Airbnb — Feb 12, 2026 release

These hosts are able to adjust their prices to maintain the same net earnings and guests will continue to see the full price upfront. Stock-Based Compensation For full-year 2025, stock-based compensation (“SBC”) expense increased 13%, driven by headcount growth. In 2026, we anticipate that the year-over-year growth rate of SBC and headcount will be lower than 2025. 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 10 Quarterly Revenue ($M) Quarterly Net Income (Loss) ($M) Quarterly Adjusted EBITDA ($M)** **A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 11 Quarterly Net Cash Provided by Operating Activities ($M) Quarterly Free Cash Flow ($M)* TTM Free Cash Flow ($M)* *A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 12 Shares (M) We repurchased $1.1 billion of Class A common stock during Q4 2025 to help manage the impact of share dilution. As a result, we continue to see a reduction in our total common shares outstanding. 13 Balance Sheet and Cash Flows For the three months ended December 31, 2025, we reported $526 million of net cash provided by operating activities and $521 million of FCF, highlighting the strength of our cash-generating business model.² As of December 31, 2025, we had $11.0 billion of cash and cash equivalents, short-term investments, and restricted cash, as well as $7.0 bil