Airbnb Inc. (NASDAQ:ABNB)

Net Fixed Asset Turnover

The net fixed asset turnover shows a general upward trend over the observed periods. Starting at 46.34 in March 2022, it increased steadily reaching a peak of 71.38 in March 2023. Subsequently, there was a gradual decline through December 2023, hitting 59.89 in March 2024. After this dip, the ratio resumed its ascent, culminating in a significant rise to 97.89 by September 2025. This pattern indicates an improving effectiveness in utilizing fixed assets to generate revenue, particularly notable in the latter periods.

Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)

This ratio follows a notable increasing pattern from 16.30 at the beginning in March 2022 to 35.56 by September 2023. It stabilizes around the mid-thirties through December 2023, and further climbs to 43.91 by September 2025. The steady increase suggests enhanced turnover efficiency when incorporating right-of-use assets, reflecting the company's adaptation to lease obligations and improved asset management over time.

Total Asset Turnover

The total asset turnover ratio fluctuates within a moderate range across the time frame. It initially holds steady at 0.39 from March to June 2022, then experiences a rise to 0.52 by December 2022. This is followed by a decline to 0.40 in June 2024. Subsequently, the ratio rebounds to 0.53 in December 2024 before dipping again around 0.43 in mid-2025. These variations imply a cyclical pattern in asset utilization efficiency, with periods of improvement countered by phases of reduced turnover.

Equity Turnover

Equity turnover demonstrates an overall rising tendency from 1.40 in March 2022 to a high of 1.80 in June 2023. A sharp decline appears in September 2023 with a drop to 1.05, followed by partial recovery and stable levels near 1.30 through late 2024. The ratio then increases modestly towards mid-2025, peaking at 1.49 before slightly dipping to 1.39. This trend indicates initial gains in revenue generated per equity dollar, interrupted by a significant drop likely due to changes in equity or revenue, followed by gradual normalization.

The financial data reveals notable fluctuations in quarterly revenue over the examined periods, highlighting seasonal and growth trends. After an initial increase from 1,509 million USD in March 2022 to a peak of 2,884 million USD in September 2022, revenue experienced a sharp decline in the following quarter, dropping to 1,902 million USD in December 2022. This pattern of rising revenues in mid-year quarters followed by dips towards year-end appears consistent across subsequent years. For instance, revenue again peaked in September 2023 at 3,397 million USD before declining to 2,218 million USD in December 2023. A similar trend emerges in 2024 and 2025, with peaks in Q3 (3,732 million and 4,095 million USD respectively) followed by declines in Q4. Overall, the data indicates a growth trajectory with successive peaks in third quarters becoming progressively higher over the years, signaling expanding business operations or increasing demand during these periods.

Regarding the property and equipment, net values, the figures display moderate volatility but remain relatively stable within a narrow range. Values fluctuate between 118 million USD and 171 million USD, without a clear directional trend. The asset base slightly expands from the beginning of the observed timeframe until the second quarter of 2024, reaching a high point of 171 million USD, before gradually contracting back to 122 million USD by the third quarter of 2025. This pattern suggests ongoing management of capital assets with some disposal or depreciation affecting balances towards the latter quarters.

The net fixed asset turnover ratio, which measures the efficiency with which the company utilizes its fixed assets to generate revenue, shows an overall increasing trend throughout the periods. Starting at 46.34 in March 2022, this ratio consistently rises, with minor fluctuations, reaching 97.89 by September 2025. This sharp increase reflects improved efficiency in leveraging property and equipment to support growing revenue, particularly as revenue expands while the asset base remains relatively stable or decreases. The growth in this ratio emphasizes that the company is increasingly generating higher revenue per unit of fixed assets held, indicating operational optimization or better asset utilization strategies.

Revenue Trends

Exhibits a seasonal pattern with peaks typically in the third quarter and declines in the fourth, alongside a general upward growth trend over the examined periods.

Property and Equipment, Net

Remains relatively stable with subtle fluctuations and a slight contraction in recent quarters, suggesting controlled asset base management and possible disposals or depreciation impacts.

Net Fixed Asset Turnover

Demonstrates a positive and consistent increase, indicating enhanced asset utilization efficiency driven by rising revenues without proportional increases in fixed asset levels.

Revenue Trends

Revenue exhibits a clear seasonal pattern with peaks typically occurring in the third quarter of each year. Starting from US$1,509 million in March 2022, revenue rises significantly to US$2,884 million by September 2022 before dropping in the fourth quarter to US$1,902 million. This pattern repeats in subsequent years, reflecting seasonal fluctuations.

Year-over-year growth is notable; for instance, the third quarter revenue increases from US$2,884 million in 2022 to US$3,732 million in September 2024, demonstrating strong upward momentum over the analyzed periods. The overall trend is an increase in absolute revenue values with recurring seasonal dips in the fourth quarter.

Property and Equipment, Net

The net value of property and equipment (including operating lease, right-of-use assets) shows a slight declining trend over the period. The value decreases from US$406 million in March 2022 to around US$272 million by September 2025, indicating a gradual reduction in fixed asset base or possible disposals, depreciation, or lower asset acquisitions.

