Airbnb Q3 2025 financial results

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

“Q3 was one of our strongest quarters ever, with record profitability and accelerating growth across the board. Looking ahead, we’re focused on driving growth and moving even faster to integrate AI across Airbnb to make it smarter, more personal, and easier to use.”

Q3 2025 was another strong quarter for Airbnb. Revenue increased 10 percent year-over-year, landing at the high end of our guidance range. Adjusted EBITDA was over $2.0 billion, our highest in any quarter. Gross Booking Value increased 14 percent year-over-year, while Nights and Seats Booked rose by nine percent. Both metrics accelerated from Q2 and exceeded our expectations, driven by the strength in the U.S. market and ADR. 

We’re driving continued growth by focusing on four key areas: making our service better, bringing Airbnb to more parts of the world, expanding what we offer, and integrating AI into our app. Here are some of the highlights:

We’re making Airbnb better for hosts and guests: 

This quarter, we announced dozens of new features that make it easier to book the perfect stay, manage your reservation, and discover more options in great locations. Here are a few of them: 

• Reserve Now, Pay Later – We know guests want more flexible ways to pay, so we recently introduced a feature in the U.S. that gives guests the option to reserve an eligible stay and pay $0 upfront. This helped drive the acceleration of Nights and Seats Booked in Q3, and we’ll continue rolling it out more broadly in the coming months.
• Updated cancellation policies – We’re helping hosts earn more and guests make changes more easily by updating our cancellation policies. Hosts can now choose a new policy that allows guests to cancel for free up to 14 days before check-in. And for all stays under 28 nights, guests can cancel for a full refund up to 24 hours after their reservation is confirmed, if they book more than seven days before check-in. Initial tests show that these changes are reducing customer service cases and increasing annualized bookings. 
• Improved maps – When guests are looking at a potential Airbnb, they’ll see nearby landmarks, public transit, restaurants and more. Later this year, guests will also be able to see different map views, including satellite, street, and transit.
• Flexible carousels – When guests search for a place to stay, they’ll see homes just outside their search criteria—like places with similar prices, different amenities, or stays in nearby towns for less¹. The goal is to drive bookings by making it easier for guests to find amazing stays they might have otherwise missed. 

We’re bringing Airbnb to more parts of the world:

International expansion continues to be a significant growth opportunity for us, and the team is executing against a multi-year strategy that’s already off to a strong start.

The average growth rate of nights booked on an origin basis in our expansion markets continues to be twice that of our core markets over the last 12 months. Our strategy includes attracting new users to the platform, and we’re seeing big wins in some of our key markets. First-time bookers increased over 20 percent in Japan and nearly 50 percent in India on a year-over-year basis.

We’re expanding what we offer:

In May, we took the first step in expanding Airbnb beyond stays with the launch of Airbnb Services and reimagined Airbnb Experiences. Since launch, feedback from guests has been overwhelmingly positive—with services and experiences receiving an average rating of 4.93 out of five stars. These new offerings are also bringing new people to the platform. In Q3 2025, almost half of experiences bookings were not attached to an Airbnb accommodations booking. While scaling high-quality supply will take time, we’ve received over 110,000 applications from potential services and experiences hosts. 

At the same time, we’re continuing to roll out new features that make these offerings even better, starting with social features aimed at bringing people together in the real world: 

• Who’s going – Before guests book an Airbnb Experience, we’ll show them who else is going, and where they’re from. 
• Direct messaging – Guests can now request to directly message other guests they met during an experience to keep in touch or plan their next experience, right in the app. 
• Connections in profile – In the Connections section of the Airbnb Profile tab, guests can see the people they’ve met on experiences so it’s easy to reconnect.

Finally, we’re integrating AI into our app:

Over the past year, we’ve been laying the foundation for a more intelligent, more personalized Airbnb—from rebuilding our tech stack to launching a series of new AI features. A few highlights include: 

• Smarter AI customer support – Our AI assistant is getting even better with smarter responses, including answers tailored to your reservation or listing. It also lets you take common actions—like canceling or changing reservation dates—directly from the chat.
• AI customer support in more places – We initially launched in the U.S., where our AI assistant has already reduced people’s need to contact a human agent by around 15%. It’s also helped some people get significantly faster help, cutting the typical resolution time from hours to seconds. We’re now expanding it, starting with Spanish in Mexico, with more countries and languages to come. 
• AI-powered search – We’re currently building out AI-powered search that will let people have a conversation with the app about what they’re looking for so we can help them design the perfect trip.

These efforts mark the beginning of a major transformation to make Airbnb a more complete, AI-powered platform for connecting people in the real world. At a time when most companies are trying to keep you glued to a device, we remain focused on bringing people together. That’s a long-term vision, but we’re already building toward it.

Here’s a snapshot of our Q3 2025 results:

• Q3 revenue was $4.1B, up 10% year-over-year.
• Q3 net income was $1.4B, representing a 34% net income margin.
• Q3 adjusted EBITDA was $2.1B, representing a 50% adjusted EBITDA margin.
• Q3 Free Cash Flow was $1.3B, representing a FCF Margin of 33%. Our TTM FCF was $4.5B, representing a TTM FCF Margin of 38%.
• Q3 Nights and Seats booked were 133.6M, up 9% year-over-year, representing an acceleration compared to Q2. Nights and Seats Booked grew double-digits year-over-year in Q3 2025 when excluding North America, which contributed approximately 30% of total Nights and Seats Booked. 

¹Flexible location carousels are currently available to a limited number of guests, with broader availability anticipated in early 2026.