Airbnb — Aug 6, 2025 release

That said, we expect a tougher year-over-year comparison toward the end of the quarter. This dynamic will continue into Q4, putting pressure on growth rates later in the year. ¦ Q3 Revenue. In Q3 2025, we expect to generate revenue of $4.02 billion to $4.10 billion, representing year-over-year growth of 8% to 10%, inclusive of minimal foreign exchange impact after factoring in our hedging program. We anticipate our implied take rate in Q3 2025 to be flat year-over year. ¦ Q3 Nights and Seats Booked and ADR. In Q3 2025, we expect year-over-year growth of Nights and Seats Booked to be relatively stable compared to Q2 2025. While we have seen an acceleration of nights booked growth in July, particularly in North America, we are mindful of the tougher year-over-year comparison towards the end of the quarter. In Q3 2025, we expect ADR to increase modestly on a year-over-year basis, primarily driven by FX. ¦ Q3 Adjusted EBITDA. In Q3 2025, we expect Adjusted EBITDA to increase to over $2.0 billion. However, we anticipate that Adjusted EBITDA Margin during Q3 2025 will be lower than in Q3 2024, primarily due to investments in new growth and policy initiatives. We expect a similar year-over-year decline in Q4 2025 Adjusted EBITDA Margin due to growth investments and a tougher year-over-year top-line comparison. ¦ FY Adjusted EBITDA. For 2025, consistent with our prior guidance, we expect to deliver a full-year Adjusted EBITDA Margin of at least 34.5