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.
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).