Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Airbnb Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The profitability profile exhibits a period of significant expansion followed by a stabilization phase, characterized by exceptionally high gross margins and notable volatility in bottom-line metrics during the 2023-2024 period.
- Gross Profit Margin
- A high and consistent gross profit margin is maintained throughout the observed period, starting at 80.89% in March 2022 and stabilizing between 82.5% and 83.2% from 2023 through mid-2026. This stability indicates a strong ability to manage direct costs relative to revenue growth.
- Operating Profit Margin
- Operating efficiency showed an initial upward trajectory, rising from 13.17% in early 2022 to a peak of 23.42% by September 2023. Following a contraction to 15.01% in September 2024, the margin recovered and established a steady plateau around the 20% to 22% range through June 2026.
- Net Profit Margin
- Significant volatility is observed in net profitability. A sharp increase occurred between December 2022 (22.54%) and September 2023, reaching a peak of 56.87%. This was followed by a substantial correction in September 2024 to 16.96%, after which the margin normalized to a consistent range of approximately 20% through the end of the period.
- Return on Equity (ROE)
- ROE mirrored the volatility of the net profit margin, climbing from 16.92% in March 2022 to a maximum of 62.55% in March 2024. A sharp decline to 21.65% was recorded in September 2024, before the metric stabilized in the 30% to 34% range for the remainder of the forecast period.
- Return on Assets (ROA)
- Return on assets followed a similar pattern of expansion and correction. ROA rose from 4.70% in early 2022 to a peak of 25.47% in September 2023. Following a drop to 8.29% in September 2024, the ratio settled into a steady trend between 9% and 11% through June 2026.
Overall, the data suggests that while operational efficiency has matured and stabilized, the extreme fluctuations in net margin and return ratios during 2023 and 2024 point to the influence of non-recurring items or significant accounting adjustments rather than shifts in core operational performance.
AI Ask an analyst for more
Return on Sales
Return on Investment
Gross Profit Margin
Airbnb Inc., gross profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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) | ||||||||||||||||||||||||
| Gross profit | 2,975) | 2,097) | 2,291) | 3,546) | 2,552) | 1,766) | 2,053) | 3,267) | 2,242) | 1,662) | 1,834) | 2,938) | 2,052) | 1,390) | 1,556) | 2,483) | 1,714) | 1,146) | ||||||
| Revenue | 3,608) | 2,678) | 2,778) | 4,095) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Gross profit margin1 | 82.90% | 82.91% | 82.96% | 83.04% | 83.23% | 83.05% | 83.08% | 83.07% | 82.59% | 82.86% | 82.83% | 82.67% | 82.33% | 82.04% | 82.15% | 81.95% | 81.58% | 80.89% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | 24.13% | 24.64% | 25.38% | 25.72% | 25.98% | 26.37% | 26.67% | 26.87% | 27.10% | 26.66% | 26.20% | 25.91% | 25.67% | 25.05% | 23.88% | 23.00% | 22.49% | 22.20% | ||||||
| DoorDash, Inc. | 51.41% | 50.89% | 50.88% | 50.49% | 50.04% | 49.19% | 48.31% | 47.62% | 46.93% | 46.78% | 46.86% | 46.33% | 46.03% | 45.63% | 45.50% | 47.09% | 49.23% | 51.81% | ||||||
| McDonald’s Corp. | 57.38% | 57.35% | 57.41% | 57.42% | 56.99% | 56.82% | 56.75% | 56.62% | 56.97% | 57.01% | 57.12% | 57.24% | 57.45% | 57.53% | 56.97% | 56.13% | 55.29% | 54.54% | ||||||
| Starbucks Corp. | 21.63% | 21.90% | 22.77% | 23.68% | 24.97% | 26.05% | 26.84% | 27.54% | 27.67% | 27.81% | 27.37% | 26.52% | 26.22% | 25.78% | 25.96% | 26.87% | 27.72% | 28.59% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (2,975 + 2,097 + 2,291 + 3,546)
÷ (3,608 + 2,678 + 2,778 + 4,095)
= 82.90%
2 Click competitor name to see calculations.
The financial performance exhibits a period of consistent expansion in both absolute gross profit and margin efficiency. Revenue demonstrates a recurring seasonal pattern, with peak values occurring every third quarter, accompanied by a corresponding increase in gross profit.
