Airbnb(NASDAQ:ABNB) 
Airbnb, Inc., together with its subsidiaries, operates a platform for stays and experiences to guests worldwide. The company's marketplace model connects hosts and guests online or through mobile devices to book spaces and experiences. It primarily offers private rooms and luxury villas. The company...
Website: https://www.airbnb.com/
Founded: 2008
IPO Price: $68 (Dec 10, 2020)
Full Time Employees: 6,811 (Dec 2022)
Founder: Brian Chesky, Nathan Blecharczyk, Joe Gebbia
CEO: Brian Chesky
Sector: Consumer Cyclical
Industry: Internet Content & Information
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At a glance:
- Demand and Nights Booked Remain the Core Driver: Airbnb’s performance is primarily tied to growth in nights and experiences booked and sustained travel demand across leisure and urban markets, with results often influenced by seasonality and macro travel trends.
- Average Daily Rate (ADR) and Mix Shift Matter: Revenue is shaped not only by booking volume but also by ADR and the mix of stays (e.g., longer stays, international travel, higher-priced listings), which can amplify or offset demand changes.
- Supply Growth and Host Retention Are Key: Expanding and retaining high-quality listings is critical to meeting demand, supporting conversion, and limiting price inflation; host tools, protections, and incentives can impact supply dynamics.
- Regulatory and Legal Environment Remains a Material Risk: Local short-term rental regulations, permitting requirements, taxes, and enforcement in major cities can constrain supply, add compliance costs, and create uncertainty in key markets.
- Margin Profile Benefits from a Scalable Platform, but Spending Choices Drive Near-Term Outcomes: Airbnb’s asset-light model can generate strong margins as it scales, but product development, trust & safety, marketing, and customer support investments can meaningfully influence profitability and cash flow in the near term.
Bull Thesis:
- Market Dominance and Network Effect: Airbnb benefits from a powerful network effect, where a vast global base of hosts attracts more guests, and more guests attract more hosts. This creates a strong competitive moat, making it difficult for new entrants to replicate its scale and variety of unique listings, ensuring continued market leadership.
- Resilient Travel Demand and Unique Offerings: Post-pandemic travel demand remains robust, with a growing preference for unique, local experiences and flexible stays, which Airbnb is uniquely positioned to provide. The rise of remote work further fuels demand for longer stays and travel outside traditional tourist hubs, expanding its addressable market.
- Strong Financial Performance and Profitability: Airbnb has demonstrated consistent revenue growth, improving gross margins, and has achieved sustained GAAP profitability and strong free cash flow generation. This financial strength provides capital for reinvestment, acquisitions, and potential shareholder returns, indicating a healthy and maturing business model.
- Expansion into Experiences and Long-Term Stays: Beyond traditional short-term rentals, Airbnb is successfully expanding its 'Experiences' segment and seeing significant growth in longer-term stays (28+ nights). These initiatives diversify revenue streams, increase total addressable market, and enhance user engagement, reducing reliance on single-segment performance.
Bear Thesis:
- Increasing Regulatory Headwinds: A growing number of major cities worldwide are implementing stricter regulations, taxes, and outright bans on short-term rentals. These measures can significantly limit host supply, increase operational costs for hosts, and restrict Airbnb's growth potential in key urban markets, impacting revenue and profitability.
- Intensifying Competition and Pricing Pressure: Airbnb faces fierce competition from traditional hotels, other online travel agencies (OTAs) like Booking.com and Expedia (Vrbo), and even emerging local platforms. This competitive landscape could lead to pricing pressure, higher marketing spend, and potential erosion of Airbnb's take rate, squeezing margins.
- Economic Sensitivity and Discretionary Spending: As travel is largely a discretionary expense, Airbnb's business is highly sensitive to economic downturns, recessions, or periods of high inflation. A significant weakening of consumer spending power could lead to reduced travel demand, lower booking volumes, and increased cancellations, directly impacting financial results.
- Host Supply Constraints and Churn: Hosts may face increasing operational challenges due to regulations, rising costs (e.g., cleaning, maintenance), or dissatisfaction with Airbnb's policies/fees. Potential host churn or difficulty in attracting new hosts could limit inventory growth, reduce listing diversity, and impact the platform's overall value proposition to guests.
Main Competitors:
- Booking Holdings ($BKNG) (Booking.com), A global online travel agency that offers a vast inventory of hotels, resorts, and increasingly, vacation rentals. It competes with Airbnb by providing a comprehensive platform for various types of accommodation, often with a strong focus on instant booking, a wider range of traditional lodging options, and a strong international presence.
- Expedia Group ($EXPE) (Vrbo), A direct competitor in the vacation rental space, focusing specifically on entire homes and private spaces, often catering to families and groups. Vrbo differentiates by not listing shared spaces and emphasizing the 'whole home' experience, directly challenging Airbnb's core vacation rental offering, particularly for longer stays and larger groups.
- Marriott International ($MAR) (Marriott Hotels & Resorts / Homes & Villas by Marriott International), A global hospitality company with a vast portfolio of hotels, resorts, and extended-stay properties. It competes by offering traditional hotel amenities, loyalty programs, and a consistent service standard. Marriott also directly entered the luxury home rental market with 'Homes & Villas by Marriott International,' directly challenging Airbnb in the premium segment.
- Hilton Worldwide Holdings ($HLT) (Hilton Hotels & Resorts), Another major global hotel chain offering a wide range of accommodation types, from luxury to economy. Hilton competes with Airbnb by providing standardized services, loyalty programs, and a reliable experience, appealing to travelers who prefer traditional hospitality over peer-to-peer rentals, especially for business travel or those seeking predictable amenities.
