AIRBNB, INC., 10-K filed on 2/13/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-39778    
Entity Registrant Name Airbnb, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3051428    
Entity Address, Address Line One 888 Brannan Street    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94103    
City Area Code 415    
Local Phone Number 728-0108    
Title of 12(b) Security Class A common stock, par value $0.0001 per share    
Trading Symbol ABNB    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 66.1
Documents Incorporated by Reference
The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2025, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
    
Entity Central Index Key 0001559720    
Document Fiscal Year End Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   432,876,657  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   188,462,942  
Common Class C      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   0  
Common Class H      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   9,200,000  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Francisco, California
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 6,864 $ 6,874
Short-term investments 3,747 3,197
Funds receivable and amounts held on behalf of customers 5,931 5,869
Prepaids and other current assets 638 569
Total current assets 17,180 16,509
Deferred income tax assets 2,439 2,881
Goodwill and intangible assets, net 777 792
Other assets, noncurrent 563 463
Total assets 20,959 20,645
Current liabilities:    
Accrued expenses, accounts payable, and other current liabilities 2,614 2,654
Funds payable and amounts payable to customers 5,931 5,869
Unearned fees 1,616 1,427
Total current liabilities 10,161 9,950
Long-term debt 1,995 1,991
Other liabilities, noncurrent 391 539
Total liabilities 12,547 12,480
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock 0 0
Additional paid-in capital 12,602 11,639
Accumulated other comprehensive income (loss) 35 (49)
Accumulated deficit (4,225) (3,425)
Total stockholders’ equity 8,412 8,165
Total liabilities and stockholders’ equity $ 20,959 $ 20,645
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common Class A    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 434,000,000 438,000,000
Common stock outstanding (in shares) 434,000,000 438,000,000
Common Class B    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 710,000,000 710,000,000
Common stock issued (in shares) 189,000,000 200,000,000
Common stock outstanding (in shares) 189,000,000 200,000,000
Common Class C    
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 0 0
Common stock outstanding (in shares) 0 0
Common Class H    
Common stock authorized (in shares) 26,000,000 26,000,000
Common stock issued (in shares) 9,000,000 9,000,000
Common stock outstanding (in shares) 0 0
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues [Abstract]      
Revenue $ 11,102,000,000 $ 9,917,000,000 $ 8,399,000,000
Costs and expenses:      
Cost of revenue 1,878,000,000 1,703,000,000 1,499,000,000
Operations and support 1,282,000,000 1,186,000,000 1,041,000,000
Product development 2,056,000,000 1,722,000,000 1,502,000,000
Sales and marketing 2,148,000,000 1,763,000,000 1,516,000,000
General and administrative 1,185,000,000 2,025,000,000 950,000,000
Restructuring charges 0 0 89,000,000
Total costs and expenses 8,549,000,000 8,399,000,000 6,597,000,000
Income from operations 2,553,000,000 1,518,000,000 1,802,000,000
Interest income 818,000,000 721,000,000 186,000,000
Other income (expense), net (40,000,000) (137,000,000) 1,000,000
Income before income taxes 3,331,000,000 2,102,000,000 1,989,000,000
Provision for (benefit from) income taxes 683,000,000 (2,690,000,000) 96,000,000
Net income $ 2,648,000,000 $ 4,792,000,000 $ 1,893,000,000
Net income per share attributable to Class A and Class B common stockholders:      
Basic (in USD per share) $ 4.19 $ 7.52 $ 2.97
Diluted (in USD per share) $ 4.11 $ 7.24 $ 2.79
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 632 637 637
Diluted (in Shares) 645 662 680
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 2,648 $ 4,792 $ 1,893
Other comprehensive income (loss):      
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax 0 6 (15)
Net unrealized gain (loss) on cash flow hedges, net of tax 111 (31) 0
Foreign currency translation adjustments (27) 8 (10)
Other comprehensive income (loss) 84 (17) (25)
Comprehensive income $ 2,732 $ 4,775 $ 1,868
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Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021   634      
Beginning balance at Dec. 31, 2021 $ 4,775 $ 0 $ 11,140 $ (7) $ (6,358)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 1,893       1,893
Other Comprehensive income (loss) (25)     (25)  
Equity awards issued, net of shares withheld for employee taxes (in shares)   11      
Equity awards issued, net of shares withheld for employee taxes (524)   (524)    
Stock-based compensation 941   941    
Share repurchases (in shares)   (14)      
Share repurchases (1,500)       (1,500)
Ending balance (in shares) at Dec. 31, 2022   631      
Ending balance at Dec. 31, 2022 5,560 $ 0 11,557 (32) (5,965)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 4,792       4,792
Other Comprehensive income (loss) (17)     (17)  
Shares issued upon net settlement of warrants exercised (in shares)   6      
Equity awards issued, net of shares withheld for employee taxes (in shares)   18      
Equity awards issued, net of shares withheld for employee taxes (1,117)   (1,117)    
Issuance of common stock for acquisition of businesses (in shares)   1      
Issuance of common stock for acquisition of businesses 53   53    
Stock-based compensation 1,146   1,146    
Share repurchases (in shares)   (18)      
Share repurchases (2,252)       (2,252)
Ending balance (in shares) at Dec. 31, 2023   638      
Ending balance at Dec. 31, 2023 8,165 $ 0 11,639 (49) (3,425)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,648       2,648
Other Comprehensive income (loss) 84     84  
Shares issued upon net settlement of warrants exercised (in shares)   1      
Equity awards issued, net of shares withheld for employee taxes (in shares)   9      
Equity awards issued, net of shares withheld for employee taxes (461)   (461)    
Stock-based compensation 1,424   1,424    
Share repurchases (in shares)   (25)      
Share repurchases (3,448)       (3,448)
Ending balance (in shares) at Dec. 31, 2024   623      
Ending balance at Dec. 31, 2024 $ 8,412 $ 0 $ 12,602 $ 35 $ (4,225)
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 2,648 $ 4,792 $ 1,893
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 65 44 81
Stock-based compensation expense 1,407 1,120 930
Deferred income taxes 433 (2,875) (1)
Impairment of long-lived assets 0 0 91
Other, net 32 83 117
Changes in operating assets and liabilities, net of acquisitions:      
Prepaids and other assets (163) (102) (185)
Accrued expenses and other liabilities (104) 580 224
Unearned fees 200 242 280
Net cash provided by operating activities 4,518 3,884 3,430
Cash flows from investing activities:      
Purchases of short-term investments (3,146) (3,308) (4,072)
Sales and maturities of short-term investments 2,605 2,380 4,071
Other investing activities, net (75) (114) (27)
Net cash used in investing activities (616) (1,042) (28)
Cash flows from financing activities:      
Taxes paid related to tax on equity awards (630) (1,224) (607)
Proceeds from exercise of equity awards and employee stock purchase plan 168 110 88
Share repurchases (3,430) (2,252) (1,500)
Change in funds payable and amounts payable to customers 320 936 1,330
Net cash used in financing activities (3,572) (2,430) (689)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (237) 152 (337)
Net increase in cash, cash equivalents, and restricted cash 93 564 2,376
Cash, cash equivalents, and restricted cash, beginning of year 12,667 12,103 9,727
Cash, cash equivalents, and restricted cash, end of year $ 12,760 $ 12,667 $ 12,103
v3.25.0.1
Description of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business Airbnb, Inc. (the “Company” or “Airbnb”) was incorporated in Delaware in June 2008 and is headquartered in San Francisco, California. The Company operates a global platform for unique stays and experiences. The Company’s marketplace model connects hosts and guests (collectively referred to as “customers”) online or through mobile devices to book spaces and experiences around the world.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain immaterial amounts in prior periods have been reclassified to conform with current period presentation.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, and income and non-income taxes, among others. Actual results could differ materially from these estimates.

As the impact of the uncertain macroeconomic conditions, including inflation, tariffs, and wars and other geopolitical conflicts continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected.

Cash and Cash Equivalents

Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less.