- Gross Profit Margin Trajectory
- A gradual upward trend is observed in the gross profit margin, which increased from 80.89% in March 2022 to a peak of 83.23% in June 2025. This progression indicates a sustained improvement in the management of direct costs relative to total revenue generation over the analyzed period.
- Seasonal Volatility and Revenue Correlation
- Significant quarterly fluctuations in gross profit are evident, mirroring the volatility observed in revenue. The highest absolute figures are consistently recorded in the quarters ending September, while lower values typically appear in the first quarter of each year. Despite these substantial swings in volume, the gross profit margin remains remarkably stable, suggesting that cost of revenue scales proportionally with sales.
- Operational Stabilization
- Following the peak in mid-2025, the gross profit margin exhibits signs of stabilization, fluctuating within a narrow corridor between 82.90% and 83.08% through June 2026. This plateau suggests that the entity has achieved a high and sustainable level of operational efficiency regarding its primary cost structure.
AI Ask an analyst for more
Operating Profit Margin
Airbnb Inc., operating profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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) | ||||||||||||||||||||||||
| Income (loss) from operations | 758) | 86) | 269) | 1,625) | 612) | 38) | 430) | 1,525) | 497) | 101) | (496) | 1,496) | 523) | (5) | 235) | 1,203) | 369) | (5) | ||||||
| Revenue | 3,608) | 2,678) | 2,778) | 4,095) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 20.81% | 20.49% | 20.78% | 22.65% | 22.50% | 22.17% | 23.00% | 15.01% | 15.21% | 15.86% | 15.31% | 23.42% | 21.53% | 20.69% | 21.45% | 20.46% | 17.49% | 13.17% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 32.87% | 32.63% | 32.79% | 32.74% | 32.85% | 32.49% | 31.83% | 27.92% | 28.39% | 28.07% | 27.31% | 31.85% | 31.29% | 29.59% | 29.85% | 28.74% | 27.56% | 23.83% | ||||||
| Chipotle Mexican Grill Inc. | 14.65% | 15.27% | 16.23% | 16.38% | 16.65% | 17.01% | 16.94% | 16.97% | 16.75% | 15.99% | 15.78% | 15.63% | 15.42% | 14.89% | 13.44% | 12.15% | 11.36% | 10.65% | ||||||
| DoorDash, Inc. | 4.48% | 4.88% | 5.27% | 5.48% | 4.56% | 1.58% | -0.35% | -2.40% | -4.78% | -5.15% | -6.71% | -10.55% | -13.79% | -15.67% | -17.07% | -14.97% | -12.41% | -9.99% | ||||||
| McDonald’s Corp. | 46.22% | 46.27% | 46.10% | 46.09% | 45.80% | 45.22% | 45.19% | 44.90% | 45.29% | 45.99% | 45.68% | 45.68% | 45.40% | 40.96% | 40.42% | 39.48% | 39.87% | 43.71% | ||||||
| Starbucks Corp. | 7.62% | 7.18% | 7.90% | 10.81% | 12.51% | 13.96% | 14.95% | 15.92% | 16.08% | 16.64% | 16.32% | 15.31% | 14.92% | 14.26% | 14.32% | 15.33% | 16.27% | 16.92% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Q2 2026 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (758 + 86 + 269 + 1,625)
÷ (3,608 + 2,678 + 2,778 + 4,095)
= 20.81%
2 Click competitor name to see calculations.
The financial performance exhibits a pronounced seasonal pattern, with peak revenue and operating income consistently occurring in the third quarter of each fiscal year. This cyclicality is a defining characteristic of the operational results from 2022 through 2026.