Moat:
Airbnb's primary moat stems from its strong brand recognition, vast and diverse inventory of unique stays, and the network effect where more hosts attract more guests, and vice-versa. However, it faces intense competition from traditional hotel chains offering standardized experiences, loyalty programs, and consistent service. Online Travel Agencies (OTAs) like Booking.com and Expedia (via Vrbo) compete directly by offering their own extensive listings of hotels and vacation rentals, often with different pricing models, inventory focuses (e.g., whole homes only), or target demographics. This competitive landscape forces Airbnb to continuously innovate on host tools, guest experience, safety features, and expand into new travel segments to maintain its market position.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 2,778,000,000 | 4,095,000,000 | 3,096,000,000 | 2,272,000,000 | 2,480,000,000 | 3,732,000,000 | 2,748,000,000 | 2,142,000,000 | 2,218,000,000 | 3,397,000,000 | 2,484,000,000 | 1,818,000,000 | 1,901,546,000 | 2,884,410,000 | 2,104,107,000 | 1,508,937,000 | 1,532,196,000 | 2,237,432,000 | 1,335,196,000 | 886,936,000 | |
yoy | 12.02% | 9.73% | 12.66% | 6.07% | 11.81% | 9.86% | 10.63% | 17.82% | 16.64% | 17.77% | 18.05% | 20.48% | 24.11% | 28.92% | 57.59% | 70.13% | |||||
qoq | -32.16% | 32.27% | 36.27% | -8.39% | -33.55% | 35.81% | 28.29% | -3.43% | -34.71% | 36.76% | 36.63% | -4.39% | -34.08% | 37.08% | 39.44% | -1.52% | -31.52% | 67.57% | 50.54% | ||
costs and expenses: | |||||||||||||||||||||
cost of revenue | 487,000,000 | 549,000,000 | 544,000,000 | 506,000,000 | 427,000,000 | 465,000,000 | 506,000,000 | 480,000,000 | 384,000,000 | 459,000,000 | 432,000,000 | 428,000,000 | 345,121,000 | 401,149,000 | 390,107,000 | 362,623,000 | 295,311,000 | 311,580,000 | 294,427,000 | 254,515,000 | |
operations and support | 327,000,000 | 365,000,000 | 332,000,000 | 303,000,000 | 290,000,000 | 369,000,000 | 338,000,000 | 285,000,000 | 271,000,000 | 316,000,000 | 317,000,000 | 282,000,000 | 259,787,000 | 289,946,000 | 258,255,000 | 233,012,000 | 225,166,000 | 228,330,000 | 208,125,000 | 185,436,000 | |
product development | 589,000,000 | 587,000,000 | 610,000,000 | 568,000,000 | 538,000,000 | 524,000,000 | 519,000,000 | 475,000,000 | 432,000,000 | 419,000,000 | 451,000,000 | 420,000,000 | 397,841,000 | 366,182,000 | 375,050,000 | 362,927,000 | 367,843,000 | 344,410,000 | 349,734,000 | 363,061,000 | |
sales and marketing | 695,000,000 | 639,000,000 | 691,000,000 | 563,000,000 | 547,000,000 | 514,000,000 | 573,000,000 | 514,000,000 | 424,000,000 | 403,000,000 | 486,000,000 | 450,000,000 | 408,344,000 | 383,165,000 | 379,875,000 | 344,616,000 | 351,028,000 | 290,856,000 | 315,323,000 | 229,125,000 | |
general and administrative | 411,000,000 | 330,000,000 | 307,000,000 | 294,000,000 | 248,000,000 | 335,000,000 | 315,000,000 | 287,000,000 | 1,203,000,000 | 304,000,000 | 275,000,000 | 243,000,000 | 255,738,000 | 240,435,000 | 243,254,000 | 210,573,000 | 216,511,000 | 210,748,000 | 218,303,000 | 189,762,000 | |
total costs and expenses | 2,509,000,000 | 2,470,000,000 | 2,484,000,000 | 2,234,000,000 | 2,050,000,000 | 2,207,000,000 | 2,251,000,000 | 2,041,000,000 | 2,714,000,000 | 1,901,000,000 | 1,961,000,000 | 1,823,000,000 | 1,666,719,000 | 1,680,929,000 | 1,735,284,000 | 1,514,068,000 | 1,456,629,000 | 1,385,459,000 | 1,386,474,000 | 1,333,881,000 | |
income from operations | 269,000,000 | 1,625,000,000 | 612,000,000 | 38,000,000 | 430,000,000 | 1,525,000,000 | 497,000,000 | 101,000,000 | -496,000,000 | 1,496,000,000 | 523,000,000 | -5,000,000 | 234,827,000 | 1,203,481,000 | 368,823,000 | -5,131,000 | 75,567,000 | 851,973,000 | -51,278,000 | -446,945,000 | |
yoy | -37.44% | 6.56% | 23.14% | -62.38% | -186.69% | 1.94% | -4.97% | -2120.00% | -311.22% | 24.31% | 41.80% | -2.55% | 210.75% | 41.26% | -819.26% | -98.85% | |||||
qoq | -83.45% | 165.52% | 1510.53% | -91.16% | -71.80% | 206.84% | 392.08% | -120.36% | -133.16% | 186.04% | -10560.00% | -102.13% | -80.49% | 226.30% | -7288.13% | -106.79% | -91.13% | -1761.48% | -88.53% | ||
