Airbnb — Feb 12, 2026 release

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 billion of funds held on behalf of guests. Capital Allocation During Q4 2025, we repurchased $1.1 billion of our Class A common stock. As of December 31, 2025, we had the authorization to purchase up to $5.6 billion of our Class A common stock under the $6 billion share repurchase program announced last year. The repurchase program continues to be executed as part of our broader capital allocation strategy which prioritizes investments in organic growth, strategic acquisitions or partnerships, and return of capital to shareholders, in that order. Our strong balance sheet and significant cash flow generation provides us the opportunity to pursue all three capital allocation priorities. In addition to our share repurchase program, we use corporate cash to make required tax payments associated with the vesting of employee RSUs, and withhold a corresponding number of shares from employees. Since the inception of our share repurchases in Q3 2022, our fully diluted share count has decreased approximately 9%, driven in part by our share repurchases and cash used for employee tax obligations totaling $13.6 billion. Earnings Webcast Airbnb will host an audio webcast to discuss its fourth quarter and full-year 2025 results at 2:00 p.m. PT / 5:00 p.m. ET on February 12, 2026. The link to the webcast will be made available on the Investor Relations website at https://investors.airbnb.com. Interested part