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AI核心结论
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.
营业收入
$2.68B
同比 ++17.87%
营业利润
$86M
同比 ++126.32%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Airbnb (ABNB) Q1 FY2026 营收 $2.68B，同比增长 17.9%。 净利润 $160M，同比增长 3.9%。
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.
来源: 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.
来源: 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.
来源: 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.
来源: 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.
来源: Source: 10-Q Cash Flow Statement
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.
来源: 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.
来源: 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.
来源: 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.
来源: 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.
来源: Source: 10-Q Income Statement
Q1 FY2026 实际 EPS $0.26，分析师一致预期 $0.30，不及预期 -11.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.68B | $2.27B | +17.87% |
营业成本 | $581M | $506M | +14.82% |
营业利润 | $86M | $38M | +126.32% |
净利润 | $160M | $154M | +3.90% |
研发费用 | $638M | $568M | +12.32% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $26.83B | $25.06B | +7.07% |
流动资产 | $23.6B | $21.3B | +10.83% |
总负债 | $19.19B | $17.12B | +12.11% |
流动负债 | $16.36B | $16.73B | -2.19% |
股东权益 | $7.64B | $7.94B | -3.79% |
现金及等价物 | $7.04B | $7.6B | -7.41% |
长期债务 | $2.48B | — | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.71B | $1.79B | -4.53% |
投资活动现金流 | $-461M | $-151M | -205.30% |
筹资活动现金流 | $2.97B | $2.15B | +38.46% |
股票回购 | $1.09B | $807M | +34.82% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 3.2% | 1.7% | +1.54% |
净利率 | 6.0% | — | — |
净资产收益率 | 2.1% | — | — |
总资产收益率 | 0.6% | — | — |
流动比率 | $1.442 | — | — |
资产负债率 | $2.513 | — | — |
预计发布日期、分析师预期与关注要点
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Airbnb reported Q1 FY2026 revenue of $2.68B, up 17.9% YoY, with operating income surging 126.3% to $86M. Net income grew a more modest 3.9% to $160M, as elevated R&D spending of $638M weighed on the bottom line.
Yes, Airbnb grew revenue 17.9% YoY to $2.68B in Q1 FY2026, compared to $2.27B in the same period last year. Cost of revenue grew at a slower 14.8%, indicating improving gross economics.
Airbnb maintains a current ratio of 1.44 and holds $7.04B in cash, suggesting adequate near-term liquidity. However, total liabilities of $19.19B and a debt-to-equity ratio of 2.51 indicate meaningful leverage that investors should monitor.
Airbnb repurchased $1.09B in shares during Q1 FY2026, a 34.8% increase from $807M in Q1 FY2025. This aggressive buyback pace reflects management's confidence but also contributed to a 3.8% YoY decline in stockholders' equity.
Key risks include rising total liabilities (up 12.1% YoY to $19.19B), a declining cash position (down 7.4% to $7.04B), and very high R&D spending at ~23.8% of revenue ($638M) with uncertain near-term returns. Additionally, investing cash outflows surged 205.3% YoY to -$461M, signaling accelerating capital deployment.