Airbnb, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
ABNB$189.99+11.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001559720-25-000025
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001559720-25-000030
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 96 previous paragraphs and 94 current paragraphs.
56 unchanged; 30 reworded; 8 added; 9 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Third Quarter Financial Highlights
Current report
Three and Nine Months Ended September 30, 2025 with the Same Periods in 2024
Current report
Three and Nine Months Ended September 30, 2025 with the Same Periods in 2024
Current report
Other Income (Expense), Net
Current report
Other income (expense), net decreased $16 million, or 533%, primarily due to net foreign exchange losses of $19 million.
Current report
The provision for income taxes increased by $51 million, or 14%, due to the recognition of a $213 million valuation allowance against deferred tax assets related to CAMT credits, partially offset by reduced taxes accrued driven by a larger foreign derived intangible income benefit and the release of a $60 million uncertain tax position relating to prior years. See Note 10, Income Taxes, to our unaudited condensed consolidated financial statements included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for additional information.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses and changes to the U.S. taxation of foreign derived intangible income. Following the enactment of the OBBBA during the quarter, management concluded it is no longer more-likely-than-not that we are able to utilize our historic CAMT credits. No prudent and feasible tax-planning strategies are currently available to utilize the existing CAMT credits. Our policy is to not consider the impact of future years’ CAMT in our valuation allowance assessment for regular deferred tax assets. The amount of the valuation allowance may be adjusted in future quarters if estimates of future taxable income change. We will continue to evaluate the full impact of legislative changes as more guidance becomes available.
Current report
The provision for income taxes increased by $52 million, or 10%, due to the recognition of a $213 million valuation allowance against deferred tax assets related to CAMT credits, partially offset by reduced taxes accrued driven by a larger foreign derived intangible income benefit and the release of a $60 million uncertain tax position relating to prior years.
Removed paragraphs (9)
Previous report
Second Quarter Financial Highlights
Previous report
Product development expense increased $184 million, or 19%, primarily due to an increase in payroll-related expenses of $167 million, driven by an increase in average headcount.
Previous report
Three and Six Months Ended June 30, 2025 with the Same Periods in 2024
Previous report
Other Expense, Net
Previous report
Other expense, net decreased $19 million, or 45%, primarily due to an impairment charge on investment in a privately-held company in the prior year of $45 million, partially offset by foreign exchange losses of $28 million.
Previous report
The provision for income taxes increased by $11 million, or 9%, primarily due to decreased excess tax benefits on stock-based compensation arising during the quarter.
Previous report
The provision for income taxes increased by $1 million, or 1%, primarily due to decreased excess tax benefits on stock-based compensation arising during the year, offset by increased deduction on foreign income.
Previous report
On July 4, 2025, the One Big Beautiful Bill Act was signed into law. This legislation includes changes to U.S. federal tax law, which may be subject to further clarification and the issuance of interpretive guidance. We are assessing the legislation and its impact on our unaudited condensed consolidated financial statements, which we expect to begin reflecting in the three-month period ending September 30, 2025. See Note 10, Income Taxes, to our unaudited condensed consolidated financial statements included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for additional information.
Previous report
In 2021, the Organization for Economic Co-operation and Development (“OECD”) established an inclusive framework on base erosion and profit shifting and agreed on a two-pillar solution to global taxation, focusing on global profit allocation, known as Pillar One and a 15% global minimum effective tax rate, known as Pillar Two. The OECD issued Pillar Two model rules and continues to release guidance on these rules. The inclusive framework calls for tax law changes by participating countries to further take effect in 2025. Various countries, including the European Union, have enacted or have announced plans to enact new tax laws to implement the global minimum tax. We considered the applicable tax law changes on Pillar Two implementation in the relevant countries, and concluded there was no material impact to our tax provision for the three and six months ended June 30, 2025. We will continue to evaluate the impact of these tax law changes on future reporting periods.
Reworded paragraphs (30)
Previous wording
Revenue for the three months ended June 30, 2025 grew by 13% to $3.1 billion, compared to the same period in the prior year. The increase was primarily due to an increase in the number of check-ins relating to Nights and Seats Booked, a slight increase in Average Daily Rate (“ADR”), and the shift in timing of Easter from the first quarter of 2024 to the second quarter of 2025.
