Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
Airbnb Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2020
- Analysis of Debt
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Airbnb Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Short-term Activity Ratios (Summary)
Airbnb Inc., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of short-term operating activity ratios reveals several noteworthy trends between 2021 and 2025. Generally, the company demonstrates increasing efficiency in managing its working capital, though some fluctuations are present. The receivables turnover initially declines before recovering, while payables turnover shows a more consistent increase followed by a recent decrease. Working capital turnover exhibits a clear upward trend, indicating improved utilization of working capital assets.
- Receivables Turnover
- Receivables turnover decreased from 53.67 in 2021 to 48.38 in 2023, suggesting a lengthening of the time it takes to collect on credit sales. However, a substantial increase to 75.52 in 2024 indicates a significant improvement in collection efficiency. This upward trend continues, albeit at a slower pace, with a value of 65.81 in 2025. The fluctuations suggest potential changes in credit policies or customer payment behavior.
- Payables Turnover
- Payables turnover consistently increased from 9.77 in 2021 to 13.23 in 2024, indicating the company was becoming more efficient in paying its suppliers. This suggests improved cash management or potentially taking advantage of supplier credit terms. However, a decrease to 8.99 in 2025 represents a reversal of this trend, possibly due to changes in purchasing practices or supplier agreements.
- Working Capital Turnover
- Working capital turnover demonstrates a consistent upward trend, rising from 0.99 in 2021 to 2.38 in 2025. This indicates the company is generating more sales revenue for each dollar invested in working capital. This improvement in efficiency suggests better management of current assets and liabilities, and a more effective use of resources to support sales growth.
- Average Receivable Collection Period
- The average receivable collection period remained stable at 7 days between 2021 and 2023. A decrease to 5 days in 2024 suggests a faster collection of receivables, aligning with the increase in receivables turnover. The period slightly increased to 6 days in 2025, but remains relatively short overall.
- Average Payables Payment Period
- The average payables payment period decreased from 37 days in 2021 to 28 days in 2024, indicating the company was paying its suppliers more quickly. This trend reversed in 2025, with the period increasing to 41 days, potentially reflecting a deliberate strategy to conserve cash or negotiate extended payment terms.
In summary, the company generally improved its efficiency in managing working capital and collecting receivables between 2021 and 2025. However, recent changes in payables turnover and payment period warrant further investigation to understand the underlying causes and potential implications.
Turnover Ratios
Average No. Days
Receivables Turnover
Airbnb Inc., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Customer receivables, net of reserve | ||||||
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | ||||||
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Receivables Turnover, Sector | ||||||
| Consumer Services | ||||||
| Receivables Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Receivables turnover = Revenue ÷ Customer receivables, net of reserve
= ÷ =
2 Click competitor name to see calculations.
An examination of the short-term activity ratios reveals fluctuations in receivables turnover over the five-year period. Revenue demonstrated consistent growth annually, while customer receivables exhibited a more variable pattern. The receivables turnover ratio, calculated to assess the efficiency of collecting receivables, showed initial declines followed by a significant increase and subsequent moderation.
- Revenue
- Revenue increased steadily from US$5,992 million in 2021 to US$12,241 million in 2025, indicating consistent business expansion. The largest year-over-year increase occurred between 2021 and 2022.
- Customer Receivables
- Customer receivables, net of reserve, increased from US$112 million in 2021 to US$205 million in 2023, before decreasing to US$147 million in 2024 and rising again to US$186 million in 2025. This suggests a period of increasing credit extended to customers, followed by improved collection efforts, and then a renewed increase in outstanding receivables.
- Receivables Turnover
- The receivables turnover ratio decreased from 53.67 in 2021 to 48.38 in 2023, suggesting a lengthening of the collection period or a change in credit terms. A substantial increase was then observed in 2024, with the ratio reaching 75.52, indicating a significantly improved efficiency in converting receivables into cash. The ratio moderated in 2025 to 65.81, remaining elevated compared to earlier years but representing a decrease from the 2024 peak. This suggests that while collection efficiency improved markedly in 2024, it did not sustain at the same high level into 2025.
The divergence between revenue growth and receivables turnover suggests a dynamic relationship between sales and collection practices. The increase in receivables turnover in 2024, despite continued revenue growth, warrants further investigation to understand the factors driving this improvement, such as changes in payment terms, collection procedures, or customer demographics. The subsequent moderation in 2025 indicates that the factors contributing to the 2024 improvement may not be fully sustainable or were offset by other influences.
Payables Turnover
Airbnb Inc., payables turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cost of revenue | ||||||
| Accounts payable | ||||||
| Short-term Activity Ratio | ||||||
| Payables turnover1 | ||||||
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Payables Turnover, Sector | ||||||
| Consumer Services | ||||||
| Payables Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Payables turnover = Cost of revenue ÷ Accounts payable
= ÷ =
2 Click competitor name to see calculations.
The accounts payable activity demonstrates a generally increasing trend in efficiency, followed by a notable decline in the most recent period. Accounts payable, representing short-term obligations to suppliers, and cost of revenue, reflecting the direct costs associated with providing services, are key components in calculating the payables turnover ratio.
- Payables Turnover Trend
- The payables turnover ratio increased consistently from 9.77 in 2021 to 13.23 in 2024. This indicates an improving ability to pay off suppliers more quickly over this period. However, a significant decrease to 8.99 is observed in 2025. This suggests a slower rate of paying suppliers in the latest year.
