 10.4% |
| 11/1/2023 | -3.3% | -1.5% | 13.0% |
| 8/3/2023 | -0.5% | -3.5% | -5.8% |
| 5/9/2023 | -10.9% | -17.0% | -9.1% |
| 2/14/2023 | 13.4% | 5.2% | -0.7% |
| 11/1/2022 | -13.4% | -9.3% | -7.1% |
| 8/2/2022 | -1.1% | -1.6% | -2.8% |
| 5/3/2022 | 7.7% | -19.9% | -16.4% |
| 2/15/2022 | 3.6% | -16.7% | -12.5% |
| 11/4/2021 | 13.0% | 7.4% | 1.3% |
| 8/12/2021 | 1.1% | -5.6% | 6.1% |
| 5/13/2021 | 4.0% | 0.3% | 9.9% |
| 2/25/2021 | 13.3% | -1.0% | -4.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 7 | 8 |
| # Negative | 10 | 15 | 14 |
| Median Positive | 4.3% | 3.6% | 8.0% |
| Median Negative | -7.4% | -5.6% | -7.0% |
| Max Positive | 14.4% | 10.3% | 13.0% |
| Max Negative | -13.4% | -19.9% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 12/11/2020 | 424B4 |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 3.54 Bil | 3.57 Bil | 3.60 Bil | ||||
| Q2 2026 Revenue Growth | 14.0% | 15.0% | 16.0% | ||||
| 2026 Revenue Growth | 12.0% | 13.5% | 15.0% | 3.5% | Raised | Guidance: 10.0% for 2026 | |
| 2026 Adjusted EBITDA Margin | 35.0% | 35.0% | Raised | Guidance: 0.0% for 2026 | |||
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 2.59 Bil | 2.61 Bil | 2.63 Bil | ||||
| Q1 2026 Revenue Growth | 14.0% | 15.0% | 16.0% | ||||
| Q1 2026 GBV Growth | 10.0% | 11.5% | 13.0% | ||||
| Q1 2026 Adjusted EBITDA Margin | 0.0% | ||||||
| 2026 Revenue Growth | 10.0% | ||||||
| 2026 Adjusted EBITDA Margin | 0.0% | ||||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 2.66 Bil | 2.69 Bil | 2.72 Bil | -33.7% | Lower New | Guidance: 4.06 Bil for Q3 2025 | |
| Q4 2025 Revenue Growth | 7.0% | 8.5% | 10.0% | -0.5% | Lower New | Guidance: 9.0% for Q3 2025 | |
| Q4 2025 GBV Growth | 10.0% | 11.5% | 13.0% | ||||
| Q4 2025 Nights and Seats Booked Growth | 4.0% | 5.0% | 6.0% | ||||
| 2025 Adjusted EBITDA Margin | 35.0% | 0.5% | Raised | Guidance: 34.5% for 2025 | |||
Insider Activity
Updated 8/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gebbia, Joseph | Sycamore Trust | Sell | 7292026 | 151.67 | 1,828,303 | 277,302,027 | 32,609 | Form | |
| 2 | Gebbia, Joseph | Sycamore Trust | Sell | 7292026 | 145.70 | 265,000 | 38,609,761 | 266,409,976 | Form | |
| 3 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 7222026 | 145.43 | 13,615 | 1,980,075 | 1,799,010 | Form |
| 4 | Gebbia, Joseph | Sycamore Trust | Sell | 7172026 | 150.23 | 49,577 | 7,447,769 | 314,501,463 | Form | |
| 5 | Gebbia, Joseph | Sycamore Trust | Sell | 7172026 | 150.15 | 187,024 | 28,082,084 | 321,790,643 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gebbia, Joseph | Sycamore Trust | Sell | 7292026 | 151.67 | 1,828,303 | 277,302,027 | 32,609 | Form | |
| 2 | Gebbia, Joseph | Sycamore Trust | Sell | 7292026 | 145.70 | 265,000 | 38,609,761 | 266,409,976 | Form | |
| 3 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 7222026 | 145.43 | 13,615 | 1,980,075 | 1,799,010 | Form |
| 4 | Gebbia, Joseph | Sycamore Trust | Sell | 7172026 | 150.23 | 49,577 | 7,447,769 | 314,501,463 | Form | |
| 5 | Gebbia, Joseph | Sycamore Trust | Sell | 7172026 | 150.15 | 187,024 | 28,082,084 | 321,790,643 | Form | |
| 6 | Gebbia, Joseph | Sycamore Trust | Sell | 7152026 | 145.50 | 265,000 | 38,557,367 | 339,031,146 | Form | |
| 7 | Gebbia, Joseph | Sycamore Trust | Sell | 7092026 | 150.00 | 2,460 | 369,000 | 389,267,850 | Form | |
| 8 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 7082026 | 148.37 | 13,615 | 2,020,094 | 12,118,636 | Form |
