Airbnb, Inc.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Annual Report”). This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled “Risk Factors” of our 2025 Annual Report and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and any subsequent filings. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Annual Report”). This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled “Risk Factors” of our 2025 Annual Report and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, and any subsequent filings. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Previous wording

•Top-Line Growth: Revenue grew by 17% to $3.6 billion for the three months ended June 30, 2026, compared to the same period in the prior year. This growth was primarily driven by an increase in the number of check-ins relating to Nights and Seats Booked, and a modest increase in our Average Daily Rate (“ADR”).

Current wording

•Top-Line Growth: Revenue grew by 19% to $4.9 billion for the three months ended September 30, 2026, compared to the same period in the prior year. This growth was primarily driven by an increase in the number of check-ins relating to Nights and Seats Booked, and a moderate increase in our Average Daily Rate (“ADR”).

Previous wording

•Increased Profitability: Net income grew by $174 million to $816 million for the three months ended June 30, 2026, compared to the same period in the prior year. This improvement was primarily driven by revenue growth of 17%, which outpaced a 15% increase in operating expenses. Additionally, provision for income taxes decreased $56 million primarily due to a $77 million benefit recorded in the current period related to recently published guidance impacting prior year taxes.

Current wording

•Increased Profitability: Net income grew by $516 million to $1.9 billion for the three months ended September 30, 2026, compared to the same period in the prior year. This improvement was primarily driven by revenue growth of 19%, which outpaced a 15% increase in total costs and expenses, and a $135 million decrease in our provision for income taxes, as the prior year included a $213 million valuation allowance against deferred tax assets for Corporate Alternative Minimum Tax (“CAMT”) credits.

Previous wording

•Cash Generation: Cash provided by operating activities and Free Cash Flow 1 (“FCF”) were both $1.3 billion for the three months ended June 30, 2026, compared to $1.0 billion for both metrics during the same period in the prior year.

Current wording

•Cash Generation: Cash provided by operating activities was $1.5 billion for the three months ended September 30, 2026, compared to $1.4 billion in the same period in the prior year. Free Cash Flow 1 (“FCF”) was $1.4 billion for the three months ended September 30, 2026, compared to $1.3 billion in the same period in the prior year.

Previous wording

•Share Repurchases: During the three months ended June 30, 2026, we repurchased 7.9 million shares of Class A common stock for $1.1 billion, leaving $3.4 billion available to repurchase under our share repurchase program.

Current wording

•Share Repurchases: During the three months ended September 30, 2026, we repurchased 4.4 million shares of Class A common stock for $712 million, leaving $2.7 billion available to repurchase under our share repurchase program.

Previous wording

These key business metrics and non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with U.S. GAAP, and may be different from similarly titled metrics or measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP is provided under the subsection titled “— Adjusted EBITDA Reconciliation” and “— Free Cash Flow Reconciliation” below. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

Current wording

These key business metrics and non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with U.S. GAAP, and may be different from similarly titled metrics or measures presented by other companies. A reconciliation of Adjusted EBITDA and FCF non-GAAP financial measures to the most directly comparable financial measures stated in accordance with U.S. GAAP is provided under the subsection titled “— Adjusted EBITDA Reconciliation” and “— Free Cash Flow Reconciliation” below. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

Previous wording

During the three and six months ended June 30, 2026, the increase in Nights and Seats Booked, compared to the same period in the prior year, was driven by growth across all regions, led by Latin America and Asia Pacific, as we continue to focus on international expansion. North America and EMEA grew more moderately. We also continued to benefit from our product initiatives, including improvements to search and merchandising, pricing and tools, and flexible payment options.

Current wording

During the three and nine months ended September 30, 2026, the increase in Nights and Seats Booked, compared to the same period in the prior year, was driven by strong growth across all regions, led by Latin America and Asia Pacific, as we continue to focus on international expansion. North America and EMEA grew more moderately. We also continued to benefit from our product initiatives, including improvements to search and merchandising, pricing and tools, flexible payment options, and sign-up and login.

