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Airbnb, Inc.
Consumer Discretionary · Hotels, Restaurants & Leisure
Category-defining marketplace in short-term rentals with ~8M active listings and ~5M hosts. Revenue ~$11B TTM, GBV ~$80B+, EBITDA margin mid-30s, FCF margin ~40% - capital-light marketplace economics. Net cash balance sheet. Growth has decelerated from post-COVID surge to mid-single-digit nights booked; ADR pressure + mix shift to longer-stays.
- Experiences + Services relaunch (2026) extends TAM beyond stays
- AI-driven search/personalization lifts conversion, defends take rate
- Capital-light: ~40% FCF margins, multi-year buyback capacity
- International mix (~50% nights) expanding faster than core US
- Brand moat: synonymous with category, low CAC vs $BKNG/$EXPE
- Regulatory tightening in NYC, Barcelona, Paris, Berlin compresses supply
- ADR mean-reversion as hotel pricing normalizes post-COVID
- $BKNG alternative-accom push + $EXPE Vrbo are credible competitors
- Take-rate ceiling: hosts push back as nightly fees rise
- Travel discretionary - recession-cyclical demand, not defensive
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