| 9 | Gebbia, Joseph | Sycamore Trust | Sell | 7072026 | 150.01 | 27,733 | 4,160,341 | 389,673,476 | Form | |
| 10 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 7072026 | 148.01 | 3,750 | 555,038 | 65,907,444 | Form |
| 11 | Chenault, Kenneth I | Direct | Sell | 7012026 | 150.00 | 8,346 | 1,251,900 | 6,131,850 | Form | |
| 12 | Gebbia, Joseph | Sycamore Trust | Sell | 7012026 | 148.43 | 294,903 | 43,771,373 | 389,240,951 | Form | |
| 13 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 6302026 | 146.43 | 31,033 | 4,544,132 | 11,362,893 | Form |
| 14 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 6262026 | 145.09 | 2,113 | 306,570 | 1,794,731 | Form |
| 15 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 6262026 | 145.81 | 88,366 | 12,884,219 | 1,803,610 | Form |
| 16 | Gebbia, Joseph | Sycamore Trust | Sell | 6172026 | 138.51 | 265,000 | 36,704,161 | 404,071,957 | Form | |
| 17 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6172026 | 138.40 | 30,743 | 4,254,779 | 1,481,095,012 | Form |
| 18 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6102026 | 135.71 | 4,195 | 569,289 | 1,456,461,751 | Form |
| 19 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6102026 | 135.34 | 37,704 | 5,102,837 | 1,453,088,272 | Form |
| 20 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6082026 | 135.17 | 16,515 | 2,232,258 | 1,456,317,296 | Form |
| 21 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6082026 | 136.14 | 64,333 | 8,758,076 | 1,469,028,505 | Form |
| 22 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6042026 | 134.00 | 62,764 | 8,410,584 | 1,454,629,431 | Form |
| 23 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 6042026 | 136.24 | 7,433 | 1,012,672 | 61,177,275 | Form |
| 24 | Gebbia, Joseph | Sycamore Trust | Sell | 6032026 | 135.45 | 265,000 | 35,893,438 | 431,040,230 | Form | |
| 25 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6022026 | 135.80 | 184,513 | 25,057,198 | 1,482,675,807 | Form |
| 26 | Chesky, Brian | CEO and Chairman | 2016 Legacy Trust B | Sell | 6022026 | 136.62 | 15,226 | 2,080,252 | 799,803 | Form |
| 27 | Chesky, Brian | CEO and Chairman | Direct | Sell | 6022026 | 134.39 | 103,937 | 13,968,432 | 1,492,094,652 | Form |
| 28 | Chesky, Brian | CEO and Chairman | 2016 Legacy Trust B | Sell | 6022026 | 135.16 | 4,774 | 645,259 | 2,849,196 | Form |
| 29 | Chesky, Brian | CEO and Chairman | Direct | Sell | 5292026 | 132.22 | 265,746 | 35,137,599 | 1,481,736,688 | Form |
| 30 | Chesky, Brian | CEO and Chairman | Direct | Sell | 5292026 | 133.15 | 229,550 | 30,564,953 | 1,527,533,302 | Form |
| 31 | Chesky, Brian | CEO and Chairman | 2016 Legacy Trust B | Sell | 5292026 | 133.17 | 20,000 | 2,663,417 | 3,442,999 | Form |
| 32 | Gebbia, Joseph | Sycamore Trust | Sell | 5272026 | 133.44 | 2,860 | 381,638 | 460,014,476 | Form | |
| 33 | Gebbia, Joseph | Sycamore Trust | Sell | 5202026 | 134.86 | 54,000 | 7,282,706 | 2,023 | Form | |
| 34 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 5122026 | 145.67 | 627 | 91,336 | 1,736,398 | Form |
| 35 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 5122026 | 145.70 | 60,136 | 8,762,039 | 1,736,788 | Form |
| 36 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 5062026 | 143.00 | 3,750 | 536,250 | 66,268,299 | Form |
| 37 | Gebbia, Joseph | Sycamore Trust | Sell | 5062026 | 140.37 | 58,000 | 8,141,301 | 7,581,938 | Form | |