Previous wording

Gross Booking Value (“GBV”) represents the dollar value of bookings on our platform in a period, inclusive of host earnings, service fees, cleaning fees, and taxes, net of cancellations and alterations. The timing of recording GBV and related cancellations is similar to that described in the subsection titled “— Key Business Metrics and Non-GAAP Financial Measures — Nights and Seats Booked” above. The entire amount of a booking is reflected in GBV in the quarter it occurs regardless of when payment is collected. Revenue is recognized upon check-in; accordingly, GBV has generally been a leading indicator of revenue. Our flexible payment options allow guests to defer a portion or all of their payment from the time of booking to a date closer to stay. In 2025, we launched RNPL and expanded it internationally in 2026. To date, RNPL bookings, which require no payment at the time of booking, have experienced higher cancellation rates than historic bookings in which some or all of the cash was received at the time of booking. As adoption of RNPL and our other flexible payment options continues to grow, the timing among GBV, revenue, and cash receipts may become less correlated.

Current wording

Gross Booking Value (“GBV”) represents the dollar value of bookings on our platform in a period, inclusive of host earnings, service fees, cleaning fees, and taxes, net of cancellations and alterations. The timing of recording GBV and related cancellations is similar to that described in the subsection titled “— Key Business Metrics and Non-GAAP Financial Measures — Nights and Seats Booked” above. The entire amount of a booking is reflected in GBV in the quarter it occurs regardless of when payment is collected. Revenue is recognized upon check-in; accordingly, GBV has generally been a leading indicator of revenue. Our flexible payment options allow guests to defer a portion or all of their payment from the time of booking to a date closer to stay. In 2025, we launched Reserve Now, Pay Later (“RNPL”) and expanded it internationally in 2026. To date, RNPL bookings, which require no payment at the time of booking, have experienced higher cancellation rates than historic bookings in which some or all of the cash was received at the time of booking. As adoption of RNPL and our other flexible payment options continues to grow, the timing among GBV, revenue, and cash receipts has become less correlated and may continue to do so.

Previous wording

During the three and six months ended June 30, 2026, the increase in GBV, compared to the same periods in the prior year, was primarily due to an increase in Nights and Seats Booked and ADR. We saw GBV growth across all regions, led by Latin America and Asia Pacific, with North America and EMEA growing more moderately. The increase in ADR was driven in part by the continued adoption of RNPL.

Current wording

During the three and nine months ended September 30, 2026, the increase in GBV, compared to the same periods in the prior year, was primarily due to an increase in Nights and Seats Booked and a moderate increase in ADR. We saw GBV growth across all regions driven in part by the continued adoption of RNPL, led by Latin America and Asia Pacific, with North America and EMEA growing more moderately.

Previous wording

Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin, FCF, and FCF Margin, which are described below. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP is provided below. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures. Adjusted EBITDA and Adjusted EBITDA Margin have limitations as a financial measure, should be considered as supplemental in nature, and are not meant as a substitute for the related financial information prepared in accordance with U.S. GAAP. Because of these limitations, Adjusted EBITDA and Adjusted EBITDA Margin should be considered alongside other financial performance measures, including net income and net income margin as well as our other U.S. GAAP results. FCF and FCF Margin have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of other U.S. GAAP financial measures, such as net cash provided by operating activities and net cash provided by operating activities margin. FCF and FCF Margin do not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting their usefulness as comparative measures.

Current wording

Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin, FCF, FCF Margin, and constant currency revenue growth rate, which are described below. A reconciliation of Adjusted EBITDA and FCF non-GAAP financial measures to the most directly comparable financial measures stated in accordance with U.S. GAAP is provided below. Constant currency revenue growth rate is presented alongside, and should be read together with, revenue growth rate calculated in accordance with U.S. GAAP, which is its most directly comparable U.S. GAAP measure. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures. Adjusted EBITDA and Adjusted EBITDA Margin have limitations as financial measures, should be considered as supplemental in nature, and are not meant as a substitute for the related financial information prepared in accordance with U.S. GAAP. Because of these limitations, Adjusted EBITDA and Adjusted EBITDA Margin should be considered alongside other financial performance measures, including net income and net income margin as well as our other U.S. GAAP results. FCF and FCF Margin have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of other U.S. GAAP financial measures, such as net cash provided by operating activities and net cash provided by operating activities margin. FCF and FCF Margin do not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting their usefulness as comparative measures. Constant currency revenue growth rate has limitations as an analytical tool, should be considered as supplemental in nature, and is not meant as a substitute for revenue growth rate calculated in accordance with U.S. GAAP. It excludes the effects of changes in foreign currency exchange rates, which can be significant and are a part of our reported results, and may be calculated differently by other companies in our industry.