Short-term Investments

The Company considers all highly-liquid investments with original maturities of greater than 90 days to be short-term investments. Short-term investments include time deposits, which are accounted for at amortized cost, and available-for-sale debt securities that consist of corporate debt securities, commercial paper, certificates of deposit, U.S. government and government agency debt securities (“government bonds”), and mortgage-backed and asset-backed securities. The Company determines the appropriate classification of its investments at the time of purchase. The Company determines realized gains or losses on the sale of equity and debt securities on a specific identification method.

Unrealized gains and non-credit related losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. Realized gains and losses and impairments are reported within other income (expense), net on the consolidated statements of operations. The assessment for impairment takes into account the severity and duration of the decline in value, adverse changes in the market or industry of the investee, the Company’s intent to sell the security, and whether it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis.

The Company’s equity investments with readily determinable fair values are measured at fair value on a recurring basis with changes in fair value recognized within other income (expense), net on the consolidated statements of operations.

The Company records an impairment of its available-for-sale debt securities if the amortized cost basis exceeds its fair value and if the Company has the intention to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the unrealized loss is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance in the consolidated balance sheets with a corresponding charge in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected. Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income (loss). Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss.
Non-Marketable Investments

Non-marketable investments consist of debt and equity investments in privately-held companies, which are classified as other assets, noncurrent on the consolidated balance sheets. The Company classifies its non-marketable investments that meet the definition of a debt security as available-for-sale. The accounting policy for debt securities classified as available-for-sale is described above. The Company’s non-marketable equity investments are accounted for using either the equity method of accounting or as equity investments without readily determinable fair values under the measurement alternative.

The Company uses the equity method if it has the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. For investments accounted for using the equity method, the Company’s proportionate share of its equity interest in net income and other comprehensive income (loss) of these companies is recorded in the consolidated statements of operations within other income (expense), net. The carrying amount of the investment in equity interests is adjusted to reflect the Company’s interest in the investee’s net income and any impairments, and is classified in other assets, noncurrent on the consolidated balance sheets.

Equity investments for which the Company is not able to exercise significant influence over the investee and for which fair value is not readily determinable are accounted for using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee. This election is reassessed each reporting period to determine whether non-marketable equity securities have a readily determinable fair value, in which case they would no longer be eligible for this election. Changes in the basis of the equity investment are recognized in other income (expense), net on the consolidated statements of operations.

The Company reviews its non-marketable debt and equity investments for impairment at the end of each reporting period or whenever events or circumstances indicate that the carrying value may not be fully recoverable. Impairment indicators might include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. Upon determining that an impairment exists, the Company recognizes as an impairment in other income (expense), net on the consolidated statements of operations the amount by which the carrying value exceeds the fair value of the investment.

Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements. The authoritative guidance on fair value measurements establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. This hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining fair value. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and disclosed at fair value are classified and disclosed based on the observability of inputs used in the determination of fair value as follows:

•Level 1: Observable inputs such as quoted prices in active markets.

•Level 2: Observable inputs other than Level 1 prices, such as quoted prices in less active markets or model-derived valuations that are observable either directly or indirectly.

•Level 3: Unobservable inputs in which there is little or no market data that are significant to the fair value of the assets or liabilities.

The carrying amount of the Company’s financial instruments, including cash equivalents, funds receivable and amounts held on behalf of customers, accounts payable, accrued liabilities, funds payable and amounts payable to customers, and unearned fees approximate their respective fair values because of their short maturities.

Level 2 Valuation Techniques

Financial instruments classified as Level 2 within the Company’s fair value hierarchy are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. Prices of these securities are obtained through independent, third-party pricing services and include market quotations that may include both observable and unobservable inputs. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments, and various relationships between investments. The Company’s foreign exchange derivative instruments are valued using pricing models that take into account the contract terms, as well as multiple inputs where applicable, such as interest rate yield curves and currency rates.

Foreign Currency

The Company’s reporting currency is the U.S. dollar. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities for foreign subsidiaries with functional currency other than U.S. dollar are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Statements of operations amounts are translated at average exchange rates for the period. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity. No amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2022, 2023 and 2024.
Remeasurement gains and losses are included in other income (expense), net on the consolidated statements of operations. Monetary assets and liabilities are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. As of December 31, 2023 and 2024, the Company had a cumulative translation loss of $5 million and $32 million, respectively. Total net realized and unrealized gains (losses) on foreign currency transactions and balances totaled $29 million, $(48) million and $29 million for the years ended December 31, 2022, 2023 and 2024, respectively.

Derivative Instruments and Hedging

The Company’s primary objective for holding derivative instruments is to manage foreign currency exchange rate risk. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. All derivative instruments are recorded in the consolidated balance sheets at fair value. The accounting treatment for derivative gains and losses is based on intended use and hedge designation.

Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in AOCI and subsequently reclassified into earnings when the hedged transaction affects earnings and in the same line item within the consolidated statements of operations. The Company does not exclude any components in the assessment of hedge effectiveness for forwards and options.

If it is no longer probable that a forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivatives as undesignated derivative instruments. Gains and losses associated with derivatives no longer designated as hedging instruments in AOCI are recognized immediately in other income (expense), net, if it is probable that the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional     two month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.

Gains and losses arising from changes in the fair value of derivative instruments that are not designated as accounting hedges are recognized in the consolidated statements of operations in other income (expense), net.

The Company presents derivative assets and liabilities at their gross fair values in the consolidated balance sheets, even if they are subject to master netting arrangements with the counterparties. The Company classifies cash flows related to derivative instruments as operating activities in the consolidated statement of cash flows.

Internal-Use Software

The Company capitalizes certain costs in connection with obtaining or developing software for internal use. Amortization of such costs begins when the project is substantially complete and ready for its intended use. Capitalized software development costs are classified as property and equipment, net on the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the applicable software.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term

Costs of maintenance and repairs that do not improve or extend the useful lives of assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in the consolidated statements of operations.

Leases

The Company determines whether an arrangement is or contains a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease
payments. The Company has real estate and equipment lease agreements that contain lease and non-lease components, which are accounted for as a single lease component.

The Company’s leases often contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives, primarily used to fund leasehold improvements, are recognized when earned and reduce the Company’s ROU asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term.

The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses, or other costs. Variable lease costs are expensed as incurred in the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants.

For substantially all leases with an initial non-cancelable lease term of less than one year and no option to purchase, the Company elected not to recognize the lease on its consolidated balance sheets and instead recognize rent payments on a straight-line basis over the lease term within operating expense on its consolidated statements of operations.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company has one reporting unit. The Company tests goodwill for impairment at least annually in the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired. The Company uses a two-step process to assess the realizability of goodwill. The first step, Step 0, is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. For example, the Company analyzes changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a reporting unit. A qualitative assessment also includes analyzing the excess fair value of a reporting unit over its carrying value from impairment assessments performed in previous years. If the qualitative assessment indicates a stable or improved fair value, no further testing is required.

If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, or if a reporting unit’s fair value has historically been closer to its carrying value, the Company will proceed to Step 1 testing where the Company calculates the fair value of a reporting unit. If Step 1 indicates that the carrying value of a reporting unit is in excess of its fair value, the Company will record an impairment equal to the amount by which a reporting unit’s carrying value exceeds its fair value.

There were no impairment charges in any of the periods presented in the consolidated financial statements.

Intangible Assets

Intangible assets are amortized on a straight-line basis over the estimated useful lives ranging from one to ten years. The Company reviews intangible assets for impairment under the long-lived asset model described below. There were no impairment charges in any of the periods presented in the consolidated financial statements.

Impairment of Long-Lived Assets

Long-lived assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The determination of the recoverability of long-lived assets is based on an estimate of the undiscounted cash flows resulting from the use of the asset and its eventual disposition. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary.

Any impairments to ROU assets, leasehold improvements, or other assets as a result of a sublease, abandonment, or other similar factors are recorded as an operating expense. Similar to other long-lived assets, management tests ROU assets for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. For ROU assets, such circumstances may include subleases that do not fully recover the costs of the associated leases or a decision to abandon the use of all or part of an asset. For the year ended December 31, 2022, the Company recorded $91 million of long-lived asset impairment, of which $89 million was recorded within restructuring charges and the remainder within general and administrative, on the consolidated statements of operations. For the years ended December 31, 2023 and 2024, the Company did not record any restructuring charges.

