Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Airbnb Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income (loss)	2,511)	2,648)	4,792)	1,893)	(352)
Depreciation and amortization	91)	65)	44)	81)	138)
Stock-based compensation expense	1,592)	1,407)	1,120)	930)	899)
Deferred income taxes	376)	433)	(2,875)	(1)	11)
Loss on warrants, net	—)	—)	—)	—)	292)
Impairment of long-lived assets	—)	—)	—)	91)	113)
Loss from extinguishment of debt	—)	—)	—)	—)	377)
Other, net	182)	32)	83)	117)	74)
Prepaids and other assets	(346)	(163)	(102)	(185)	(29)
Accrued expenses and other liabilities	118)	(104)	580)	224)	171)
Unearned fees	122)	200)	242)	280)	496)
Changes in operating assets and liabilities, net of acquisitions	(106)	(67)	720)	319)	638)
Adjustments to reconcile net income (loss) to cash provided by operating activities	2,135)	1,870)	(908)	1,537)	2,542)
Net cash provided by operating activities	4,646)	4,518)	3,884)	3,430)	2,190)
Purchases of property and equipment	(33)	(34)	(47)	(25)	(25)
Purchases of short-term investments	(3,438)	(3,146)	(3,308)	(4,072)	(4,938)
Sales and maturities of short-term investments	2,736)	2,605)	2,380)	4,071)	3,611)
Other investing activities, net	(13)	(41)	(67)	(2)	1)
Net cash used in investing activities	(748)	(616)	(1,042)	(28)	(1,352)
Share repurchases	(3,789)	(3,430)	(2,252)	(1,500)	—)
Taxes paid related to tax on equity awards	(561)	(630)	(1,224)	(607)	(54)
Change in funds payable and amounts payable to customers	401)	320)	936)	1,330)	1,626)
Proceeds from exercise of equity awards and employee stock purchase plan	122)	168)	110)	88)	188)
Principal repayment of long-term debt	—)	—)	—)	—)	(1,995)
Prepayment penalty on long-term debt	—)	—)	—)	—)	(213)
Proceeds from issuance of convertible senior notes, net of issuance costs	—)	—)	—)	—)	1,979)
Purchases of capped calls related to convertible senior notes	—)	—)	—)	—)	(100)
Net cash provided by (used in) financing activities	(3,827)	(3,572)	(2,430)	(689)	1,431)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	655)	(237)	152)	(337)	(210)
Net increase (decrease) in cash, cash equivalents, and restricted cash	726)	93)	564)	2,376)	2,059)
Cash, cash equivalents, and restricted cash, beginning of year	12,760)	12,667)	12,103)	9,727)	7,668)
Cash, cash equivalents, and restricted cash, end of year	13,486)	12,760)	12,667)	12,103)	9,727)

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 cash flow statement reveals a dynamic financial picture over the five-year period. While net income demonstrates significant volatility, overall cash flow from operating activities exhibits a generally positive trend. However, investing and financing activities present more complex patterns, impacting the net change in cash.

Operating Activities: Net cash provided by operating activities increased steadily from US$2,190 million in 2021 to US$4,646 million in 2025. This growth is largely attributable to improvements in net income, particularly the substantial increase from a loss of US$352 million in 2021 to positive figures in subsequent years. Adjustments to reconcile net income to cash flow from operations were significant in all years, with stock-based compensation consistently contributing a substantial non-cash inflow. Changes in operating assets and liabilities also contributed positively, though with some fluctuation, notably a negative impact in 2024.
Investing Activities: Net cash used in investing activities remained consistently negative throughout the period, primarily driven by significant purchases of short-term investments. While sales and maturities of these investments partially offset these purchases, a net outflow persisted. Purchases of property and equipment were relatively stable, remaining below US$50 million annually. Other investing activities contributed to net cash outflows, particularly in 2023 and 2024.
Financing Activities: Financing activities exhibited the most substantial fluctuations. 2021 saw net cash provided by financing activities, largely due to proceeds from the issuance of convertible senior notes and changes in funds payable. However, 2022 through 2025 experienced net cash outflows, primarily driven by share repurchases and taxes paid related to tax on equity awards. The magnitude of these outflows increased each year, with 2025 showing the largest net cash outflow of US$3,827 million. Proceeds from the exercise of equity awards and employee stock purchase plans provided a consistent, though smaller, inflow.
Cash Position: Despite the varied cash flows from investing and financing, the company maintained a generally increasing cash balance over the period. The net increase in cash, cash equivalents, and restricted cash was positive in all years except 2023, and the ending cash balance rose from US$9,727 million in 2021 to US$13,486 million in 2025. The effect of exchange rate changes on cash was variable, contributing a significant inflow in 2025 after several years of outflows.

The deferred income taxes line item shows a large outflow in 2023, followed by inflows in 2024 and 2025, indicating potential shifts in tax liabilities or benefits. Prepaids and other assets consistently decreased, while accrued expenses and other liabilities fluctuated, with a notable decrease in 2024. Unearned fees generally decreased over the period, suggesting a potential shift in revenue recognition patterns.

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Airbnb Inc. (NASDAQ:ABNB)

Cash Flow Statement