Previous wording

The increase in Adjusted EBITDA and Adjusted EBITDA margin for the three and six months ended June 30, 2026, 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 an increase in ADR, which outpaced the growth in our operating expenses.

Current wording

The increase in Adjusted EBITDA and Adjusted EBITDA margin for the three and nine months ended September 30, 2026, 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 moderate increase in ADR, which outpaced the growth in our operating expenses.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2026 with the Same Periods in 2025

Current wording

Comparison of the Three and Nine Months Ended September 30, 2026 with the Same Periods in 2025

Previous wording

Revenue increased $512 million, or 17%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and an increase in ADR. On a constant currency basis, revenue increased 13% compared to the same period in the prior year.

Current wording

Revenue increased $774 million, or 19%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and a moderate increase in ADR. On a constant currency basis, revenue increased 16% compared to the same period in the prior year.

Previous wording

Revenue increased $918 million, or 17%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and an increase in ADR. On a constant currency basis, revenue increased 14% compared to the same period in the prior year.

Current wording

Revenue increased $1.7 billion, or 18%, primarily due to an increase in the number of check-ins relating to Nights and Seats Booked and a moderate increase in ADR. On a constant currency basis, revenue increased 15% compared to the same period in the prior year.

Previous wording

Cost of revenue increased $89 million, or 16%, primarily due to a $68 million increase in merchant fees, a $13 million increase in chargebacks, and a $12 million increase in server costs. The increase in merchant fees was driven by higher net pay-in volume. The increase in chargebacks was driven by growth in GBV and a slight increase in our chargeback rate. The increase in server costs was primarily driven by higher amortization related to reserved instance purchases and increased infrastructure spend. These increases were partially offset by a decrease in amortization expenses related to capitalized internal-use software projects, as certain projects became fully amortized during the period.

Current wording

Cost of revenue increased $102 million, or 19%, primarily due to a $68 million increase in merchant fees and chargebacks and a $35 million increase in server costs. The increase in merchant fees was driven by higher net pay-in volume. The increase in chargebacks was driven by growth in GBV and a slight increase in our chargeback rate. The increase in server costs was primarily driven by increased infrastructure spend and increased amortization for server capacity costs.

Previous wording

Cost of revenue increased $164 million, or 16%, primarily due to a $131 million increase in merchant fees, a $25 million increase in chargebacks, and a $15 million increase in server costs. The increase in merchant fees was driven by higher net pay-in volume. The increase in chargebacks was driven by growth in GBV and a slight increase in our chargeback rate. The increase in server costs was primarily driven by higher amortization related to reserved instance purchases and increased infrastructure spend. These increases were partially offset by a decrease in amortization expenses related to capitalized internal-use software projects, as certain projects became fully amortized during the period.

Current wording

Cost of revenue increased $266 million, or 17%, primarily due to a $224 million increase in merchant fees and chargebacks and a $50 million increase in server costs. The increase in merchant fees was driven by higher net pay-in volume. The increase in chargebacks was driven by growth in GBV and a slight increase in our chargeback rate. The increase in server costs was primarily driven by increased infrastructure spend and increased amortization for server capacity costs.

Previous wording

Operations and support expense increased $29 million, or 9%, primarily due to a $27 million increase in payroll-related expenses driven by higher average headcount, a $10 million increase in customer relations costs driven by higher make-good payouts and related case reserves, and a $7 million increase in insurance costs driven by higher host liability insurance premiums. These increases were partially offset by a $17 million decrease in third-party service provider costs due to lower agent contact volume resulting from increased use of artificial intelligence (“AI”) in community support.

