Airbnb Q1 2025 financial results

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

“Our strong Q1 results show how resilient and adaptable our model is—no matter what’s happening in the world, people continue to choose Airbnb. We’ve been focused on long-term growth and getting ready for our next chapter, when we’ll expand beyond places to stay. I’m excited to share what’s next on May 13.”

Overview of Q1 results

We had a strong start to 2025. In Q1, guests spent nearly $25 billion on Airbnb. Our results show that no matter what’s happening in the world, people continue to choose Airbnb. That’s because our model is inherently adaptable. We’ve proven this time and time again, from our founding during the Great Recession to going public in the middle of the pandemic. We have millions of homes in neighborhoods and cities all over the world. Guests can find stays at every price point, from budget to luxury. And for hosts, Airbnb remains an incredible way to earn extra income. As the world changes, we’ll continue to adapt. 

Our Q1 results are also a reflection of our focus and discipline. As we’ve shared in recent quarters, we’re focused on driving long-term growth and preparing for Airbnb’s next chapter—where we’ll offer more than a place to stay. We’ve been laying the groundwork for this transformation for years. We started by improving our core service, rolling out hundreds of upgrades that have made Airbnb easier to use, more reliable, and more affordable. We introduced features like Guest Favorites to help people easily find the best places to stay, and total price display to give them more transparency around pricing. But improving our core service wasn’t enough. To expand beyond homes, we needed an app that could support entirely new offerings. So we spent the past few years rebuilding the Airbnb app on a new technology stack. With this new platform, we can innovate faster and introduce a range of new businesses in the years ahead.

Q1 2025 financial results

Here’s a snapshot of our Q1 2025 results: 

• Q1 revenue was $2.3 billion, up 6% year-over-year. Revenue increased to $2.3 billion in Q1 2025 from $2.1 billion in Q1 2024, primarily driven by solid growth in nights stayed, partially offset by a slight decrease in Average Daily Rate (“ADR”). When you exclude the impact of FX and calendar factors (the timing of Easter and the inclusion of Leap Day in Q1 2024), revenue would have increased 11%.
• Q1 net income was $154 million, representing a 7% net income margin. Net income decreased to $154 million in Q1 2025 compared to $264 million in Q1 2024, primarily due to higher stock-based compensation expense largely driven by increased headcount, write-downs of certain investments in privately-held companies and lower interest income. 
• Q1 Adjusted EBITDA was $417 million, representing an 18% Adjusted EBITDA Margin. Adjusted EBITDA decreased to $417 million in Q1 2025 from $424 million in Q1 2024 primarily due to Q1 2024 revenue benefiting from the calendar factors described above, as well as investments in product development in Q1 2025.¹
• Q1 Free Cash Flow was $1.8 billion, representing a FCF Margin of 78%. In Q1 2025, net cash provided by operating activities was $1.8 billion compared to $1.9 billion in Q1 2024. This decrease in year-over-year cash flow was primarily driven by the decline in net income. Our TTM FCF was $4.4 billion, representing a TTM FCF Margin of 39%.²
• Q1 share repurchases of $807 million. As of March 31, 2025, we had $11.5 billion of cash and cash equivalents, short-term investments, and restricted cash, as well as $9.2 billion of funds held on behalf of guests. Our strong cash flow enabled us to repurchase $807 million of our Class A common stock in Q1 2025. Share repurchases for the trailing twelve months totaling $3.5 billion helped us reduce our fully diluted share count from 677 million at the end of Q1 2024 to 660 million at the end of Q1 2025. As of March 31, 2025, we had the authorization to purchase up to $2.5 billion of our Class A common stock under our current share repurchase plan.