Common-Size Income Statement
Quarterly Data
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Airbnb Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2020
- Price to Earnings (P/E) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Book Value (P/BV) since 2020
- Analysis of Debt
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Airbnb Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Revenue and Cost Trends
- The revenue remains constant at 100% in all periods, serving as a baseline for other metrics measured as a percentage of revenue. Cost of revenue exhibits a fluctuating pattern, with notable troughs around the third quarter of each year, reaching the lowest points near 13.5% to 14%. The cost peaks tend to appear in the first quarters, approaching or exceeding 22%. This suggests some seasonality or cyclical cost behavior relative to revenue.
- Gross Profit
- Gross profit as a percentage of revenue inversely mirrors the cost of revenue trends. It peaks consistently in the third quarters, reaching above 86%, and dips in the first quarters of the years, falling close to or slightly below 77%. The variability indicates gross margin improvement during certain quarters, likely influenced by cost efficiencies or revenue mix changes.
- Operating Expenses
- Operating expenses, comprising operations and support, product development, sales and marketing, and general and administrative costs, all reported as percentages of revenue, decline markedly from early 2021 into late 2021. From 2022 through 2025, these expenses fluctuate but generally maintain a pattern of lower values in third quarters and higher values in first and fourth quarters. This cyclical nature suggests operational cost adjustments or budget cycles affecting expense recognition.
- Restructuring Charges
- Restructuring charges appear sporadically with negligible percentages in 2021 and a minor impact in the second quarter of 2022. After mid-2022, this item disappears from the data, indicating either a cessation of restructuring activities or reclassification.
- Income from Operations
- Income or loss from operations shows significant volatility across quarters. Initially negative in early 2021, it improves substantially by the third quarter of 2021, reaching positive levels above 38%. This pattern repeats annually, with strong third-quarter performance and weaker results in first quarters. The positive peaks above 40% of revenue indicate high operational profitability during those periods, while the troughs near zero or negative values mark operational challenges or higher costs.
- Interest and Other Income
- Interest income steadily increases from a low base around 0.1%-0.3% in early 2021 to values around 7%-9% in later years, signifying growing returns from financial assets or investments relative to revenue. Other income is generally small and negative, with occasional positive spikes; however, it remains a minor contributor or expense without a clear trend.
- Income Before Taxes and Tax Provision
- Income before income taxes closely tracks income from operations but exhibits higher positive peaks exceeding 40%-49% in third quarters of 2022, 2023, and 2024. Notably, there are some negative tax provision values and an unusually high positive tax benefit in the third quarter of 2023, indicating possible tax adjustments or one-time tax benefits impacting net results.
- Net Income
- Net income as a percentage of revenue follows the pattern of income before taxes with large positive spikes in third quarters (e.g., over 128% in Q3 2023) and negative or near-zero values in first quarters, evidencing strong quarterly swings in profitability. The extreme fluctuation suggests significant one-time items, tax effects, or volatile operational results influencing net earnings.
- Summary
- The data reveal marked seasonality and volatility in operational profitability and net income, with pronounced strength in third quarters and pressure in first quarters. Operating expenses and cost of revenue fluctuate in tandem with these profitability cycles. Increasing interest income indicates growing financial returns unrelated to core operations. Irregular tax effects contribute to variability in net income. Overall, the trends point to a business with cyclical operational performance augmented by significant variability in tax and non-operating income components.