Current wording
Revenue for the three months ended September 30, 2025 grew by 10% to $4.1 billion, compared to the same period in the prior year. The increase was primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and a modest increase in Average Daily Rate (“ADR”).
Previous wording
Net income for the three months ended June 30, 2025 increased by 16% to $642 million, compared to the same period in the prior year. This increase was primarily due to revenue growth, slightly offset by lower interest income due to declining interest rates.
Current wording
Net income for the three months ended September 30, 2025 increased slightly by $6 million to $1.4 billion, compared to the same period in the prior year. This increase was primarily due to revenue growth, largely offset by an increase in payroll-related expenses, lower interest income due to declining interest rates, and an increase to the income tax provision due to the recording of a valuation allowance against deferred tax assets associated with corporate alternative minimum tax (“CAMT”) credits.
Previous wording
Cash provided by operating activities was $1.0 billion for the three months ended June 30, 2025, compared to $1.1 billion in the same period in the prior year. Free Cash Flow 1 remained consistent at $1.0 billion for the three months ended June 30, 2025, compared to the same period in the prior year.
Current wording
Cash provided by operating activities was $1.4 billion for the three months ended September 30, 2025, compared to $1.1 billion in the same period in the prior year. Free Cash Flow 1 was $1.3 billion for the three months ended September 30, 2025, compared to $1.1 billion in the same period in the prior year.
Previous wording
During the three months ended June 30, 2025, we repurchased 8.1 million shares of Class A common stock for $1.0 billion, leaving $1.5 billion available to repurchase under our share repurchase program.
Current wording
During the three months ended September 30, 2025, we repurchased 6.7 million shares of Class A common stock for $857 million, leaving $6.6 billion available to repurchase under our share repurchase programs.
Previous wording
During the three and six months ended June 30, 2025, the increase in Nights and Seats Booked, compared to the same periods in the prior year, was driven by growth across all regions, with the strongest growth percentages in Latin America and Asia Pacific, as we continue to focus on international expansion.
Current wording
During the three and nine months ended September 30, 2025, the increase in Nights and Seats Booked, compared to the same periods in the prior year, was driven by growth across all regions, with the strongest growth percentages in Latin America and Asia Pacific, as we continue to focus on international expansion.
Previous wording
During the three and six months ended June 30, 2025, the increase in GBV, compared to the same periods in the prior year, was primarily due to an increase in Nights and Seats Booked. We saw GBV growth across all regions, with the strongest growth percentages in Asia Pacific and Latin America.
Current wording
During the three and nine months ended September 30, 2025, the increase in GBV, compared to the same periods in the prior year, was primarily due to an increase in Nights and Seats Booked. We saw GBV growth across all regions, with the strongest growth percentages in Latin America and Asia Pacific.
Previous wording
The increase in Adjusted EBITDA for the three and six months ended June 30, 2025, compared to the same periods in the prior year, was primarily due to revenue growth from an increase in the number of check-ins for Nights and Seats Booked and a slight increase in ADR.
Current wording
The increase in Adjusted EBITDA for the three and nine months ended September 30, 2025, compared to the same periods in the prior year, was primarily due to revenue growth from an increase in the number of check-ins for Nights and Seats Booked and a slight increase in ADR.
Previous wording
In addition to revenue growth rates derived from revenue presented in accordance with U.S. GAAP, we disclose below the percentage change in our current period revenue from the corresponding prior period by comparing the change in revenue using constant currencies. We present constant currency revenue growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of changes in exchange rates. We use the percentage change in constant currency revenues for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of revenue on a constant currency basis in addition to the U.S. GAAP presentation helps improve the ability to understand our performance because it excludes the effects of foreign currency volatility that are not indicative of our core operating results. We calculate the percentage change in constant currency by determining the change in the current period revenue over the prior comparable period where current period foreign currency revenue is translated using the exchange rates of the comparative period.