- Revenue Growth and Seasonality
- A steady long-term upward trajectory in revenue is observed, increasing from 1,509 million in March 2022 to 3,608 million by June 2026. This growth is punctuated by significant quarterly peaks every September, with the highest recorded revenue of 4,095 million occurring in September 2025.
- Operating Profit Margin Fluctuations
- The operating profit margin experienced a period of initial expansion, rising from 13.17% in March 2022 to a peak of 23.42% in September 2023. A notable contraction is evident in December 2023, where the margin fell to 15.31%, corresponding with an operating loss of 496 million during that quarter.
- Operational Stability and Efficiency
- Following the volatility observed in 2023 and early 2024, a phase of stabilization is observed beginning in March 2025. Throughout the remainder of the period ending June 2026, the operating profit margin remained consistently within a narrow range between 20.49% and 22.65%, indicating improved predictability in cost management and operational efficiency.
AI Ask an analyst for more
Net Profit Margin
Airbnb Inc., net profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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) | ||||||||||||||||||||||||
| Net income (loss) | 816) | 160) | 341) | 1,374) | 642) | 154) | 461) | 1,368) | 555) | 264) | (349) | 4,374) | 650) | 117) | 319) | 1,214) | 379) | (19) | ||||||
| Revenue | 3,608) | 2,678) | 2,778) | 4,095) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 20.45% | 19.90% | 20.51% | 22.03% | 22.67% | 22.60% | 23.85% | 16.96% | 46.11% | 48.23% | 48.32% | 56.87% | 25.31% | 23.30% | 22.54% | 20.29% | 16.91% | 12.12% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 25.53% | 22.23% | 20.08% | 19.37% | 19.23% | 22.58% | 24.78% | 21.85% | 22.46% | 21.81% | 20.07% | 25.70% | 23.04% | 22.14% | 17.89% | 15.24% | 10.54% | 4.16% | ||||||
| Chipotle Mexican Grill Inc. | 11.42% | 11.96% | 12.88% | 13.04% | 13.32% | 13.59% | 13.56% | 13.51% | 13.23% | 12.70% | 12.45% | 12.27% | 12.00% | 11.49% | 10.41% | 9.61% | 9.28% | 8.74% | ||||||
| DoorDash, Inc. | 5.29% | 6.29% | 6.82% | 6.83% | 6.57% | 3.02% | 1.15% | -1.69% | -4.24% | -4.61% | -6.46% | -12.81% | -16.47% | -18.98% | -20.74% | -14.51% | -12.17% | -9.97% | ||||||
| McDonald’s Corp. | 31.72% | 31.62% | 31.85% | 32.04% | 32.21% | 31.75% | 31.72% | 31.79% | 32.25% | 33.36% | 33.22% | 33.31% | 33.06% | 29.36% | 26.65% | 25.41% | 25.77% | 29.93% | ||||||
| Starbucks Corp. | 3.89% | 3.63% | 4.99% | 7.18% | 8.61% | 9.73% | 10.40% | 11.16% | 11.38% | 11.70% | 11.46% | 10.80% | 10.46% | 10.09% | 10.18% | 13.03% | 14.07% | 14.47% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Q2 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (816 + 160 + 341 + 1,374)
÷ (3,608 + 2,678 + 2,778 + 4,095)
= 20.45%
2 Click competitor name to see calculations.
The financial performance exhibits a consistent upward trajectory in revenue paired with significant volatility in net income and profit margins over the analyzed period.
- Revenue Growth and Seasonality
- Revenue demonstrates a clear seasonal pattern, with recurring peaks occurring in the third quarter of each year. A steady year-over-year expansion is evident, as seen in the September peaks which rose from 2,884 million in 2022 to 4,095 million in 2025. This indicates a robust growth trend in the primary business activity.
