Airbnb — Nov 6, 2025 release

Specifically, we are seeing strength in longer lead time bookings, in part driven by our Reserve Now, Pay Later offering in the U.S., supporting our positive outlook for the rest of the year. ¦ Q4 Revenue. In Q4 2025, we expect to generate revenue of $2.66 billion to $2.72 billion, representing year-over-year growth of 7% to 10%, inclusive of a small foreign exchange tailwind after factoring in our hedging program. We anticipate our implied take rate in Q4 2025 to be relatively flat year-over year. ¦ Q4 GBV and Nights and Seats Booked. In Q4 2025, we expect our GBV to grow low-double- digits year-over-year. We anticipate our GBV to benefit from a modest increase in ADR, primarily due to price appreciation and FX, as well as continued growth in Nights and Seats Booked. In Q4 2025, we expect year-over-year growth of Nights and Seats Booked in the mid-single-digit range due to the challenging Q4 2024 comparison. ¦ Full-Year Adjusted EBITDA. For the full-year 2025, we now expect to deliver an Adjusted EBITDA Margin of approximately 35%. We expect Adjusted EBITDA in Q4 2025 to be flat- to-down slightly on a year-over-year basis and for Adjusted EBITDA Margin to decline over the same time period, primarily driven by investments in new growth and policy initiatives. Consistent with our prior update, this includes investing approximately $200 million towards services and experiences in 2025. As we look forward to 2026, we are focused on maintaining strong margins w