Current wording
In addition to revenue growth rates derived from revenue presented in accordance with U.S. GAAP, we disclose the percentage change in our current period revenue from the corresponding prior period by comparing the change in revenue using constant currencies. We present constant currency revenue growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of changes in exchange rates. We use the percentage change in constant currency revenues for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of revenue on a constant currency basis in addition to the U.S. GAAP presentation helps improve the ability to understand our performance because it excludes the effects of foreign currency volatility that are not indicative of our core operating results.
Previous wording
Our business is seasonal, reflecting typical travel behavior patterns over the course of the calendar year. In a typical year, the first, second, and third quarters have higher Nights and Seats Booked than the fourth quarter, as guests plan for travel during the peak travel season, which is in the third quarter for North America and EMEA.
Current wording
Our business is seasonal, reflecting typical travel behavior patterns over the course of the calendar year. In a typical year, the first, second, and third quarters have higher Nights and Seats Booked than the fourth quarter, as guests plan for travel during the peak travel season, which is in the third quarter for North America and Europe, the Middle East, and Africa.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2025 with the Same Periods in 2024
Current wording
Comparison of the Three and Nine Months Ended September 30, 2025 with the Same Periods in 2024
Previous wording
Revenue increased $348 million, or 13%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked, a slight increase in ADR, and the shift in timing of Easter from the first quarter of 2024 to the second quarter of 2025. On a constant-currency basis, revenue increased 13% compared to the same period in the prior year.
Current wording
Revenue increased $363 million, or 10%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and a modest increase in ADR. On a constant-currency basis, revenue increased 10% compared to the same period in the prior year.
Previous wording
Revenue increased $478 million, or 10%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked. On a constant-currency basis, revenue increased 11% compared to the same period in the prior year.
Current wording
Revenue increased $841 million, or 10%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked. On a constant-currency basis, revenue increased 10% compared to the same period in the prior year.
Previous wording
Cost of revenue increased $64 million, or 6%, primarily due to an increase in merchant fees of $52 million, largely due to an increase in pay-in volumes, an increase in data hosting services of $20 million, and an increase in amortization costs related to capitalized internal-use software projects of $19 million, partially offset by a reduction in chargebacks of $22 million.
Current wording
Cost of revenue increased $84 million, or 18%, primarily due to a $78 million increase in merchant fees, largely due to higher pay-in volumes and a decrease in incentives from card-processor credits in the prior year, and a $7 million increase in amortization costs related to capitalized internal-use software projects.
Previous wording
Cost of revenue increased $38 million, or 8%, primarily due to an increase in merchant fees of $35 million, largely due to an increase in pay-in volumes, and an increase in data hosting services of $12 million, partially offset by a reduction in chargebacks of $11 million and a reduction in other service costs of $8 million, which includes user verification, translation, and SMS services.
Current wording
Cost of revenue increased $148 million, or 10%, primarily due to a $130 million increase in merchant fees, largely due to higher pay-in volumes, a $26 million increase in amortization costs related to capitalized internal-use software projects, and a $24 million increase in data hosting services. These increases were partially offset by a reduction in chargebacks of $26 million and a reduction in other service costs of $11 million, which includes authentication, translation, and SMS services.
Previous wording
Operations and support expense increased $12 million, or 2%, primarily due to an increase in payroll-related expenses of $14 million and an increase in insurance costs of $12 million, due to higher premiums as a result of higher nights booked. These increases were partially offset by a decrease in third-party customer service costs of $22 million, due to ongoing partner site optimization.
Current wording
Operations and support expense decreased $4 million, or 1%, primarily due to a $17 million decrease in customer relations costs resulting from lower refunds and credits related to customer satisfaction, partially offset by an increase in payroll-related expenses of $7 million, an increase in insurance costs of $3 million, due to higher premiums as a result of higher nights booked, and a $3 million increase in expensed software and equipment.
Previous wording
Operations and support expense decreased $6 million, or 2%, primarily due to a decrease in third-party customer service costs of $14 million, due to ongoing partner site optimization, and a decrease in customer relations costs due to fewer refunds and credits related to customer satisfaction of $8 million. These decreases were partially offset by an increase in insurance costs of $6 million, due to higher premiums as a result of higher nights booked, and higher payroll-related expenses of $5 million.
