Airbnb Q4 2024 financial results
We issued our fourth quarter and full-year 2024 financial results. You can read the details here. Airbnb Co-Founder and CEO Brian Chesky said:
“In 2024, we outpaced the travel industry’s growth, with revenue, nights booked, and GBV all accelerating in Q4. This growth reflects the significant improvements we’ve made to Airbnb’s usability, affordability, and reliability—and we’re excited to build on this momentum in 2025.”
Overview of Q4 results
Over the past several years, we’ve been preparing for Airbnb’s next chapter. We’ve rebuilt our platform from the ground up on a new technology stack, and improved the overall user experience, with over 535 features and upgrades based on feedback from our guests and hosts. Today, our service is better than ever, and our platform is ready to support the new offerings we’ll launch as part of our May 2025 Summer Release. While these efforts are setting us up for long-term growth, they’re already driving a positive impact on the business, which is evident from our Q4 results.
Nights growth accelerated in Q4 compared to Q3—resulting in the highest-growth quarter of the year. This momentum allowed us to end 2024 with over 491 million Nights and Experiences Booked and nearly $82 billion of GBV. Revenue surpassed $11 billion in 2024 driven by strong demand and a modest increase in ADR, as well as our monetization efforts, including the expansion of our guest travel insurance and introduction of an additional service fee amount for cross-currency bookings. Adjusted EBITDA of $4.0 billion in 2024 increased 11% year-over-year and represented an Adjusted EBITDA Margin of 36%. We also generated $4.5 billion of FCF in 2024, highlighting the strength of our cash-generating business model.
Airbnb is a fundamentally stronger company today than it was several years ago. Since our 2020 IPO, our revenue and GBV have tripled, and in 2024, we successfully outpaced the travel industry’s growth. We’re continuing to build on this momentum in 2025, executing a multi-year strategy to perfect the core service, accelerate growth in global markets, and launch and scale new offerings.
Q4 and full-year 2024 financial results
Here’s a snapshot of our Q4 and full-year 2024 results:
- Q4 revenue was $2.5 billion, up 12% year-over-year. Revenue increased to $2.5 billion in Q4 2024 from $2.2 billion in Q4 2023, primarily driven by solid growth in nights stayed and a modest increase in Average Daily Rate (“ADR”).
- Q4 net income was $461 million, representing a 19% net income margin. Net income increased to $461 million in Q4 2024 compared to a net loss of $349 million in Q4 2023. In Q4 2023, net loss included non-recurring tax withholding expenses and lodging tax reserves of approximately $1 billion.
- Q4 Adjusted EBITDA was $765 million, up 4% year-over-year. Adjusted EBITDA increased to $765 million in Q4 2024 from $738 million in Q4 2023, which demonstrates the continued strength of our business and discipline in managing our cost structure. Adjusted EBITDA Margin was 31% in Q4 2024 compared to 33% in Q4 2023. 1
- Q4 Free Cash Flow was $458 million, representing a FCF Margin of 18%. In Q4 2024, net cash provided by operating activities was $466 million compared to $63 million in Q4 2023. In Q4 2023, net cash provided by operating activities included non-recurring tax items associated with host withholding and lodging taxes. Our full-year 2024 FCF was $4.5 billion, representing a FCF Margin of 40%. 2
- Q4 share repurchases of $838 million. Our strong cash flow enabled us to repurchase $838 million of our Class A common stock in Q4 2024. Share repurchases during full-year 2024 totaled $3.4 billion and helped us to reduce our fully diluted share count from 676 million at the end of 2023 to 658 million at the end of 2024. As of December 31, 2024, we had the ability to purchase up to $3.3 billion of our Class A common stock under our current share repurchase authorization.
Results from our 2024 Winter Release
Hosting on Airbnb is one of the best ways to make money from your home, but not everyone has the time to do it. That’s why we introduced Co-Host Network3, an easy way to find the best local co-hosts to help manage your Airbnb. Co-hosts provide personalized support based on hosts’ needs, from listing setup to managing bookings and communicating with guests. By helping take the work out of hosting, we believe we’ll be able to unlock a significant amount of high-quality supply. In the four months since launching, Co-Host Network has grown to support almost 100,000 listings. These listings earn approximately twice as much as Airbnb listings in comparable countries4. We launched Co-Host Network in 10 countries, and are expanding it to Japan and Korea in the coming months.
Driving growth through product optimizations
Our ambition is to perfect our core service. As part of this work, we’re continuously rolling out product optimizations to drive business growth. Recent initiatives include enhanced search functionality, better merchandising, flexible payment options, and the launch of local payment methods in nearly two dozen countries, including Brazil, Korea, and Indonesia. Collectively, these optimizations have contributed to higher conversion rates, and we expect to see the full benefits in 2025. In the year ahead, we’ll begin delivering on an extensive roadmap of additional improvements.
A rebuilt tech platform for new offerings
Over the past several years, we’ve rebuilt the Airbnb technology stack, including completely overhauling and modernizing the app experience. We introduced brand-new listing management tools, making it easier for hosts to list and manage their homes, while giving them the ability to offer more services in the future. We’ve also upgraded our messaging system into a unified platform, making communication between guests and hosts more seamless. We’re already seeing our investments in performance pay off with improved usability, which we know drives growth. With this new tech platform, we can innovate faster and expand beyond short-term rentals into an extensible platform with a range of new offerings.