Stock Analysis on Net
Stock Analysis on Net

Airbnb Inc. (NASDAQ:ABNB)

$24.99

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

Microsoft Excel
3 months ended: 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
Net income (loss)
Depreciation and amortization
Stock-based compensation expense
Deferred income taxes
Change in fair value of warrant liability
Impairment of long-lived assets
Loss from extinguishment of debt
Other, net
Prepaids and other assets
Accrued expenses and other liabilities
Unearned fees
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to cash provided by operating activities
Net cash provided by operating activities
Purchases of short-term investments
Sales and maturities of short-term investments
Other investing activities, net
Net cash (used in) provided by investing activities
Change in funds payable and amounts payable to customers
Proceeds from issuance of long-term debt, net of issuance costs
Principal repayment of long-term debt
Share repurchases
Taxes paid related to tax on equity awards
Proceeds from exercise of equity awards
Prepayment penalty on long-term debt
Proceeds from issuance of convertible senior notes, net of issuance costs
Purchases of capped calls related to convertible senior notes
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
Net increase (decrease) in cash, cash equivalents, and restricted cash

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).

The financial data reveals a company transitioning from significant early losses toward a pattern of operational profitability, characterized by strong cash generation from core operations and high volatility in working capital due to seasonal cycles.

Operating Cash Flow and Profitability
Net income exhibits substantial volatility, moving from a loss of 1,172 million in March 2021 to periodic surges, including a peak of 4,374 million in September 2023. Despite this volatility, net cash provided by operating activities remains consistently positive, frequently exceeding net income. This discrepancy is largely driven by non-cash adjustments, most notably stock-based compensation, which has trended upward from approximately 229 million in early 2021 to over 400 million by late 2025.
Working Capital and Seasonality
A pronounced seasonal pattern is evident in the management of liabilities. Unearned fees and funds payable to customers show recurring cycles of sharp increases in the first half of the year, followed by significant drawdowns in the third quarter. For example, funds payable typically surge in March and June before experiencing steep declines in September, reflecting the cyclical nature of travel bookings and subsequent payout obligations.
Investing Activities and Liquidity Management
Investing activities are primarily 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 suggests a strategy focused on maintaining high liquidity and optimizing interest income on cash balances rather than aggressive long-term capital expenditure.
Financing and Capital Allocation
Capital allocation strategies shifted significantly starting in late 2022 with the initiation of a consistent share repurchase program. Outflows for buybacks have remained steady, generally ranging between 500 million and 1.1 billion per quarter from September 2022 through March 2026. Debt management remained relatively quiet until March 2026, which saw a substantial refinancing event involving the issuance of 2,483 million in long-term debt and a concurrent principal repayment of 2,000 million.
Overall Cash Position
The net increase or decrease in cash is subject to extreme quarterly fluctuations, driven primarily by the volatility in funds payable and the timing of short-term investment movements. Despite these swings, the consistent strength of operating cash flow provides a stable foundation for the company's share repurchase program and liquidity needs.