Current wording
Operations and support expense increased $8 million, or 1%, primarily due to a $21 million increase in payroll-related expenses, an increase in insurance costs of $15 million, due to higher premiums as a result of higher nights booked, an $8 million increase in allocated costs for facilities and information technology, and an increase in expensed software and equipment of $7 million. These increases were partially offset by a decrease in third-party customer service costs of $25 million, due to ongoing partner site optimization, and a $21 million decrease in customer relations costs resulting from lower refunds and credits related to customer satisfaction.
Previous wording
Product development expense increased $91 million, or 18%, primarily due to an increase in payroll-related expenses of $83 million, driven by an increase in average headcount.
Current wording
Product development expense increased $63 million, or 12%, and $247 million, or 16%, primarily due to a $64 million and $231 million increase in payroll-related expenses for the three and nine months ended September 30, 2025, respectively, driven by an increase in average headcount.
Previous wording
Sales and marketing expense increased $118 million, or 21%, primarily due to a $50 million increase in marketing activities, which included our product launch in May 2025, a $31 million increase in third-party service provider expenses related to our product launch, and an increase in payroll-related expenses of $26 million.
Current wording
Sales and marketing expense increased $125 million, or 24%, primarily due to a $45 million increase in marketing activities, a $32 million increase in payroll-related expenses, and a $31 million increase in third-party service provider expenses related to our product launch and other initiatives.
Previous wording
Sales and marketing expense increased $167 million, or 15%, primarily due to a $53 million increase in marketing activities, a $49 million increase in third-party service provider expenses related to our product launch, and an increase in payroll-related expenses of $46 million.
Current wording
Sales and marketing expense increased $292 million, or 18%, primarily due to a $98 million increase in marketing activities, an $80 million increase in third-party service provider expenses, primarily related to our product launch, and a $78 million increase in payroll-related expenses.
Previous wording
General and administrative expense decreased $8 million, or 3%, primarily due to a $34 million decrease in non-income taxes, which included a $22 million decrease in digital services taxes, primarily related to Canada’s Digital Services Tax (“DST”) that was retroactive to 2022 in the prior year, partially offset by higher professional service fees of $5 million and an increase in other operating expense of $15 million, primarily driven by increased charitable donations and tax related fees and penalties.
Current wording
General and administrative expense decreased $5 million, or 1%, primarily due to a $34 million decrease in non-income taxes, mainly reflecting a one-time charge related to digital services taxes (“DST”) for France in the prior year. This was partially offset by an increase in payroll related expenses of $15 million and a $13 million increase in non-income tax-related fees and penalties.
Previous wording
General and administrative expense decreased $1 million, primarily due to a $31 million decrease in non-income taxes, and a decrease in nonrecurring employee taxes of $15 million recorded in the prior year, partially offset by higher professional service fees of $18 million and higher payroll-related expenses of $17 million.
Current wording
General and administrative expense decreased $6 million, or 1%, primarily due to a $65 million decrease in non-income taxes, mainly reflecting one-time adjustments applied to DST for France and Canada in the prior year. This was partially offset by an increase in payroll-related expenses of $31 million and an increase in professional service fees of $28 million.
Previous wording
Interest income decreased by $36 million, or 16%, and $65 million, or 15%, for the three and six months ended June 30, 2025, respectively, due to lower interest rates.
Current wording
Interest income decreased by $27 million, or 13%, and $92 million, or 14%, for the three and nine months ended September 30, 2025, respectively, due to lower interest rates, partially offset by higher cash and investment balances.
Previous wording
Other expense, net increased $9 million, or 17%, primarily due to foreign exchange losses of $20 million, partially offset by lower impairment charges on investments in privately-held companies.
Current wording
Other income (expense), net increased $25 million, or 51%, primarily due to net foreign exchange losses of $39 million, partially offset by lower impairment charges on investments in privately-held companies compared to the prior year and a gain on investment in the current year.
