Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Airbnb Inc., solvency ratios (quarterly data)
Based on: 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).
- Debt to Equity Ratio
- The debt to equity ratio exhibited a generally declining trend from March 2022, starting at 0.42 and reaching lower levels around 0.22 to 0.26 from September 2023 through June 2025. Notable was a dip in September 2023 to 0.22, followed by a slight increase but remaining below the initial value. This suggests a gradual reduction in reliance on debt relative to equity over the observed periods, indicating an improvement in the capital structure's conservatism.
- Debt to Capital Ratio
- This ratio showed a steady decrease from a high of 0.30 in March 2022, trending downward to values around 0.18 to 0.20 from September 2023 onwards. The decline points to a lower proportion of debt in the overall capital employed by the company, reflecting enhanced financial stability and potentially lower financial risk.
- Debt to Assets Ratio
- The debt to assets ratio remained relatively stable but with a slight decreasing tendency. Starting at 0.12 in March 2022, it fluctuated marginally between 0.07 and 0.12 during the entire period, and consistently stayed below 0.10 from March 2024 onward. This indicates that the company maintained a low level of debt relative to its total assets, which underscores prudent asset management and conservative leverage.
- Financial Leverage Ratio
- The financial leverage ratio showed more variability, with initial readings around 3.6 in early 2022, followed by a decrease to below 3.0 in late 2022 and again in mid to late 2023. However, there was a temporary increase reaching about 4.19 in June 2023 before declining once more. From March 2024 onward, the ratio stabilized mostly between 2.5 and 3.5. This indicates fluctuations in the use of debt financing relative to equity, with a general trend toward moderate leverage, suggesting a balanced approach to financing assets over the periods analyzed.
Debt Ratios
Debt to Equity
Airbnb Inc., debt to equity calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Current portion of long-term debt | 1,998) | 1,997) | 1,996) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Long-term debt, net of current portion | —) | —) | —) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | |||||
| Total debt | 1,998) | 1,997) | 1,996) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | |||||
| Stockholders’ equity | 8,610) | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | |||||
| Solvency Ratio | ||||||||||||||||||||
| Debt to equity1 | 0.23 | 0.26 | 0.25 | 0.24 | 0.23 | 0.25 | 0.25 | 0.24 | 0.22 | 0.39 | 0.38 | 0.36 | 0.36 | 0.38 | 0.42 | |||||
| Benchmarks | ||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | 11.29 | 4.49 | 2.50 | 2.37 | 2.23 | |||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| DoorDash, Inc. | 0.29 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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).
1 Q3 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 1,998 ÷ 8,610 = 0.23
2 Click competitor name to see calculations.
- Total Debt
- The total debt of the company remained remarkably stable over the analyzed periods, exhibiting a minimal increase from 1,984 million US dollars at the end of March 2022 to 1,998 million US dollars by September 2025. This consistency reflects a controlled approach to leveraging debt with virtually no significant fluctuations.
- Stockholders' Equity
- Stockholders’ equity displayed considerable variability during the period. An initial upward trend was observed from 4,737 million US dollars in March 2022 to a peak of 9,123 million US dollars in September 2023. Subsequently, equity experienced a decline, reaching 7,782 million US dollars in June 2025 before a modest recovery to 8,610 million US dollars by September 2025. These movements suggest periods of equity issuance or retained earnings fluctuations, possibly driven by operational results or capital structure adjustments.
- Debt to Equity Ratio
- The debt to equity ratio declined from 0.42 at the start to a low of 0.22 in September 2023, indicating a substantial strengthening in the equity base relative to debt during this timeframe. Following this low point, the ratio increased moderately to about 0.26 by June 2025 and then lowered again to 0.23 in September 2025. Overall, the ratio remained below the initial levels, demonstrating an improved balance sheet leverage position with a lower dependence on debt financing relative to equity.
- Overall Analysis
- The data indicate a stable debt policy combined with a dynamic equity structure, leading to improved leverage ratios over the period. The company's equity base experienced notable growth and some volatility, which had significant influence on the leverage metrics. The reduced debt to equity ratio through the majority of the period suggests a risk-aware capital structure, potentially aimed at supporting financial flexibility and reducing financial risk.
