Analysis of Geographic Areas
Airbnb Inc. operates in 2 regions: United States and International.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2020
- Analysis of Debt
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Area Asset Turnover
Airbnb Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
Based on: 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).
The annual geographic area asset turnover data indicates significant variations and growth patterns across the United States and International markets over the five-year period ending December 31, 2024.
- United States
- The asset turnover ratio for the United States starts relatively low at 3.08 in 2020, then experiences a sharp increase to 9.07 in 2021. This upward trend continues, reaching a peak of 19.16 in 2022. The ratio slightly declines to 18.73 in 2023 but then shows a modest recovery to 18.94 in 2024. Overall, there is a substantial improvement, with the turnover ratio increasing more than sixfold from 2020 to 2024, indicating enhanced efficiency in asset utilization in this region after 2020, despite minor fluctuations in the last two years.
- International
- The International asset turnover ratio demonstrates a pronounced and consistent upward trajectory throughout the entire period. Beginning at 14.54 in 2020, it more than doubles by 2021 to 30.49. This growth accelerates dramatically in the subsequent years, surging to 80.52 in 2022, then increasing substantially to 112.54 in 2023, and further climbing to 140.48 by 2024. This pattern reflects a robust expansion and improving asset efficiency overseas, with growth rates significantly outpacing those seen in the United States.
In summary, both geographic segments exhibit strong increases in asset turnover ratios, indicating enhanced management and utilization of assets to generate revenue. However, the international segment shows a notably steeper growth curve, implying either increased operational scale, improved asset productivity, or a combination of factors driving superior asset turnover relative to the domestic market. The data points to a strategic emphasis or greater success in asset deployment internationally compared to the United States during this period.
Area Asset Turnover: United States
Airbnb Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 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 2024 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
- Revenue
- The revenue from the United States geographic area has displayed a consistent upward trajectory over the five-year period. Starting at $1,649 million in 2020, revenue increased significantly to $2,996 million in 2021 and continued rising each subsequent year, reaching $4,640 million by 2024. This demonstrates robust growth, more than doubling the initial revenue within four years.
- Long-lived Assets
- The value of long-lived assets showed a declining trend from 2020 to 2022, dropping from $535 million to $203 million. However, from 2022 onward, there is a modest rebound with values increasing to $229 million in 2023 and $245 million in 2024. Despite this slight recovery, the asset base remains considerably lower in 2024 compared to 2020 levels.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures revenue generated per dollar of long-lived assets, demonstrates substantial improvement throughout the period. The ratio increased from 3.08 in 2020 to 9.07 in 2021, then surged dramatically to 19.16 in 2022. Although it slightly dipped to 18.73 in 2023, it rebounded to 18.94 in 2024. This indicates enhanced efficiency in utilizing assets to generate revenue, especially pronounced following the drop in asset values.
Area Asset Turnover: International
Airbnb Inc.; International; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 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 2024 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
- Revenue Trends
- The revenue demonstrates a consistent and substantial increase over the five-year period. Starting at $1,730 million in 2020, it rises sharply to $2,995 million in 2021. This upward trajectory continues with revenues reaching $4,509 million in 2022, $5,627 million in 2023, and $6,462 million in 2024, indicating strong growth in the international segment.
- Long-lived Assets Trends
- The value of long-lived assets shows a declining trend across the reported years. Beginning at $119 million in 2020, the asset base decreases steadily to $98 million in 2021, followed by $56 million in 2022, $50 million in 2023, and further down to $46 million by 2024. This reduction suggests a possible strategy of asset optimization or reduced capital investment in physical assets in the international area.
- Area Asset Turnover Trends
- The area asset turnover ratio displays a pronounced increase, indicating improved efficiency. It rises from 14.54 in 2020 to 30.49 in 2021, then surges to 80.52 in 2022. This growth continues with ratios of 112.54 in 2023 and 140.48 in 2024. The increasing ratio implies that the company is generating substantially more revenue per unit of asset over time.
- Insights and Interpretation
- The analysis highlights a strong revenue expansion in the international segment alongside a reduction in long-lived assets, suggesting that the company is successfully leveraging its existing asset base to generate growth. The significant improvement in area asset turnover ratio supports this observation, reflecting heightened operational efficiency. The data indicates an effective use of assets to drive revenue without proportional increases in asset investment.
Revenue
Airbnb Inc., revenue by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
Based on: 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).
- Revenue Growth in the United States
- The revenue generated in the United States shows a consistent upward trend over the five-year period. Starting at 1,649 million USD in 2020, the figure nearly doubled to 2,996 million USD in 2021. Subsequently, it continued to grow steadily, reaching 3,890 million USD in 2022, 4,290 million USD in 2023, and finally 4,640 million USD in 2024. This pattern indicates sustained growth in the domestic market, with a moderate deceleration in growth rate after 2021.
- International Revenue Trends
- International revenue exhibits a similar but more accelerated growth trajectory compared to the domestic market. Starting slightly higher than the United States in 2020 at 1,730 million USD, the revenue increased to 2,995 million USD in 2021. The international segment shows robust expansion with revenues climbing to 4,509 million USD in 2022, 5,627 million USD in 2023, and 6,462 million USD in 2024. This reflects a stronger growth momentum outside the United States, suggesting increasing global market penetration and possibly expansion into new regions.
- Total Revenue Evolution
- Total revenue combines the domestic and international figures, and it follows a clear upward trend year over year. From 3,378 million USD in 2020, total revenue increased to 5,992 million USD in 2021, nearly doubling. The growth continued significantly through to 2024, reaching 11,102 million USD. The rising share of international revenue contributes substantially to the total increase, highlighting the company's expanding global footprint.
- Comparative Regional Performance
- Although both regions experienced growth, the international segment outpaced the United States in terms of growth rate after 2021. By 2024, international revenue surpassed domestic revenue by approximately 1,822 million USD, illustrating the growing importance of international markets to overall financial performance. This trend may reflect strategic shifts or greater opportunities for growth beyond the domestic market.
- Overall Insights
- The data reveal a strong and steady revenue growth pattern both in the domestic and international markets, with international revenues showing more pronounced gains in recent years. The total revenue growth aligns with these positive geographic trends, indicating successful expansion strategies and potentially increasing market acceptance globally. The company appears to be leveraging international markets effectively to drive overall revenue growth.
Long-lived assets
Airbnb Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
Based on: 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).
- Long-Lived Assets in the United States
- There is a clear downward trend from 2020 to 2022, with the value decreasing significantly from 535 million US dollars to 203 million US dollars. This decline stabilizes somewhat in the following years, with a slight increase recorded in 2023 and 2024, reaching 245 million US dollars. This suggests a possible reduction in investment or asset disposal followed by cautious asset accumulation or valuation improvement.
- International Long-Lived Assets
- The international segment exhibits a consistent decline over the five-year period, decreasing from 119 million US dollars in 2020 to 46 million US dollars in 2024. The rate of decline slows down after 2021, but the downward trajectory remains steady, indicating a continuous reduction or devaluation of long-lived assets outside the United States.
- Total Long-Lived Assets
- Total long-lived assets show a notable reduction between 2020 and 2022, dropping from 654 million US dollars to 259 million US dollars. Starting in 2023, there is a gradual recovery trend as total assets increase modestly to 291 million US dollars by 2024. This pattern reflects the combined trends observed in both domestic and international assets, with the overall asset base shrinking substantially before stabilizing and showing slight growth.