Revenue Recognition

The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on the Company’s platform.

The Company considers both hosts and guests to be its customers. The customers agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the host agrees to provide the use of the property. At such time, the host and guest also agree upon the applicable booking value as well as host fees and guest fees (collectively “service fees”). The Company charges service fees in exchange for certain activities, including the use of the Company’s platform, customer support, and payment processing activities. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”). The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation.
The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes. The Company collects both the booking value from the guest on behalf of the host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method. After check-in, the Company disburses the booking value to the host, less the fees due from the host to the Company. The Company’s ToS stipulates that a host may cancel a confirmed booking at any time up to check-in. Therefore, the Company determined that for accounting purposes, each booking is a separate contract with the host and guest, and the contracts are not enforceable until check-in. Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2023 and 2024. The service fees collected from customers prior to check-in are recorded as unearned fees. Unearned fees are not considered contract balances because they are subject to refund in the event of a cancellation.

Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees to facilitate long-term stays on a monthly basis. Such stays are generally cancelable with 30 days advance notice for no significant penalty. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the host and guest, and the contracts are not enforceable until check-in for the initial month as well as subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. The Company recognizes revenue for the first month upon check-in, similar to short-term stays, and recognizes revenue for any subsequent months upon each month’s anniversary from initial check-in date.

The Company presents revenue net, as an agent, because it does not control the right to use the properties either before or after completion of its service. It does not fulfill rental promises, bear inventory risk, or set prices. Accordingly, the Company has concluded that it is acting in an agent capacity and therefore revenue is presented net reflecting the service fees received from customers to facilitate a stay.

The Company excludes from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions. Accordingly, such amounts are not included as a component of revenue or cost of revenue.

Payments to Customers

The Company makes payments to customers as part of its referral programs and marketing promotions, collectively referred to as the Company’s incentive programs, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.

Incentive Programs

The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2023 and 2024, the referral coupon liability was immaterial.

Through marketing promotions, the Company issues customer coupon credits to encourage the use of its platform. After a customer redeems such incentives, the Company records a reduction to revenue at the date it records the corresponding revenue transaction, as the Company does not receive a distinct good or service in exchange for the customer incentive payment.

Refunds

In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was immaterial as of December 31, 2023 and 2024.

The Company evaluates whether the cumulative amount of payments made to customers that are not in exchange for a distinct good or service received from customers exceeds the cumulative revenue earned since inception of the customer relationships. Any cumulative payments in excess of cumulative revenue are presented within operations and support or sales and marketing on the consolidated statements of operations based on the nature of the payments made to customers.

Funds Receivable and Funds Payable

Funds receivable and amounts held on behalf of customers represent cash received or in-transit from guests via third-party credit card processors and other payment methods, which the Company remits for payment to the hosts following check-in. This cash and related receivable represent the total amount due to hosts, and as such, a liability for the same amount is recorded to funds payable and amounts payable to customers.

The Company records guest payments, net of service fees, as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers when cash is received in advance of check-in. Host and guest fees are recorded as cash with a corresponding amount in unearned fees. For certain bookings, a guest may opt to pay a percentage of the
total amount due when the booking is confirmed, with the remaining balance due prior to the stay occurring (the “Pay Less Upfront Program”). Under the Pay Less Upfront Program, when the Company receives the first installment payment from the guest upon confirmation of the booking, the Company records the first installment payment as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers, net of the host and guest fees. The full value of the service fees is recorded as cash and cash equivalents and unearned fees upon receipt of the first installment payment to represent what the Company expects to be recognized as revenue if the underlying booking is not canceled. Upon receipt of the second installment, such payment amounts are also recorded as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers. Following check-in, the Company remits funds due to hosts and recognizes unearned fees as revenue as its performance obligation is satisfied.

Bad Debt

The Company generally collects funds related to bookings from guests on behalf of hosts prior to check-in. In limited circumstances, the Company disburses funds to a host or a guest on behalf of a counterparty guest or host prior to collecting such amounts from the counterparty. These customer receivables, reflected in prepaids and other current assets on the consolidated balance sheets, are subject to a customer receivable allowance for potential credit losses. The Company estimates uncollectible amounts based on historical data, economic forecasts, and the age of the debt, writing off assets deemed uncollectible.

Cost of Revenue

Cost of revenue primarily consists of payment processing charges, including merchant fees and chargebacks, costs associated with third-party data centers used to host the Company’s platform, and amortization of internally developed software, and acquired technology.

Operations and Support

Operations and support costs primarily consist of personnel-related expenses and third-party service provider fees associated with customer support provided via phone, email, and chat to customers, customer relations costs, which include refunds and credits related to customer satisfaction and expenses associated with the Company’s host protection programs, and allocated costs for facilities and information technology. These costs are expensed as incurred.

Product Development

Product development costs primarily consist of personnel-related expenses and third-party service provider fees incurred in connection with the development of the Company’s platform and new products as well as the improvement of existing products, and allocated costs for facilities and information technology. These costs are expensed as incurred.

Sales and Marketing

Sales and marketing costs primarily consist of performance and brand marketing, personnel-related expenses, including those related to field operations, portions of referral incentives and coupons, policy and communications, and allocated costs for facilities and information technology. These costs are expensed as incurred. Advertising expenses were $786 million, $953 million and $1.1 billion for the years ended December 31, 2022, 2023 and 2024, respectively.

General and Administrative

General and administrative costs primarily consist of personnel-related expenses for executive management and administrative functions, including finance and accounting, legal, and human resources, as well as general corporate and director and officer insurance. General and administrative costs also include certain professional services fees, allocated costs for facilities and information technology expenses, indirect taxes including lodging taxes where the Company may be held jointly liable with hosts for collecting and remitting such taxes, withholding taxes, other transactional taxes, and bad debt expense. These costs are expensed as incurred.

Restructuring Charges

Costs and liabilities associated with management-approved restructuring activities are recognized when they are incurred. One-time employee termination costs are recognized at the time of communication to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. Ongoing employee termination benefits are recognized as a liability when it is probable that a liability exists and the amount is reasonably estimable. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and related liabilities are recorded within accrued expenses, accounts payable, and other liabilities on the consolidated balance sheets. The Company periodically evaluates and, if necessary, adjusts its estimates based on currently available information.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax law in effect for the years in which the temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Accrued interest and penalties related to unrecognized tax benefits are recognized in the provision for (benefit from) income taxes.
A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are recoverable. The Company regularly assesses all available evidence, including cumulative historic losses, forecasted earnings, if carryback is permitted under the law, carryforward periods, and prudent and feasible tax planning strategies.

The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition, step one, occurs when the Company concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement, step two, determines the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained.

Share Repurchase

Share repurchases may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, or accelerated share repurchase transactions, or by any combination of such methods. Share repurchases are recorded at settlement date. When shares are retired, the value of repurchased shares is deducted from stockholders’ equity through capital with the excess over par value recorded to accumulated deficit.

Stock-Based Compensation

Stock-based compensation expense relates to restricted stock units (“RSUs”), stock options, and the Employee Stock Purchase Plan (“ESPP”) (collectively referred to as “equity awards”). RSUs, stock options and warrants are measured at the fair market value of the underlying stock at the grant date and the expense is recognized over the requisite service period. The fair value of stock options and ESPP shares are estimated on the date of grant using the Black-Scholes option pricing model to determine the fair value of stock options on the date of grant. The Company estimates the expected term of stock options granted based on the simplified method and estimates the volatility of its common stock on the date of grant based on the average historical stock price volatility of comparable publicly-traded companies. The simplified method calculates the expected term as the mid-point between the weighted-average time to vesting and the contractual maturity. The simplified method is used as the Company does not have sufficient historical data regarding stock option exercises. The contractual term of the Company’s stock options is ten years. The Company accounts for forfeitures as they occur. The benefits of tax deductions in excess of recognized stock-based compensation costs are recognized in the income statement as a discrete item when an option exercise or a vesting and release of shares occurs.

