Airbnb Q2 2025 financial results

Airbnb issued our second quarter 2025 quarter financial results. You can read the details here. Airbnb Co-Founder and CEO Brian Chesky said: 

“We had a strong Q2, exceeding expectations across our key metrics, which reflects the progress we’ve made against our priorities, including unveiling Airbnb’s next chapter. We’re excited by the early momentum behind the launch of Airbnb services and reimagined Airbnb experiences, and believe both will be key contributors to long-term growth.”

Overview of Q2 results

Airbnb had a strong Q2, exceeding expectations across key metrics including bookings, revenue, and margins. Despite global economic uncertainty early in the quarter, travel demand picked up, and nights booked on Airbnb accelerated from April to July. 

We continued executing on our multi-year strategy to perfect our core service, accelerate growth in global markets, and launch and scale new offerings. We made meaningful progress across each area throughout the quarter. 

Perfect our core service: We drove growth in Q2 by building on the hundreds of product improvements we’ve made over the past few years. During the quarter, we saw a lift in revenue from improvements across checkout, messaging, merchandising, and more flexible payment options. We’re also expanding our AI-powered customer service agent to 100% of U.S. users, reducing the percentage of hosts and guests who needed to contact a human agent by 15%. We plan to roll this out to more countries and languages later this year.

Accelerate growth in global markets: For six consecutive quarters, nights booked on an origin basis in our expansion markets have grown at about twice the rate of our core markets. This sustained growth is a result of our focus on achieving product-market fit, increasing brand awareness, and driving traffic in key countries. Japan is one example. Late last year, we launched a brand campaign centered on domestic travel to raise awareness of Airbnb among Japanese travelers. We’re encouraged by the early results. In Q2, nights booked by Japanese travelers accelerated from Q1, driven by more domestic travel and a 15% year-over-year increase in first-time bookers. 

Launch and scale new offerings: In May, we expanded beyond stays with the launch of Airbnb Services and reimagined Airbnb Experiences. We also introduced an all-new Airbnb app, making it easier to book stays, experiences, and services in one place. We’re excited by the early momentum, with growing awareness, positive feedback from guests, and overwhelming interest from potential hosts. While it’s still early, we believe these new businesses will be key drivers of sustainable long-term growth.

Q2 2025 financial results

Here’s a snapshot of our Q2 2025 results: 

• Q2 revenue was $3.1 billion, up 13% year-over-year. Revenue increased to $3.1 billion in Q2 2025 from $2.7 billion in Q2 2024, primarily driven by solid growth in nights stayed, a slight increase in Average Daily Rate (“ADR”), and the timing of Easter. 
• Q2 net income grew 16% Y/Y to $642 million, representing a 21% net income margin. Net income increased 16% to $642 million in Q2 2025, up from $555 million in Q2 2024 primarily due to higher revenue.
• Q2 Adjusted EBITDA grew 17% Y/Y to $1.0 billion, representing a 34% Adjusted EBITDA Margin. Adjusted EBITDA increased 17% to $1.0 billion in Q2 2025, up from $894 million in Q2 2024 primarily due to higher revenue.¹
• Q2 Free Cash Flow was $1.0 billion, representing a FCF Margin of 31%. Net cash provided by operating activities of $1.0 billion in Q2 2025 was slightly lower compared to $1.1 billion in Q2 2024 due to changes in operating assets and liabilities. Our TTM FCF was $4.3 billion, representing a TTM FCF Margin of 37%.²
• Q2 share repurchases of $1.0 billion. As of June 30, 2025, we had $11.4 billion of cash and cash equivalents, short-term investments, and restricted cash, as well as $11.1 billion of funds held on behalf of guests. Our strong cash flow enabled us to repurchase $1.0 billion of our Class A common stock in Q2 2025. Share repurchases for the trailing twelve months totaling $3.7 billion helped us reduce our fully diluted share count from 673 million at the end of Q2 2024 to 652 million at the end of Q2 2025. As of June 30, 2025, we had the authorization to purchase up to $1.5 billion of our Class A common stock under our current share repurchase plan and today, we’re announcing a new share repurchase program with authorization to purchase up to an additional $6 billion of our Class A common stock.