| 38 | Gebbia, Joseph | Sycamore Trust | Sell | 4222026 | 142.59 | 58,000 | 8,270,238 | 15,972,254 | Form | |
| 39 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 4102026 | 130.99 | 3,750 | 491,213 | 51,657,044 | Form |
| 40 | Gebbia, Joseph | Sycamore Trust | Sell | 4082026 | 126.16 | 58,000 | 7,317,456 | 21,449,608 | Form | |
| 41 | Gebbia, Joseph | Sycamore Trust | Sell | 3252026 | 132.51 | 58,000 | 7,685,663 | 30,214,593 | Form | |
| 42 | Gebbia, Joseph | Sycamore Trust | Sell | 3112026 | 131.27 | 58,000 | 7,613,827 | 37,546,011 | Form | |
| 43 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 3092026 | 135.73 | 4,308 | 584,725 | 54,035,291 | Form |
| 44 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 3042026 | 130.00 | 3,750 | 487,500 | 52,314,169 | Form |
| 45 | Gebbia, Joseph | Sycamore Trust | Sell | 2252026 | 121.97 | 58,000 | 7,074,274 | 41,959,591 | Form | |
| 46 | Blecharczyk, Nathan | Chief Strategy Officer | Direct | Sell | 2242026 | 125.29 | 4,260 | 533,735 | 6,170,562 | Form |
| 47 | Gebbia, Joseph | Sycamore Trust | Sell | 2112026 | 121.15 | 58,000 | 7,026,717 | 48,704,234 | Form | |
| 48 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 2042026 | 130.00 | 3,750 | 487,500 | 53,368,887 | Form |
| 49 | Gebbia, Joseph | Sycamore Trust | Sell | 1282026 | 133.28 | 58,000 | 7,730,261 | 61,310,963 | Form | |
| 50 | Gebbia, Joseph | Sycamore Trust | Sell | 1142026 | 138.45 | 58,000 | 8,030,004 | 71,718,319 | Form | |
| 51 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 1062026 | 135.94 | 3,750 | 509,775 | 56,317,210 | Form |
| 52 | Gebbia, Joseph | Sycamore Trust | Sell | 12312025 | 136.70 | 58,000 | 7,928,858 | 78,743,809 | Form | |
| 53 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 12232025 | 134.79 | 2,565 | 345,745 | 22,252,562 | Form |
| 54 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 12192025 | 135.00 | 15,263 | 2,060,505 | 22,374,393 | Form |
| 55 | Gebbia, Joseph | Sycamore Trust | Sell | 12172025 | 130.56 | 58,000 | 7,572,587 | 82,778,171 | Form | |
| 56 | Chesky, Brian | CEO and Chairman | 2016 Legacy Trust B | Sell | 12162025 | 131.16 | 51,230 | 6,719,536 | 6,014,398 | Form |
| 57 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 12162025 | 128.93 | 650 | 83,804 | 21,855,085 | Form |
| 58 | Chesky, Brian | CEO and Chairman | 2016 Legacy Trust B | Sell | 12162025 | 130.17 | 8,770 | 1,141,588 | 12,637,395 | Form |
| 59 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 12162025 | 130.00 | 7,500 | 975,000 | 54,343,887 | Form |
| 60 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 12112025 | 125.00 | 4,630 | 578,750 | 53,191,238 | Form |
| 61 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 12112025 | 125.19 | 16,875 | 2,112,627 | 21,302,945 | Form |
| 62 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 12102025 | 123.24 | 36,370 | 4,482,076 | 1,419,673 | Form |
| 63 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 12102025 | 121.96 | 141,063 | 17,203,650 | 1,404,947 | Form |
| 64 | Blecharczyk, Nathan | Chief Strategy Officer | Trust | Sell | 12092025 | 123.70 | 30,311 | 3,749,439 | 1,425,012 | Form |
| 65 | Blecharczyk, Nathan | Chief Strategy Officer | Direct | Sell | 12092025 | 122.70 | 23,761 | 2,915,578 | 6,867,545 | Form |
| 66 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 12092025 | 120.92 | 650 | 78,598 | 22,616,423 | Form |
| 67 | Blecharczyk, Nathan | Chief Strategy Officer | Direct | Sell | 12052025 | 120.52 | 77,527 | 9,343,182 | 6,423,246 | Form |
