Key Highlights

● Second-quarter revenue was $3,608 million, up 17% year on year.

● Adjusted EBITDA rose 21% to $1,261 million, a 35% margin.

● Management raised full-year guidance to revenue growth of at least the mid-teens.

● Third-quarter results are due after the market close on 5 November 2026.

Airbnb, Inc. (NASDAQ:ABNB), whose Class A common stock trades on the Nasdaq under the symbol ABNB, published its shareholder letter for the second quarter of 2026 on 6 August 2026. For the three months to 30 June 2026, revenue was $3,608 million, up 17% year on year, or 13% excluding currency effects. Net income was $816 million, compared with $642 million a year earlier, giving a 23% net margin. Diluted earnings per share were $1.27, below the $1.37 reported for the same quarter of 2025, a comparison affected by a $77 million tax benefit recorded in the prior-year period. Adjusted EBITDA, a non-GAAP measure, rose 21% to $1,261 million, a 35% margin against 34% in the prior-year quarter. All amounts are in US dollars.

Demand and cash generation

Gross booking value was $27.2 billion, up 16% (15% excluding currency). Nights and seats booked totalled 148.3 million, up 10%, and average daily rate was about $184, up 5%. Free cash flow in the quarter was $1,253 million, up 30%, and the trailing twelve-month figure was $4,827 million. As at 30 June 2026 the company held $12.1 billion of cash, cash equivalents, short-term investments and restricted cash, separate from $12.2 billion of funds held on behalf of guests. It repurchased $1.1 billion of Class A common stock during the quarter, with $3.4 billion remaining under its authorisation.

Management outlook

For the third quarter of 2026, management guided revenue of $4.69 billion to $4.77 billion, implying growth of 15% to 17% with roughly three percentage points from currency tailwinds. It expects gross booking value to grow at a mid-teens rate and the adjusted EBITDA margin to be down slightly on the third quarter of 2025, which it attributes to the timing of investment. For the full year, the company raised its outlook to revenue growth of at least the mid-teens, an adjusted EBITDA margin of at least 35.5% and an effective tax rate in the high teens. These are management's forecasts rather than outcomes.

Product investment

The letter describes a broad programme beyond core home stays. Guest-facing changes include a redesigned homepage, improved search ranking, neighbourhood maps and a simpler checkout. Payments options were widened through Reserve Now, Pay Later and interest-free instalments in Mexico and Brazil. Airbnb Services now covers items such as grocery delivery, car rentals and airport pickups, whilst experiences supply grew by nearly 80% year on year. The company also added boutique and independent hotels in more than twenty leading destinations and described artificial-intelligence tools, including a support assistant that resolved nearly 45% of the issues it handled without a human agent. An AI voice assistant is planned for later this year.

What to watch next

On 1 October 2026 Airbnb said it would release third-quarter results after the market close on 5 November 2026, with its shareholder letter on the investor relations website and an audio webcast at 2:00 p.m. Pacific time (5:00 p.m. Eastern). Participants can register ahead of the call through a link in the release. That release will show whether revenue lands inside the guided range and how far the investment timing weighs on margin.

A Raised Outlook, a Currency Tailwind and a 5 November Test

The raised full-year outlook reflects both higher volumes and a favourable currency backdrop, so underlying growth is less than the headline revenue figures suggest; the currency tailwind is stated explicitly in the third-quarter guidance, though not quantified for the full year. The guidance of a slightly lower margin shows that management is prioritising investment over short-term margin expansion.