Debt to Equity
since 2020
Calculation
Airbnb Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current portion1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.24 | = | 1,999) | ÷ | 8,199) |
| Dec 31, 2024 | 0.00 | = | —) | ÷ | 8,412) |
| Dec 31, 2023 | 0.00 | = | —) | ÷ | 8,165) |
| Dec 31, 2022 | 0.00 | = | —) | ÷ | 5,560) |
| Dec 31, 2021 | 0.00 | = | —) | ÷ | 4,776) |
| Dec 31, 2020 | 0.63 | = | 1,816) | ÷ | 2,902) |
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), 10-K (reporting date: 2020-12-31).
1 US$ in millions
The information presents the evolution of long-term debt, stockholders’ equity, and the resulting debt-to-equity ratio over a six-year period from 2020 through 2025. A significant shift in the company’s capital structure is apparent during the observed timeframe.
- Long-Term Debt
- Long-term debt, including the current portion, stood at US$1,816 million in 2020. The value is not reported for 2021 and 2022. It reappears in 2025 at US$1,999 million, indicating a modest increase over the initial reported value despite the intervening years of unreported figures. This suggests potential debt repayment or restructuring during 2021-2024.
- Stockholders’ Equity
- Stockholders’ equity demonstrated consistent growth from 2020 to 2024. Beginning at US$2,902 million in 2020, it increased to US$4,776 million in 2021, then to US$5,560 million in 2022, and reached US$8,165 million in 2024. A slight decrease is observed in 2025, with equity settling at US$8,199 million. This overall upward trend suggests successful earnings retention and/or capital raising activities.
- Debt-to-Equity Ratio
- The debt-to-equity ratio was 0.63 in 2020. The ratio is not reported for 2021, 2022, 2023, and 2024. A substantial decrease is observed in 2025, with the ratio falling to 0.24. This decline indicates a significant improvement in the company’s financial leverage, suggesting a stronger equity position relative to its debt obligations. The decrease is primarily driven by the growth in stockholders’ equity, coupled with a relatively stable level of long-term debt.
In summary, the company experienced a notable strengthening of its financial position between 2020 and 2025, as evidenced by the decreasing debt-to-equity ratio. The growth in equity appears to be the primary driver of this improvement, while debt levels remained relatively consistent over the period.
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Comparison to Competitors
Airbnb Inc., debt to equity, long-term trends, comparison to competitors
| Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Dec 31, 2025 | 0.24 | — | 0.00 | 0.27 | — | — |
| Dec 31, 2024 | 0.00 | — | 0.00 | 0.00 | — | — |
| Dec 31, 2023 | 0.00 | — | 0.00 | 0.00 | — | — |
| Dec 31, 2022 | 0.00 | 4.49 | 0.00 | 0.00 | — | — |
| Dec 31, 2021 | 0.00 | 1.77 | 0.00 | 0.00 | — | — |
| Dec 31, 2020 | 0.63 | 2.46 | 0.00 | 0.08 | — | — |
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), 10-K (reporting date: 2020-12-31).
Comparison to Sector (Consumer Services)
Airbnb Inc., debt to equity, long-term trends, comparison to sector (consumer services)
| Airbnb Inc. | Consumer Services | |
|---|---|---|
| Dec 31, 2025 | 0.24 | 14.21 |
| Dec 31, 2024 | 0.00 | 15.33 |
| Dec 31, 2023 | 0.00 | 26.64 |
| Dec 31, 2022 | 0.00 | 23.03 |
| Dec 31, 2021 | 0.00 | 7.65 |
| Dec 31, 2020 | 0.63 | — |
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), 10-K (reporting date: 2020-12-31).
Comparison to Industry (Consumer Discretionary)
Airbnb Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Airbnb Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2025 | 0.24 | 0.89 |
| Dec 31, 2024 | 0.00 | 1.06 |
| Dec 31, 2023 | 0.00 | 1.28 |
| Dec 31, 2022 | 0.00 | 1.44 |
| Dec 31, 2021 | 0.00 | 1.41 |
| Dec 31, 2020 | 0.63 | 2.17 |
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), 10-K (reporting date: 2020-12-31).