# Airbnb, Inc. (ABNB)

> Source: Nexqual · https://nexqual.com/ABNB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Airbnb, Inc. (ABNB), nexqual.com/ABNB" · informational, not investment advice.

**Price:** USD 175.76 (+1.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 173.69 · day 172.52–176.55 · 52w 110.81–193.45 · market cap $105B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.2B, net income $2.69B (20.4% margin) (SEC filings).
- Valuation: P/E 39.1x (avg 28.2x at the last 3 fiscal year-ends), net cash $9.59B.
- 5 of 80 tracked superinvestors hold ABNB (13F, Q2 2026): 0 new, 0 added, 4 reduced, 1 unchanged.
- Analysts: Buy (mean 2.39 on a 1–5 scale) (44 analysts), mean target USD 183.45 (range 135–220).
- Total return with dividends: 1Y +38.0% vs S&P 500 +14.9%; 5Y +5.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.85, revenue estimate $4.75B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.99B | $8.40B | $9.92B | $11.1B | $12.2B | $13.2B |
| Gross profit | $4.84B | $6.90B | $8.21B | $9.22B | $10.2B | — |
| Operating income | $429M | $1.80B | $1.52B | $2.55B | $2.54B | $2.74B |
| Net income | -$352M | $1.89B | $4.79B | $2.65B | $2.51B | $2.69B |
| Free cash flow | $2.29B | $3.40B | — | — | — | — |
| Gross margin | 80.7% | 82.2% | 82.8% | 83.1% | 83.0% | — |
| Operating margin | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% | 20.8% |
| Net margin | -5.9% | 22.5% | 48.3% | 23.9% | 20.5% | 20.4% |
| Revenue growth | +77.4% | +40.2% | +18.1% | +11.9% | +10.3% | — |
| Cash + short-term investments | $8.32B | $9.62B | $10.1B | $10.6B | $11.0B | — |
| Total debt | $2.00B | $1.99B | $1.99B | $2.00B | $2.00B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.1x · P/S 8.0x · EV/Sales 7.3x · P/B 13.5x · Earnings yield 2.56% · Buyback yield (TTM) 3.91% · Net cash $9.59B · EV $95.6B
P/E at fiscal year-ends: Dec 2025 33.7x, Dec 2024 32.0x, Dec 2023 18.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold ABNB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 3.59% | $2.70B | Reduced -1.6% |
| Chuck Akre | Akre Capital Management | 3.32% | $169M | Reduced -41.8% |
| Polen Capital | Polen Capital Management | 2.03% | $236M | Reduced -27.4% |
| Bill Miller | Miller Value Partners | 0.30% | $1.3M | Reduced -44.7% |
| Thomas Gayner | Markel Group | 0.26% | $34.7M | Unchanged |

## Analysts
Consensus Buy (mean 2.39 on a 1–5 scale), 44 analysts; mean target USD 183.45 (low 135, high 220).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Wells Fargo | Target lowered | Overweight | $186 → $185 |
| 2026-10-02 | Keybanc | Upgrade | Sector Weight → Overweight | $191 |
| 2026-09-21 | RBC Capital | Reiterated | Outperform | $195 |
| 2026-09-18 | Citizens | Target raised | Market Outperform | $190 → $200 |
| 2026-09-10 | Truist Securities | Target raised | Hold | $134 → $161 |
| 2026-09-08 | Raymond James | Upgrade | Market Perform → Outperform | $200 |
| 2026-09-08 | Baird | Target raised | Outperform | $175 → $200 |
| 2026-09-01 | Rosenblatt | Initiated | Buy | $220 |
| 2026-08-31 | DA Davidson | Target raised | Buy | $175 → $220 |
| 2026-08-24 | Bernstein | Target raised | Outperform | $168 → $217 |
| 2026-08-24 | Evercore ISI Group | Target raised | Outperform | $190 → $200 |
| 2026-08-10 | BMO Capital | Target raised | Market Perform | $146 → $165 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +38.0% | +5.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +38.2% | +1.1% |
| Volatility (annualized) | 35.6% | 43.2% |
| Max drawdown | -21.5% (Aug 2026→Sep 2026) | -58.7% (Nov 2021→Dec 2022) |

## Peers (Travel Services)
BKNG (Booking Holdings Inc. Common St) USD 161.1 +1.72% · RCL (Royal Caribbean Cruises Ltd.) USD 286.13 -0.80% · VIK (Viking Holdings Ltd) USD 85 -1.96% · CCL (Carnival Corporation Ltd.) USD 27.08 -0.81% · EXPE (Expedia Group, Inc.) USD 298.49 +4.50% · TCOM (Trip.com Group Limited) USD 39.57 +0.66%

## More
Full page: https://nexqual.com/ABNB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ABNB's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/abnb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Apple (AAPL) | "Additionally, if major platforms like Google or Apple favor their own services or other partner services, our ability to engage users via mobile app or search could be impacted." |
| Competitor | Alphabet (Google) (GOOGL) | "•internet search engines, such as Google and those powered by AI, including its travel search products;" |
| Competitor | Booking Holdings (BKNG) | "•online travel agencies ("OTAs"), such as Booking Holdings (including the brand Booking.com), Expedia Group (including the brands Expedia and VRBO), Trip.com Group, and other regional OTAs;" |
| Competitor | Expedia (EXPE) | "•online travel agencies ("OTAs"), such as Booking Holdings (including the brand Booking.com), Expedia Group (including the brands Expedia and VRBO), Trip.com Group, and other regional OTAs;" |

