Airbnb — May 7, 2026 release

Adjusted EBITDA in Q1 2026 of $519 million increased 24% compared to $417 million in Q1 2025. Adjusted EBITDA Margin in Q1 2026 was 19%, compared to 18% in Q1 2025.2 For the full-year 2026, we expect our effective tax rate to be in the high teens. Monetization and Take Rate During Q1 2026, the implied take rate (defined as revenue divided by GBV) of 9.2% was relatively in-line with 9.3% in Q1 2025. Factors impacting the Q1 2026 take rate included FX and the timing of when guests booked their travel and when guests stayed—a dynamic that reflects the growth of Reserve Now, Pay Later, which has driven guests to book further in advance. Since the introduction of paid guest travel insurance in 2022, we continue to see increased adoption of the offering. During Q1 2026, revenue from guest travel insurance, which is available in 12 of our largest countries, increased 45% year-over-year. We are excited by the performance of this offering over the past few years and have begun piloting additional forms of insurance products to support both guests and hosts.   9 Beginning in Q4 2025, we started taking steps to simplify our fee structure, which we believe will help our hosts price more competitively and create greater guest transparency. We began migrating property management software hosts from a split fee structure (where hosts paid a 3% fee and guests paid a separate service fee) to a single service fee of