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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ken Gawrelski | Wells Fargo | 8 (0%) |
| Richard Clarke | Bernstein | 7 (29%) |
| Ron Josey | Citigroup | 7 (0%) |
| Jed Kelly | Oppenheimer | 7 (0%) |
| John Colantuoni | Jefferies | 6 (0%) |
| Doug Anmuth | JPMorgan | 6 (17%) |
| Justin Post | Bank of America | 6 (17%) |
| Kevin Kopelman | TD Cowen | 6 (0%) |
| Eric Sheridan | Goldman Sachs | 5 (0%) |
| Brian Nowak | Morgan Stanley | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wells Fargo | 1 | 8 (0%) |
| Oppenheimer | 1 | 7 (0%) |
| Citigroup | 1 | 7 (0%) |
| JPMorgan | 2 |
| 7 (14%) |
| Bernstein | 1 | 7 (29%) |
| Bank of America | 1 | 6 (17%) |
| Jefferies | 1 | 6 (0%) |
| Mizuho Securities | 2 | 6 (17%) |
Airbnb exceeded guidance with 18% revenue growth to $2.7 billion as gross booking value surged 19% to $29 billion, reflecting broad-based demand acceleration across geographies and categories. Reserve Now Pay Later expanded globally driving conversion gains, while the hotel category continued scaling as a material growth driver. Management raised full-year 2026 revenue growth guidance to low-to-mid teens, up from the prior low-double-digit floor.
Product Launch | Demand | Competitive Dynamics | Geographic Expansion | Innovation & R&D | Cloud & AI | Revenue Growth | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 2 | 5 | 4 | 3 | 2 | 1 | 4 |
| 2025Q1 | 2 | 5 | 3 | 3 | 1 | 1 | 4 | |
| 2025Q2 | 6 | 6 | 3 | 2 | 2 | 2 | 2 | 2 |
| 2025Q3 | 6 | 5 | 3 | 1 | 2 | 3 | 2 | |
| 2025Q4 | 5 | 2 | 3 | 3 | 3 | 2 | 2 | 1 |
| 2026Q1 | 6 | 6 | 7 | 2 | 2 | 3 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 6 | 2 | 6 | 6 | 5 | 6 |
| Demand | 2 | 5 | 6 | 5 | 2 | 6 |
| Competitive Dynamics | 5 | 3 | 3 | 3 | 3 | 7 |
| Geographic Expansion | 4 | 3 | 2 | 1 | 3 | 2 |
| Innovation & R&D | 3 | 1 | 2 | 2 | 3 | 2 |
| Cloud & AI | 2 | 2 | 3 | 2 | 3 | |
| Revenue Growth | 1 | 1 | 2 | 2 | 2 | 4 |
| Margin | 4 | 4 | 2 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.48B | +11.8% | $0.73 | +232.7% | 17.3% | 18.6% | $466M |
| FY2025 Q1 | $2.27B | +6.1% | $0.25 | -39.0% | 1.7% | 6.8% | $1.79B |
| FY2025 Q2 | $3.10B | +12.7% | $1.03 | +19.8% | 19.8% | 20.7% | $952M |
| FY2025 Q3 | $4.09B | +9.7% | $2.21 | +3.8% | 39.7% | 33.6% | $1.36B |
| FY2025 Q4 | $2.78B | +12.0% | $0.54 | -26.0% | 9.7% | 12.3% | $533M |
| FY2026 Q1 | $2.68B | +17.9% | $0.26 | +4.0% | 3.2% | 6.0% | $1.71B |
| FY2026 Q2 | $3.61B | +16.5% | $1.37 | +33.0% | 21.0% | 22.6% | $2.98B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What ABNB and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I do see Amazon as a pretty good inspiration for us. Obviously, there's many things that are different about Airbnb and Amazon.”
Airbnb's CEO cites Amazon's books-to-everything category-expansion model as strategic inspiration for building out its services ecosystem.
“So for example, we've already announced grocery. That's a third party. We're working at Instacart.”
Airbnb is partnering with Instacart to offer third-party grocery delivery as part of its services expansion, a read-through on Instacart as Airbnb's grocery fulfillment partner.
“Last year, ChatGPT announced the creation or of third-party apps. And then this past March, they shut that project down. And one of the things we noticed is that while ChatGPT is -- traffic converts higher than Google traffic when it's sent to Airbnb, we think the design of a chatbot fundamentally as its currently constructed today does not work for travel e-commerce.”
Airbnb observes OpenAI's ChatGPT launched then shut down third-party apps, and that its chatbot design does not yet work for travel e-commerce though ChatGPT traffic converts well.
“while ChatGPT is -- traffic converts higher than Google traffic when it's sent to Airbnb, we think the design of a chatbot fundamentally as its currently constructed today does not work for travel e-commerce”
Airbnb notes Google-referred traffic converts lower than ChatGPT-referred traffic, a mild read-through on the relative quality of Google search traffic as a demand channel.
“our conversion rate is significantly lower than, say, Booking.com.”
Airbnb's CEO benchmarks its own conversion rate as significantly lower than Booking.com's, an implicit read-through on Booking's stronger checkout conversion.
“We're also expanding our partnership with Delta Air Lines so that travelers can earn Delta miles on qualifying Airbnb Experiences and Services in addition to homes.”
Airbnb is expanding its loyalty partnership with Delta so travelers earn Delta miles on Experiences and Services, deepening a distribution tie-up that benefits Delta's SkyMiles program.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ABNB Airbnb | 9 | +17.9% | |
| BKNG Booking Holdings | 7 | +16.2% | |
| EXPE Expedia Group | 7 | +14.7% | |
| NCLH Norwegian Cruise Line Holdings | 6 | +9.6% | |
| RCL Royal Caribbean Group | 6 | +11.3% |