Other companies that name ABNB in their own reports (relationship from ABNB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Murano Global Investments Plc (MRNO) | 20-F 2026-05-15 | "We also face competition from online marketplaces focused on customer-to-customer virtual platforms, like Airbnb, which enables people to lease or rent short-term lodging, including vacation" |
| competitor | Hotel101 Global Holdings Corp. (HBNB) | 20-F 2026-04-30 | "hospitality providers, such as Airbnb, presents an additional form of competition for hotel operators in the markets in which the HBNB" |
| competitor | H World Group Ltd (HTHT) | 20-F 2026-04-24 | "We also face competition from Airbnb and service apartments." |
| competitor | NEXPOINT DIVERSIFIED REAL ESTATE TRUST (NXDT-PA) | 10-K 2026-03-31 | "The Hospitality segment also faces competition from alternative lodging options such as Airbnb that have and may continue to add guest accommodations that compete with hotel inventory." |
| competitor | TUCOWS INC /PA/ (TCX) | 10-K 2026-03-12 | "A seasoned entrepreneur himself, Mr. Uhrenbacher has founded several successful companies, including Qype, a leading European local reviews platform acquired by Yelp; 9flats.com, a global competitor t…" |
| competitor | MARRIOTT VACATIONS WORLDWIDE Corp (VAC) | 10-K 2026-03-02 | "In addition, the vacation ownership industry competes generally with other vacation rental options (such as hotels, resorts and condominium rentals) offered by the lodging industry as well as alternat…" |
| competitor | Sunstone Hotel Investors, Inc. (SHO-PI) | 10-K 2026-02-27 | "Our hotels compete with other hotels and alternative lodging options such as timeshares, vacation rentals or sharing services such as Airbnb based on location, price, physical attributes, service leve…" |
| competitor | Chatham Lodging Trust (CLDT) | 10-K 2026-02-27 | "Additional sources of competition, including alternative lodging marketplaces, such as HomeAway and Airbnb, which operate websites that market available furnished, privately-owned residential properti…" |
| competitor | MARCUS CORP (MCS) | 10-K 2026-02-27 | "We also face competition from alternative channels of distribution in the travel industry, such as peer-to-peer inventory sources that allow travelers to book stays on websites that facilitate short-t…" |
| competitor | DiamondRock Hospitality Co (DRH) | 10-K 2026-02-27 | "In addition to competing with traditional hotels and lodging facilities, we compete with alternative lodging, including third-party providers of short-term rental properties and serviced apartments, s…" |
| competitor | trivago N.V. (TRVG) | 20-F 2026-02-26 | "Many of our current and potential competitors, including hotels themselves (both hotel chains and independent hotels), and metasearch engines, such as Kayak, TripAdvisor, Skyscanner and Google Hotel A…" |
| competitor | Pebblebrook Hotel Trust (PEB-PH) | 10-K 2026-02-25 | "Additional sources of competition, such as alternative lodging marketplaces like Airbnb, may, as they become more accepted, lead to a reduced demand for conventional hotel guest rooms and to an increa…" |
| competitor | Summit Hotel Properties, Inc. (INN-PF) | 10-K 2026-02-25 | "We also compete with owners and operators of vacation ownership resorts, as well as companies that offer alternative accommodations, such as Airbnb and similar organizations." |
| supplier | AKAMAI TECHNOLOGIES INC (AKAM) | 10-K 2026-02-20 | "Our customers include many of the world's leading corporations, such as adidas, Adobe, Aflac, Airbnb, Asus, Autodesk, Bank of Montreal, Carnival Corporation, Comcast, Commerzbank, Daiwa Institute of R…" |
| competitor | Booking Holdings Inc. (BKNG) | 10-K 2026-02-18 | "The market for accommodations covers a wide range of property types including alternative accommodations and companies like Airbnb and Vrbo (owned by Expedia) compete directly with our accommodations …" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $1.59B | 44.2% | +15.8% |
| Europe, the Middle East, and Africa | $1.43B | 39.5% | +15.6% |
| Asia Pacific | $298.0M | 8.3% | +16.9% |
| Latin America | $291.0M | 8.1% | +26.0% |
| Total revenue | $3.61B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Q3 2026 ¦ We expect to generate revenue of $4.69 billion to $4.77 billion, representing year-over-year growth of 15% to 17%, inclusive of an approximate three percentage point FX tailwind after factoring in our hedging program."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.85 | $2.77 | +3.0% | $4.75B | 32 |
| Next quarter (ends 2026-12-31) | $0.83 | $0.80 | +5.0% | $3.16B | 31 |
| Current fiscal year (ends 2026-12-31) | $5.31 | $5.09 | +4.3% | $14.18B | 39 |
| Next fiscal year (ends 2027-12-31) | $6.26 | $6.05 | +3.5% | $15.82B | 39 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±9.1%; earnings reaction alone ±6.9%; last 8 reports averaged ±6.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 37.0% | ±4.4% |
| 2026-11-06 | 14 | 56.3% | ±9.1% |
| 2026-11-13 | 21 | 50.1% | ±9.8% |
| 2026-11-20 | 28 | 46.8% | ±10.5% |
| 2026-11-27 | 35 | 41.2% | ±10.3% |
| 2026-12-04 | 42 | 41.0% | ±11.2% |
| 2026-12-18 | 56 | 40.1% | ±12.7% |
| 2027-01-15 | 84 | 37.9% | ±14.6% |