- Net Profit Margin Volatility
- The net profit margin shows an initial growth phase, increasing from 12.12% in March 2022 to a peak of 56.87% in September 2023. This peak was followed by an anomalous period of high margins through the first half of 2024, before a sharp correction occurred in September 2024, where the margin fell to 16.96%.
- Profitability Stabilization
- Following the volatility observed between late 2023 and mid-2024, the net profit margin entered a period of stabilization. From December 2024 through June 2026, margins remained relatively consistent, fluctuating within a narrow band between 19.90% and 23.85%, suggesting a normalization of operating costs relative to revenue.
- Net Income Fluctuations
- Net income levels exhibit extreme variance, most notably in September 2023 with a surge to 4,374 million, followed by a transition to a net loss of 349 million in December 2023. Despite these sporadic fluctuations, the general trend indicates a capacity to maintain positive earnings across most quarters.
AI Ask an analyst for more
Return on Equity (ROE)
Airbnb Inc., ROE calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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) | ||||||||||||||||||||||||
| Net income (loss) | 816) | 160) | 341) | 1,374) | 642) | 154) | 461) | 1,368) | 555) | 264) | (349) | 4,374) | 650) | 117) | 319) | 1,214) | 379) | (19) | ||||||
| Stockholders’ equity | 7,799) | 7,636) | 8,199) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | 34.50% | 32.96% | 30.63% | 30.56% | 33.73% | 31.98% | 31.48% | 21.65% | 60.53% | 62.55% | 58.69% | 59.85% | 45.46% | 38.34% | 34.05% | 29.40% | 23.80% | 16.92% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 374.67% | 109.92% | 66.51% | 38.58% | 11.89% | ||||||
| Chipotle Mexican Grill Inc. | 64.52% | 60.31% | 54.26% | 47.69% | 43.70% | 44.73% | 41.97% | 41.08% | 37.99% | 38.57% | 40.13% | 40.55% | 40.27% | 41.60% | 37.97% | 34.75% | 35.10% | 32.06% | ||||||
| DoorDash, Inc. | 8.48% | 9.08% | 9.32% | 9.09% | 8.75% | 4.04% | 1.58% | -2.27% | -5.68% | -6.00% | -8.20% | -15.92% | -19.79% | -20.85% | -20.21% | -12.89% | -9.26% | -11.29% | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Q2 2026 Calculation
ROE = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Stockholders’ equity
= 100 × (816 + 160 + 341 + 1,374)
÷ 7,799 = 34.50%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibits three distinct phases characterized by an initial period of aggressive expansion, a peak of high volatility, and a subsequent phase of stabilization. From early 2022 to early 2024, ROE climbed from 16.92% to a peak of 62.55%, reflecting a substantial increase in the efficiency of generating profits from shareholders' equity.
- Expansion and Growth Phase (March 2022 – March 2024)
- A consistent upward trajectory in ROE is observed during this period, rising from 16.92% to 62.55%. This growth was largely supported by a significant increase in net income, which progressed from a loss of 19 million in March 2022 to a peak of 4.37 billion in September 2023. During this phase, stockholders' equity also grew from 4.74 billion to a peak of 9.12 billion, indicating that profit growth outpaced the expansion of the equity base.
- Volatility and Peak Analysis (September 2023 – March 2024)
- The ROE reached its highest levels between September 2023 and March 2024, peaking at 62.55%. This interval is marked by extreme volatility in net income, including a significant quarterly loss of 349 million in December 2023, despite the ROE remaining elevated at 58.69% during that same quarter.
- Correction and Stabilization Phase (September 2024 – June 2026)
- A sharp correction is evident in September 2024, where ROE declined to 21.65%. Following this drop, the ratio entered a period of normalization, stabilizing within a narrow range between 30.56% and 34.50% from December 2024 through June 2026. During this stabilization phase, stockholders' equity remained relatively constant, fluctuating between 7.64 billion and 8.61 billion, while net income showed more moderate quarterly variations.
