Airbnb — Feb 12, 2026 release

For the full-year 2025, our effective tax rate was 20%, inclusive of 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. 9 Adjusted EBITDA in Q4 2025 of $786 million increased 3% compared to $765 million in Q4 2024. Adjusted EBITDA Margin in Q4 2025 was 28%, compared to 31% in Q4 2024.¹ Monetization and Take Rate During Q4 2025, the implied take rate (defined as revenue divided by GBV) of 13.6% was down year-over- year compared to 14.1% in Q4 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. During full-year 2025, revenue from guest travel insurance, which is available in 12 of our largest countries, increased approximately 40% year-over-year. Beginning in October, we started taking steps to simplify our fee structure, which we believe will help our hosts price more competitively. We began migrating property management software (“PMS”) hosts on our split fee structure (where hosts paid a 3% fee and guests paid