| 68 | Blecharczyk, Nathan | Chief Strategy Officer | Direct | Sell | 12052025 | 120.22 | 39,806 | 4,785,430 | 15,727,651 | Form |
| 69 | Blecharczyk, Nathan | Chief Strategy Officer | Direct | Sell | 12042025 | 120.03 | 5,162 | 619,572 | 20,480,115 | Form |
| 70 | Gebbia, Joseph | Sycamore Trust | Sell | 12032025 | 118.47 | 58,000 | 6,871,275 | 81,983,195 | Form | |
| 71 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 12022025 | 116.04 | 549 | 63,706 | 21,779,112 | Form |
| 72 | Blecharczyk, Nathan | Chief Strategy Officer | Direct | Sell | 12022025 | 116.71 | 3,307 | 385,960 | 20,516,827 | Form |
| 73 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 12022025 | 116.71 | 600 | 70,026 | 21,968,935 | Form |
| 74 | Gebbia, Joseph | Sycamore Trust | Sell | 11262025 | 114.22 | 232,000 | 26,500,188 | 1,713 | Form | |
| 75 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 11242025 | 114.51 | 600 | 68,706 | 21,623,524 | Form |
| 76 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 11172025 | 121.38 | 600 | 72,828 | 23,645,549 | Form |
| 77 | Gebbia, Joseph | Sycamore Trust | Sell | 11132025 | 120.66 | 236,000 | 28,474,625 | 27,993,814 | Form | |
| 78 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 11102025 | 122.38 | 600 | 73,428 | 23,913,783 | Form |
| 79 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 11032025 | 125.47 | 600 | 75,282 | 24,592,869 | Form |
| 80 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 10302025 | 130.00 | 7,500 | 975,000 | 56,754,113 | Form |
| 81 | Gebbia, Joseph | Sycamore Trust | Sell | 10292025 | 128.47 | 236,000 | 30,318,561 | 60,125,176 | Form | |
| 82 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 10282025 | 127.65 | 12,184 | 1,555,288 | 56,685,549 | Form |
| 83 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 10272025 | 127.53 | 600 | 76,518 | 25,073,160 | Form |
| 84 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 10202025 | 124.26 | 600 | 74,556 | 24,504,814 | Form |
| 85 | Gebbia, Joseph | Sycamore Trust | Sell | 10152025 | 119.22 | 236,000 | 28,137,090 | 83,936,158 | Form | |
| 86 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 10142025 | 120.46 | 600 | 72,276 | 23,827,708 | Form |
| 87 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 10062025 | 122.47 | 600 | 73,482 | 24,298,780 | Form |
| 88 | Gebbia, Joseph | Sycamore Trust | Sell | 10012025 | 123.57 | 236,000 | 29,162,764 | 116,158,626 | Form | |
| 89 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 9292025 | 122.91 | 600 | 73,746 | 24,459,824 | Form |
| 90 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 9222025 | 123.74 | 600 | 74,244 | 24,699,243 | Form |
| 91 | Gebbia, Joseph | Sycamore Trust | Sell | 9172025 | 120.76 | 236,000 | 28,499,875 | 142,018,140 | Form | |
| 92 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 9152025 | 123.68 | 600 | 74,208 | 24,761,475 | Form |
| 93 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 9082025 | 124.65 | 600 | 74,790 | 25,030,465 | Form |
| 94 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 9042025 | 128.42 | 4,630 | 594,585 | 57,027,482 | Form |
| 95 | Gebbia, Joseph | Sycamore Trust | Sell | 9042025 | 127.53 | 236,000 | 30,096,394 | 180,070,170 | Form | |
| 96 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 9022025 | 130.19 | 600 | 78,114 | 26,221,044 | Form |
| 97 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 8252025 | 124.96 | 600 | 74,976 | 25,242,666 | Form |