operating margin % | 9.68% | 39.68% | 19.77% | 1.67% | 17.34% | 40.86% | 18.09% | 4.72% | -22.36% | 44.04% | 21.05% | -0.28% | 12.35% | 41.72% | 17.53% | -0.34% | 4.93% | 38.08% | -3.84% | -50.39% | |
interest income | 162,000,000 | 180,000,000 | 190,000,000 | 173,000,000 | 183,000,000 | 207,000,000 | 226,000,000 | 202,000,000 | 192,000,000 | 192,000,000 | 191,000,000 | 146,000,000 | 102,552,000 | 58,457,000 | 20,247,000 | 4,744,000 | 3,778,000 | 2,962,000 | 2,942,000 | 3,052,000 | |
other income | -18,500,000 | -13,000,000 | 9,000,000 | 3,000,000 | -8,000,000 | -3,000,000 | -36,000,000 | 11,768,000 | 13,643,000 | 1,524,000 | -4,605,000 | 2,172,000 | -300,098,000 | ||||||||
income before income taxes | 393,000,000 | 1,792,000,000 | 779,000,000 | 173,000,000 | 622,000,000 | 1,735,000,000 | 681,000,000 | 293,000,000 | -383,000,000 | 1,679,000,000 | 676,000,000 | 130,000,000 | 344,076,000 | 1,269,899,000 | 383,111,000 | -8,086,000 | 72,221,000 | 850,458,000 | -56,984,000 | -1,165,902,000 | |
provision for income taxes | 52,000,000 | 418,000,000 | 137,000,000 | 19,000,000 | 161,000,000 | 367,000,000 | 126,000,000 | 29,000,000 | -34,000,000 | -2,695,000,000 | 26,000,000 | 13,000,000 | 25,413,000 | 55,611,000 | 4,270,000 | 10,706,000 | 17,720,000 | 16,565,000 | 11,233,000 | 6,309,000 | |
net income | 341,000,000 | 1,374,000,000 | 642,000,000 | 154,000,000 | 461,000,000 | 1,368,000,000 | 555,000,000 | 264,000,000 | -349,000,000 | 4,374,000,000 | 650,000,000 | 117,000,000 | 318,663,000 | 1,214,288,000 | 378,841,000 | -18,792,000 | 54,501,000 | 833,893,000 | -68,217,000 | -1,172,211,000 | |
yoy | -26.03% | 0.44% | 15.68% | -41.67% | -232.09% | -68.72% | -14.62% | 125.64% | -209.52% | 260.21% | 71.58% | -722.61% | 484.69% | 45.62% | -655.35% | -98.40% | |||||
qoq | -75.18% | 114.02% | 316.88% | -66.59% | -66.30% | 146.49% | 110.23% | -175.64% | -107.98% | 572.92% | 455.56% | -63.28% | -73.76% | 220.53% | -2115.97% | -134.48% | -93.46% | -1322.41% | -94.18% | ||
net income margin % | 12.28% | 33.55% | 20.74% | 6.78% | 18.59% | 36.66% | 20.20% | 12.32% | -15.73% | 128.76% | 26.17% | 6.44% | 16.76% | 42.10% | 18.00% | -1.25% | 3.56% | 37.27% | -5.11% | -132.16% | |
net income per share | -0.03 | -0.11 | -1.95 | ||||||||||||||||||
basic | 0.57 | 2.25 | 1.04 | 0.25 | 0.74 | 2.17 | 0.87 | 0.41 | -0.56 | 6.83 | 1.02 | 0.18 | 0.5 | 1.9 | 0.59 | -0.168 | 1.34 | ||||
diluted | 0.56 | 2.21 | 1.03 | 0.24 | 0.73 | 2.13 | 0.86 | 0.41 | -0.5 | 6.63 | 0.98 | 0.18 | 0.48 | 1.79 | 0.56 | -0.168 | 1.22 | ||||
weighted-average shares used for eps calculation | 635,314 | 615,891 | 611,739 | 600,960 | |||||||||||||||||
basic | 613 | 611 | 615 | 621 | 632 | 631 | 635 | 638 | 637 | 640 | 635 | 634 | 637 | 638,696 | 638,407 | 621,012 | |||||
diluted | 623 | 621 | 626 | 632 | 645 | 642 | 649 | 654 | 662 | 660 | 665 | 670 | 680 | 680,059 | 683,536 | 681,916 | |||||
other expense | -23,000,000 | -38,000,000 | -42,000,000 | -10,000,000 | -7,000,000 | -1,935,000 | -2,128,000 | ||||||||||||||
restructuring charges | -112,000 | 52,000 | 88,743,000 | 317,000 | 770,000 | -465,000 | 562,000 | 111,982,000 | |||||||||||||
interest expense | -71,000,000 | -6,000,000 | -2,000,000 | -4,000,000 | -5,071,000 | -5,682,000 | -7,483,000 | -5,764,000 | -2,519,000 | -6,649,000 | -6,520,000 | -421,911,000 | |||||||||
net income per share | -0.03 | -0.11 | -1.95 | ||||||||||||||||||
weighted-average shares used for eps calculation | 635,314 | 615,891 | 611,739 | 600,960 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
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assets | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash and cash equivalents | 6,560,000,000 | 7,528,000,000 | 7,402,000,000 | 7,600,000,000 | 6,864,000,000 | 7,670,000,000 | 7,882,000,000 | 7,829,000,000 | 6,874,000,000 | 8,175,000,000 | 7,905,000,000 | 8,166,000,000 | 7,378,000,000 | 7,523,688,000 | 7,837,992,000 | 6,886,628,000 | 6,067,438,000 | 5,994,698,000 | 5,672,682,000 | 4,482,641,000 | 5,480,557,000 |
short-term investments | 4,454,000,000 | 4,156,000,000 | 3,954,000,000 | 3,892,000,000 | 3,747,000,000 | 3,583,000,000 | 3,369,000,000 | 3,264,000,000 | 3,197,000,000 | 2,787,000,000 | 2,435,000,000 | 2,428,000,000 | |||||||||