AI Ask an analyst for more
Return on Assets (ROA)
Airbnb Inc., ROA calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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) | ||||||||||||||||||||||||
| Net income (loss) | 816) | 160) | 341) | 1,374) | 642) | 154) | 461) | 1,368) | 555) | 264) | (349) | 4,374) | 650) | 117) | 319) | 1,214) | 379) | (19) | ||||||
| Total assets | 28,754) | 26,828) | 22,208) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 9.36% | 9.38% | 11.31% | 11.41% | 9.73% | 10.13% | 12.63% | 8.29% | 18.40% | 20.13% | 23.21% | 25.47% | 10.85% | 10.13% | 11.80% | 10.13% | 6.55% | 4.70% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 24.29% | 22.20% | 18.47% | 17.54% | 15.69% | 20.00% | 21.23% | 18.00% | 17.62% | 17.31% | 17.62% | 20.68% | 16.78% | 15.96% | 12.06% | 11.06% | 6.30% | 2.32% | ||||||
| Chipotle Mexican Grill Inc. | 16.01% | 16.49% | 17.07% | 16.55% | 16.64% | 17.26% | 16.67% | 16.47% | 15.81% | 15.41% | 15.27% | 14.79% | 14.75% | 14.64% | 12.98% | 11.86% | 11.55% | 10.58% | ||||||
| DoorDash, Inc. | 4.30% | 4.70% | 4.76% | 4.80% | 4.61% | 2.50% | 0.96% | -1.40% | -3.44% | -3.67% | -5.15% | -10.43% | -13.19% | -14.09% | -13.94% | -9.21% | -6.91% | -7.70% | ||||||
| McDonald’s Corp. | 14.66% | 14.45% | 14.39% | 13.89% | 14.09% | 14.49% | 14.90% | 14.68% | 15.44% | 16.06% | 15.08% | 16.00% | 15.86% | 13.22% | 12.25% | 12.19% | 12.35% | 13.98% | ||||||
| Starbucks Corp. | 4.89% | 4.25% | 5.80% | 7.82% | 9.89% | 11.03% | 12.00% | 13.52% | 14.16% | 14.71% | 14.01% | 13.17% | 12.43% | 11.75% | 11.73% | 14.80% | 15.19% | 15.24% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Q2 2026 Calculation
ROA = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Total assets
= 100 × (816 + 160 + 341 + 1,374)
÷ 28,754 = 9.36%
2 Click competitor name to see calculations.
The company's profitability, as measured by Return on Assets (ROA), demonstrates a period of significant volatility followed by a phase of relative stabilization. While there is a general upward trajectory in the total asset base, the efficiency of these assets in producing net income has fluctuated considerably due to sharp variances in quarterly earnings.
- Return on Assets (ROA) Trends
- ROA experienced a steady increase throughout 2022, rising from 4.70% in March to 11.80% by December. This growth culminated in a substantial peak during the third quarter of 2023, where ROA reached 25.47%, representing the highest efficiency level in the analyzed period. Following this peak, a downward correction occurred, with the ratio stabilizing between 8.29% and 12.63% from September 2024 through June 2026.
- Net Income Correlation
- Fluctuations in ROA are closely tied to the volatility of net income. Notable surges in profitability are observed consistently in the September quarters across 2022, 2023, 2024, and 2025, suggesting a strong seasonal influence on earnings. Periodic losses, such as those recorded in March 2022 and December 2023, served as primary drivers for the intermittent contractions in ROA.
- Asset Base Expansion and Efficiency
- Total assets grew from 17,068 million USD in March 2022 to 28,754 million USD by June 2026. The expansion of the asset base has outpaced the growth of net income in recent periods, contributing to a moderation of the ROA. Consequently, while the company has scaled its resources, the rate of return per dollar of assets has normalized to a range of approximately 9.3% to 11.4% in the final six quarters of the analysis.
AI Ask an analyst for more