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-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 ratios demonstrate a generally positive trend over the observed period, with notable fluctuations. Gross profit margin exhibits consistent strength, while operating and net profit margins show more variability. Return on equity and return on assets both indicate increasing efficiency in utilizing investments and assets to generate profit, though with some quarterly volatility.
- Gross Profit Margin
- The gross profit margin consistently remained high, starting at 80.89% and generally increasing to 83.23% by June 2025. The margin experienced minor fluctuations but maintained a strong upward trajectory overall, concluding the period at 82.96%. This suggests effective cost management in relation to revenue generation.
- Operating Profit Margin
- The operating profit margin displayed a significant increase from 13.17% to a peak of 23.42% in September 2023. However, a substantial decline to 15.31% occurred in December 2023, followed by a period of stabilization around 15-16% through March 2024. A subsequent rise to 23.00% in December 2024 was observed, followed by a decrease to 20.78% in December 2025. This indicates sensitivity to operating expenses or revenue fluctuations.
- Net Profit Margin
- The net profit margin followed a similar pattern to the operating profit margin, increasing from 12.12% to a peak of 56.87% in September 2023. This was followed by a considerable decrease to 48.32% in December 2023, and a further decline to 16.96% in September 2024. The margin recovered to 23.85% in December 2024, before settling at 20.51% in December 2025. The large increase in September 2023 and subsequent declines suggest the influence of non-operating items or significant tax events.
- Return on Equity (ROE)
- Return on equity demonstrated a strong upward trend, increasing from 16.92% to a high of 59.85% in September 2023. A decrease to 60.53% in March 2024 was followed by a substantial drop to 21.65% in September 2024. The ratio then recovered to 33.73% in June 2025, before decreasing slightly to 30.63% in December 2025. This suggests fluctuations in net income relative to shareholder equity.
- Return on Assets (ROA)
- Return on assets also exhibited an increasing trend, rising from 4.70% to 25.47% in September 2023. Similar to ROE, a decline was observed in subsequent quarters, reaching 8.29% in September 2024. ROA then showed recovery, reaching 11.41% in September 2025, before decreasing to 11.31% in December 2025. This indicates changes in profitability generated from the company’s assets.
The significant peaks in net profit margin, ROE, and ROA in September 2023 warrant further investigation to understand the underlying drivers. The subsequent declines suggest these gains were not fully sustained. Overall, the ratios indicate a company capable of generating substantial profits, but with some degree of volatility in operational and financial performance.
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Return on Sales
Return on Investment
Gross Profit Margin
Airbnb Inc., gross profit margin calculation (quarterly data)
| 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 | 2,291) | 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 | 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 | 82.96% | 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. | 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. | 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. | 57.41% | 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. | 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-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 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × (2,291 + 3,546 + 2,552 + 1,766)
÷ (2,778 + 4,095 + 3,096 + 2,272)
= 82.96%
2 Click competitor name to see calculations.
The gross profit margin demonstrates a consistently high and generally increasing trend over the observed period, spanning from March 31, 2022, to December 31, 2025. The metric fluctuates modestly within a narrow range, indicating a stable and robust core profitability.
- Overall Trend
- The gross profit margin begins at 80.89% in March 2022 and generally increases through December 2023, peaking at 83.08% in September 2023. A slight decline is then observed through December 2025, settling at 82.96%. The overall trend suggests a strengthening of profitability, followed by a period of stabilization.
- Short-Term Fluctuations
- Within the observed timeframe, quarterly variations are present. A dip is noticeable between December 2022 (82.83%) and March 2023 (82.04%), followed by a recovery. Similar minor fluctuations occur throughout the period, but the margin consistently remains above 82%. The highest quarterly value is observed in September 2023 at 83.07% and September 2024 at 83.08%.
- Recent Performance
- The most recent quarters show a slight downward adjustment from the peak observed in September 2023. The gross profit margin decreased from 83.04% in September 2025 to 82.96% in December 2025. This suggests a potential stabilization or minor contraction in profitability, though it remains at a high level.
- Consistency
- Despite the fluctuations, the gross profit margin consistently remains within a relatively narrow band, indicating a strong ability to maintain pricing power and control the cost of goods sold. The metric never falls below 80.89% throughout the entire period, demonstrating a resilient business model.
The observed pattern suggests effective cost management and a stable pricing strategy. The slight decline in the most recent quarter warrants continued monitoring, but does not currently indicate a significant cause for concern given the overall high and consistent performance of the gross profit margin.
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Operating Profit Margin
Airbnb Inc., operating profit margin calculation (quarterly data)
| 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 | 269) | 1,625) | 612) | 38) | 430) | 1,525) | 497) | 101) | (496) | 1,496) | 523) | (5) | 235) | 1,203) | 369) | (5) | |||||
| Revenue | 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 | 20.78% | 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. | 32.79% | 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. | 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. | 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. | 46.10% | 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. | 7.90% | 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-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 Q4 2025 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × (269 + 1,625 + 612 + 38)
÷ (2,778 + 4,095 + 3,096 + 2,272)
= 20.78%
2 Click competitor name to see calculations.
The operating profit margin exhibited considerable fluctuation over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values demonstrated a positive trajectory, followed by periods of decline and subsequent recovery, ultimately stabilizing within a relatively narrow range towards the end of the analyzed timeframe.