| 98 | Blecharczyk, Nathan | Chief Strategy Officer | Direct | Sell | 8212025 | 125.20 | 2,246 | 281,199 | 22,850,710 | Form |
| 99 | Gebbia, Joseph | Sycamore Trust | Sell | 8202025 | 125.36 | 236,000 | 29,586,130 | 1,880 | Form | |
| 100 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 8182025 | 123.62 | 600 | 74,172 | 25,710,134 | Form |
| 101 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 8112025 | 120.50 | 600 | 72,300 | 25,133,545 | Form |
| 102 | Gebbia, Joseph | Sycamore Trust | Sell | 8062025 | 129.71 | 236,000 | 30,611,498 | 30,613,444 | Form | |
| 103 | Mertz, Elinor | Chief Financial Officer | Direct | Sell | 8062025 | 129.10 | 6,250 | 806,875 | 58,754,868 | Form |
| 104 | Balogh, Aristotle N | Chief Technology Officer | Direct | Sell | 8042025 | 134.75 | 600 | 80,850 | 28,186,620 | Form |
Investor Activity (13F)
Updated Aug 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Consulta Ltd | $227.3 Mil | 11.3% | 13 | ADD +20.0% | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $59.4 Mil | 7.9% | 11 | TRIM -15.0% | 13F |
| Long Walk Management LP | $20.5 Mil | 6.0% | 11 | New | 13F |
| Shannon River Fund Management LLC | $31.2 Mil | 6.0% | 28 | New | 13F |
| Two Creeks Capital Management, LP | $45.0 Mil | 4.8% | 21 | Hold | 13F |
| Independent Franchise Partners LLP | $666.2 Mil | 4.7% | 26 | Hold | 13F |
| Akre Capital Management LLC | $256.9 Mil | 4.2% | 19 | TRIM -41.4% | 13F |
| Par Capital Management Inc | $94.4 Mil | 2.7% | 45 | Hold | 13F |
| HS Management Partners, LLC | $6.9 Mil | 2.4% | 24 | TRIM -43.8% | 13F |
| California First Leasing Corp | $7.4 Mil | 2.4% | 39 | ADD +16.1% | 13F |
| SRS Investment Management, LLC | $224.3 Mil | 2.4% | 29 | TRIM -29.5% | 13F |
| Atmos Capital Gestao de Recursos Ltda. | $12.7 Mil | 2.2% | 15 | ADD +7.3% | 13F |
| Ask Capital Management, LLC | $7.6 Mil | 1.4% | 3 | Hold | 13F |
| SC US (TTGP), LTD. | $64.5 Mil | 0.7% | 36 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Shannon River Fund Management LLC | $31.2 Mil | 6.0% | 28 | New | 13F |
| Long Walk Management LP | $20.5 Mil | 6.0% | 11 | New | 13F |
| Consulta Ltd | $227.3 Mil | 11.3% | 13 | ADD +20.0% | 13F |
| California First Leasing Corp | $7.4 Mil | 2.4% | 39 | ADD +16.1% | 13F |
| Atmos Capital Gestao de Recursos Ltda. | $12.7 Mil | 2.2% | 15 | ADD +7.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Archon Partners LLC | $9.0 Mil | 0.9% | 42 | Exited | Dec 31, 2025 | 13F |
| HS Management Partners, LLC | $6.9 Mil | 2.4% | 24 | TRIM -43.8% | Mar 31, 2026 | 13F |
| Akre Capital Management LLC | $256.9 Mil | 4.2% | 19 | TRIM -41.4% | Mar 31, 2026 | 13F |
| SRS Investment Management, LLC | $224.3 Mil | 2.4% | 29 | TRIM -29.5% | Mar 31, 2026 | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $59.4 Mil | 7.9% | 11 | TRIM -15.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Independent Franchise Partners LLP | $666.2 Mil | 4.7% | 26 | Hold | 13F |
| Akre Capital Management LLC | $256.9 Mil | 4.2% | 19 | TRIM -41.4% | 13F |
| Consulta Ltd | $227.3 Mil | 11.3% | 13 | ADD +20.0% | 13F |
| SRS Investment Management, LLC | $224.3 Mil | 2.4% | 29 | TRIM -29.5% | 13F |
| Par Capital Management Inc | $94.4 Mil | 2.7% | 45 | Hold | 13F |
| SC US (TTGP), LTD. | $64.5 Mil | 0.7% | 36 | Hold | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $59.4 Mil | 7.9% | 11 | TRIM -15.0% | 13F |
| Two Creeks Capital Management, LP | $45.0 Mil | 4.8% | 21 | Hold | 13F |
