Airbnb Inc. Q4'25 Earnings Review

Airbnb delivered a strong Q4'25 beat on revenue and Adj. EBITDA, guiding for accelerated low-double-digit revenue growth in 2026. Goldman Sachs maintains a Neutral rating but raises the price target to $150 based on increased estimates and international momentum.

Key Takeaways

• 1.ABNB reported a solid Q4 revenue beat and guided for 2026 revenue growth to accelerate to low double digits (LDD%).
• 2.International expansion is a primary growth lever, with significant momentum in India (+50% YoY nights) and Brazil (now a top 5 market).
• 3.Management expects Adj. EBITDA margins to remain stable YoY in 2026 as it reinvests in marketing and product development.

Table of Contents

• Key Data
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Q4'25 Positives & Negatives
• Q1'26 & 2026 Estimate Changes
• Valuation: Maintain Neutral Rating; Raise PT to $150 (from $140)
• Disclosure Appendix

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