Key Partners
- Hosts — over 5.5 million; both supplier and customer (FACT).
- Co-hosts and property-management software — manage listings for other hosts (FACT).
- Payment processors and banks — Airbnb bears merchant fees as merchant of record (FACT).
- Insurers — host liability and guest travel insurance programs (FACT).
- Search engines and social media — paid and unpaid traffic (FACT).
- Third-party support partners — about 13,000 workers at Dec 2025 (FACT).
Key Activities
- Onboard and support hosts — listing setup, pricing tools, Co-Host Network (FACT).
- Run search, booking and payments in 220+ countries and regions (FACT).
- Trust and safety — reviews, account protection, risk scoring, AirCover (FACT).
- Brand and performance marketing, plus field operations and policy work (FACT).
- Expand Experiences and Services, relaunched May 2025 (FACT).
- Flexible payments — Reserve Now, Pay Later rolled out beyond the U.S. in 2026 (FACT).
Key Resources
- Brand — AIRBNB name and Bélo logo, registered worldwide (FACT).
- Host and listing supply — 5.5M+ hosts, 220+ countries and regions (FACT).
- Technology platform — website, app, payments, trust systems (FACT).
- Cash — $11.0B plus $7.0B held for customers at Dec 31, 2025 (FACT).
- People — about 8,200 employees (FACT).
- Reviews and guest history — a system of trust built over 2.5B+ arrivals (FACT).
Value Propositions
- Guests — unique stays, experiences and services at a full price shown upfront (FACT).
- Flexible payment — Pay Less Upfront and Reserve Now, Pay Later (FACT).
- Hosts — demand, pricing tools, payments and AirCover for Hosts (FACT).
- Single host fee — 15.5% migration lets hosts price competitively (FACT).
- Beyond homes — Experiences and Services relaunched in May 2025 (FACT).
Customer Relationships
- Reviews — two-way host and guest reviews (FACT).
- App — 64% of Q4 2025 nights booked, up from 60% (FACT).
- Support — 13,000 third-party workers plus internal teams, with AI in community support (FACT).
- Host protections — AirCover for Hosts, Host Liability Insurance (FACT).
- Co-Host Network — experienced hosts who manage listings for others (FACT).
Channels
- Airbnb app and website — app 64% of Q4 2025 nights booked (FACT).
- Performance marketing — search engines and social media (FACT).
- Brand marketing and communications (FACT).
- Unpaid search results through SEO (FACT).
- Expansion markets — nights grew about 2x core markets in 2025 (FACT).
Customer Segments
- Guests — leisure, long-stay and first-time travelers (FACT).
- Hosts — 5.5M+ worldwide, from individuals to property managers (FACT).
- Property-management software hosts — first moved to the 15.5% fee (FACT).
- Experience and service providers — launched May 2025 (FACT).
- U.S. and international — $4.8B and $7.4B of FY25 revenue by host location (FACT).
- Expansion-market travelers — nights growing about twice as fast as core (FACT).
Cost Structure
- Sales and marketing — $2,588M in FY25, 21% of revenue (FACT).
- Product development — $2,354M, +14% (FACT).
- Cost of revenue — $2,086M including merchant fees (FACT).
- General and administrative — $1,342M (FACT).
- Operations and support — $1,327M (FACT).
- H1 2026 marketing $1,106M, up from $850M (FACT).
Revenue Streams
- Service fees — substantially all of revenue; $12,241M in FY25 (FACT).
- Host fee — 15.5% single fee being rolled out (FACT).
- Split fee — about 3% host fee plus guest fee on remaining bookings (FACT).
- Guest travel insurance — revenue up about 40% in FY25 (FACT).
- Interest income — $705M in FY25, below operating income (FACT).
- H1 2026 revenue $6,286M, +17% (FACT).