Current wording

Operations and support expense increased $28 million, or 8%, primarily due to a $33 million increase in customer relations costs driven by higher make-good payouts and related case reserves and a $21 million increase in payroll-related expenses driven by higher average headcount. These increases were partially offset by a $26 million decrease in professional and third-party service costs due to lower agent contact volume resulting from increased use of artificial intelligence (“AI”) in community support.

Previous wording

Operations and support expense increased $52 million, or 8%, primarily due to a $41 million increase in payroll-related expenses driven by higher average headcount, a $14 million increase in customer relations costs driven by higher make-good payouts and related case reserves, and a $9 million increase in insurance costs driven by higher host liability insurance premiums. These increases were partially offset by a $15 million decrease in third-party service provider costs due to lower agent contact volume resulting from increased use of AI in community support.

Current wording

Operations and support expense increased $80 million, or 8%, primarily due to a $61 million increase in payroll-related expenses driven by higher average headcount and a $47 million increase in customer relations costs driven by higher make-good payouts and related case reserves. These increases were partially offset by a $42 million decrease in professional and third-party service costs due to lower agent contact volume resulting from increased use of AI in community support.

Previous wording

Product development expense increased $62 million, or 10%, primarily due to a $62 million increase in payroll-related expenses resulting from an increase in average headcount.

Current wording

Product development expense increased $77 million, or 13%, primarily due to a $61 million increase in payroll-related expenses driven by higher average headcount.

Previous wording

Product development expense increased $132 million, or 11%, primarily due to a $132 million increase in payroll-related expenses resulting from an increase in average headcount.

Current wording

Product development expense increased $209 million, or 12%, primarily due to a $193 million increase in payroll-related expenses driven by higher average headcount.

Previous wording

Sales and marketing expense increased $372 million, or 30%, primarily due to a $258 million increase in marketing spend, driven by higher paid growth marketing initiatives in emerging markets and partnerships, a $90 million increase in payroll-related expenses driven by higher average headcount, and a $10 million increase in third-party service provider expenses incurred to support the expansion and optimization of Airbnb Experiences and Services supply.

Current wording

Sales and marketing expense increased $123 million, or 19%, primarily due to a $87 million increase in marketing spend, driven by higher paid growth marketing initiatives and partnerships, and a $36 million increase in payroll-related expenses driven by higher average headcount.

Previous wording

Sales and marketing expense increased $184 million, or 27%, primarily due to a $132 million increase in marketing spend, driven by higher paid growth marketing initiatives in emerging markets and partnerships, and a $48 million increase in payroll-related expenses driven by higher average headcount, partially offset by a decrease in third-party service provider expenses incurred to support the expansion and optimization of Airbnb Experiences and Services supply.

Current wording

Sales and marketing expense increased $495 million, or 26%, primarily due to a $345 million increase in marketing spend, driven by higher paid growth marketing initiatives and partnerships, and a $126 million increase in payroll-related expenses driven by higher average headcount.

Previous wording

General and administrative expense increased by $4 million, or 1%. The increase was primarily due to a $38 million increase in payroll-related expenses driven by higher average headcount, and a $4 million increase in various fees and penalties, largely offset by a $38 million decrease in non-income taxes.

Current wording

General and administrative expense increased by $52 million, or 6%. The increase was primarily due to a $69 million increase in payroll-related expenses driven by higher average headcount, and a $32 million increase in professional and third-party service costs primarily driven by an increase in legal expenses. These increases were partially offset by a $35 million decrease in non-income taxes.

Previous wording

Interest income decreased by $7 million, or 4%, and $25 million, or 7%, respectively, primarily due to lower interest earned on our investment portfolio, driven by lower interest rates, partially offset by a slight increase in interest income on operating cash.

Current wording

Interest income decreased by $23 million, or 4%, primarily driven by lower interest rates on our investment portfolio, partially offset by an increase in interest income on operating cash.