Net Income Per Share Attributable to Common Stockholders

The Company applies the two-class method when computing net income per share attributable to common stockholders when shares are issued that meet the definition of a participating security. The two-class method determines net income per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. The Company’s previously outstanding redeemable convertible preferred stock was a participating security as the holders of such shares participated in dividends but did not contractually participate in the Company’s losses.

Basic net income per share attributable to common stockholders is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period, less weighted-average shares subject to repurchase. The diluted net income per share is computed by giving effect to all potentially dilutive securities outstanding for the period, including RSUs, stock options, and warrants using the treasury stock method, and convertible notes, using the if-converted method.

Comprehensive Income

Comprehensive income consists of net income and other comprehensive income. Other comprehensive income reflects gains and losses that are recorded as a component of stockholders’ equity and are excluded from net income. Other comprehensive income consists of unrealized gains (losses) on derivative instruments designated as cash flow hedges, net of tax, foreign currency translation adjustments related to consolidation of foreign entities and unrealized gains (losses), net of tax, on securities classified as available-for-sale.

Contingencies

The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.

Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued an update to improve disclosure of reportable segments on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. The update is effective for public companies in fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, on a retrospective basis. The Company adopted the guidance effective December 31, 2024 (refer to Note 16. Segment and Geographic Information).
In June 2022, the FASB issued guidance related to the fair value measurement of an equity security subject to contractual sale restrictions that prohibit the sale of the equity security. The new guidance also introduced new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The Company adopted the guidance effective January 1, 2024. There was no impact to the Company’s consolidated financial statements or disclosures upon adoption.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued an update to improve the disclosures about an entity’s expenses, for both annual and interim periods in a tabular format in the footnotes to the financial statements, to include disaggregated information about specific categories underlying certain income statement expense line items. The update is effective for public companies on a prospective basis, with the option for retrospective application in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies in fiscal years beginning after December 15, 2024, and will be applied prospectively with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.
v3.25.0.1
Supplemental Financial Statement Information
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Statement Information Supplemental Financial Statement Information
Cash, Cash Equivalents, and Restricted Cash

The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20232024
Cash and cash equivalents$6,874 $6,864 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,769 5,871 
Restricted cash included in prepaids and other current assets
24 25 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,667 $12,760 

Supplemental Disclosures of Cash Flow Information

Supplemental cash flow information consisted of the following (in millions):

Year Ended December 31,
202220232024
Cash paid for:
Income taxes, net of refunds$68 $132 $350 
Interest$8 $55 $2 
Operating leases$102 $84 $89 
Noncash investing and financing activities:
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases$(5)$20 $57 
Net settlement of cashless warrants exercised$— $202 $22 
Net settlement of cashless stock options exercised$— $36 $— 
Supplemental disclosures of balance sheet information

Supplemental balance sheet information consisted of the following (in millions):

December 31,
20232024
Prepaids and other current assets:
Customer receivables
$249 $175 
Customer receivables reserve
(44)(28)
Other
364 491 
Prepaids and other current assets
$569 $638 
Other assets, noncurrent:
Property and equipment, net$160 $147 
Operating lease right-of-use assets119 144 
Other184 272 
Other assets, noncurrent$463 $563 
Accrued expenses, accounts payable, and other current liabilities:
Non-income taxes payable and withholding tax reserves
$1,119 $1,055 
Compensation and employee benefits436 498 
Accounts payable141 142 
Operating lease liabilities, current61 63 
Other includes gift card and foreign exchange derivative contract liabilities
897 856 
Accrued expenses, accounts payable, and other current liabilities$2,654 $2,614 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent
$252 $236 
Other
287 155 
Other liabilities, noncurrent
$539 $391 
Payments to Customers and Bad Debt Expense

The Company makes payments to customers as part of its incentive programs (composed of referral programs and marketing promotions) and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.

The following table summarizes total payments made to customers (in millions):

Year Ended December 31,
202220232024
Reductions to revenue
$284 $360 $455 
Charges to operations and support
88 96 118 
Charges to sales and marketing expense
60 61 54 
Total payments made to customers
$432 $517 $627 
Bad debt expense
$49 $60 $49 
Revenue Disaggregated by Geographic Region

The following table presents revenue disaggregated by listing location (in millions):

Year Ended December 31,
202220232024
North America$4,210 $4,638 $5,006 
Europe, the Middle East, and Africa
2,924 3,615 4,135 
Latin America643 824 969 
Asia Pacific622 840 992 
Total revenue disaggregated by geographic region$8,399 $9,917 $11,102 
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables summarize the Company’s investments by major security type (in millions):

December 31, 2023
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities$1,490 $4 $(3)$1,491 
Commercial paper366 — — 366 
Government bonds332 1 — 333 
Certificates of deposit172 — — 172 
Mortgage-backed and asset-backed securities
148 1 (4)145 
Total debt securities2,508 6 (7)2,507 
Time deposits690 — — 690 
Total short-term investments
$3,198 $6 $(7)$3,197 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 
December 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,176 $4 $(3)$2,177 
Mortgage-backed and asset-backed securities
381 1 (4)378 
Government bonds
224 — — 224 
Commercial paper
214 — — 214 
Certificates of deposit
52 — — 52 
Total debt securities3,047 5 (7)3,045 
Time deposits702 — — 702 
Total short-term investments
$3,749 $5 $(7)$3,747 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Classified within other assets, noncurrent on the consolidated balance sheets.

As of December 31, 2023 and December 31, 2024, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses, net of tax before reclassifications from AOCI to other income (expense), net were immaterial for the years ended December 31, 2022, 2023 and 2024. Realized gains and losses reclassified from AOCI to other income (expense), net were immaterial for the years ended December 31, 2022, 2023 and 2024.

Debt securities in an unrealized loss position had an estimated fair value of $777 million and $1.1 billion, and unrealized losses were immaterial as of December 31, 2023 and 2024, respectively. A total of $283 million and $269 million of these securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2023 and December 31, 2024, respectively.

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
December 31, 2024
Amortized
Cost		Estimated
Fair Value
Due within one year$1,790 $1,792 
Due after one year through five years1,172 1,162 
Due after five years98 95 
Total$3,060 $3,049 

Equity Investments Without Readily Determinable Fair Values

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a net carrying value of $83 million and $38 million as of December 31, 2023 and December 31, 2024, respectively, and are classified within other assets, noncurrent on the consolidated balance sheets.

The Company recorded an impairment charge of $45 million for the year ended December 31, 2024, and did not have any impairment charges nor downward adjustments for observable price changes during the years ended December 31, 2022 and 2023.

The Company recorded an immaterial upward adjustment during the year ended December 31, 2023, and did not have any upward adjustments for observable price changes during the years ended December 31, 2022 and 2024.

As of December 31, 2024, the cumulative impairment and downward adjustments for observable price changes were $101 million.

Investments Accounted for Under the Equity Method

As of December 31, 2023 and 2024, the carrying values of the Company’s equity method investments were $8 million and $47 million, respectively. For the years ended December 31, 2022, 2023 and 2024, the Company recorded immaterial losses within other income
(expense), net on the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. There were no impairment charges for the years ended December 31, 2022, 2023 and 2024.
v3.25.0.1
Fair Value Measurements and Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,018 $— $— $2,018 
Commercial paper— 223 — 223 
Government bonds— 115 — 115 
Corporate debt securities— 12 — 12 
Certificates of deposit— 1 — 1 
Total cash equivalents at fair value2,018 351 — 2,369 
Short-term investments:
Corporate debt securities— 1,491 — 1,491 
Commercial paper— 366 — 366 
Government bonds— 333 — 333 
Certificates of deposit— 172 — 172 
Mortgage-backed and asset-backed securities— 145 — 145 
Total short-term investments at fair value— 2,507 — 2,507 
Funds receivable and amounts held on behalf of customers:
Money market funds1,360 — — 1,360 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,378 $2,885 $4 $6,267 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $55 $— $55 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $60 $— $60 
December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,635 $— $— $1,635 
Commercial paper— 152 — 152 
Government bonds— 33 — 33 
Corporate debt securities— 2 — 2 
Total cash equivalents at fair value1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments at fair value— 3,045 — 3,045 
Funds receivable and amounts held on behalf of customers:
Money market funds1,340 — — 1,340 
Prepaids and other current assets:
Foreign exchange derivative assets— 114 — 114 
Other assets, noncurrent:
Foreign exchange derivative assets— 6 — 6 
Corporate debt securities— — 4 4 
Total assets at fair value$2,975 $3,352 $4 $6,331 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $20 $— $20 

There were no transfers of financial instruments between valuation levels during the years ended December 31, 2023 and 2024.