funds receivable and amounts held on behalf of customers | 6,959,000,000 | 7,209,000,000 | 11,067,000,000 | 9,175,000,000 | 5,931,000,000 | 6,573,000,000 | 10,342,000,000 | 8,737,000,000 | 5,869,000,000 | 5,986,000,000 | 9,144,000,000 | 7,760,000,000 | 4,783,000,000 | 4,805,382,000 | 7,465,510,000 | 6,104,653,000 | 3,715,471,000 | 3,940,494,000 | 6,301,695,000 | 4,014,876,000 | 2,181,329,000 |
prepaids and other current assets | 824,000,000 | 645,000,000 | 757,000,000 | 628,000,000 | 638,000,000 | 493,000,000 | 659,000,000 | 563,000,000 | 569,000,000 | 575,000,000 | 568,000,000 | 515,000,000 | 456,000,000 | 432,036,000 | 449,892,000 | 319,738,000 | 333,669,000 | 344,956,000 | 351,584,000 | 322,544,000 | 309,954,000 |
total current assets | 18,797,000,000 | 19,538,000,000 | 23,180,000,000 | 21,295,000,000 | 17,180,000,000 | 18,319,000,000 | 22,252,000,000 | 20,393,000,000 | 16,509,000,000 | 17,523,000,000 | 20,052,000,000 | 18,869,000,000 | 14,861,000,000 | 14,866,524,000 | 17,825,649,000 | 15,761,447,000 | 12,386,380,000 | 12,220,917,000 | 14,095,982,000 | 10,926,641,000 | 8,916,386,000 |
deferred income tax assets | 2,102,000,000 | 2,146,000,000 | 2,428,000,000 | 2,459,000,000 | 2,439,000,000 | ||||||||||||||||
goodwill and intangible assets | 770,000,000 | 773,000,000 | 776,000,000 | 775,000,000 | 777,000,000 | 783,000,000 | 783,000,000 | 786,000,000 | 792,000,000 | 676,000,000 | 679,000,000 | 682,000,000 | |||||||||
other assets, noncurrent | 539,000,000 | 607,000,000 | 608,000,000 | 527,000,000 | 563,000,000 | 469,000,000 | 460,000,000 | 472,000,000 | 463,000,000 | 195,000,000 | 194,000,000 | 207,000,000 | 234,000,000 | 252,709,000 | 258,944,000 | 202,619,000 | 188,563,000 | 195,532,000 | 188,299,000 | 177,121,000 | 189,164,000 |
total assets | 22,208,000,000 | 23,064,000,000 | 26,992,000,000 | 25,056,000,000 | 20,959,000,000 | 22,172,000,000 | 26,320,000,000 | 24,537,000,000 | 20,645,000,000 | 21,439,000,000 | 21,188,000,000 | 20,018,000,000 | 16,038,000,000 | 16,076,590,000 | 19,059,126,000 | 17,068,442,000 | 13,708,474,000 | 13,582,003,000 | 15,484,810,000 | 12,339,077,000 | 10,491,499,000 |
liabilities and stockholders’ equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accrued expenses, accounts payable, and other current liabilities | 2,948,000,000 | 3,012,000,000 | 2,895,000,000 | 2,836,000,000 | 2,614,000,000 | 3,106,000,000 | 2,865,000,000 | 2,968,000,000 | 2,654,000,000 | ||||||||||||
funds payable and amounts payable to customers | 6,959,000,000 | 7,209,000,000 | 11,067,000,000 | 9,175,000,000 | 5,931,000,000 | 6,573,000,000 | 10,342,000,000 | 8,737,000,000 | 5,869,000,000 | 5,986,000,000 | 9,144,000,000 | 7,760,000,000 | 4,783,000,000 | 4,805,382,000 | 7,465,510,000 | 6,104,653,000 | 3,715,471,000 | 3,940,494,000 | 6,301,695,000 | 4,014,876,000 | 2,181,329,000 |
current portion of long-term debt | 1,999,000,000 | 1,998,000,000 | 1,997,000,000 | 1,996,000,000 | |||||||||||||||||
unearned fees | 1,743,000,000 | 1,820,000,000 | 2,857,000,000 | 2,723,000,000 | 1,616,000,000 | 1,657,000,000 | 2,621,000,000 | 2,434,000,000 | 1,427,000,000 | 1,467,000,000 | 2,347,000,000 | 2,172,000,000 | 1,182,000,000 | 1,220,256,000 | 1,980,863,000 | 1,747,746,000 | 903,728,000 | 892,415,000 | 1,483,909,000 | 946,204,000 | 407,895,000 |
total current liabilities | 13,649,000,000 | 14,039,000,000 | 18,816,000,000 | 16,730,000,000 | 10,161,000,000 | 11,336,000,000 | 15,828,000,000 | 14,139,000,000 | 9,950,000,000 | 9,821,000,000 | 13,624,000,000 | 12,212,000,000 | 7,978,000,000 | 8,015,327,000 | 11,287,165,000 | 9,773,782,000 | 6,359,282,000 | 6,559,314,000 | 9,496,350,000 | 6,573,192,000 | 5,139,779,000 |
long-term debt | 1,995,000,000 | 1,994,000,000 | 1,993,000,000 | 1,992,000,000 | 1,991,000,000 | 1,990,000,000 | 1,989,000,000 | 1,988,000,000 | 1,987,000,000 | 1,985,659,000 | 1,984,618,000 | 1,983,578,000 | 1,982,537,000 | 1,981,496,000 | 1,980,455,000 | 1,979,398,000 | 1,815,562,000 | ||||
other liabilities, noncurrent | 360,000,000 | 415,000,000 | 394,000,000 | 389,000,000 | 391,000,000 | 354,000,000 | 497,000,000 | 510,000,000 | 287,000,000 | 240,000,000 | 231,000,000 | 227,000,000 | 218,000,000 | 212,267,000 | 207,329,000 | 214,758,000 | 218,459,000 | 208,335,000 | 202,622,000 | 204,305,000 | 203,470,000 |