Previous wording
As of June 30, 2025, our principal sources of liquidity were cash, cash equivalents and short-term investments totaling $11.4 billion. As of June 30, 2025, cash and cash equivalents totaled $7.4 billion, which included $2.8 billion held by our foreign subsidiaries. Cash and cash equivalents consist of cash on deposit with banks and interest-bearing accounts and highly-liquid securities with an original maturity of 90 days or less. As of June 30, 2025, short-term investments totaled $4.0 billion. Short-term investments primarily consist of highly-liquid investment grade corporate debt securities, time deposits, commercial paper, certificates of deposit, U.S. government and government agency debt securities (“government bonds”), and mortgage-backed and asset-backed securities. These amounts do not include funds of $11.1 billion as of June 30, 2025, that we held for bookings in advance of guests completing check-ins that we record separately on our unaudited condensed consolidated balance sheets in funds receivable and amounts held on behalf of customers with a corresponding liability in funds payable and amounts payable to customers.
Current wording
As of September 30, 2025, our principal sources of liquidity were cash, cash equivalents, and short-term investments totaling $11.7 billion. As of September 30, 2025, cash and cash equivalents totaled $7.5 billion, which included $2.5 billion held by our foreign subsidiaries. Cash and cash equivalents consist of cash on deposit with banks and interest-bearing accounts and highly-liquid securities with an original maturity of 90 days or less. As of September 30, 2025, short-term investments totaled $4.2 billion. Short-term investments primarily consist of highly-liquid investment grade corporate debt securities, time deposits, commercial paper, certificates of deposit, U.S. government and government agency debt securities (“government bonds”), and mortgage-backed and asset-backed securities. These short-term investments do not include funds of $7.2 billion as of September 30, 2025, that were held for bookings in advance of guests completing check-ins, which are recorded separately on our unaudited condensed consolidated balance sheets in funds receivable and amounts held on behalf of customers with a corresponding liability in funds payable and amounts payable to customers.
Previous wording
In August 2025, our board of directors approved a new share repurchase program with an authorization to purchase up to an additional $6.0 billion of our Class A common stock at management’s discretion. Share repurchases under the share repurchase program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements, and other relevant factors. The share repurchase program does not obligate us to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at our discretion.
Current wording
In February 2024, our board of directors approved a share repurchase program to purchase up to $6.0 billion of our Class A common stock. In August 2025, our board of directors approved a new share repurchase program with an authorization to purchase up to an additional $6.0 billion of our Class A common stock. Share repurchases under the share repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements, and other relevant factors. The share repurchase programs do not obligate us to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at our discretion. During the three and nine months ended September 30, 2025, we repurchased 6.7 million and 20.9 million shares of Class A common stock for $857 million and $2.7 billion, respectively, through our share repurchase programs. As of September 30, 2025, we had $6.6 billion available to repurchase shares of Class A common stock under our share repurchase programs.
Previous wording
Net cash provided by operating activities for the six months ended June 30, 2025 was $2.8 billion, which was primarily due to net income of $796 million, and additional cash provided by unearned fees of $1.2 billion, resulting from growth in bookings. Additionally, we had adjustments for non-cash charges primarily consisting of $782 million of stock-based compensation expense.
Current wording
Net cash provided by operating activities for the nine months ended September 30, 2025 was $4.1 billion, which was primarily due to net income of $2.2 billion, and $233 million provided by net working capital items, including unearned fees, resulting from growth in bookings. Additionally, we had adjustments for non-cash charges primarily consisting of $1.2 billion of stock-based compensation expense.
Previous wording
Net cash used in investing activities for the six months ended June 30, 2025 was $242 million, which was primarily due to purchases of short-term investments, partially offset by proceeds resulting from sales and maturities of short-term investments.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2025 was $448 million, which was primarily due to purchases of short-term investments, partially offset by proceeds resulting from sales and maturities of short-term investments.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2025 was $2.5 billion, primarily due to an increase in funds payable and amounts payable to customers of $4.5 billion, partially offset by share repurchases of $1.8 billion and taxes paid related to net share settlement of equity awards of $295 million.