There were no material changes in unrealized losses included in other comprehensive income (loss) relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value during the years ended December 31, 2022, 2023 and 2024.
v3.25.0.1
Derivative Instruments and Hedging
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Derivative Instruments and Hedging
The Company has a portion of its business denominated and transacted in foreign currencies, which subjects the Company to foreign exchange risk, and uses derivative instruments to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives to partially offset its business exposure to foreign exchange risk. However, the Company may choose not to hedge certain exposures for a variety of reasons including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange rates.

Foreign Exchange Risk

To protect revenue from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts, or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue, typically for up to 18 months. In the first quarter of 2023, the Company initiated a foreign exchange cash flow hedging program to minimize the effects of foreign currency fluctuations on future revenue.

The Company may also enter into derivative instruments that are not designated as accounting hedges to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
The following table summarizes the effect of derivative instruments on the Company’s consolidated balance sheets (in millions):

Derivative Assets(1)
Fair value as of December 31,
Location
20232024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$4 $90 
Foreign exchange contracts (noncurrent)Other assets, noncurrent— 7 
Total derivatives designated as hedging instruments$4 $97 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $23 

Derivative Liabilities(1)
Fair value as of December 31,
Location
20232024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$25 $— 
Foreign exchange contracts (noncurrent)Other liabilities, noncurrent5 — 
Total derivatives designated as hedging instruments$30 $— 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$30 $20 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.

To limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of December 31, 2024, the potential effect of these rights of offset associated with the Company’s derivative contracts would be a reduction to both derivative assets and liabilities of $20 million, resulting in net derivative assets of $100 million.

Realized gains on derivative instruments designated as hedging instruments reclassified from AOCI to revenue in the consolidated statements of operations were immaterial for the years ended December 31, 2023 and 2024.

Effect of Derivative Instruments Designated as Hedging Instruments on AOCI

The following table summarizes the activity of derivative instruments designated as cash flow hedges before reclassifications from AOCI to revenue and the impact of these derivative contracts on AOCI, net of tax (in millions):

Year Ended December 31,
20232024
Derivatives designated as cash flow hedges:
Foreign exchange contracts(1)
$(30)$125 

(1)Gain (loss) recognized in other comprehensive income (loss).

As of December 31, 2023 and December 31, 2024, cumulative unrealized gains (losses) recorded in AOCI, net of tax, related to derivative instruments designated as hedging instruments were $(31) million and $80 million, respectively.
Effect of Derivative Instruments not Designated as Hedging Instruments on the Consolidated Statements of Operations

The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the consolidated statements of operations (in millions):

Realized Gain (Loss) on Derivatives Unrealized Gain (Loss) on Derivatives
Year Ended December 31,Year Ended December 31,
202220232024202220232024
Derivatives not designated as hedging instruments:
Foreign exchange contracts$92 $(43)$(59)$(33)$10 $11 

The total notional amount of outstanding derivatives not designated as hedging instruments was $2.4 billion and $2.1 billion as of December 31, 2023 and December 31, 2024, respectively.

Cash Flow Hedges

The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was $2.0 billion and $2.5 billion as of December 31, 2023 and December 31, 2024, respectively.

As of December 31, 2024, approximately $68 million of deferred net gains on both outstanding and matured derivatives in AOCI are expected to be reclassified to revenue during the next 12 months concurrent with the underlying hedged transactions which will be recorded in revenue. Actual amounts ultimately reclassified to revenue are dependent on the exchange rates in effect when derivative contracts currently outstanding mature.
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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2024 were as follows (in millions):

Amount
Balance as of December 31, 2022$650 
Additions related to acquisitions101 
Foreign currency translation adjustments1 
Balance as of December 31, 2023752 
Foreign currency translation adjustments(2)
Balance as of December 31, 2024$750 

Intangible Assets
As of December 31, 2023 and 2024, intangible assets, net were $40 million and $27 million, respectively, net of accumulated amortization of $55 million and $67 million, respectively. The estimated future amortization expense of $27 million will be amortized through 2029. Amortization expense related to intangible assets was immaterial for the years ended December 31, 2022, 2023 and 2024
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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):

December 31,
20232024
Computer software and capitalized internal-use software
$51 $122 
Leasehold improvements
90 110 
Computer equipment22 15 
Buildings and land17 17 
Office furniture and equipment8 8 
Construction in progress82 16 
Total property and equipment, gross270 288 
Less: Accumulated depreciation and amortization(110)(141)
Total property and equipment, net$160 $147 

Depreciation expense related to property and equipment for the years ended December 31, 2022, 2023 and 2024 was $43 million, $18 million and $16 million, respectively. For the years ended December 31, 2022, 2023 and 2024, amortization of capitalized internal-use software costs was $28 million, $13 million and $34 million, respectively.
The net carrying value of capitalized internal-use software as of December 31, 2023 and 2024 was $27 million and $69 million, respectively.
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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company’s material operating leases consist of office space. The Company’s leases generally have remaining terms of one to 14 years, some of which include one or more options to extend the leases up to 10 years. Additionally, some lease contracts include termination options. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods.

The components of lease cost, excluding the immaterial impact from sublease income, were as follows (in millions):

Year Ended December 31,
202220232024
Operating lease cost
$77 $58 $53 
Short-term lease cost
2 6 4 
Variable lease cost
17 16 17 
Lease cost, net
$96 $80 $74 

Lease costs are classified within operations and support, product development, sales and marketing, and general and administrative expenses on the consolidated statements of operations.

Lease costs, net do not include lease impairments due to restructuring. Refer to Note 17. Restructuring for additional information.

Weighted-average lease term and discount rate were as follows:

December 31,
20232024
Weighted-average remaining lease term (years)5.37.2
Weighted-average discount rate7.2 %7.3 %
Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2024 (in millions):

Year Ending December 31,
Amount(1)
2025$83 
202669 
2027— 
202832 
202943 
Thereafter181 
Total lease payments408 
Less: Imputed interest(109)
Present value of lease liabilities299 
Less: Current portion of lease liabilities(63)
Total long-term lease liabilities$236 

(1)Amounts are net of tenant improvement allowances.
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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Convertible Senior Notes

On March 8, 2021, the Company issued $2.0 billion aggregate principal amount of 0% convertible senior notes due 2026 (the "2026 Notes") pursuant to an indenture, dated March 8, 2021 (the "Indenture"), between the Company and U.S. Bank National Association, as trustee. The 2026 Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

As of both December 31, 2023 and December 31, 2024, total outstanding debt, net of unamortized debt discount and debt issuance costs, was $2.0 billion and the effective interest rate was 0.2%. Debt issuance costs related to the 2026 Notes totaled $21 million and were comprised of commissions payable to the initial purchasers and third-party offering costs and are amortized to interest expense using the effective interest method over the contractual term. For the years ended December 31, 2022, 2023 and 2024, interest expense, which includes the amortization of debt discount and issuance costs, was immaterial.

The 2026 Notes are senior unsecured obligations of the Company and do not bear interest. The 2026 Notes mature on March 15, 2026, unless earlier converted, redeemed, or repurchased.

The initial conversion rate for the 2026 Notes is 3.4645 shares of the Company's Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $288.64 per share of the Class A common stock. The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the Indenture.

