Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue | $4.9 billion | up 19% year-over-year |
| Gross Booking Value | $27.7 billion | up 21% year-over-year |
| Nights and Seats Booked | $155 million | up 16% year-over-year |
| Adjusted EBITDA | $2.5 billion | up 22% year-over-year |
| Free Cash Flow | $1.4 billion | up modestly year-over-year |
Guidance and outlook
- For Q4, the company expects revenue of $3.22 billion to $3.28 billion.
- The company expects a full year adjusted EBITDA margin of approximately 36%.
How management sounded
Confident (+8 on our -10 to +10 scale). Management highlighted reaccelerated growth across all regions and raised full-year revenue and margin guidance. Management sounded more upbeat than on 92% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Dynamic Pricing
Asked: How is the new dynamic pricing product performing?
Answer: Management described it as a massive lever that allows hosts to lower prices while increasing occupancy, leading to higher earnings for hosts.
Hotels
Asked: How is the hotel business performing?
Answer: Hotel bookings are growing markedly faster than the core business and are expected to generate billions in revenue in the coming years.
AI Agents
Asked: Will the AI agent work outside of Airbnb?
Answer: Yes, the company plans to integrate with other providers in the first half of next year to cover all parts of travel.
Reserve Now Pay Later
Asked: What is the impact of Reserve Now Pay Later on cancellations?
Answer: Cancellation rates are up 200 to 300 basis points from a year ago, which management considers healthy.
What to watch before the next call
- The rollout of the new AI agent in the first half of next year.
- The performance of the hotel business and its contribution to revenue.
- The impact of Reserve Now Pay Later on working capital and cash flow.