| Shannon River Fund Management LLC | $31.2 Mil | 6.0% | 28 | New | 13F |
| Long Walk Management LP | $20.5 Mil | 6.0% | 11 | New | 13F |
| Atmos Capital Gestao de Recursos Ltda. | $12.7 Mil | 2.2% | 15 | ADD +7.3% | 13F |
| Ask Capital Management, LLC | $7.6 Mil | 1.4% | 3 | Hold | 13F |
| California First Leasing Corp | $7.4 Mil | 2.4% | 39 | ADD +16.1% | 13F |
| HS Management Partners, LLC | $6.9 Mil | 2.4% | 24 | TRIM -43.8% | 13F |
ABNB Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive based on an accelerating growth story. The company is successfully expanding beyond its core business, with Gross Booking Value growth reaching 19% in Q1. Management raised its full-year 2026 revenue growth outlook, signaling confidence. The key variable is delivering on its commitment for an adjusted EBITDA margin of at least 35% amid this expansion.
STOCK ARCHETYPE
Transactional Marketplace (Take-Rate)(Nights & Seats Booked) x (Average Daily Rate) x (Effective Take Rate) Operating leverage on a capital-light, high-margin business model as transaction volume increases.
INVESTMENT THESIS
Evidence suggests a successful strategic pivot is underway, expanding the addressable market and re-accelerating top-line growth.
- Full-year 2026 revenue growth guidance was raised to 'low to mid-teens'.
- Q1 Gross Booking Value growth accelerated to 19% year-over-year.
- Hotels are growing at more than double the rate of the entire business.
- Growth in first-time bookers accelerated 10%, the highest rate since 2022.
- Expansion markets grew at roughly twice the rate of core markets.
PRIMARY RISK
Spreading and increasingly restrictive local regulations on short-term rentals could structurally limit supply in key markets, offsetting gains from new business lines and capping long-term growth potential.
- New York City passed regulations in 2023 resulting in a de facto ban.
- The EU Short-Term Rental Regulation entered into force in May 2026.
- Trailing-twelve-month operating margin trails a key peer's 34.3%.
- Management guided for Q2 Nights and Seats Booked growth to decelerate slightly.
| KPI | Status | Rationale |
|---|---|---|
| Nights and Seats Booked | 9% year-over-year growth for the three months ended March 31, 2026 - Stable | The key volume metric has shown stable high-single-digit growth over the past three quarters. Management noted an approximate 100 basis point headwind in the latest quarter from the conflict in the Middle East, which accounts for the slight sequential deceleration. |
| Gross Booking Value (GBV) | 19% year-over-year growth for the three months ended March 31, 2026 - Accelerating | Gross Booking Value has shown consistent acceleration over the past three quarters, indicating strengthening monetization and demand value. |
New Growth vs. Old Constraints
BULL VIEW
Expansion into hotels, services, and new geographies provides a durable new growth layer, diversifying revenue and making the business more resilient to single-market regulatory actions.
CORE TENSION
Can accelerating growth from new offerings, like hotels growing at 2x the business rate, outpace the structural risk of supply constraints from regulations like the de facto ban in New York City?
PREVAILING SENTIMENT
The latest evidence favors the bull view. Management raised full-year 2026 revenue growth guidance, indicating confidence that new initiatives are more than offsetting known regulatory pressures for now.