Debt to Capital
Airbnb Inc., debt to capital calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Current portion of long-term debt | 1,998) | 1,997) | 1,996) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Long-term debt, net of current portion | —) | —) | —) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | |||||
| Total debt | 1,998) | 1,997) | 1,996) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | |||||
| Stockholders’ equity | 8,610) | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | |||||
| Total capital | 10,608) | 9,779) | 9,933) | 10,407) | 10,482) | 9,995) | 9,888) | 10,156) | 11,113) | 7,048) | 7,279) | 7,547) | 7,526) | 7,230) | 6,721) | |||||
| Solvency Ratio | ||||||||||||||||||||
| Debt to capital1 | 0.19 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.20 | 0.20 | 0.18 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 | 0.30 | |||||
| Benchmarks | ||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||
| Booking Holdings Inc. | 1.39 | 1.56 | 1.62 | 1.32 | 1.29 | 1.34 | 1.32 | 1.24 | 1.05 | 1.05 | 0.92 | 0.82 | 0.71 | 0.70 | 0.69 | |||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| DoorDash, Inc. | 0.22 | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| McDonald’s Corp. | 1.06 | 1.07 | 1.10 | 1.11 | 1.15 | 1.14 | 1.15 | 1.14 | 1.15 | 1.16 | 1.18 | 1.20 | 1.23 | 1.23 | 1.21 | |||||
| Starbucks Corp. | 1.80 | 1.96 | 1.92 | 1.92 | 2.04 | 2.18 | 2.35 | 2.08 | 2.18 | 2.22 | 2.39 | 2.37 | 2.34 | 2.21 | 2.34 | |||||
Based on: 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).
1 Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 1,998 ÷ 10,608 = 0.19
2 Click competitor name to see calculations.
- Total Debt
- The total debt remains relatively stable over the observed periods, with a gradual increase from 1,984 million US dollars at the beginning of 2022 to 1,998 million US dollars by the third quarter of 2025. This indicates a consistent debt level with minimal fluctuations, suggesting controlled borrowing or repayment activities.
- Total Capital
- Total capital exhibits more variability, initially increasing from 6,721 million US dollars in March 2022 to a peak of 11,113 million US dollars in September 2023. Following this peak, there is a downward trend with some minor fluctuations, ending at 10,608 million US dollars in the third quarter of 2025. This pattern may reflect equity infusions, retained earnings, or other capital adjustments over time.
- Debt to Capital Ratio
- The debt to capital ratio shows a declining trend from 0.30 in the first quarter of 2022 to a low of 0.18 in the third quarter of 2023, indicating an improvement in the capital structure with relatively less reliance on debt. After this low point, the ratio stabilizes around 0.19 to 0.20 through to the third quarter of 2025. The initial decline followed by stabilization suggests effective management of debt relative to total capital during the observed periods.
- Overall Insights
- The data reveals a stable debt base with increasing total capital until late 2023, leading to a reduced leverage ratio. Since then, the company's capital levels have slightly declined but maintained a consistent leverage ratio, indicative of balanced financial management. There are no signs of increasing financial risk from debt, and the capital structure appears to have strengthened before stabilizing in recent periods.
Debt to Assets
Airbnb Inc., debt to assets calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Current portion of long-term debt | 1,998) | 1,997) | 1,996) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Long-term debt, net of current portion | —) | —) | —) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | |||||
| Total debt | 1,998) | 1,997) | 1,996) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | |||||
| Total assets | 23,064) | 26,992) | 25,056) | 20,959) | 22,172) | 26,320) | 24,537) | 20,645) | 21,439) | 21,188) | 20,018) | 16,038) | 16,077) | 19,059) | 17,068) | |||||
| Solvency Ratio | ||||||||||||||||||||
| Debt to assets1 | 0.09 | 0.07 | 0.08 | 0.10 | 0.09 | 0.08 | 0.08 | 0.10 | 0.09 | 0.09 | 0.10 | 0.12 | 0.12 | 0.10 | 0.12 | |||||
| Benchmarks | ||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||
| Booking Holdings Inc. | 0.59 | 0.60 | 0.59 | 0.60 | 0.58 | 0.59 | 0.61 | 0.58 | 0.54 | 0.53 | 0.48 | 0.49 | 0.42 | 0.39 | 0.44 | |||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| DoorDash, Inc. | 0.15 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| McDonald’s Corp. | 0.68 | 0.70 | 0.69 | 0.70 | 0.70 | 0.72 | 0.70 | 0.70 | 0.72 | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.67 | |||||
| Starbucks Corp. | 0.51 | 0.49 | 0.49 | 0.50 | 0.52 | 0.53 | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.54 | 0.54 | 0.55 | 0.51 | |||||
Based on: 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).
1 Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 1,998 ÷ 23,064 = 0.09
2 Click competitor name to see calculations.
- Total Debt
-
The total debt shows a consistent and very slight upward trend over the entire period. Starting at 1,984 million USD in March 2022, it gradually increases quarter by quarter, reaching 1,998 million USD by September 2025. The growth in total debt is minimal and stable, indicating controlled debt management without significant borrowing spikes or repayments.