total liabilities | 14,009,000,000 | 14,454,000,000 | 19,210,000,000 | 17,119,000,000 | 12,547,000,000 | 13,684,000,000 | 18,318,000,000 | 16,641,000,000 | 12,480,000,000 | 12,316,000,000 | 16,129,000,000 | 14,727,000,000 | 10,478,000,000 | 10,536,454,000 | 13,814,101,000 | 12,331,026,000 | 8,932,761,000 | 9,133,069,000 | 12,091,609,000 | 9,179,654,000 | 7,589,716,000 |
commitments and contingencies | |||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||
common stock | |||||||||||||||||||||
additional paid-in capital | 13,763,000,000 | 13,437,000,000 | 13,168,000,000 | 12,841,000,000 | 12,602,000,000 | 12,378,000,000 | 12,116,000,000 | 11,819,000,000 | 11,639,000,000 | 11,452,000,000 | 11,290,000,000 | 11,662,000,000 | 11,557,000,000 | 11,365,347,000 | 11,266,683,000 | 11,126,300,000 | 11,140,284,000 | 10,864,266,000 | 10,639,267,000 | 10,339,480,000 | 8,904,791,000 |
accumulated other comprehensive income | -62,000,000 | -79,000,000 | -128,000,000 | -21,000,000 | 35,000,000 | -6,893,000 | -3,152,000 | 7,000 | -2,200,000 | 2,639,000 | |||||||||||
accumulated deficit | -5,502,000,000 | -4,748,000,000 | -5,258,000,000 | -4,883,000,000 | -4,225,000,000 | -3,843,000,000 | -4,109,000,000 | -3,914,000,000 | -3,425,000,000 | -2,324,000,000 | -6,198,000,000 | -6,341,000,000 | -5,965,000,000 | -5,783,403,000 | -5,997,692,000 | -6,376,533,000 | -6,357,741,000 | -6,412,242,000 | -7,246,135,000 | -7,177,918,000 | -6,005,707,000 |
total stockholders’ equity | 8,199,000,000 | 8,610,000,000 | 7,782,000,000 | 7,937,000,000 | 8,412,000,000 | 8,488,000,000 | 8,002,000,000 | 7,896,000,000 | 8,165,000,000 | 9,123,000,000 | 5,059,000,000 | 5,291,000,000 | 5,560,000,000 | 5,540,136,000 | 5,245,025,000 | 4,737,416,000 | 4,775,713,000 | 4,448,934,000 | 3,393,201,000 | 3,159,423,000 | 2,901,783,000 |
total liabilities and stockholders’ equity | 22,208,000,000 | 23,064,000,000 | 26,992,000,000 | 25,056,000,000 | 20,959,000,000 | 22,172,000,000 | 26,320,000,000 | 24,537,000,000 | 20,645,000,000 | 21,439,000,000 | 21,188,000,000 | 20,018,000,000 | 16,038,000,000 | 16,076,590,000 | 19,059,126,000 | 17,068,442,000 | 13,708,474,000 | 13,582,003,000 | 15,484,810,000 | 12,339,077,000 | |
deferred tax assets | 2,601,000,000 | 2,825,000,000 | 2,886,000,000 | 2,881,000,000 | 2,775,000,000 | ||||||||||||||||
accumulated other comprehensive loss | -47,000,000 | -5,000,000 | -9,000,000 | -49,000,000 | -5,000,000 | -33,000,000 | -30,000,000 | -32,000,000 | -41,871,000 | -24,030,000 | -12,415,000 | ||||||||||
operating lease liabilities, noncurrent | 252,000,000 | 265,000,000 | 285,000,000 | 300,000,000 | 295,000,000 | 323,201,000 | 334,989,000 | 358,908,000 | 372,483,000 | 383,924,000 | 412,182,000 | 422,759,000 | 430,905,000 | ||||||||
property and equipment | 147,000,000 | 132,000,000 | 122,000,000 | 121,000,000 | 118,459,000 | 118,056,000 | 142,729,000 | 156,585,000 | 173,876,000 | 193,250,000 | 210,953,000 | 270,194,000 | |||||||||
operating lease right-of-use assets | 123,000,000 | 131,000,000 | 138,000,000 | 138,000,000 | 154,217,000 | 164,633,000 | 263,110,000 | 272,036,000 | 280,058,000 | 289,072,000 | 301,020,000 | 384,068,000 | |||||||||
accounts payable | 163,000,000 | 100,000,000 | 161,000,000 | 137,000,000 | 152,661,000 | 139,248,000 | 128,187,000 | 118,361,000 | 97,093,000 | 97,669,000 | 116,688,000 | 79,898,000 | |||||||||
accrued expenses and other current liabilities | 2,205,000,000 | 2,033,000,000 | 2,119,000,000 | 1,817,000,000 | 1,784,704,000 | 1,639,842,000 | 1,729,672,000 | 1,558,243,000 | 1,563,734,000 | 1,561,965,000 | 1,440,557,000 | 2,414,071,000 | |||||||||
marketable securities | 2,244,000,000 | 2,103,898,000 | 2,057,487,000 | 2,435,661,000 | 2,255,038,000 | 1,926,005,000 | 1,755,257,000 | 2,086,666,000 | 910,700,000 | ||||||||||||
intangible assets | 34,000,000 | 38,154,000 | 42,426,000 | 46,673,000 | 52,308,000 | 57,981,000 | 63,653,000 | 69,325,000 | 75,886,000 | ||||||||||||
goodwill | 650,000,000 | 646,527,000 | 649,418,000 | 651,864,000 | 652,602,000 | 653,639,000 | 654,554,000 | 654,017,000 | 655,801,000 | ||||||||||||