- Cost of Revenue
- Cost of revenue exhibited a steady increase throughout the analyzed period, rising from US$1,156 million in 2021 to US$2,086 million in 2025. This growth suggests an expansion of the business and increased operational activity.
- Accounts Payable
- Accounts payable generally increased from US$118 million in 2021 to US$232 million in 2025. The increase was moderate from 2021 to 2024, remaining relatively stable at US$137-142 million. The most substantial increase occurred between 2024 and 2025, potentially contributing to the decline in payables turnover.
The combination of rising cost of revenue and increasing accounts payable, particularly in 2025, resulted in the decreased payables turnover ratio. Further investigation would be needed to determine the reasons for the slower payment rate in 2025, such as changes in supplier terms, inventory management practices, or cash flow strategies.
Working Capital Turnover
Airbnb Inc., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | ||||||
| Less: Current liabilities | ||||||
| Working capital | ||||||
| Revenue | ||||||
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | ||||||
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Working Capital Turnover, Sector | ||||||
| Consumer Services | ||||||
| Working Capital Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Working capital turnover = Revenue ÷ Working capital
= ÷ =
2 Click competitor name to see calculations.
The working capital turnover ratio demonstrates a clear upward trend over the five-year period. Initially, the ratio was relatively stable, but experienced increasing growth in later years. This suggests improving efficiency in utilizing working capital to generate revenue.
- Working Capital
- Working capital exhibited an initial increase from 2021 to 2022, followed by a slight decrease in 2023. A subsequent rise occurred in 2024, but a notable decline was observed in 2025. This fluctuation in working capital levels influences the interpretation of the turnover ratio.
- Revenue
- Revenue consistently increased throughout the period, growing from US$5,992 million in 2021 to US$12,241 million in 2025. This consistent revenue growth is a key driver behind the increasing working capital turnover.
- Working Capital Turnover Ratio
- The working capital turnover ratio increased from 0.99 in 2021 to 1.22 in 2022, indicating a modest improvement in the efficiency of working capital usage. The ratio continued to rise, reaching 1.51 in 2023 and 1.58 in 2024, suggesting a strengthening ability to generate sales from available working capital. A significant jump to 2.38 in 2025 indicates a substantial improvement in working capital efficiency, potentially due to optimized management of current assets and liabilities relative to the increased revenue.
The combined effect of increasing revenue and fluctuating working capital resulted in a pronounced upward trend in the working capital turnover ratio. The most significant increase occurred between 2024 and 2025, suggesting a potential shift in operational strategies or a change in the composition of current assets and liabilities.
Average Receivable Collection Period
Airbnb Inc., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Average Receivable Collection Period, Sector | ||||||
| Consumer Services | ||||||
| Average Receivable Collection Period, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The average receivable collection period exhibited relative stability between 2021 and 2025, with minor fluctuations. A slight increase was observed in 2023, followed by a decrease in subsequent years. This suggests a generally efficient management of receivables, though with some variability.
- Average Receivable Collection Period
- The average number of days to collect receivables remained consistently low, ranging from 5 to 8 days over the five-year period. The metric was constant at 7 days in both 2021 and 2022. A one-day increase to 8 days occurred in 2023, representing the longest collection period within the observed timeframe. This was followed by a decrease to 5 days in 2024, and a further increase to 6 days in 2025.
The fluctuations in the average collection period appear to correlate inversely with the receivables turnover ratio. While the receivables turnover decreased from 2021 to 2023, the average collection period increased. The subsequent increase in receivables turnover in 2024 and 2025 coincided with a decrease and stabilization of the average collection period. This suggests that changes in the speed of collections are linked to the overall efficiency of converting receivables into cash.
Overall, the company demonstrates a strong ability to collect receivables quickly. The observed variations do not indicate a significant deterioration in collection practices, but warrant continued monitoring to understand the underlying drivers of these fluctuations.
Average Payables Payment Period
Airbnb Inc., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Average Payables Payment Period, Sector | ||||||
| Consumer Services | ||||||
| Average Payables Payment Period, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The average payables payment period exhibited a generally decreasing trend from 2021 to 2024, followed by an increase in the most recent year presented. This suggests a shift in the company’s management of its payment obligations to suppliers over the analyzed period.
- Payables Turnover
- Payables turnover increased consistently from 9.77 in 2021 to 13.23 in 2024, indicating the company was paying its suppliers more frequently. However, a substantial decrease to 8.99 was observed in 2025, suggesting a slowdown in the rate at which payables were being settled.
- Average Payables Payment Period
- The average payables payment period decreased from 37 days in 2021 to 28 days in 2024, demonstrating an improvement in the speed of settling obligations. This could be attributed to improved cash flow management, negotiated payment terms with suppliers, or a strategic decision to optimize working capital. The period then increased to 41 days in 2025, reversing the prior trend and potentially indicating a deliberate extension of payment terms or challenges in maintaining prior payment velocity.
- Overall Trend
- The observed trends suggest a period of increasing efficiency in managing payables, culminating in 2024. The subsequent shift in 2025 warrants further investigation to determine the underlying cause. Potential factors could include changes in supplier relationships, shifts in procurement strategies, or broader economic conditions impacting the company’s liquidity.
The fluctuation in the average payables payment period, particularly the increase in 2025, should be monitored closely in future periods to assess its sustainability and potential impact on supplier relationships and overall financial health.