- Initial Growth Phase (Mar 31, 2022 – Sep 30, 2022)
- The operating profit margin began at 13.17% in March 2022 and steadily increased through the subsequent quarters, reaching a peak of 20.46% by September 2022. This period indicates improving operational efficiency and potentially favorable market conditions contributing to increased profitability.
- Volatility and Decline (Dec 31, 2022 – Mar 31, 2023)
- A significant decrease was observed in the December 2022 quarter, with the operating profit margin falling to 12.14%. This decline continued into March 2023, reaching a low of 20.69%. This suggests a potential impact from increased operating expenses or a decrease in revenue during this period.
- Recovery and Stabilization (Jun 30, 2023 – Dec 31, 2024)
- Following the decline, the operating profit margin demonstrated a recovery, reaching 23.42% by September 2023. While experiencing some fluctuation, it generally remained above 15% through December 2024, averaging around 18.6%. This indicates a successful implementation of cost control measures or a rebound in revenue generation.
- Recent Performance (Mar 31, 2025 – Dec 31, 2025)
- The operating profit margin showed relative stability in the final quarters of the period, fluctuating between 22.17% and 20.78%. This suggests a mature operational model and consistent profitability. The margin in December 2025 was 20.78%, slightly lower than the peak values observed in September 2023, but still representing a healthy level of profitability.
Overall, the operating profit margin demonstrates a cyclical pattern with periods of growth, decline, and stabilization. The company appears to have successfully navigated periods of volatility and ultimately achieved a consistent level of profitability towards the end of the analyzed timeframe. Further investigation into the underlying drivers of these fluctuations, such as revenue growth, cost of goods sold, and operating expenses, would provide a more comprehensive understanding of the company’s financial performance.
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Net Profit Margin
Airbnb Inc., net profit margin calculation (quarterly data)
| 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) | 341) | 1,374) | 642) | 154) | 461) | 1,368) | 555) | 264) | (349) | 4,374) | 650) | 117) | 319) | 1,214) | 379) | (19) | |||||
| Revenue | 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 | 20.51% | 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. | 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. | 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. | 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. | 31.85% | 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. | 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-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 Q4 2025 Calculation
Net profit margin = 100
× (Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × (341 + 1,374 + 642 + 154)
÷ (2,778 + 4,095 + 3,096 + 2,272)
= 20.51%
2 Click competitor name to see calculations.
The net profit margin exhibited significant fluctuations over the observed period, demonstrating a generally increasing trend with notable volatility. Initial values indicated profitability, which strengthened considerably before experiencing a substantial decline and subsequent recovery.
- Initial Growth & Peak Performance (Mar 31, 2022 – Sep 30, 2023)
- The net profit margin began at 12.12% in March 2022 and steadily increased through the following quarters, reaching a peak of 56.87% in September 2023. This period reflects a substantial improvement in profitability, potentially driven by revenue growth and effective cost management. The margin exceeded 20% starting in March 2023 and remained above this level for the subsequent four quarters.
- Subsequent Decline & Recovery (Dec 31, 2023 – Dec 31, 2024)
- A significant decrease in the net profit margin was observed in December 2023, falling to -48.32%. This was followed by a recovery in the subsequent quarters, reaching 23.85% in December 2024. The negative margin in December 2023 suggests a period of substantial losses relative to revenue, potentially due to increased expenses or decreased sales.
- Stabilization & Recent Trend (Mar 31, 2025 – Dec 31, 2025)
- From March 2025 through December 2025, the net profit margin demonstrated a degree of stabilization, fluctuating between 20.51% and 22.67%. While not reaching the peak observed in September 2023, the margin remained consistently positive, indicating sustained profitability. A slight downward trend is observable in the most recent quarter, December 2025, with a margin of 20.51%.
- Overall Volatility
- The considerable range in the net profit margin, from a low of -48.32% to a high of 56.87%, highlights the company’s susceptibility to external factors or internal operational changes. The fluctuations suggest that profitability is not consistently predictable and may be sensitive to revenue variations and cost controls.
In summary, the net profit margin experienced a period of strong growth followed by a sharp decline and a subsequent recovery, ultimately stabilizing at a relatively high level. Continued monitoring of this metric is recommended to assess the sustainability of profitability and identify potential risks.
