Strong Revenue Acceleration
Revenue grew 17.9% YoY to $2.68B in Q1 FY2026 (vs. $2.27B in Q1 FY2025), reflecting continued demand strength across Airbnb's platform and expansion of its guest and host base globally.
Source: 10-Q Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Airbnb delivered strong Q1 FY2026 revenue growth of 17.9% to $2.68B, with operating income more than doubling YoY to $86M, though net income grew only modestly to $160M amid elevated R&D spending and increased investing outflows.
Revenue
$2.68B
+17.87% YoY
Operating Income
$86M
+126.32% YoY
Source: SEC XBRL
Airbnb (ABNB) reported Q1 FY2026 revenue of $2.68B, up 17.9% year over year. Operating margin was 3.2%, up 1.5 points from 1.7% a year earlier. Operating cash flow was $1.71B, down 4.5% year over year. ABNB's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 1.37 | 1.28 | Beat +7.3% |
| Mar 2026This filing | 0.26 | 0.30 | Miss -11.9% |
| Dec 2025 | 0.56 | 0.67 | Miss -16.4% |
| Sep 2025 | 2.21 | 2.39 | Miss -7.5% |
Reported EPS of $0.26 versus the $0.30 analyst consensus — a -11.9% miss for Mar 2026.
Compiled by AI from this SEC filing
Revenue grew 17.9% YoY to $2.68B in Q1 FY2026 (vs. $2.27B in Q1 FY2025), reflecting continued demand strength across Airbnb's platform and expansion of its guest and host base globally.
Source: 10-Q Income Statement
Operating income surged 126.3% YoY to $86M, pushing operating margin from 1.67% to 3.21%, indicating that revenue growth is beginning to outpace cost growth and drive meaningful operating leverage.
Source: 10-Q Income Statement
R&D expenses rose 12.3% YoY to $638M in Q1 FY2026, representing a substantial portion of revenue (~23.8%), signaling continued heavy investment in product development and platform innovation.
Source: 10-Q Income Statement
Operating cash flow came in at $1.71B, down 4.5% YoY from $1.79B, but remains strong in absolute terms, underscoring the cash-generative nature of Airbnb's asset-light marketplace model.
Source: 10-Q Cash Flow Statement
Airbnb repurchased $1.09B in shares during Q1 FY2026, up 34.8% YoY, demonstrating management's confidence in the business and commitment to returning capital to shareholders.
Source: 10-Q Cash Flow Statement
Compiled by AI from this SEC filing · 0 high, 4 medium, 1 low
Cash and equivalents fell 7.4% YoY to $7.04B while total liabilities increased 12.1% YoY to $19.19B. This divergence, combined with a debt-to-equity ratio of 2.51, warrants monitoring of Airbnb's balance sheet flexibility.
Source: 10-Q Balance Sheet
Stockholders' equity declined 3.8% YoY to $7.64B, partly driven by aggressive share buybacks totaling $1.09B in Q1 FY2026 alone. Continued buybacks at this pace could further compress equity and increase financial leverage.
Source: 10-Q Balance Sheet & Cash Flow Statement
R&D expenses of $638M represent approximately 23.8% of revenue, a very high ratio for a marketplace business. If new product initiatives fail to generate commensurate revenue growth, this level of spending could weigh on profitability.
Source: 10-Q Income Statement
Investing cash flow deteriorated sharply to -$461M from -$151M in the prior year period, a 205.3% increase in outflows. This suggests accelerating capital deployment that could pressure free cash flow if not offset by operating performance.
Source: 10-Q Cash Flow Statement
Despite 17.9% revenue growth, net income grew only 3.9% YoY to $160M, indicating that below-the-line costs, taxes, or other items are absorbing a significant portion of operating gains and limiting bottom-line expansion.
Source: 10-Q Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 2.68 $B | 2.27 $B | +17.87% |
Cost of Revenue $M | 581.00 $M | 506.00 $M | +14.82% |
Operating Income $M | 86.00 $M | 38.00 $M | +126.32% |
Net Income $M | 160.00 $M | 154.00 $M | +3.90% |
R&D Expense $M | 638.00 $M | 568.00 $M | +12.32% |
Answers draw on this SEC filing and the data on this page
Airbnb delivered strong Q2 FY2026 results with 17% revenue growth and a 27% net income increase, underpinned by higher booking volumes and operating leverage, but rising marketing spend and debt costs warrant monitoring.
Airbnb delivered 10.3% revenue growth to $12.2B in FY2025, but net income declined 5.2% to $2.5B as surging R&D investment and higher costs compressed margins, while the company eliminated all long-term debt and returned $3.8B to shareholders via buybacks.
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