The 2026 Notes will be convertible at the option of the holders before December 15, 2025 only upon the occurrence of certain events, and from and after December 15, 2025, at any time at their election until the close of business on the second scheduled trading day immediately preceding March 15, 2026, only under certain circumstances. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election, based on the applicable conversion rate. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Additionally, in the event of a corporate event constituting a fundamental change (as defined in the Indenture), holders of the 2026 Notes may require the Company to repurchase all or a portion of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid special interest or additional interest, if any, to, but excluding, the date of the fundamental change repurchase.

As of December 31, 2024, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount.

As of December 31, 2024 the total estimated fair value of the 2026 Notes was $1.9 billion and was determined based on a market approach using actual bids and offers of the 2026 Notes in an over-the-counter market on the last trading day of the period, or Level 2 inputs.

Capped Calls

On March 3, 2021, in connection with the pricing of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain of the initial purchasers and other financial institutions (the "option counterparties") at a cost of $100 million. The Capped Calls cover, subject to customary adjustments, the number of shares of Class A common stock initially underlying the 2026 Notes. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2026 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2026 Notes its common stock price exceeds the conversion price of the 2026 Notes. The cap price of the Capped Calls was $360.80 per share of Class A common stock, which represented a premium of 100% over the last reported sale price of the Class A common stock of $180.40 per share on March 3, 2021, subject to certain customary adjustments under the terms of the Capped Calls.

The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period, and are included as a reduction to additional paid-in-capital within stockholders’ equity.
2022 Credit Facility
In October 2022, the Company terminated its then existing credit facility and entered into a five-year unsecured Revolving Credit Agreement, which provides for initial commitments by a group of lenders led by Morgan Stanley Senior Funding, Inc. of $1.0 billion (“2022 Credit Facility”). The 2022 Credit Facility provides a $200 million sub-limit for the issuance of letters of credit. The 2022 Credit Facility has a commitment fee based on ratings and leverage ratios with amounts that range from 0.10% to 0.20% per annum on any undrawn amounts, payable quarterly in arrears. Interest on borrowings is based on ratings and leverage ratios with amounts that range from (i) in the case of the Secured Overnight Financing Rate (“SOFR”) borrowings, 1.0% to 1.5%, plus SOFR, subject to a floor of 0.0%, or (ii) in the case of base rate borrowings, 0.0% to 0.5%; plus the greatest of (a) the rate of interest in effect for such day by Morgan Stanley Senior Funding, Inc. as its “prime rate”; (b) the federal funds effective rate plus 0.5%; and (c) SOFR for a one-month period plus 1.0%. Outstanding balances may be repaid prior to maturity without penalty. The 2022 Credit Facility contains customary events of default, affirmative and negative covenants, including restrictions on the Company’s and certain of its subsidiaries’ ability to incur debt and liens, undergo fundamental changes, as well as certain financial covenants. The Company was in compliance with all financial covenants as of December 31, 2024. As of December 31, 2024, no amounts were drawn under the 2022 Credit Facility and outstanding letters of credit totaled $19 million.
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Stockholders’ Equity
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock

The Company’s restated certificate of incorporation authorizes the Company to issue 2.0 billion shares of Class A common stock and 710.0 million shares of Class B common stock. Both classes of common stock have a par value of $0.0001 per share. Class A common stock is entitled to one vote per share and Class B common stock is entitled to 20 votes per share. One share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and will convert automatically into one share of Class A common stock upon the earlier of (a) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least 80% of the outstanding shares of Class B common stock at the time of such vote or consent voting as a separate series, and (b) the 20-year anniversary of the closing of the IPO. In addition, with certain exceptions as further described in the Company's restated certificate of incorporation, transfers of one share of Class B common stock will result in the conversion of such share of Class B common stock into one share of Class A common stock.

Under the Company’s restated certificate of incorporation, the Company is also authorized to issue 2.0 billion shares of Class C common stock and 26.0 million shares of Class H common stock. Each share of Class C common stock is entitled to no votes and will not be convertible into any other shares of the Company’s capital stock. Each share of Class H common stock is entitled to no votes and will convert into one share of Class A common stock on a share-for-share basis upon the sale of such share of Class H common stock to any person or entity that is not the Company’s subsidiary.

Class A Common Stock Warrants

As of December 31, 2023, the Company had warrants outstanding to purchase 0.8 million shares of Class A common stock with an exercise price of $28.355 per share, subject to adjustment upon the occurrence of certain specified events. During the year ended December 31, 2024, the warrants were exercised, on a cashless basis, to purchase 0.8 million shares of Class A common stock, resulting in the issuance of 0.7 million shares of the Company’s Class A common stock. As of December 31, 2024, there were no outstanding warrants.

Share Repurchase Programs

In May 2023 and February 2024, the Company announced that its board of directors had approved share repurchase programs to purchase up to $2.5 billion and $6.0 billion of the Company's Class A common stock, respectively.

Share repurchases under these share repurchase programs may be made through a variety of methods, such as open market purchases,     privately negotiated transactions, block trades or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. These share repurchase programs do not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time at the Company’s discretion.

During the year ended December 31, 2024, the Company repurchased and subsequently retired 24.5 million shares of Class A common stock for $3.4 billion. As of December 31, 2024, the Company completed the repurchases under the May 2023 share repurchase program and had $3.3 billion available for repurchase of Class A common stock under the February 2024 share repurchase program.

The Inflation Reduction Act imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. For the years ended December 31, 2023 and 2024, the excise tax on share repurchases was immaterial.
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Stock-Based Compensation and Employee Benefit Plan
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation and Employee Benefit Plan Stock-Based Compensation and Employee Benefit Plan
Stock-Based Compensation Expense

Stock-based compensation expense was $930 million, $1.1 billion and $1.4 billion for the years ended December 31, 2022, 2023 and 2024, respectively.
There was no income tax benefit related to stock-based compensation expense recognized for the year ended December 31, 2022. The income tax benefit recognized in the consolidated statement of operations on stock-based compensation expense was $227 million and $273 million for the years ended December 31, 2023 and 2024, respectively.

The Company realized an income tax benefit of $19 million, $435 million and $39 million in the consolidated statements of operations related to awards vested or exercised during the years ended December 31, 2022, 2023 and 2024, respectively. These amounts do not include the indirect effects of stock-based awards, which primarily relate to the research and development tax credit.

Equity Incentive Plans

2018 Equity Incentive Plan

In 2018, the Company adopted the 2018 Equity Incentive Plan (the “2018 Plan”). A total of 50.0 million shares of Class B common stock were reserved for issuance under the 2018 Plan and the 13.2 million shares remaining for issuance under a prior plan were added to the number of shares available under the 2018 Plan.

2020 Incentive Award Plan

In 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan,” and together with the 2018 Plan, and a plan assumed in connection with a 2019 acquisition, the “Plans”). Under the 2020 Plan, 62.1 million shares of Class A common stock were initially reserved for issuance. The number of shares initially reserved for issuance pursuant to awards under the 2020 Plan will be increased by (i) the number of shares subject to awards outstanding under the 2018 Plan and the Assumed Equity Incentive Plan, as of the effective date of the 2020 Plan that subsequently terminate, are exchanged for cash, surrendered or repurchased, or are tendered or withheld to satisfy any exercise price or tax withholding obligations and (ii) an annual increase on the first day of each year beginning in 2022 and ending in 2030, equal to the lesser of (a) 5% of the shares of all series of the Company’s common stock outstanding on the last day of the immediately preceding year and (b) such smaller number of shares of stock as determined by the Company’s board of directors; provided, however, that no more than 371.2 million shares of stock may be issued upon the exercise of incentive stock options.

