Common-Size Income Statement
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2020
- Current Ratio since 2020
- Debt to Equity since 2020
- Total Asset Turnover since 2020
- Price to Operating Profit (P/OP) since 2020
- Aggregate Accruals
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Airbnb Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
A comprehensive analysis of the common-size income statement reveals a transition from significant early-period losses to a pattern of sustainable, albeit seasonally volatile, profitability. The overall trend indicates improved operational efficiency and the achievement of economies of scale, as several expense categories as a percentage of revenue have contracted over the analyzed period.
- Gross Profitability and Seasonality
- Gross profit margins exhibit a recurring seasonal pattern, typically peaking in the September quarters (ranging from 86.07% to 87.54%) and reaching their lowest points in the March quarters (ranging from 71.30% to 78.30%). Cost of revenue follows an inverse trend, increasing during the first and fourth quarters of the year, suggesting higher variable costs associated with specific seasonal demand cycles.
- Operating Expense Management
- There is a general downward trend in the relative weight of operational expenses. Operations and support costs declined from a high of 20.91% in March 2021 to approximately 12.17% by March 2026. General and administrative expenses similarly trended lower, moving from 21.40% to 11.05% over the same period, despite a significant outlier in December 2023 where expenses spiked to 54.24% of revenue.
- Research and Market Investment
- Product development and sales and marketing costs remain substantial and volatile. Product development typically fluctuates between 12% and 25% of revenue, often peaking in the March quarters. Sales and marketing expenditures show a similar volatility, typically ranging between 12% and 28%, indicating periodic aggressive investment in growth or customer acquisition.
- Operating Income and Non-Operating Items
- Operating income shifted from a deep deficit of -50.39% in March 2021 to consistently positive margins in most subsequent quarters, with notable peaks exceeding 40% in September quarters. Interest income has grown significantly as a percentage of revenue, rising from 0.34% in early 2021 to a sustained range between 5% and 9%, contributing positively to the pre-tax margin.
- Net Income and Extraordinary Events
- Net income demonstrates extreme volatility due to non-recurring items. A significant peak occurred in September 2023, reaching 128.76% of revenue, which is attributable to a substantial tax benefit of 79.33%. Conversely, the December 2023 period shows a net loss of -15.73% driven by the aforementioned spike in general and administrative expenses.