Revenue beat and raised guidance are positive, but EPS miss signals margin pressure from reinvestment. Watch Q2 guidance for ADR and take-rate trends; the raised FY outlook supports the bull case, but EPS trajectory needs monitoring. Pre-market volatility likely driven by the revenue beat/guidance raise versus the EPS miss.
Price Chart
Executive Summary
Airbnb Q1 2026 revenue of $2.678B beat high end of guidance ($2.59-2.63B) and grew 18% YoY, while GAAP diluted EPS of $0.26 missed consensus of $0.31 by 16%. Full-year revenue growth guidance was raised to low-to-mid teens. The EPS miss was driven by higher sales & marketing and SBC, partly offset by a $70M investment gain. Sentiment is mixed given strong top-line beat and raised outlook but bottom-line miss.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $2.678B, up 18% YoY (15% ex-FX), above guidance of $2.59-2.63B
- GAAP diluted EPS: $0.26 vs consensus $0.31 (miss by 16%)
- Net income: $160M vs $154M YoY; net margin 6% vs 7%
- Adjusted EBITDA: $519M (19% margin), up 24% YoY
- Free cash flow: $1.704B (64% margin)
- Nights & Seats Booked: 156.2M, up 9% YoY; GBV $29.2B, up 19%
- Full-year 2026 revenue growth guidance raised to low-to-mid teens from low double digits
- Q2 2026 revenue guided $3.54-3.60B (14-16% growth)
- Share repurchases: $1.1B in Q1; $4.5B remaining authorization
- Inaugural investment grade rating (A-/Baa1) and $2.5B debt offering to repay $2.0B convertible notes
Financial Impact
Revenue beat of ~$60M vs guidance high end; EPS miss of $0.05 vs consensus
Risk Factors
- EPS miss of 16% could weigh on valuation multiples if margins remain compressed
- Increased geopolitical cancellations (Middle East conflict) pose headwind to Nights growth
- Sales & marketing spend +33% YoY outpacing revenue growth; need to show ROI
- Stock-based comp at $410M (15% of revenue) dilutes shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-211816 |
| Document: d23351d8k.htm | 0001193125-26-211816 |
| Document: 0001193125-26-211816-index-headers.html | 0001193125-26-211816 |
| Document: 0001193125-26-211816-index.html | 0001193125-26-211816 |
| Document: 0001193125-26-211816.txt | 0001193125-26-211816 |
| 8-K Data (Synthetic) | 0001193125-26-211816 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | 144 | $168.32 $166.22 | ▼ −1.25% | ▼ −2.07% | $160.47 (−4.66%) |
Sep 8, 2026 23d ago | ANALYST-UPGRADE | $174.54 $168.32 | ▼ −3.56% | ▼ −2.44% | $160.47 (−8.06%) |
Sep 3, 2026 28d ago | Insider Cluster | $181.94 $170.65 | ▼ −6.21% | ▼ −5.00% | $160.47 (−11.80%) |
Sep 1, 2026 4w ago | 144 | $182.55 $169.63 | ▼ −7.08% | ▼ −7.16% | $160.47 (−12.09%) |
Sep 1, 2026 4w ago | ANALYST-UPGRADE | $182.55 $169.63 | ▼ −7.08% | ▼ −7.16% | $160.47 (−12.09%) |
Aug 12, 2026 7w ago | Insider Cluster | $180.10 $186.39 | ▲ +3.50% | ▲ +3.94% | $160.47 (−10.90%) |
Aug 12, 2026 7w ago | Insider Cluster | $180.10 $186.39 | ▲ +3.50% | ▲ +3.94% | $160.47 (−10.90%) |
Aug 12, 2026 7w ago | Insider Cluster | $180.10 $186.39 | ▲ +3.50% | ▲ +3.94% | $160.47 (−10.90%) |
Aug 6, 2026 8w ago | 8-K | $178.07 $184.06 | ▲ +3.36% | ▲ +2.97% | $160.47 (−9.88%) |
Aug 5, 2026 8w ago | Insider Cluster | $151.64 $185.13 | ▲ +22.09% | ▲ +20.87% | $160.47 (+5.82%) |
US Market Status
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