Stock Option and Restricted Stock Unit Activity

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table:

Year Ended December 31,
202220232024
Expected term (years)
6.1
1.4 - 6.1
6.1
Risk-free interest rate
0.3% - 2.2%
3.6% - 5.0%
4.3% - 4.4%
Expected volatility
48.6% - 58.4%
51.3% - 54.4%
51.8% - 52.7%
Expected dividend yield— — — 

A summary of stock option and RSU activity under the Plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 202222 $23.41 34 $77.07 
Granted1 115.15 12 122.84 
Increase in shares available for grant— — — — 
Exercised/Vested (16)5.37 (14)93.25 
Canceled— 98.60 (2)120.36 
Balances as of December 31, 20237 71.76 30 85.35 
Granted1 168.18 13 153.36 
Increase in shares available for grant— — — — 
Exercised/Vested(3)41.55 (11)119.00 
Canceled— — (2)143.07 
Balances as of December 31, 20245 $93.53 30 $97.93 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 20237 $71.76 5.77$500 
Options exercisable as of December 31, 20236 60.89 5.11448 
Options outstanding as of December 31, 20245 93.53 5.43260 
Options exercisable as of December 31, 20244 80.55 4.69253 

In May 2023, 11.2 million stock options were exercised in cashless transactions pursuant to which the Company withheld and retired 5.7 million shares of common stock, valued at their fair market value on the exercise date, to cover the related $567 million of employee withholding tax and $36 million of exercise cost.

During the years ended December 31, 2022, 2023 and 2024, the weighted-average fair value of stock options granted under the Plans was $79.75, $65.22 and $93.29 per share, respectively.

During the years ended December 31, 2022, 2023 and 2024, the aggregate intrinsic value of stock options exercised was $326 million, $1.6 billion and $254 million, respectively, and the total grant-date fair value of stock options that vested was $45 million, $44 million and $51 million, respectively.

As of December 31, 2024, there was $80 million of total unrecognized compensation cost related to stock option awards granted under the Plans. The unrecognized cost as of December 31, 2024 is expected to be recognized over a weighted-average period of 2.6 years.

RSUs are measured at the fair market value of the underlying stock at the grant date and the expense is recognized over the requisite service period. The service-based vesting condition for these awards is generally satisfied over four years.

Employee Benefit Plan

The Company maintains a 401(k) defined contribution benefit plan that covers substantially all of its domestic employees. The plan allows U.S. employees to make voluntary pre-tax contributions in certain investments at the discretion of the employee, up to maximum annual contribution subject to Internal Revenue Code limitations. The Company’s contributions to the plan were immaterial for the years ended December 31, 2022, 2023 and 2024.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments

The Company has commitments including purchase obligations for web-hosting services and other commitments for brand marketing. The following table presents these non-cancelable commitments and obligations as of December 31, 2024 (in millions):

 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$719 $312 $407 $— $— 
Other commitments120 29 60 31 — 
Total$839 $341 $467 $31 $— 

Purchase commitments include amounts related to the Company’s commercial agreement with a data hosting services provider, pursuant to which the Company committed to spend an aggregate of at least $672 million for vendor services through 2027.

Lodging Tax Obligations and Other Non-Income Tax Matters

Lodging Tax Obligations

Some states and localities in the United States and elsewhere in the world impose transient occupancy or lodging accommodations taxes (“Lodging Taxes”) on the use or occupancy of lodging accommodations or other traveler services. As of December 31, 2024, the Company collects and remits Lodging Taxes in approximately 33,000 jurisdictions around the world on behalf of its hosts. Such Lodging Taxes are generally remitted to tax jurisdictions within a 30 to 90-day period following the end of each month.

As of December 31, 2023 and December 31, 2024, the Company had an obligation to remit Lodging Taxes collected from guests on bookings in these jurisdictions totaling $274 million and $312 million, respectively. These payables were recorded in accrued expenses, accounts payable, and other current liabilities on the consolidated balance sheets.

In jurisdictions where the Company does not collect and remit Lodging Taxes, hosts are primarily responsible for such taxes. The Company has estimated Lodging Tax liabilities in a certain number of jurisdictions with respect to state, city, and local taxes where management believes it is probable that the Company can be held jointly liable with hosts for taxes and the related amounts can be reasonably estimated. As of December 31, 2023 and December 31, 2024, accrued obligations related to these estimated taxes, including estimated penalties and
interest, totaled $114 million and $83 million, respectively. As of December 31, 2024, the Company estimates that the reasonably possible loss related to certain Lodging Taxes that can be determined in excess of the amounts accrued is between $47 million to $56 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities. With respect to all other jurisdictions’ Lodging Taxes for which a loss is probable or reasonably possible, the Company is unable to determine an estimate of the possible loss or range of loss beyond the amounts already accrued.

The Company’s potential obligations with respect to Lodging Taxes could be affected by various factors, which include, but are not limited to, whether the Company determines or any tax authority asserts that the Company has a responsibility to collect lodging and related taxes on either historical or future transactions, or by the introduction of new ordinances and taxes that subject the Company’s operations to such taxes. Accordingly, the ultimate resolution of Lodging Taxes may be greater or less than the liabilities that the Company has recorded.

The Company is currently involved in disputes brought by certain domestic and international states and localities involving the payment of Lodging Taxes. These jurisdictions are asserting that the Company is liable or jointly liable with hosts to collect and remit Lodging Taxes. These disputes are in various stages and the Company continues to vigorously defend these claims. The Company believes that the statutes at issue impose a Lodging Tax obligation on the person exercising the taxable privilege of providing accommodations, or the Company’s hosts.

The imposition of such taxes on the Company could increase the cost of a guest booking and potentially cause a reduction in the volume of bookings on the Company’s platform, which would adversely impact the Company’s results of operations. The Company will continue to monitor the application and interpretation of lodging and related taxes and ordinances and will adjust accruals based on any new information or further developments.

Other Non-Income Taxes

The Company is under audit and inquiry by various domestic and foreign tax authorities with regard to non-income tax matters. The subject matter of these contingent liabilities primarily arises from the Company’s transactions with its customers. Such disputes involve the applicability of transactional taxes (such as sales, value-added, business, digital service, and similar taxes) to services provided, as well as the applicability of withholding tax on payments made to hosts.

The Company has estimated transactional taxes where there is significant ambiguity as to how the taxes apply to our platform, management believes it is probable that the Company can be held liable for such taxes, and the related amounts can be reasonably estimated. As of December 31, 2024, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $55 million. In addition, the Company has identified reasonably possible exposures related to transactional taxes and has not accrued for these amounts since the likelihood of the contingent liability is less than probable. As of December 31, 2024, the Company estimates that the reasonably possible loss related to these matters in excess of the amounts accrued is between $210 million and $240 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities.

As of December 31, 2023 and December 31, 2024, the Company accrued a total of $521 million and $227 million of estimated tax liabilities, including interest and penalties, related to withholding taxes on payments made to hosts, respectively. As of December 31, 2024, the Company estimates that the reasonably possible loss related to withholding income taxes that can be determined in excess of the amounts accrued is between $125 million to $135 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities. Due to the inherent complexity and uncertainty of these matters and judicial processes in certain jurisdictions, the final outcomes may exceed the estimated liabilities recorded.

In 2017, Italy passed a law purporting to require short-term rental platforms that process payments to withhold and remit host income tax and collect and remit tourist tax, amongst other obligations (“2017 Law”). The Company challenged this law before the Italian courts and the Court of Justice of the European Union (“CJEU”). In December 2022, the CJEU found that European law does not prohibit member states from passing legislation requiring short-term rental platforms to withhold income taxes from their hosts, however a requirement to appoint a tax representative, on which the 2017 Law and the withholding obligations are based, is contrary to European Union (“EU”) law. In October 2023, the Italian national court upheld the ruling of the CJEU. The subsidiary in Ireland continues to be subject to tax audits in Italy. It and other group subsidiaries, including the Italian subsidiary, could in the future be subject to further tax audits in Italy, including in relation to permanent establishment, transfer pricing, and withholding obligations.