operating lease liabilities, current | 59,000,000 | 52,324,000 | 61,702,000 | 63,524,000 | 63,479,000 | 65,578,000 | 51,112,000 | 54,867,000 | 56,586,000 | ||||||||||||
restricted cash | 1,520,000 | 14,768,000 | 14,767,000 | 14,764,000 | 14,764,000 | 14,764,000 | 19,914,000 | 33,846,000 | |||||||||||||
common stock, 0.0001 par value... | 63,000 | 64,000 | 64,000 | 63,000 | 62,000 | 62,000 | 61,000 | 60,000 | |||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity | |||||||||||||||||||||
redeemable convertible preferred stock, 0.0001 par value... | |||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ equity | 10,491,499,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||
net income | 341,000,000 | 1,374,000,000 | 642,000,000 | 154,000,000 | 461,000,000 | 1,368,000,000 | 555,000,000 | 264,000,000 | -349,000,000 | 4,374,000,000 | 650,000,000 | 117,000,000 | 318,663,000 | 1,214,288,000 | ||||||
adjustments to reconcile net income to cash from operating activities: | ||||||||||||||||||||
stock-based compensation expense | 411,000,000 | 399,000,000 | 424,000,000 | 358,000,000 | 368,000,000 | 362,000,000 | 382,000,000 | 295,000,000 | 290,000,000 | 286,000,000 | 304,000,000 | 240,000,000 | 253,608,000 | 234,364,000 | 247,105,000 | 194,923,000 | 225,704,000 | 210,789,000 | 232,863,000 | 229,474,000 |
deferred income taxes | 40,000,000 | 266,000,000 | 129,000,000 | 239,000,000 | -116,000,000 | |||||||||||||||
other | 63,000,000 | 65,000,000 | 74,000,000 | 71,000,000 | -18,000,000 | -11,000,000 | 57,000,000 | 4,000,000 | 43,000,000 | 11,000,000 | 0 | 29,000,000 | -3,043,000 | 1,139,000 | -4,575,000 | 14,479,000 | 5,846,000 | 1,944,000 | -2,561,000 | 6,978,000 |
changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||||||
prepaids and other assets | -142,000,000 | 71,000,000 | -196,000,000 | -79,000,000 | -141,000,000 | 83,000,000 | -118,000,000 | 13,000,000 | -46,000,000 | 27,000,000 | -52,000,000 | -31,000,000 | -41,015,000 | 1,733,000 | -168,000,000 | -18,718,000 | 2,817,000 | -10,791,000 | -47,049,000 | 672,000 |
accrued expenses and other liabilities | -111,000,000 | 219,000,000 | -145,000,000 | 155,000,000 | -322,000,000 | -12,000,000 | -95,000,000 | 325,000,000 | 259,000,000 | 188,000,000 | -93,000,000 | 226,000,000 | 11,944,000 | 189,819,000 | -50,685,000 | 121,922,000 | -12,412,000 | 12,067,000 | 125,626,000 | 39,849,000 |
unearned fees | -76,000,000 | -1,038,000,000 | 131,000,000 | 1,105,000,000 | -33,000,000 | -966,000,000 | 191,000,000 | 1,008,000,000 | -42,000,000 | -879,000,000 | 174,000,000 | 989,000,000 | -38,618,000 | -759,703,000 | 234,302,000 | 844,019,000 | 11,319,000 | -591,496,000 | 537,661,000 | 538,332,000 |
net cash from operating activities | 526,000,000 | 1,356,000,000 | 975,000,000 | 1,789,000,000 | 466,000,000 | 1,078,000,000 | 1,051,000,000 | 1,923,000,000 | 63,000,000 | 1,325,000,000 | 909,000,000 | 1,587,000,000 | 462,698,000 | 965,563,000 | 799,747,000 | 1,201,992,000 | 380,849,000 | 523,178,000 | 791,299,000 | 494,368,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15,000,000 | -9,000,000 | -6,000,000 | -8,394,000 | -5,599,000 | -5,048,000 | -5,959,000 | -4,458,000 | -5,506,000 | -7,652,000 | -7,706,000 |
free cash flows | 526,000,000 | 1,356,000,000 | 975,000,000 | 1,789,000,000 | 466,000,000 | 1,078,000,000 | 1,051,000,000 | 1,923,000,000 | 63,000,000 | 1,310,000,000 | 900,000,000 | 1,581,000,000 | 454,304,000 | 959,964,000 | 794,699,000 | 1,196,033,000 | 376,391,000 | 517,672,000 | 783,647,000 | 486,662,000 |
cash flows from investing activities: | ||||||||||||||||||||
purchases of short-term investments | -778,000,000 | -1,017,000,000 | -877,000,000 | -766,000,000 | -697,000,000 | -929,000,000 | -694,000,000 | -826,000,000 | -943,000,000 | -674,000,000 | -597,000,000 | -1,094,000,000 | ||||||||
sales and maturities of short-term investments | 484,000,000 | 820,000,000 | 809,000,000 | 623,000,000 | 526,000,000 | 731,000,000 | 592,000,000 | 756,000,000 | 552,000,000 | 325,000,000 | 586,000,000 | 917,000,000 | ||||||||
other investing activities | -6,000,000 | -9,000,000 | -23,000,000 | -8,000,000 | -49,000,000 | -4,000,000 | -8,000,000 | -14,000,000 | 227,000 | 620,000 | 0 | -2,847,000 | ||||||||
