ABNB · Earnings call · 2026Q2T · Full report

Gross Margin Drivers

Airbnb, Inc. · 2026-08-06 · Importance 43 · Surprise 32

Q2 adjusted EBITDA was $1.3 billion, representing a 35% adjusted EBITDA margin. Adjusted EBITDA margin expanded by more than 100 basis points year-over-year as 17% revenue growth and cost efficiencies in operations, support, and product development more than offset continued investment in sales and marketing. Customer support cost per booking declined approximately 16% year-over-year as the AI assistant resolved more issues without human agents. Airbnb expects full-year 2026 adjusted EBITDA margin of at least 35.5%, up from the prior 35% outlook, while Q3 margin is expected to decline slightly year-over-year because of investment timing.

Key facts

• Q2 2026 adjusted EBITDA: $1.3 billion; adjusted EBITDA margin: 35%.
• Adjusted EBITDA margin expanded by over 100 basis points year-over-year, driven by strong revenue growth and cost efficiencies in operations and support and product development, partially offset by continued investment in sales and marketing.