Current wording
Net cash used in financing activities for the nine months ended September 30, 2025 was $2.4 billion, primarily due to share repurchases of $2.7 billion and taxes paid related to net share settlement of equity awards of $431 million, partially offset by an increase in funds payable and amounts payable to customers of $670 million.
Previous wording
The effect of exchange rate changes on cash, cash equivalents, and restricted cash on our audited consolidated statements of cash flows relates to certain of our assets, principally cash balances held on behalf of customers, that are denominated in currencies other than the functional currency of certain of our subsidiaries. For the six months ended June 30, 2025, we recorded an increase of $689 million in cash, cash equivalents, and restricted cash, primarily due to the weakening of the U.S. dollar. The impact of exchange rate changes on cash balances can serve as a natural hedge for the effect of exchange rates on our liabilities to our hosts and guests.
Current wording
The effect of exchange rate changes on cash, cash equivalents, and restricted cash on our unaudited condensed consolidated statements of cash flows relates to certain assets, principally cash balances held on behalf of customers, that are denominated in currencies other than the functional currency of certain of our subsidiaries. For the nine months ended September 30, 2025, we recorded an increase of $658 million in cash, cash equivalents, and restricted cash, primarily due to the weakening of the U.S. dollar against major currencies, mainly the Euro and British Pound. The impact of exchange rate changes on cash balances can serve as a natural hedge for the effect of exchange rates on our liabilities to our hosts and guests.
Previous wording
We assess our liquidity in terms of our ability to generate cash to fund our short- and long-term cash requirements. As such, we believe that the cash flows generated from operating activities will meet our anticipated cash requirements in the short-term. In addition to normal working capital requirements, we anticipate that our short- and long-term cash requirements will include share repurchases, introduction of new products and offerings, timing and extent of spending to support our efforts to develop our platform, debt repayments, and expansion of sales and marketing activities. Our future capital requirements, however, will depend on many factors, including, but not limited to our growth, headcount, and ability to attract and retain customers on our platform. Additionally, we may in the future raise additional capital or incur additional indebtedness to continue to fund our strategic initiatives. On a long-term basis, we would rely on either our access to the capital markets or our credit facility for any long-term funding not provided by operating cash flows and cash on hand. In the event that additional financing is required from outside sources, we may seek to raise additional funds at any time through equity, equity-linked arrangements, and/or debt, which may not be available on favorable terms, or at all. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition could be materially adversely affected. Our liquidity is subject to various risks including the risks identified in Item 3. "Quantitative and Qualitative Disclosures about Market Risk" of Part 1 of this Quarterly Report on Form 10-Q.
Current wording
We assess our liquidity in terms of our ability to generate cash to fund our short- and long-term cash requirements. As such, we believe that the cash flows generated from operating activities will meet our anticipated cash requirements in the short-term, which include the repayment of our 0% convertible senior notes due in March 2026. In addition to normal working capital requirements, we anticipate that our short- and long-term cash requirements will include share repurchases, introduction of new products and offerings, timing and extent of spending to support our efforts to develop our platform, debt repayments, and expansion of sales and marketing activities. Our future capital requirements, however, will depend on many factors, including, but not limited to our growth, headcount, and ability to attract and retain customers on our platform. Additionally, we may in the future raise additional capital or incur additional indebtedness to continue to fund our strategic initiatives. On a long-term basis, we would rely on either our access to the capital markets or our credit facility for any long-term funding not provided by operating cash flows and cash on hand. In the event that additional financing is required from outside sources, we may seek to raise additional funds at any time through equity, equity-linked arrangements, and/or debt, which may not be available on favorable terms, or at all. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition could be materially adversely affected. Our liquidity is subject to various risks including the risks identified in Item 3. "Quantitative and Qualitative Disclosures about Market Risk" of Part 1 of this Quarterly Report on Form 10-Q.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
In February 2024, our board of directors approved a share repurchase program to purchase up to $6.0 billion of our Class A common stock. During the three and six months ended June 30, 2025, we repurchased 8.1 million and 14.2 million shares of Class A common stock for $1.0 billion and $1.8 billion, respectively, through our share repurchase program. As of June 30, 2025, we had $1.5 billion available to repurchase shares of Class A common stock under our share repurchase program.