BEAR VIEW
The core, high-margin homes business is subject to an unpredictable patchwork of global regulations that can permanently remove supply, creating a structural drag that new, potentially lower-margin, ventures cannot overcome.
| Timeline | Event & Metric To Watch |
|---|---|
8/4/2026 | Peer Read-Through on Travel Demand Watch: BKNG's commentary on booking trends, cancellation rates, and regional performance, especially in Europe and Asia. |
8/6/2026 | Guidance on Growth Deceleration Watch: Q3 revenue growth guidance provided on the August 6th call. A sequential deceleration could disappoint investors. |
August 6, 2026 | Company Earnings Report Watch: Airbnb will release its second quarter 2026 financial results after market close and host a webcast. |
10/20/2026 | Peer Earnings Report Watch: Peer Hilton Worldwide (HLT) is scheduled to report earnings. |
11/2/2026 | Peer Earnings Report Watch: Peer Marriott International (MAR) is scheduled to report earnings. |
11/4/2026 | Company Earnings Report Watch: The next scheduled earnings report for Airbnb is dated 11/4/2026. |
No set date | Underwhelming World Cup Bookings Watch: Management commentary on the Q2 earnings call regarding booking trends and host sentiment related to the World Cup. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-27 | Debt Refinancing Completed Details: In March 2026, the company issued $2.5 billion in new senior notes and used approximately $2.0 billion of the proceeds to repay its 2026 convertible notes. | +4.1% $141.10 -> $146.86 |
2026-07-09 | Q2 Earnings Date Announced Details: The company announced its second quarter 2026 financial results will be released after market close on August 6, 2026. | +4.0% $142.95 -> $148.62 |
2026-05-20 | Summer Product Release Details: The company announced a major product expansion, adding independent hotels, car rentals, and other services like grocery delivery to its platform. | +2.4% $131.16 -> $134.25 |
2026-05-07 | Q1 2026 Earnings Beat and Raise Details: The company reported Q1 revenue growth of 18% to $2.7 billion, exceeding guidance. It also raised its full-year 2026 guidance for revenue growth and adjusted EBITDA margin. | +1.2% $139.88 -> $141.49 |
2026-04-21 | Analyst Concern on Travel Disruption Details: An analyst note in April suggested Q2 2026 guidance 'may disappoint' due to travel disruption from outsized EMEA exposure and potentially higher cancellation rates. | +0.4% $143.59 -> $144.18 |
2026-02-12 | Q4 2025 Earnings Report Details: The company reported Q4 revenue growth of 12% to $2.8 billion and gross booking value growth of 16%. The two-day stock reaction was 2.0%. | +1.5% $119.55 -> $121.35 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: ABNB trades at roughly 35% annualized options-implied volatility versus about 15% for the S&P 500 (2.3x the market), around the 58th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
BKNG - Booking Holdings
Scale and ProfitabilityBooking offers exposure to the online travel market at a much larger scale, with revenue 2.2 times that of Airbnb, and superior profitability, with a 34.3% operating margin.
EXPE - Expedia Group
Value-Segment ExposureExpedia provides exposure to the more price-sensitive, mass-market segment of online travel and has a higher gross margin of 90.3% compared to Airbnb's 82.9%.
An asset-light, high-margin travel marketplace leveraging its powerful brand to expand from a home-sharing leader into a comprehensive travel ecosystem.
Airbnb is evolving from its core of unique home rentals into an end-to-end travel platform. By adding hotels, experiences, and services, the company aims to capture a larger share of each trip. This expansion, combined with product innovations like flexible payments and deep AI integration, is designed to re-accelerate growth and solidify its competitive moat against traditional online travel agencies.
Sustained acceleration in revenue growth, strong adoption and monetization of new offerings (hotels, services), and continued market share gains in international expansion markets.
Significant new regulations in key markets that restrict supply, failure of new offerings to gain traction, or a material slowdown in travel demand due to macroeconomic pressures.
Quarterly fluctuations in bookings due to the timing of holidays or one-off global events, and foreign exchange impacts on reported growth rates.
Repricing Catalyst
Execution on the guided re-acceleration of revenue growth for full-year 2026, driven by the successful scaling of new business lines and international expansion.
Single Segment
$12.2B TTM (100% of Total) · 21% MarginWhat It Is
A global marketplace connecting hosts, who offer stays, experiences, and services, with guests seeking to book them in over 220 countries and regions.
Who Pays & How
Guests pay for bookings, choosing Airbnb for its unique inventory, value, and ability to connect with communities authentically. Hosts pay service fees to access a global customer base and generate income.
Competition
Airbnb — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Hotels, Resorts & Cruise Lines Resources |
| Skift |
| Hotel News Now |
| Cruise Industry News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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