Cash Flow Statement
Quarterly Data
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.
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Airbnb Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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).
The financial data reveals a transition from initial volatility to a more stabilized regime of positive operating cash flow, characterized by significant seasonal fluctuations and a consistent commitment to shareholder returns through equity buybacks.
- Operating Performance and Cash Generation
- Net income exhibits substantial volatility, shifting from significant losses in early 2021 to a trend of consistent profitability, with a notable peak in the third quarter of 2023. Despite this volatility, net cash provided by operating activities remains resiliently positive throughout the period. A key driver of this cash flow is the steady increase in stock-based compensation expenses, which rose from approximately 229 million in March 2021 to 487 million by June 2026, acting as a consistent non-cash add-back to net income.
- Working Capital and Seasonal Cyclicality
- A pronounced seasonal pattern is evident in the management of unearned fees and funds payable to customers. Large cash inflows typically occur in the first and second quarters, followed by significant cash outflows in the third quarter. This cyclicality suggests a business model heavily dependent on advance bookings and seasonal travel peaks, where cash is collected well in advance of service delivery and subsequently disbursed to hosts.
- Investing Activities and Liquidity Management
- Investing activities are dominated by the active management of short-term investments. There is a consistent pattern of purchasing short-term investments, often ranging between 600 million and 1.5 billion per quarter, offset by periodic sales and maturities. This indicates a strategy of maintaining high liquidity while seeking modest returns on excess cash balances.
- Financing Strategy and Capital Allocation
- Capital allocation is characterized by an aggressive share repurchase program that commenced in mid-2022. Outflows for share repurchases have remained consistent, typically ranging from 500 million to over 1 billion per quarter, signaling a priority to return value to shareholders. Financing activities also show strategic debt management, notably in early 2026 with the issuance of 2.48 billion in long-term debt partially offset by a 2 billion principal repayment.
- Overall Cash Position Trends
- The net change in cash exhibits extreme quarterly swings, primarily driven by the timing of customer payables and the scale of share repurchases. Despite these fluctuations, the ability to generate strong operating cash flow supports both the aggressive buyback strategy and the maintenance of a robust short-term investment portfolio.