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ABNB US S&P 500NASDAQ-100Russell 1000 Earnings call

Airbnb (ABNB) · Q2 2026 results and valuation

Share price: $181.13 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter

Net income up 410.0% on the previous quarter. Tone in line with last period.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+410.0%

Net income vs Q1 2026

Outlook given

Net income 816.0M vs 160.0M

Revenue +34.7%

Against the same quarter last year (Q2 2025) it is +27.1% — part of the move on last quarter is seasonal.

2 · How management spoke

Unchanged

Language tone vs last period

Language: upbeat — about as upbeat as in Q1 2026.

3 · What stood out

Guidance

Q3 revenue is guided to $4.69 billion-$4.77 billion, up 15%-17% year over year.

Valuation

Is Airbnb undervalued?

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 10.0% growth a year (3-year revenue growth), the model's fair value is $107.12 a share — the stock trades 69% above it. Today's price assumes 17.5% growth a year.

Current price

$181.13

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+17.5% for 10 yrs

Fair value / share

$107.12

Buy below

$80.34

Price vs fair value

Overvalued 69%

Price vs buy-below price

Overvalued 125%

Management expects

Revenue +16% · from the Q2 2026 report: “Specifically, in Q3, we expect to generate revenue of $4.69 billion-$4.77 billion, representing year-over-year growth of 15%-17%.”

A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    AI is transforming how products are built and executed, elevating the hotel booking product.

    Source quote
    “Said simply, AI is the best thing to ever AI is transforming how we execute and build products.”
  2. Key theme

    What's especially encouraging is that Airbnb is not only seeing growth accelerate in its emerging markets, it is seeing growth accelerate…

    Source quote
    “What's especially encouraging is that we're not only seeing growth accelerate in our emerging markets, we are seeing growth accelerate... Our expansion markets continue to outpace our core markets, with net nights booked growing about twice as fast. In fact, the U.S., France, U.K., and Australia all accelerated in growth in Q2.”
  3. Guidance

    Costs are expected to keep falling as the AI assistant handles more issues and expands to voice.

    Source quote
    “We expect those costs to continue to decline as our AI assistant resolves more and more issues, and of course, as we bring it to voice.”
  4. Figure

    Airbnb's revenue climbed 17% year-over-year to $3.6 billion, driven by stronger booking demand across its platform.

    Source quote
    “Revenue grew 17% year-over-year to $3.6 billion.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Overall language Upbeat (was upbeat)

Upbeat — about as upbeat as in Q1 2026.

Sentences that drove the tone
“Even against tougher comps in the back half of the year, we are raising our full year guidance for both top line growth and profitability, a reflection of the pace...”
“We saw high single-digit growth in both North America and Europe, with Europe marking a steady recovery from the Middle East-related headwinds we saw in Q1, alongside approximately 20% growth...”
“Gross booking value grew 16% year-over-year to $27.2 billion, driven by strong growth in both nights and seats booked and ADR.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 3.61B 2.68B +34.7% 3.10B +16.5%
Operating income 758.0M 86.0M +781.4% 612.0M +23.9%
Net income 816.0M 160.0M +410.0% 642.0M +27.1%
P/E — — — — —

Topics

Most discussed now

  • Gross booking value grew 16% year-over-year to $27.2 billion.
  • During the call, Airbnb will make brief opening remarks.
  • Despite the ongoing conflict in the Middle East, Airbnb continues to see strong underlying demand globally, the impact to its...
  • Before I answer the second part of the question, it is notable, homes and hotels, I like to think Airbnb...
  • Some are going to drive a lot more revenue, like car rentals and luggage storage.

Faded since Q1 2026

  • Fading This is the highest growth rate since 2022 with the strong acceleration in Brazil, Japan and India.
  • Fading This is Project Hawaii at work, the blueprint that I talked about last quarter, where Airbnb creates small elite teams...
  • Fading Q1 was another great quarter for Airbnb with continued momentum seen across the business.

Latest announcements

Official filings, newest first.

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