Previous wording

Three and Six Months Ended June 30, 2026 Compared with the Same Periods in 2025

Current wording

Three and Nine Months Ended September 30, 2026 Compared with the Same Periods in 2025

Previous wording

Interest expense increased by $31 million and $47 million, respectively, primarily due to interest on our new long-term notes issued in March 2026.

Current wording

Interest expense increased by $39 million and $86 million, respectively, primarily due to interest on our Senior Notes issued in March 2026 of $31 million and $67 million, respectively.

Previous wording

Other income (expense), net changed $10 million, or 59%. The net change was primarily due to a $6 million favorable change in net realized and unrealized foreign currency remeasurement.

Current wording

Other income (expense), net changed $22 million, or 314%. The net change was primarily due to a $24 million favorable change in net realized and unrealized foreign currency remeasurement.

Previous wording

Other income (expense), net changed $104 million, or 208%. The net change was primarily due to a $71 million realized gain on an equity investment and a $29 million favorable impact from the decrease of impairment losses recorded in 2026 compared to 2025.

Current wording

Other income (expense), net changed $126 million, or 221%. The net change was primarily due to a $71 million realized gain on an equity investment, a $22 million favorable impact from a decrease in impairment losses recorded on certain investments in 2026 compared to 2025, and a $21 million favorable change in net realized and unrealized foreign currency remeasurement.

Previous wording

The provision for income taxes increased by $46 million, or 29%. The increase was primarily due to a $29 million increase in current and deferred tax on U.S. and foreign earnings in line with profitability growth and $16 million from decreased excess tax benefits on stock-based compensation.

Current wording

The provision for income taxes decreased by $135 million, or 32%, primarily due to the recognition of a $213 million valuation allowance against CAMT credits in the prior year, partially offset by a $73 million increase in current and deferred income tax on U.S. and foreign earnings in line with profitability growth.

Previous wording

The provision for income taxes decreased by $56 million, or 41%. The decrease was primarily due to a $77 million benefit in the quarter related to recently published guidance impacting prior year taxes, partially offset by a $9 million increase in current and deferred tax on U.S. and foreign earnings in line with profitability growth. See Note 10, Income Taxes, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Current wording

The provision for income taxes decreased by $89 million, or 16%, primarily due to the recognition of a $213 million valuation allowance against CAMT credits in the prior year, partially offset by a $102 million increase in current and deferred income tax on U.S. and foreign earnings in line with profitability growth. See Note 10, Income Taxes, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Previous wording

As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents, and short-term investments totaling $12.1 billion. As of June 30, 2026, cash and cash equivalents totaled $6.8 billion, which included $3.3 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, 2026, short-term investments totaled $5.2 billion. Short-term investments primarily consist of highly-liquid investment grade corporate debt securities, time deposits, mortgage-backed and asset-backed securities, U.S. government and government agency debt securities (“government bonds”), certificates of deposit, and commercial paper. These short-term investments do not include funds of $12.2 billion as of June 30, 2026, 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.

Current wording

As of September 30, 2026, our principal sources of liquidity were cash, cash equivalents, and short-term investments totaling $12.6 billion. As of September 30, 2026, cash and cash equivalents totaled $7.3 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 September 30, 2026, short-term investments totaled $5.3 billion. Short-term investments primarily consist of highly-liquid investment grade corporate debt securities, time deposits, mortgage-backed and asset-backed securities, U.S. government and government agency debt securities (“government bonds”), certificates of deposit, and commercial paper. These short-term investments do not include funds of $7.4 billion as of September 30, 2026, 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 March 2026, we issued $2.5 billion aggregate principal amount of Senior Notes, consisting of $850 million of 4.40% senior notes due March 2029, $850 million of 4.65% senior notes due March 2031, and $800 million of 5.25% senior notes due March 2036. We utilized $2.0 billion of the net proceeds to fully repay our outstanding 2026 Notes upon their maturity. The remaining net proceeds of approximately $500 million (less underwriting discounts and offering expenses) were retained for general corporate purposes. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Current wording