net cash from investing activities | -300,000,000 | -206,000,000 | -91,000,000 | -151,000,000 | -220,000,000 | -202,000,000 | -110,000,000 | -84,000,000 | -475,000,000 | -364,000,000 | -20,000,000 | -183,000,000 | -143,271,000 | -55,760,000 | 368,001,000 | -196,970,000 | -329,436,000 | -175,749,000 | 325,516,000 | -1,172,286,000 |
cash flows from financing activities: | ||||||||||||||||||||
share repurchases | ||||||||||||||||||||
taxes paid related to tax on equity awards | ||||||||||||||||||||
change in funds payable and amounts payable to customers | -269,000,000 | -3,840,000,000 | 1,436,000,000 | 3,074,000,000 | -345,000,000 | -3,989,000,000 | 1,661,000,000 | 2,993,000,000 | -260,000,000 | -3,075,000,000 | 1,358,000,000 | 2,913,000,000 | -197,344,000 | -2,429,898,000 | 1,560,607,000 | 2,396,635,000 | -183,387,000 | -2,334,237,000 | 2,279,750,000 | 1,863,712,000 |
proceeds from exercise of equity awards and employee stock purchase plan | 44,000,000 | 3,000,000 | 61,000,000 | 8,000,000 | ||||||||||||||||
net cash from financing activities | -1,450,000,000 | -4,850,000,000 | 328,000,000 | 2,145,000,000 | -1,330,000,000 | -5,187,000,000 | 811,000,000 | 2,134,000,000 | -1,171,000,000 | -3,712,000,000 | 167,000,000 | 2,286,000,000 | -764,430,000 | -3,574,056,000 | 1,445,967,000 | 2,203,519,000 | -146,487,000 | -2,323,426,000 | 2,333,538,000 | 1,567,534,000 |
effect of exchange rate changes on cash, cash equivalents, and restricted cash | -3,000,000 | -31,000,000 | 482,000,000 | 207,000,000 | -354,000,000 | 319,000,000 | -91,000,000 | -111,000,000 | 162,000,000 | -142,000,000 | 53,000,000 | 79,000,000 | 288,910,000 | -318,025,000 | -311,283,000 | 3,398,000 | -50,855,000 | -103,252,000 | 16,533,000 | -72,287,000 |
net increase in cash, cash equivalents, and restricted cash | -1,227,000,000 | -3,731,000,000 | 1,694,000,000 | 3,990,000,000 | -1,438,000,000 | -3,992,000,000 | 1,661,000,000 | 3,862,000,000 | -1,421,000,000 | -2,893,000,000 | 1,109,000,000 | 3,769,000,000 | -156,093,000 | -2,982,278,000 | 2,302,432,000 | 3,211,939,000 | -145,929,000 | -2,079,249,000 | 3,466,886,000 | 817,329,000 |
cash, cash equivalents, and restricted cash, beginning of year | ||||||||||||||||||||
cash, cash equivalents, and restricted cash, end of year | ||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||
repurchases of common stock | -877,000,000 | -1,010,000,000 | -807,000,000 | -1,093,000,000 | -749,000,000 | -750,000,000 | -500,000,000 | -507,000,000 | -493,000,000 | -500,000,000 | ||||||||||
taxes paid related to net share settlement of equity awards | -136,000,000 | -143,000,000 | -152,000,000 | -113,000,000 | -154,000,000 | -155,000,000 | -201,000,000 | -151,000,000 | -721,000,000 | -151,000,000 | -115,634,000 | -146,807,000 | -139,791,000 | -204,768,000 | -15,054,000 | |||||
cash, cash equivalents, and restricted cash, beginning of period | 0 | 0 | 12,760,000,000 | 0 | 0 | 12,667,000,000 | 0 | 0 | 12,103,000,000 | 0 | 0 | 9,727,289,000 | 0 | 0 | 7,668,252,000 | |||||
cash, cash equivalents, and restricted cash, end of period | -3,731,000,000 | 1,694,000,000 | 16,750,000,000 | -3,992,000,000 | 1,661,000,000 | 16,529,000,000 | -2,893,000,000 | 1,109,000,000 | 15,872,000,000 | -2,982,278,000 | 2,302,432,000 | 12,939,228,000 | -2,079,249,000 | 3,466,886,000 | 8,485,581,000 | |||||
depreciation and amortization | 25,000,000 | 22,000,000 | 15,000,000 | 14,000,000 | 14,000,000 | 16,000,000 | 8,000,000 | 9,000,000 | 11,000,000 | 12,948,000 | 12,815,000 | 26,005,000 | 29,232,000 | 30,844,000 | 33,687,000 | 35,536,000 | 38,252,000 | |||
proceeds from exercise of equity awards | 30,000,000 | 46,000,000 | ||||||||||||||||||
impairment of long-lived assets | 2,150,000 | 101,000 | 0 | 0 | 0 | 112,545,000 | ||||||||||||||
supplemental disclosures of cash flow information: | ||||||||||||||||||||
cash paid for income taxes, net of refunds | 29,000,000 | 19,000,000 | 39,000,000 | 11,000,000 | 16,205,000 | 24,272,000 | 12,817,000 | 14,706,000 | 2,992,000 | 2,555,000 | 5,437,000 | 6,307,000 | ||||||||
loss on warrants | ||||||||||||||||||||
