Stock Analysis on Net
Stock Analysis on Net
Stock Analysis on Net without ads!

Airbnb Inc. (NASDAQ:ABNB)

Common-Size Income Statement
Quarterly Data

Airbnb Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -17.54 -21.70 -17.53 -13.41 -17.57 -22.27 -17.22 -12.46 -18.41 -22.41 -17.31 -13.51 -17.39 -23.54 -18.15 -13.91 -18.54 -24.03 -19.27 -13.93 -22.05 -28.70
Gross profit 82.46% 78.30% 82.47% 86.59% 82.43% 77.73% 82.78% 87.54% 81.59% 77.59% 82.69% 86.49% 82.61% 76.46% 81.85% 86.09% 81.46% 75.97% 80.73% 86.07% 77.95% 71.30%
Operations and support -10.01 -12.17 -11.77 -8.91 -10.72 -13.34 -11.69 -9.89 -12.30 -13.31 -12.22 -9.30 -12.76 -15.51 -13.66 -10.05 -12.27 -15.44 -14.70 -10.21 -15.59 -20.91
Product development -18.63 -23.82 -21.20 -14.33 -19.70 -25.00 -21.69 -14.04 -18.89 -22.18 -19.48 -12.33 -18.16 -23.10 -20.92 -12.70 -17.82 -24.05 -24.01 -15.39 -26.19 -40.93
Sales and marketing -24.25 -28.04 -25.02 -15.60 -22.32 -24.78 -22.06 -13.77 -20.85 -24.00 -19.12 -11.86 -19.57 -24.75 -21.47 -13.28 -18.05 -22.84 -22.91 -13.00 -23.62 -25.83
General and administrative -8.56 -11.05 -14.79 -8.06 -9.92 -12.94 -10.00 -8.98 -11.46 -13.40 -54.24 -8.95 -11.07 -13.37 -13.45 -8.34 -11.56 -13.96 -14.13 -9.42 -16.35 -21.40
Restructuring charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -4.22 -0.02 -0.05 0.02 -0.04 -12.63
Income (loss) from operations 21.01% 3.21% 9.68% 39.68% 19.77% 1.67% 17.34% 40.86% 18.09% 4.72% -22.36% 44.04% 21.05% -0.28% 12.35% 41.72% 17.53% -0.34% 4.93% 38.08% -3.84% -50.39%
Interest income 5.07 5.79 5.83 4.40 6.14 7.61 7.38 5.55 8.22 9.43 8.66 5.65 7.69 8.03 5.39 2.03 0.96 0.31 0.25 0.13 0.22 0.34
Interest expense -1.03 -0.78 0.29 0.00 -0.19 -0.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other income (expense), net -0.19 2.28 -1.66 -0.32 -0.55 -1.45 0.36 0.08 -1.53 -0.47 -3.56 -0.26 -1.53 -0.61 0.35 0.28 -0.28 -0.51 -0.46 -0.20 -0.65 -81.40
Income (loss) before income taxes 24.86% 10.49% 14.15% 43.76% 25.16% 7.61% 25.08% 46.49% 24.78% 13.68% -17.27% 49.43% 27.21% 7.15% 18.09% 44.03% 18.21% -0.54% 4.71% 38.01% -4.27% -131.45%
(Provision for) benefit from income taxes -2.25 -4.52 -1.87 -10.21 -4.43 -0.84 -6.49 -9.83 -4.59 -1.35 1.53 79.33 -1.05 -0.72 -1.34 -1.93 -0.20 -0.71 -1.16 -0.74 -0.84 -0.71
Net income (loss) 22.62% 5.97% 12.28% 33.55% 20.74% 6.78% 18.59% 36.66% 20.20% 12.32% -15.73% 128.76% 26.17% 6.44% 16.76% 42.10% 18.00% -1.25% 3.56% 37.27% -5.11% -132.16%

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).

Analysis of the common-size income statement reveals a transition from significant early operational losses to a stabilized, seasonally driven profitability pattern. While the initial quarters of 2021 were characterized by net losses exceeding 100% of revenue, the company has maintained a generally positive net income trajectory from 2022 onward, with an overall trend toward improved operating leverage.

Gross Margin Performance
Gross profit margins demonstrate a consistent seasonal fluctuation, typically ranging between 71% and 87%. A recurring pattern is observed where margins peak in the September quarters and reach their lowest points in the March quarters. This indicates a periodic increase in the cost of revenue relative to total revenue during the first quarter of each year.
Operating Expense Efficiency
A general downward trend in operating expenses as a percentage of revenue is evident over the long term. Operations and support costs declined from 20.91% in March 2021 to approximately 10% by 2026. Product development and sales and marketing expenses remain the largest overhead components, showing cyclical volatility. A significant anomaly is noted in December 2023, where general and administrative expenses surged to 54.24% of revenue, causing a temporary contraction in operating income.
Operating Income and Seasonality
Income from operations is highly seasonal. The third quarter (September) consistently delivers the highest operating margins, frequently exceeding 38% to 44% of revenue. In contrast, the first quarter (March) typically shows the lowest margins, occasionally dipping into negative territory, suggesting higher relative costs or lower revenue efficiency during that period.
Non-Operating Income and Net Profitability
Interest income has seen a marked increase, rising from near-zero levels in early 2021 to a range of 4% to 9% of revenue in subsequent years, suggesting a strengthened cash position. Net income volatility is most pronounced in September 2023, where a tax benefit of 79.33% of revenue led to an exceptional net income spike of 128.76%. Excluding this outlier, net income margins have stabilized, generally reflecting the underlying seasonal strength of the operating income.

AI Ask an analyst for more