In March 2026, we issued $2.5 billion aggregate principal amount of Senior Notes, consisting of $850 million of 4.40% senior notes due March 2029, $850 million of 4.65% senior notes due March 2031, and $800 million of 5.25% senior notes due March 2036. We utilized $2.0 billion of the net proceeds to fully repay the outstanding aggregate principal amount of our convertible senior notes due 2026 (“2026 Notes”) upon their maturity. The remaining net proceeds of approximately $500 million (less underwriting discounts and offering expenses) were retained for general corporate purposes. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Previous wording

We have access to $1.0 billion of commitments and a $200 million sub-limit for the issuance of letters of credit under the 2022 Credit Facility. As of June 30, 2026, no amounts were drawn under our 2022 Credit Facility and outstanding letters of credit totaled $20 million. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Current wording

In October 2026, we entered into a five-year unsecured Revolving Credit Agreement (“2026 Credit Facility”), resulting in the termination of our five-year unsecured Revolving Credit Agreement that would have otherwise matured on October 31, 2027. The 2026 Credit Facility provides us with access to $1.0 billion of commitments. As of the date of this Quarterly Report on Form 10-Q, no amounts were drawn under the 2026 Credit Facility. See Note 13, Subsequent Events, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Previous wording

Our principal contractual obligations and commitments consist primarily of our long-term debt and the associated ongoing semi-annual interest payments. On March 16, 2026, we issued $2.5 billion aggregate principal amount of Senior Notes and utilized a portion of the net proceeds to fully repay the outstanding aggregate principal amount of our $2.0 billion convertible senior notes due 2026 (“2026 Notes”). The Senior Notes bear fixed interest rates that will materially increase our ongoing semi-annual cash interest obligations. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Current wording

Our principal contractual obligations and commitments consist primarily of our long-term debt and the associated ongoing semi-annual interest payments. On March 16, 2026, we issued $2.5 billion aggregate principal amount of Senior Notes and utilized a portion of the net proceeds to fully repay the outstanding aggregate principal amount of our $2.0 billion convertible 2026 Notes. The Senior Notes bear fixed interest rates that will materially increase our ongoing semi-annual cash interest obligations. See Note 7, Debt, to our unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

Previous wording

In August 2025, our board of directors approved a new share repurchase program with an authorization to purchase up to $6.0 billion of our Class A common stock. 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. During the three and six months ended June 30, 2026, we repurchased 7.9 million and 16.0 million shares of Class A common stock for $1.1 billion and $2.1 billion, respectively, through our share repurchase program. As of June 30, 2026, we had $3.4 billion available to repurchase shares of Class A common stock under our share repurchase program.

Current wording

In August 2025, our board of directors approved a share repurchase program with an authorization to purchase up to $6.0 billion of our Class A common stock. 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. During the three and nine months ended September 30, 2026, we repurchased 4.4 million and 20.4 million shares of Class A common stock for $712 million and $2.8 billion, respectively, through our share repurchase program. As of September 30, 2026, we had $2.7 billion available to repurchase shares of Class A common stock under our share repurchase program.

Previous wording

The following table summarizes our cash flows (in millions):

Current wording

The following table summarizes our cash flows for the nine months ended September 30, 2026 compared with the same period in 2025 (in millions):

Previous wording

Net cash used in investing activities for the six months ended June 30, 2026 was $810 million. This was primarily driven by purchases of short-term investments, partially offset by proceeds from the sale and maturity of our short-term and equity investments.

Current wording

Net cash used in investing activities increased by $571 million, primarily driven by an increase in purchases of short-term investments, partially offset by proceeds from the sale and maturity of short-term investments.

Previous 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 six months ended June 30, 2026, we recorded a reduction of $146 million in cash, cash equivalents, and restricted cash, primarily due to the strengthening 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.

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. The effect of exchange rate changes on cash, cash equivalents, and restricted cash during the nine months ended September 30, 2026, decreased by $811 million compared to the same period in the prior year. This was primarily due to the strengthening 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 plan to 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 I 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. 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, development of our platform, debt repayments, expansion of sales and marketing activities, and charitable contributions, including to Airbnb.org. 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 plan to 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 I of this Quarterly Report on Form 10-Q.