ABNB · Airbnb, Inc.
10-Q filed 2026-05-07 period 2026-03-31
88 Strong
confidence high · source filing on SEC.gov ↗
- Airbnb issued $2.5 billion in Senior Notes in March 2026, using $2.0 billion to fully repay its maturing 0% convertible notes, which will increase future interest expenses.
- Revenue grew 18% year-over-year to $2.7 billion, driven by a 9% increase in Nights and Seats Booked and higher Average Daily Rates.
- Free Cash Flow reached $1.7 billion (64% margin), slightly down from $1.8 billion in Q1 2025 due to increased adoption of deferred payment programs shifting cash collection timing.
Filing Health Score pillars
Profitability 25%
85
Revenue grew 18% to $2.7 billion and operating income rose 126% to $86 million, demonstrating strong operating leverage, though net income growth was limited to 4% due to a $69 million CAMT tax adjustment (MD&A - First Quarter Financial Highlights).
Balance sheet 20%
90
Total liquidity of $12.0 billion (including $5.0 billion in short-term investments) vastly exceeds the total debt of $2.5 billion, while basic weighted-average shares decreased by 3.7% year-over-year due to $1.1 billion in share repurchases (MD&A - Sources and Conditions of Liquidity).
Cash generation 20%
95
Operating cash flow of $1.7 billion is exceptionally strong at over 10x net income, yielding a 64% Free Cash Flow margin with minimal capex intensity of $4 million (MD&A - Free Cash Flow Reconciliation).
Risk flags 20%
90
The filing reports effective internal controls and no going-concern issues, with the primary risk flag being a slight impact on bookings from the Middle East conflict (MD&A - Macroeconomic and Geopolitical Conditions).
Mgmt signal 15%
80
Management signals confidence in international expansion and top-line growth, though they note a shift in cash flow timing from deferred payment programs and increased interest obligations from the new Senior Notes (MD&A - Cash Flows).
Key metrics (Three Months Ended March 31, 2026)
net income: $160 million
cash and equivalents: $7,037 million
total debt: $2,475 million
shares outstanding: 595 million (419 million Class A, 176 million Class B)
revenue: $2,678 million
period: Three Months Ended March 31, 2026
operating cash flow: $1,708 million
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.