Airbnb Inc. (NASDAQ:ABNB)

The financial data reveals various trends in asset and equity turnover ratios over the quarterly periods analyzed. These ratios offer insights into the company's operational efficiency and asset utilization.

Net Fixed Asset Turnover

This ratio shows a general upward trend starting from March 31, 2022, through June 30, 2025. Initial values were 38.27, increasing steadily to peak at 87.73 by June 30, 2025. Some fluctuations occurred, particularly a peak around June 30, 2025, after a slight decline during the quarters from December 31, 2022, to March 31, 2024. The upward trend suggests improved efficiency in generating revenue from fixed assets over time.

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

This ratio also exhibits an increasing trend, though at lower magnitude compared to the traditional net fixed asset turnover. Starting at 13.98 around March 31, 2022, it climbs to values around 41.96 by June 30, 2025. The progression is more gradual with some minor decreases observed in the last year, such as between June 30, 2024 (41.37) and June 30, 2025 (40.55). This pattern may indicate consistent yet moderated improvement when accounting for leased assets.

Total Asset Turnover

Total asset turnover presents a more variable behavior. Starting at 0.44 on March 31, 2022, the ratio declines to a low of 0.39 by June 30, 2022, and remains around that value into September 2022. A notable increase occurs by December 31, 2022 (0.5) and March 31, 2023 (0.52), followed by a downward trend toward 0.40 by September 30, 2024. The ratio then rises again to 0.53 as of March 31, 2025 but dips subsequently. The fluctuations indicate fluctuations in asset utilization efficiency, possibly reflecting operational or market dynamics.

Equity Turnover

Equity turnover ratio demonstrates a predominantly increasing trend with some variability. It starts from 1.25 on March 31, 2022, rises to a peak of 1.80 on September 30, 2022, and experiences a sharp decrease to 1.05 on December 31, 2022. Subsequently, the ratio gradually increases again, reaching 1.49 by June 30, 2025. This pattern suggests periods of higher efficiency in utilizing shareholders’ equity interspersed with quarters of lower turnover.

Overall, the company shows significant improvements in using fixed assets to generate revenue, especially in net fixed asset turnover. The inclusion of operating leases also reflects growth but at a steadier pace. Total asset turnover is less stable, demonstrating some cyclicality or operational variability. Equity turnover indicates fluctuating efficiency with a general upward direction in the long term. These trends collectively suggest enhanced asset management and capital efficiency with some periods of operational adjustment or external influence.

The financial data reveals notable trends in revenue, property and equipment, and net fixed asset turnover over the analyzed periods.

Revenue

Revenue shows considerable fluctuation with an overall upward trend across the quarters. Beginning at 887 million USD in March 2021, revenue increases sharply to a peak of 3,732 million USD in September 2024. This is characterized by cyclical quarterly variations where revenue often dips in December relative to September but recovers thereafter. The highest quarterly revenues consistently occur around the third quarter (September). The general pattern indicates strong growth momentum, with revenues in 2024 and early 2025 significantly exceeding those of 2021 and 2022.

Property and Equipment, Net

The net value of property and equipment exhibits a steady decline from 211 million USD in March 2021 to a low point near 118 million USD in June 2022 and September 2022. After this trough, the value stabilizes and shows a moderate upward recovery through subsequent periods, reaching 171 million USD by March 2024 before slightly decreasing again towards mid-2025. This suggests a phase of asset divestiture or depreciation in the early periods, followed by some reinvestment or acquisition of property and equipment later on.

Net Fixed Asset Turnover

Net fixed asset turnover, available from the fourth quarter of 2021 onwards, demonstrates a clear and sustained increase, moving from 38.27 initially to 87.73 by June 2025. This sharp rise indicates improved efficiency in utilizing fixed assets to generate revenue. The ratio consistently advances each quarter, confirming enhanced asset utilization and potentially reflecting operational improvements or better capital management strategies over time.

Revenue Trends

Revenue displays a generally increasing trend over the observed periods, with noticeable seasonal fluctuations. From March 2021 to December 2021, the revenue rose sharply from 887 million to 2237 million, then declined to 1532 million by year-end. In 2022, revenue again increased, peaking at 2884 million in September before falling to 1902 million in December. Similar seasonal patterns continue through 2023 and 2024, with quarterly peaks typically appearing in the third quarter and troughs in the first and fourth quarters. The revenue values for early 2025 indicate a slight decline compared to late 2024 but remain generally higher than earlier years, demonstrating ongoing growth with periodic demand fluctuations.