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Return on Equity (ROE)
Airbnb Inc., ROE calculation (quarterly data)
| 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) | 341) | 1,374) | 642) | 154) | 461) | 1,368) | 555) | 264) | (349) | 4,374) | 650) | 117) | 319) | 1,214) | 379) | (19) | |||||
| Stockholders’ equity | 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 | 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. | 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. | 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-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 Q4 2025 Calculation
ROE = 100
× (Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ Stockholders’ equity
= 100 × (341 + 1,374 + 642 + 154)
÷ 8,199 = 30.63%
2 Click competitor name to see calculations.
Return on Equity (ROE) exhibited a generally increasing trend over the observed period, punctuated by some volatility. Initial values indicated a positive return, which strengthened considerably through 2022 and into 2023, before experiencing a significant decline at the end of 2023 and a subsequent partial recovery. The most recent periods show a stabilization, albeit at a lower level than the peak observed in late 2023.
- Initial Growth (Mar 31, 2022 – Dec 31, 2022)
- ROE began at 16.92% and demonstrated consistent growth, reaching 34.05% by the end of 2022. This suggests improving profitability relative to shareholder equity during this timeframe. The increase indicates a more efficient utilization of equity to generate earnings.
- Peak Performance & Subsequent Decline (Mar 31, 2023 – Dec 31, 2023)
- The period from March 31, 2023, to September 30, 2023, saw ROE reach its highest points, peaking at 59.85%. However, a substantial decrease occurred in the final quarter of 2023, with ROE falling to -58.69%. This dramatic shift is attributable to a significant net loss reported for that quarter, despite a still substantial equity base.
- Recovery and Stabilization (Mar 31, 2024 – Dec 31, 2025)
- Following the decline, ROE partially recovered, reaching 31.48% by December 31, 2024. This recovery continued into 2025, stabilizing around the 30-34% range. While representing an improvement from the end of 2023, these values remain below the peak levels achieved in the first three quarters of 2023. The stabilization suggests a potential normalization of profitability following the unusual results of late 2023.
The fluctuations in ROE appear strongly correlated with net income. Periods of high net income consistently correspond with higher ROE values, and vice versa. The substantial increase in stockholders’ equity throughout the period also influences the ROE calculation, though the primary driver of the observed changes appears to be net income performance.
- Equity Trends
- Stockholders’ equity generally increased over the period, nearly doubling from US$4.737 billion to US$8.199 billion. This growth in equity provides a larger base against which net income is measured, potentially moderating the impact of earnings fluctuations on ROE. However, the impact of equity growth was overshadowed by the significant swings in net income.
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Return on Assets (ROA)
Airbnb Inc., ROA calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income (loss) | 341) | 1,374) | 642) | 154) | 461) | 1,368) | 555) | 264) | (349) | 4,374) | 650) | 117) | 319) | 1,214) | 379) | (19) | |||||
| Total assets | 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 | 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. | 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. | 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. | 4.76% | 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. | 14.39% | 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. | 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-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 Q4 2025 Calculation
ROA = 100
× (Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ Total assets
= 100 × (341 + 1,374 + 642 + 154)
÷ 22,208 = 11.31%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits considerable fluctuation over the observed period, generally trending upwards from March 2022 before peaking in September 2023, and subsequently experiencing a decline. Initial values demonstrate a positive, but modest, return, increasing significantly throughout 2022 and into the first three quarters of 2023. The final quarter of 2023 and the first two quarters of 2024 show a decrease, followed by some recovery in the latter half of 2024 and into 2025, though not reaching the levels seen in 2023.
- Overall Trend
- From March 2022 to September 2023, ROA increased from 4.70% to 25.47%, representing substantial improvement in asset utilization efficiency. However, a subsequent decline is observed, falling to 11.31% by December 2025. This suggests a potential shift in the company’s ability to generate earnings from its asset base.
- 2022 Performance
- Throughout 2022, ROA consistently increased, moving from a loss-affected 4.70% in March to 11.80% by December. This improvement coincides with increasing net income throughout the year.
- 2023 Volatility
- 2023 demonstrates significant volatility. ROA began at 10.13% in March, rose to 10.85% in June, and then experienced a dramatic increase to 25.47% in September. The year concluded with a substantial decrease to -23.21% in December, likely influenced by a significant net loss reported for that quarter.
- 2024-2025 Stabilization & Decline
- The period from 2024 to 2025 shows a more moderate fluctuation. While ROA recovered somewhat from the December 2023 low, it did not regain the peak levels of September 2023. The ROA values for the final quarters of 2024 and 2025 suggest a potential stabilization around the 10-12% range, though still below the high point achieved in 2023.
- Relationship to Net Income
- The ROA figures appear strongly correlated with net income. Periods of high net income, such as June and September 2023, correspond with the highest ROA values. Conversely, net losses, as seen in December 2023, result in significantly reduced or negative ROA.
- Relationship to Total Assets
- Total assets generally increased over the period, but the ROA fluctuations indicate that increases in assets did not always translate into proportional increases in net income. The significant ROA peak in September 2023 suggests a period where earnings grew at a faster rate than asset accumulation.
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