loss from extinguishment of debt | 0 | 0 | 0 | 377,248,000 | ||||||||||||||||
principal repayment of long-term debt | 0 | 0 | 0 | -1,995,000,000 | ||||||||||||||||
prepayment penalty on long-term debt | 0 | 0 | 0 | -212,883,000 | ||||||||||||||||
proceeds from issuance of convertible senior notes, net of issuance costs | 0 | 0 | 0 | 1,979,166,000 | ||||||||||||||||
purchases of capped calls related to convertible senior notes | 0 | 0 | 0 | -100,200,000 | ||||||||||||||||
repurchase of common stock | ||||||||||||||||||||
foreign exchange loss | -3,000,000 | -29,000,000 | -17,000,000 | -21,380,000 | 45,139,000 | 23,387,000 | 14,854,000 | 17,026,000 | ||||||||||||
operating lease right-of-use assets | 7,000,000 | 8,000,000 | -1,000,000 | 13,776,000 | 9,170,000 | 8,975,000 | 9,079,000 | -3,346,000 | 8,794,000 | 12,246,000 | 7,462,000 | |||||||||
accounts payable | 65,000,000 | -62,000,000 | 24,000,000 | -19,219,000 | 15,953,000 | 12,996,000 | 10,270,000 | 21,912,000 | -75,000 | -19,217,000 | 37,326,000 | |||||||||
purchases of property and equipment | -15,000,000 | -9,000,000 | -6,000,000 | -8,394,000 | -5,599,000 | -5,048,000 | -5,959,000 | -4,458,000 | -5,506,000 | -7,652,000 | -7,706,000 | |||||||||
proceeds from exercise of stock options | 14,000,000 | 6,000,000 | 17,000,000 | 20,878,000 | 2,649,000 | 4,821,000 | 11,652,000 | 32,984,000 | 20,733,000 | 36,062,000 | 47,793,000 | |||||||||
proceeds from the issuance of common stock under employee stock purchase plan | 0 | 27,670,000 | 0 | 25,157,000 | 0 | |||||||||||||||
cash paid for interest | 1,000,000 | 0 | 1,000,000 | 376,000 | 1,445,000 | 3,579,000 | 2,600,000 | 2,175,000 | 2,670,000 | 2,097,000 | 42,950,000 | |||||||||
non-cash financing activities: | ||||||||||||||||||||
net settlement of cashless stock options exercised | ||||||||||||||||||||
net settlement of cashless warrants exercised | ||||||||||||||||||||
non-cash financing activities | ||||||||||||||||||||
net settlement of cashless stock option exercises | ||||||||||||||||||||
bad debt expense | 16,353,000 | 12,377,000 | 10,971,000 | 9,299,000 | 10,326,000 | 7,337,000 | 2,317,000 | 7,305,000 | ||||||||||||
impairment of investments | ||||||||||||||||||||
loss on investments | -6,232,000 | 1,380,000 | 1,592,000 | 1,260,000 | 1,328,000 | 1,266,000 | 1,324,000 | -12,171,000 | ||||||||||||
change in fair value of warrant liability | 0 | 0 | 0 | 291,987,000 | ||||||||||||||||
operating lease liabilities | -24,916,000 | -17,273,000 | -13,829,000 | -12,982,000 | 591,000 | -12,188,000 | -15,527,000 | -6,650,000 | ||||||||||||
purchases of marketable securities | -1,056,994,000 | -936,209,000 | -1,150,823,000 | -927,974,000 | -1,309,622,000 | -820,737,000 | -1,226,404,000 | -1,581,425,000 | ||||||||||||
sales of marketable securities | 199,537,000 | 128,027,000 | 435,398,000 | 146,038,000 | 350,492,000 | 60,743,000 | 924,768,000 | 248,185,000 | ||||||||||||
maturities of marketable securities | 722,353,000 | 757,401,000 | 1,088,474,000 | 593,772,000 | 633,652,000 | 589,751,000 | 634,804,000 | 168,660,000 | ||||||||||||
proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and offering costs | ||||||||||||||||||||
proceeds from issuance of long-term debt and warrants, net of issuance costs | ||||||||||||||||||||
other financing activities | -9,922,000 | |||||||||||||||||||
amortization of debt discount and debt issuance costs | 1,041,000 | 1,040,000 | 1,041,000 | 1,042,000 | 1,040,000 | 957,000 | 5,405,000 | |||||||||||||
noncash interest expense | 3,220,000 | 2,873,000 | 2,106,000 | -665,000 | 2,592,000 | 3,163,000 | 1,716,000 | |||||||||||||
net loss | -18,792,000 | 54,501,000 | 833,893,000 | -68,217,000 | -1,172,211,000 | |||||||||||||||
adjustments to reconcile net loss to cash from operating activities: | ||||||||||||||||||||
payments for equity investments in privately-held companies | ||||||||||||||||||||
acquisitions, net of cash acquired | ||||||||||||||||||||
noncash investing and financing activities: | ||||||||||||||||||||
common stock and stock awards issued for acquisitions | ||||||||||||||||||||
foreign exchange gain | -7,823,000 | -9,151,000 | ||||||||||||||||||
impairment of operating lease right-of-use assets |