- Total Assets
-
Total assets exhibit more volatility compared to total debt, with fluctuations observed throughout the timeline. The asset base starts at 17,068 million USD in March 2022 and experiences increases and decreases over various quarters. For instance, assets dropped notably from June 2022 (19,059 million USD) to September 2022 (16,077 million USD), then rose again to a peak of 26,992 million USD in June 2025 before falling back to 23,064 million USD in September 2025.
This pattern suggests variations in asset holdings, which may be due to operational changes, acquisitions, disposals, or valuation adjustments intrinsic to the company's activity.
- Debt to Assets Ratio
-
The debt to assets ratio decreases gradually over the analyzed period, reflecting an improvement in leverage relative to the asset base. Initially, the ratio fluctuates around 0.10 to 0.12 in 2022, decreases to approximately 0.08 in early 2024, and reaches the lowest point of 0.07 in June 2025 before slightly rising back to 0.09 in September 2025.
This downward trend indicates that the company is effectively expanding its asset base at a faster pace than its debt growth, improving its financial stability and reducing risk exposure from leverage.
- Overall Observations
-
The overall financial trends reveal disciplined debt management with a steady, low increase in total debt and significant fluctuations in total assets. The resulting decrease in the debt to assets ratio over time indicates enhanced balance sheet strength. Periodic asset base declines may warrant further analysis for causative factors, but the predominant pattern is one of gradual asset growth and improved leverage ratios.
Financial Leverage
Airbnb Inc., financial leverage calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Total assets | 23,064) | 26,992) | 25,056) | 20,959) | 22,172) | 26,320) | 24,537) | 20,645) | 21,439) | 21,188) | 20,018) | 16,038) | 16,077) | 19,059) | 17,068) | |||||
| Stockholders’ equity | 8,610) | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | |||||
| Solvency Ratio | ||||||||||||||||||||
| Financial leverage1 | 2.68 | 3.47 | 3.16 | 2.49 | 2.61 | 3.29 | 3.11 | 2.53 | 2.35 | 4.19 | 3.78 | 2.88 | 2.90 | 3.63 | 3.60 | |||||
| Benchmarks | ||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | 23.47 | 9.12 | 6.01 | 6.12 | 5.12 | |||||
| Chipotle Mexican Grill Inc. | 2.88 | 2.63 | 2.59 | 2.52 | 2.49 | 2.40 | 2.50 | 2.63 | 2.74 | 2.73 | 2.84 | 2.93 | 2.93 | 3.04 | 3.03 | |||||
| DoorDash, Inc. | 1.89 | 1.90 | 1.62 | 1.65 | 1.62 | 1.65 | 1.64 | 1.59 | 1.53 | 1.50 | 1.48 | 1.45 | 1.40 | 1.34 | 1.47 | |||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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).
1 Q3 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 23,064 ÷ 8,610 = 2.68
2 Click competitor name to see calculations.
- Total Assets
-
Total assets exhibited fluctuations throughout the observed periods, beginning at 17,068 million US dollars in March 2022 and generally increasing over the years with intermittent declines. Notable growth occurred between December 2023 and June 2024, rising from 20,645 million to 26,320 million US dollars. However, following this peak, assets decreased sharply by September 2024 and remained volatile afterward, ending at 23,064 million US dollars in September 2025. The pattern suggests an overall growth trend with periodic contractions, indicating possible asset restructuring or market adjustments.
- Stockholders' Equity
-
Stockholders' equity showed a generally increasing trend from March 2022 through December 2022, moving from 4,737 million to 5,560 million US dollars. The figure declined slightly by June 2023, followed by a marked increase to a peak of 9,123 million US dollars in September 2023. Following this peak, equity values decreased again and fluctuated between approximately 7,800 million and 8,600 million US dollars, ending at 8,610 million in September 2025. The fluctuations could indicate changes in retained earnings, share issuance, or other equity movements that impacted the equity base periodically.
- Financial Leverage
-
The financial leverage ratio displayed inconsistency across the periods examined. The ratio started around 3.6 in early 2022, then decreased significantly in late 2022 to values near 2.9, indicating a reduction in leverage at that time. A spike occurred in mid-2023, reaching a ratio as high as 4.19, before dropping sharply to approximately 2.35 by September 2023. For the remainder of the timeline, leverage ratios oscillated mostly between 2.5 and 3.5, ending with a decrease to 2.68 in September 2025. This volatility in financial leverage suggests variable use of debt relative to equity, reflecting fluctuating financing strategies or shifts in capital structure.