Property and Equipment, Net

The net value of property and equipment, inclusive of operating lease right-of-use assets, shows a gradual declining trajectory from 512 million in March 2021 to around 259 million in December 2021. This decreasing trend largely stabilizes afterward, fluctuating slightly but staying within a narrow range around the low 260s to high 270s throughout 2022 to mid-2025. This suggests limited new investments or disposals during this period, maintaining a relatively stable asset base after initial reductions.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio exhibits a substantial and consistent upward trend, starting at 13.98 in September 2021 and rising steadily to 41.96 by June 2025. This increase indicates improving efficiency in the use of fixed assets to generate revenue. The ratio's growth suggests that the company is generating significantly more revenue per unit of net fixed assets over time, reflecting enhanced operational productivity or favorable revenue dynamics relative to the asset base.

Overall Insights

The data reveals a pattern of expanding revenue alongside a stable to slightly declining asset base, resulting in markedly improved asset turnover efficiency. The seasonal revenue fluctuations imply business cycles or demand variation across quarters, with recurring peaks and troughs. The stable asset base could indicate capital discipline or optimized asset management, while the rising turnover ratio confirms effective utilization of assets to drive top-line growth. Together, these trends suggest operational improvements and potentially increased profitability over the reporting horizon.

The revenue exhibits notable volatility across the quarters, with a general upward trend marked by seasonal fluctuations. Starting at $887 million in March 2021, revenue rises sharply to a peak of $2,237 million in September 2021, then declines in the subsequent quarter before another cycle of increase and decrease. This pattern suggests seasonal demand variations or cyclical business activities. Over the years, peak revenues occur predominantly during the third quarter, as seen consistently from 2021 through 2024. The highest recorded revenue is $3,732 million in September 2024, indicating substantial growth relative to earlier periods. However, the revenue figures post-peak quarters tend to drop but remain higher than the initial base periods, pointing to an overall upward trend amidst cyclical fluctuations.

Total assets also demonstrate a progressive increase, starting at $12,339 million in March 2021 and rising significantly to reach $26,992 million by June 2025. The growth in total assets is relatively steady, though the data shows some periods of plateau or slight decreases, such as between June and September 2022 and again in late 2024 to early 2025. These fluctuations could be linked to asset management cycles, investments, or reallocations. The steady rise in total assets indicates expansion or increased capital investment over time, supporting the company's scaling operations.

Total asset turnover ratios, available from September 2021 onwards, reflect the efficiency with which the company utilizes its assets to generate revenue. The ratio fluctuates between approximately 0.39 and 0.53, with no clear upward or downward long-term trend. Typically, the ratio hovers around 0.4 to 0.5, suggesting a moderate level of asset efficiency. Peaks in asset turnover often correlate with higher revenue quarters, implying improved asset utilization during periods of increased sales. The slight decline in the ratio in some periods despite asset growth may indicate that asset base expansion outpaces revenue growth in those intervals.

Revenue Analysis

Exhibits seasonal patterns with peaks in the third quarter annually.

Overall upward trend from 2021 to 2024, with increased peak values.

Post-peak quarters see decreases but maintain above initial levels.

Total Assets Analysis

Progressive growth from $12.3 billion to nearly $27 billion over four years.

Some periods of stagnation or moderate decline suggest asset reallocation.

Growth aligns with company expansion and possible capital investments.

Total Asset Turnover Analysis

Ratios mostly in the 0.39 to 0.53 range, indicating moderate asset efficiency.

Fluctuations correspond with revenue cycles, reflecting operational dynamics.

No sustained improvement or deterioration trend, suggesting stable asset use efficiency.

The revenue figures display significant fluctuations over the periods analyzed. Starting from US$ 887 million in March 2021, revenue experiences a strong increase reaching a peak at US$ 3,732 million in September 2024. Quarterly revenue generally follows a pattern of rising sharply and then retracting somewhat in the subsequent quarter, indicating seasonal or cyclical factors influencing the business. The highest quarterly revenue peaks are noted in the third quarters of 2021, 2022, 2023, and 2024, suggesting stronger performance during these periods.

Stockholders’ equity demonstrates a trend of gradual growth interspersed with some volatility. Beginning at US$ 3,159 million in March 2021, equity increases steadily until December 2022, culminating at US$ 9,123 million. After this peak, equity decreases somewhat but remains elevated relative to the start, with values fluctuating around US$ 7,800 to 8,400 million through to the second quarter of 2025. This pattern might reflect changes in retained earnings, equity issuances, or other capital adjustments over time.

The equity turnover ratio, available from December 2021 onward, fluctuates within a range between 1.05 and 1.8. It starts at 1.25 and reaches its highest point, 1.8, in the third quarter of 2023. The ratio shows a tendency to increase during the middle periods of each year, suggesting improvements in the efficiency of utilizing stockholders’ equity to generate revenue at certain times. However, it drops sharply after its peak in late 2023, signaling potential decreases in operational efficiency or shifts in financial structure.

Overall, the data reveals a business with increasing scale and revenue generation capacity, albeit with some periodic declines. The growth in stockholders’ equity supports a strengthening balance sheet, while variations in equity turnover highlight dynamic operational performance across the analyzed quarters.