Analysis of Geographic Areas
Airbnb Inc. operates in 2 regions: United States and International.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2020
- Analysis of Debt
- Aggregate Accruals
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Area Asset Turnover
Airbnb Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
Asset turnover ratios for the examined geographic areas demonstrate significantly different performance characteristics and trends over the five-year period. The International segment exhibits substantially higher turnover compared to the United States segment, and both areas show considerable changes in their respective ratios.
- United States
- The asset turnover ratio for the United States experienced a marked increase from 9.07 in 2021 to 19.16 in 2022. Following this substantial growth, the ratio stabilized, fluctuating between 18.73 and 18.94 from 2022 through 2024. A further increase is observed in 2025, reaching 23.60, indicating improved asset utilization in the final year of the period.
- International
- The International segment’s asset turnover ratio began at 30.49 in 2021 and demonstrated consistent and substantial growth throughout the period. The ratio more than doubled to 80.52 in 2022, and continued its upward trajectory, reaching 112.54 in 2023 and 140.48 in 2024. While still exceptionally high, the ratio experienced a slight decrease in 2025, settling at 140.13. This suggests continued, though moderating, efficiency gains in asset utilization within the International segment.
The disparity between the two segments remains significant throughout the period. The International segment consistently demonstrates a considerably higher ability to generate revenue from its assets compared to the United States segment. The stabilization and subsequent increase in the United States ratio, coupled with the continued growth, albeit at a slower pace, in the International ratio, suggest differing operational strategies and market dynamics within each geographic area.
The observed trends indicate improving asset efficiency in both regions, but the International segment maintains a notably stronger performance in this regard. Further investigation into the factors driving these differences, such as asset composition, operational practices, and market conditions, may be warranted.
Area Asset Turnover: United States
Airbnb Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
The financial performance related to asset utilization within the United States demonstrates a notable upward trend over the five-year period. Revenue consistently increased, while the value of long-lived assets experienced fluctuations. This combination resulted in a significant improvement in area asset turnover.
- Revenue
- Revenue generated in the United States increased from US$2,996 million in 2021 to US$4,814 million in 2025. This represents a cumulative growth of 60.4% over the period. The rate of growth slowed slightly between 2022 and 2023, but accelerated again in the subsequent two years.
- Long-lived assets
- The value of long-lived assets decreased from US$330 million in 2021 to US$203 million in 2022, before increasing to US$229 million in 2023 and US$245 million in 2024. A decrease was observed in 2025, with long-lived assets reported at US$204 million. These fluctuations suggest potential asset management strategies or changes in investment patterns.
- Area asset turnover
- Area asset turnover increased substantially from 9.07 in 2021 to 23.60 in 2025. This indicates a significant improvement in the efficiency with which assets are used to generate revenue. The initial increase from 2021 to 2022 was particularly pronounced, rising to 19.16. While the ratio experienced a slight decrease in 2023, it remained high and continued to climb in the following years, reaching its peak in 2025. This suggests that the company is becoming increasingly effective at generating sales from its asset base within the United States.
The combined effect of rising revenue and fluctuating, but generally lower, long-lived asset values has driven a strong positive trend in area asset turnover. This suggests improved operational efficiency and effective asset management within the specified geographic area.
Area Asset Turnover: International
Airbnb Inc.; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
The financial performance related to international area asset turnover demonstrates a strong positive trend over the observed period. Revenue consistently increased from 2021 to 2025, while long-lived assets remained relatively stable, resulting in a significant improvement in asset utilization.
- Revenue
- Revenue experienced substantial growth, increasing from US$2,995 million in 2021 to US$7,427 million in 2025. This represents a cumulative increase of 148.2%. The growth rate decelerated slightly between 2023 and 2025, but remained positive.
- Long-lived assets
- Long-lived assets exhibited a fluctuating pattern, beginning at US$98 million in 2021, decreasing to US$50 million in 2023, and then increasing to US$53 million in 2025. The overall change from 2021 to 2025 was minimal, indicating a stable asset base despite revenue growth.