Despite minor fluctuations, there is no significant reinvestment into property and equipment as the values remain fairly stable below US$300 million in the later periods, which might suggest a strategy focusing less on asset-heavy expansion.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio shows consistent improvement across all periods, increasing from 16.3 in the first quarter of 2022 to 43.91 by the third quarter of 2025. This ratio measures revenue generated per unit of net fixed assets, indicating enhanced efficiency in asset utilization.

The rising turnover ratio supports the observation that despite a declining asset base, revenue has grown considerably, suggesting improved operational productivity or better use of existing fixed assets. This trend might reflect effective management or a shift towards more asset-light revenue streams.

Overall Analysis

The combined trends indicate that revenue growth has outpaced the investment in property and equipment, leading to a steadily increasing fixed asset turnover ratio. This suggests the company is achieving greater revenue generation with fewer assets, which could be a sign of operational efficiency or a strategic pivot towards less capital-intensive business models.

Seasonal revenue fluctuations persist but are offset by an underlying upward trajectory in sales volumes or pricing, contributing to overall positive financial performance. The reduction in net fixed assets might also reflect a conscious decision to limit capital expenditures or to optimize asset usage in response to market conditions.

The financial data reveals several key trends in the company's performance over the observed quarters. Revenue demonstrates notable seasonality, with peaks consistently occurring in the third quarter of each year. Starting from US$1,509 million in Q1 2022, revenue increased to a peak of US$3,397 million in Q3 2023, followed by a decline in the subsequent quarter. This pattern repeats with some variability in magnitude, reaching the highest recorded value of US$4,095 million in Q3 2025. The fluctuations suggest a strong cyclicality influenced likely by seasonal demand factors.

Total assets show a generally upward trend, increasing from US$17,068 million in Q1 2022 to a peak of US$26,992 million in Q2 2025. Despite this overall growth, there are periods of asset base contraction, notably in late 2022 and late 2024, indicating occasional asset optimization or disposals. The increase in total assets over time aligns with the company’s expansion or capital investment activities.

Total asset turnover, representing efficiency in using assets to generate revenue, exhibits some variability but remains within a moderate range between 0.39 and 0.53. The ratio tends to improve in quarters following asset base reductions, suggesting enhanced asset utilization during those times. Conversely, periods with significant asset growth sometimes coincide with lower turnover ratios, indicating that asset growth occasionally outpaces revenue generation efficiency.

Revenue

Shows strong seasonal peaks in Q3 of each year, increasing steadily over the full period with highest peaks in mid-2025. Post-peak quarters typically experience revenue declines.

Total Assets

Exhibit an overall increasing trend, with intermittent decreases possibly linked to asset optimization. Growth from approximately US$17 billion to nearly US$27 billion over the observed timeline indicates ongoing investment.

Total Asset Turnover

Varies between 0.39 and 0.53, reflecting moderate efficiency in asset use. Improvements in this ratio tend to follow asset reductions, while asset growth periods often see slight declines in turnover.

The analyzed data reveals several important trends regarding the company's quarterly performance over a period of four years.

Revenue

Revenue exhibits a generally cyclical pattern with notable seasonality. The company shows marked peaks in the third quarter of each fiscal year, reaching maximum values such as US$ 3,397 million in Q3 2023 and US$ 4,095 million in Q3 2025. Conversely, lower revenue figures are observed predominantly in the first quarters, for example, US$ 1,509 million in Q1 2022 and US$ 2,272 million in Q1 2025. Despite this seasonal fluctuation, there is an upward trend in peak revenue points over the years, indicating growth. The amount of revenue in comparable quarters tends to increase over time, suggesting positive business expansion and demand growth.

Stockholders’ Equity

Stockholders' equity presents fluctuations without a clear monotonic trend but generally remains within a range of approximately US$ 4,700 million to US$ 9,100 million. A significant jump is noticeable in the third quarter of 2023, where equity rises sharply to US$ 9,123 million, nearly doubling from roughly US$ 5,059 million in the previous quarter. Following this spike, equity retracts but stabilizes around US$ 7,900 million to US$ 8,600 million in subsequent quarters. The variability suggests an event or series of transactions impacting equity substantially in mid-2023, followed by consolidation. Thereafter, equity remains reasonably stable with modest fluctuations.

Equity Turnover Ratio

The equity turnover ratio, which measures revenue generated per unit of equity, fluctuates between roughly 1.05 and 1.8 throughout the periods. The ratio peaks at 1.8 in Q2 2023, reflecting a period of efficient asset utilization relative to equity. However, it dips sharply to around 1.05 in Q3 2023 coinciding with the large equity increase, indicating a lag in revenue growth relative to equity expansion during that quarter. Afterwards, the ratio rebounds and stabilizes between 1.3 and 1.5. These oscillations suggest that although the company achieves good turnover of equity generally, sudden changes in equity base cause temporary distortions in this efficiency metric.

In summary, the company demonstrates strong revenue growth with consistent seasonal patterns, a volatile but stable equity base, and a generally efficient use of equity to generate sales. The data signals an inflection point around mid-2023, marked by a substantial increase in stockholders’ equity that temporarily dampened equity turnover, followed by recovery and growth. This could be indicative of capital raising activities or asset revaluation, which align with subsequent revenue growth and operational scalability.