Common-Size Income Statement
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2020
- Analysis of Debt
- Aggregate Accruals
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Airbnb Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The common-size income statement reveals significant shifts in profitability and expense management over the five-year period. Revenue is consistently represented as 100% across all years, allowing for a clear view of expense and profit margins as percentages of that revenue. A notable improvement in overall profitability is observed, particularly between 2021 and 2023, followed by some stabilization and minor fluctuations.
- Gross Profit
- Gross profit as a percentage of revenue demonstrates a consistent upward trend from 80.71% in 2021 to 83.08% in 2024, before slightly decreasing to 82.96% in 2025. This suggests increasing efficiency in managing the cost of revenue relative to sales.
- Operating Expenses
- Several operating expense categories experienced notable changes. Operations and support expenses decreased steadily as a percentage of revenue, from 14.14% in 2021 to 10.84% in 2025, indicating improved operational efficiency. Product development expenses decreased from 23.78% in 2021 to 17.36% in 2023, but then increased to 19.23% in 2025. Sales and marketing expenses also decreased initially, but increased significantly to 21.14% of revenue in 2025. General and administrative expenses showed a substantial increase in 2023 (20.42%) before decreasing to 10.96% in 2025.
- Income from Operations
- Income from operations experienced a dramatic increase from 7.17% in 2021 to 21.45% in 2022, then decreased to 15.31% in 2023, before rising again to 23.00% in 2024 and stabilizing at 20.78% in 2025. This volatility suggests significant operational leverage and sensitivity to expense management.
- Non-Operating Items
- Interest income increased substantially from 0.21% to 7.27% in 2023, then decreased to 5.76% in 2025. Interest expense decreased significantly from 7.30% in 2021 to a minimal 0.02% in 2025. Other income (expense), net, fluctuated, with a negative impact in 2021 and 2023, and a small positive impact in 2022 and 2024, before becoming negative again in 2025.
- Net Income
- Net income exhibited the most substantial change, moving from a loss of -5.88% in 2021 to a profit of 22.54% in 2022, peaking at 48.32% in 2023, and then decreasing to 23.85% in 2024 and 20.51% in 2025. This indicates a significant turnaround in profitability, although recent years show some moderation. The provision for income taxes also fluctuated considerably, becoming a significant benefit in 2023 before reverting to a tax expense in subsequent years.
Overall, the analysis suggests a period of substantial improvement in financial performance, driven by both revenue growth and effective cost management. However, recent trends indicate potential challenges in maintaining the peak profitability achieved in 2023, with increasing sales and marketing expenses and fluctuations in other income items warranting further investigation.