- Area asset turnover
- The area asset turnover ratio increased dramatically throughout the period. Starting at 30.49 in 2021, it rose to 80.52 in 2022, 112.54 in 2023, and peaked at 140.48 in 2024. The ratio experienced a slight decrease to 140.13 in 2025, but remained significantly higher than the initial value. This indicates a substantial improvement in the efficiency with which assets are used to generate revenue. The consistent increase suggests effective management of assets and strong revenue generation capabilities within the international areas.
The combination of increasing revenue and relatively stable long-lived assets resulted in a consistently improving area asset turnover ratio. This suggests that the company is becoming increasingly efficient in generating revenue from its international asset base.
Revenue
Airbnb Inc., revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Revenue exhibits consistent growth across all reported geographic areas between 2021 and 2025. While the United States represents a significant portion of overall revenue, the International segment demonstrates a more rapid rate of expansion during the analyzed period.
- United States Revenue
- Revenue from the United States increased from US$2,996 million in 2021 to US$4,814 million in 2025, representing a cumulative growth of 60.4%. The growth rate decelerated over time, with smaller annual increases observed in later years compared to the initial jump from 2021 to 2022. Specifically, growth slowed from 29.8% between 2021 and 2022 to 10.0% between 2024 and 2025.
- International Revenue
- International revenue experienced more substantial growth, rising from US$2,995 million in 2021 to US$7,427 million in 2025, a cumulative increase of 148.1%. The growth rate remained relatively strong throughout the period, indicating increasing adoption and expansion in international markets. Growth was 50.7% between 2021 and 2022, 24.8% between 2022 and 2023, 22.7% between 2023 and 2024, and 14.6% between 2024 and 2025.
- Total Revenue
- Total revenue increased from US$5,992 million in 2021 to US$12,241 million in 2025, a cumulative growth of 104.1%. The contribution of International revenue to total revenue increased over the period. In 2021, the United States and International segments contributed equally to total revenue. By 2025, International revenue accounted for approximately 60.7% of the total.
- Growth Rate Comparison
- The International segment consistently outperformed the United States segment in terms of revenue growth rate. This suggests a greater potential for future expansion in international markets, or potentially, a maturing market in the United States. The difference in growth rates widened over the analyzed timeframe.
The observed trends indicate a shift in revenue composition, with the International segment becoming increasingly dominant. Continued monitoring of these geographic trends is recommended to inform strategic decision-making regarding market investment and resource allocation.
Long-lived assets
Airbnb Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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 value of long-lived assets within the United States exhibited volatility over the observed period. Beginning at US$330 million in 2021, the value decreased to US$203 million in 2022, before recovering to US$229 million in 2023 and further increasing to US$245 million in 2024. A subsequent decline to US$204 million was noted in 2025.
International long-lived assets demonstrated a generally decreasing trend from 2021 to 2024, followed by a slight increase in 2025. The value started at US$98 million in 2021, decreased to US$56 million in 2022, and continued to decline to US$50 million in 2023 and US$46 million in 2024. A modest recovery to US$53 million was observed in 2025.
- Total Long-Lived Assets
- The combined value of long-lived assets initially decreased from US$429 million in 2021 to US$259 million in 2022. A gradual increase followed, reaching US$291 million in 2024, before decreasing to US$257 million in 2025. The trend suggests a period of asset reduction followed by moderate growth and then a final decline.
The United States consistently held the larger portion of the total long-lived asset value throughout the period. However, the relative contribution of international assets, while smaller in absolute terms, experienced a more pronounced percentage change over the five years. The fluctuations in both geographic areas contributed to the overall trend of total long-lived assets.
- Geographic Contribution
- In 2021, the United States represented approximately 77% of total long-lived assets, while International assets comprised roughly 23%. By 2025, the United States’ share had decreased to approximately 79%, and the International share increased to approximately 21%. This indicates a slight shift in the geographic distribution of these assets, though the United States remains the dominant contributor.
The observed changes may warrant further investigation to understand the underlying drivers, such as asset sales, acquisitions, depreciation, or changes in capital expenditure strategies within each geographic region.