Airbnb — Nov 6, 2025 release

For the full-year 2025, we anticipate our effective tax rate to be approximately 21% due to the recording of a one-time $213 million valuation allowance against our CAMT credits, partially offset by a one-time release of a $60 million uncertain tax position relating to prior years and an ongoing benefit on foreign derived intangible income. Starting in 2026, we expect our long-term effective tax rate to decline to the mid-to-high teens due to the enactment of the One Big Beautiful Bill Act (“OBBBA”) on July 4, subject to variables including profitability, stock-based compensation deductions, the impact of uncertain tax positions, and changes in tax laws. Adjusted EBITDA in Q3 2025 of $2.1 billion increased 5% compared to $2.0 billion of Adjusted EBITDA 2 in Q3 2024. Adjusted EBITDA Margin in Q3 2025 was 50%, compared to 52% in Q3 2024. Monetization and Take Rate During Q3 2025, the implied take rate (defined as revenue divided by GBV) of 17.9% was down year-over- year compared to 18.6% in Q3 2024, primarily due to FX and the timing of when guests booked their travel and when guests stayed. Since the introduction of paid guest travel insurance in 2022, we continue to see increased adoption of the offering. In Q3 2025, revenue from guest travel insurance, which is available in 12 of our largest countries, increased over 25% year-over-year. 2 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 11 In October, we took steps to simplify our fee structure, which we believe will help our hosts price more competitively. We migrated property man