ABNBMEDIUM SIGNALFINANCIAL10-K

Airbnb's 10-K reflects steady top-line growth alongside a meaningful expansion in current liabilities and continued aggressive capital return to shareholders.

Revenue grew approximately 10% year-over-year to $12.2B, signaling durable demand for the platform, but the 34% rise in current liabilities — from $10.2B to $13.6B — warrants monitoring as it outpaces revenue growth and could reflect increased deferred revenue, guest payments held in trust, or other short-term obligations building on the balance sheet. Share buybacks edged higher to $3.8B, demonstrating continued management confidence in intrinsic value, though investors should weigh whether capital is being optimally deployed given the liability expansion. R&D spending rising to $2.4B (+14.5%) suggests investment in platform development is accelerating modestly ahead of revenue growth, which could pressure margins near-term but may support longer-term competitive positioning.

Comparing 2026-02-12 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

Revenue grew approximately 10% to $12.2B while R&D expense rose modestly faster at roughly 14.5% to $2.4B, indicating the company is reinvesting incrementally more into product and technology as a share of revenue. The most notable balance sheet shift is the expansion of current liabilities from $10.2B to $13.6B (+34.3%), which meaningfully outpaces revenue growth and merits scrutiny into its composition — particularly whether guest funds held in transit or deferred revenue are the primary driver. Share buybacks of $3.8B reflect a continued shareholder-friendly capital allocation stance, though the overall picture is one of a maturing platform balancing growth investment against a balance sheet that bears watching.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+34.3%
$10.2B→$13.6B

Current liabilities surged 34.3% — significant near-term obligations; verify ability to meet short-term debt.

R&D Expense
P&L
+14.5%
$2.1B→$2.4B

R&D investment increased 14.5% — signals commitment to future product development, though near-term margin impact.

Total Liabilities
Balance Sheet
+11.7%
$12.5B→$14.0B

Liabilities increased 11.7% — monitor debt-to-equity ratio and interest coverage.

Share Buybacks
Cash Flow
+10.5%
$3.4B→$3.8B

Share repurchases increased 10.5% — management returning capital, signals confidence in intrinsic value.

Revenue
P&L
+10.3%
$11.1B→$12.2B

Revenue growing 10.3% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-13
ADDED
As of January 31, 2026, 423,573,275 shares of the registrant's Class A common stock were outstanding, 175,940,683 shares of the registrant's Class B common stock were outstanding, no shares of the registrant s Class C common stock were outstanding, and 9,200,000 shares of the registrant s Class H common stock were outstanding.
Forward-looking statements should not be relied upon as predictions of future events.
If we fail to retain or add hosts and guests, if hosts do not provide high-quality stays, experiences, and services, if new offerings and initiatives on our platform are unsuccessful, or if our community support functions are inadequate, our business, results of operations, and financial condition would be materially adversely affected.
Host, guest, or third-party actions that are criminal, violent, inappropriate, dangerous, or fraudulent may undermine the trust and safety or the perception of safety and security on our platform and our ability to attract and retain hosts and guests and materially adversely affect our reputation, business, results of operations, and financial condition.
We are subject to a wide variety of laws, regulations, and rules applicable to short-term rental, experiences, services, long-term rental, and home sharing businesses, or that govern our business practices, including among others, e-commerce, data privacy and cybersecurity, artificial intelligence, payment services, advertising, consumer protection, employment, licensing requirements, and commercial practices.
Compliance with federal, state, and foreign laws relating to data privacy, data security, marketing, and consumer protection involves significant expenditure and resources, and any actual or perceived failure by us or our vendors to comply may result in significant liability, litigation or other legal action against us, negative publicity, an erosion of trust, and/or result in regulatory scrutiny, fines, and penalties and could materially adversely affect our business, results of operations, and financial condition.
Business Overview Airbnb was founded in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown into a global community of over 5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country and region across the globe.
Every day, hosts offer unique stays, experiences, and services that enable guests to connect with communities in a more authentic way.
We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.
Our offerings have expanded to include services and redesigned experiences, which launched in May 2025.
REMOVED
As of January 31, 2025, 432,876,657 shares of the registrant's Class A common stock were outstanding, 188,462,942 shares of the registrant's Class B common stock were outstanding, no shares of the registrant s Class C common stock were outstanding, and 9,200,000 shares of the registrant s Class H common stock were outstanding.
You should not rely upon forward-looking statements as predictions of future events.
If we fail to retain or add hosts and guests, if hosts fail to provide high-quality stays and experiences, if our new offerings and initiatives are unsuccessful or if our community support offerings are inadequate, our business, results of operations, and financial condition would be materially adversely affected.
Certain host, guest, or third-party actions may undermine the safety or the perception of safety on our platform and our ability to attract and retain hosts and guests and materially adversely affect our reputation, business, results of operations, and financial condition.
We are subject to a wide variety of laws, regulations, and rules applicable to short-term rental, long-term rental and home sharing businesses, or that govern our business practices.
Compliance with and any actual or perceived failure by us or our vendors to comply with federal, state, and foreign laws relating to data privacy, data security, artificial intelligence, marketing and consumer protection could result in significant expenditure and could materially adversely affect our business, results of operations, and financial condition.
Business Overview We operate a global marketplace, where hosts offer guests stays and experiences on our platform.
We are a community based on connection and belonging a community that was born in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown to over 5 million hosts who have welcomed over 2 billion guest arrivals in almost every country and region across the globe.
Every day, hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.
Airbnb has five stakeholders and is designed with all of them in mind.
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