In May 2023, the Guardia di Finanza de Milano (“GdF”) issued a Tax Audit Report recommending to the Italian tax authorities a formal tax assessment of 779 million Euro on Airbnb’s subsidiary in Ireland relating to the 2017 Law and associated withholding tax obligations. On December 13, 2023, without admitting any liability, Airbnb Ireland signed an agreement with the Italian Revenue Agency (“ITA”) in settlement of the 2017-2021 audit period for an aggregate payment of 576 million Euro ($621 million). Such agreement settled a dispute about Airbnb Ireland’s obligations to withhold and remit host income tax, including taxes, interest, and penalties, for those relevant periods. The GdF conducted a withholding tax audit of Airbnb Ireland for the 2022 and 2023 tax years and issued a report to the ITA in March 2024. In December 2024, Airbnb Ireland signed a similar agreement in settlement of the 2022 audit period for an aggregate payment of 139 million Euro ($150 million). In January 2025, Airbnb Ireland entered into an agreement with the Italian Revenue Agency to close the 2023 audit period for an aggregate payment of 179 million Euro ($186 million); 123 million Euro was paid in December of 2024 and 56 million Euro was paid in January of 2025. In 2024, Airbnb Ireland started withholding on host payments related to Italian listings.

With respect to all other transactional taxes and withholding tax on payments made to hosts for which a loss is probable or reasonably possible, the Company is unable to determine an estimate of the possible loss or range of loss beyond the amounts already accrued.
Payroll Taxes

The Company is subject to regular payroll tax examinations by various international, state and local jurisdictions. Although management believes its tax withholding remittance practices are appropriate, the Company may be subject to additional tax liabilities, including interest and penalties, if any tax authority disagrees with the Company’s withholding and remittance practices, or if there are changes in laws, regulations, administrative practices, principles or interpretations related to payroll tax withholding in the various international, state and local jurisdictions.

Legal and Regulatory Matters

The Company has been and is currently a party to various legal and regulatory matters arising in the normal course of business. Such proceedings and claims, even if not meritorious, can require significant financial and operational resources, including the diversion of management’s attention from the Company’s business objectives.

Regulatory Matters

The Company operates in a complex legal and regulatory environment and its operations are subject to various U.S. and foreign laws, rules, and regulations, including those related to: Internet activities; short-term rentals, long-term rentals and home sharing; real estate, property rights, housing and land use; travel and hospitality; privacy and data protection; intellectual property; competition; health and safety; protection of minors; consumer protection; employment; payments, money transmission, economic and trade sanctions, anti-corruption and anti-bribery; taxation; and others. In addition, the nature of the Company’s business exposes it to inquiries and potential claims related to the compliance of the business with applicable law and regulations. In some instances, applicable laws and regulations do not yet exist or are being applied, interpreted or implemented to address aspects of the Company’s business, and such adoption or interpretation could further alter or impact the Company’s business.

In certain instances, the Company has been party to litigation with municipalities relating to or arising out of certain regulations. In addition, the implementation and enforcement of regulation can have an impact on the Company’s business.

Intellectual Property

The Company has been and is currently subject to claims relating to intellectual property, including alleged patent infringement. Adverse results in such lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing the Company from offering certain features, functionalities, products, or services, and may also cause the Company to change its business practices or require development of non-infringing products or technologies, which could result in a loss of revenue or otherwise harm its business. To date, the Company has not incurred any material costs as a result of such cases and has not recorded any material liabilities in its consolidated financial statements related to such matters.

Litigation and Other Legal Proceedings

The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, and government investigations in the ordinary course of business. These include proceedings, claims, and investigations relating to, among other things, regulatory matters, commercial matters, intellectual property, competition, tax, employment, pricing, discrimination, consumer rights, personal injury, and property rights.

Depending on the nature of the proceeding, claim, or investigation, the Company may be subject to monetary damage awards, fines, penalties, and/or injunctive orders. Furthermore, the outcome of these matters could materially adversely affect the Company’s business, results of operations, and financial condition. The outcomes of legal proceedings, claims, and government investigations are inherently unpredictable and subject to significant judgment to determine the likelihood and amount of loss related to such matters. While it is not possible to determine the outcomes, the Company believes based on its current knowledge that the resolution of all such pending matters will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows.

The Company establishes an accrued liability for loss contingencies related to legal matters when a loss is both probable and reasonably estimable. These accruals represent management’s best estimate of probable losses. Such currently accrued amounts are immaterial to the Company’s consolidated financial statements. However, management’s views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Until the final resolution of legal matters, there may be an exposure to losses in excess of the amounts accrued. With respect to outstanding legal matters, based on current knowledge, the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. Legal fees are expensed as incurred.

Host Protections

The Company offers AirCover coverage, which includes but is not limited to, the Company’s Host Damage Protection program that provides protection of up to $3 million for direct physical loss or damage to a host’s covered property caused by guests during a confirmed booking and when the host and guest are unable to resolve the dispute. The Company retains risk and also maintains insurance from third parties on a per claim basis to protect the Company’s financial exposure under this program. In addition, through third-party insurers and self-insurance mechanisms, including a wholly-owned captive insurance subsidiary, the Company provides insurance coverage for third-party bodily injury or property damage liability claims that occur during a stay. The Company’s Host Liability Insurance and Experiences Liability Insurance consists of a commercial general liability policy, with hosts and the Company as named insureds and landlords of hosts as
additional insureds. The Host Liability Insurance and Experiences Liability Insurance provides primary coverage for up to $1 million per occurrence, subject to a $1 million cap per listing location, and includes various market standard conditions, limitations, and exclusions.

Indemnifications

The Company has entered into indemnification agreements with certain of its employees, officers and directors. The indemnification agreements and the Company’s Amended and Restated Bylaws (the “Bylaws”) require the Company to indemnify its directors and officers and those employees who have entered into indemnification agreements to the fullest extent not prohibited by Delaware law. Subject to certain limitations, the indemnification agreements and Bylaws also require the Company to advance expenses incurred by its directors and officers and those employees who have entered into indemnification agreements. No demands have been made upon the Company to provide indemnification or advancement under the indemnification agreements or the Bylaws, and thus, there are no indemnification or advancement claims that the Company is aware of that could have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows.

In the ordinary course of business, the Company has included limited indemnification provisions in certain agreements with parties with whom the Company has commercial relations, which provisions are of varying scope and terms with respect to indemnification of certain matters, which may include losses arising out of the Company’s breach of such agreements or out of intellectual property infringement claims made by third parties. It is not possible to determine the maximum potential loss under these indemnification provisions due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, no significant costs have been incurred, either individually or collectively, in connection with the Company’s indemnification provisions.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The domestic and foreign components of Income before income taxes were as follows (in millions):

 Year Ended December 31,
 202220232024
Domestic$1,820 $1,913 $3,047 
Foreign169 189 284 
Income before income taxes$1,989 $2,102 $3,331 

The components of the provision for (benefit from) income taxes were as follows (in millions):

 Year Ended December 31,
 202220232024
Current
Federal$19 $19 $103 
State10 8 23 
Foreign68 158 124 
Total current provision for income taxes97 185 250 
Deferred
Federal— (2,410)397 
State— (461)36 
Foreign(1)(4)— 
Total deferred provision for (benefit from) income taxes(1)(2,875)433 
Total provision for (benefit from) income taxes$96 $(2,690)$683 
The following is a reconciliation of the U.S. federal statutory federal income tax rate to the Company’s effective tax rate:

 Year Ended December 31,
 202220232024
Expected income tax expense at U.S. federal statutory rate
21.0 %21.0 %21.0 %
State taxes, net of federal benefits0.4 0.3 1.3 
Foreign tax rate differential1.0 2.9 0.8 
Stock-based compensation(6.9)(16.7)(0.2)
Other statutorily non-deductible expenses0.3 0.1 0.1 
Research and development credits(4.7)(5.5)(2.2)
Uncertain tax positions—prior year positions0.1 1.8 — 
Uncertain tax positions—current year positions0.8 1.7 1.4 
U.S. tax on foreign income, net of allowable credits and deductions0.7 3.9 — 
Foreign-derived intangible income deduction(1.9)(1.0)(2.0)
Change in valuation allowance
(6.0)(136.6)0.3 
Other, net
— 0.1 — 
Effective tax rate4.8 %(128.0)%20.5 %

The components of deferred tax assets and liabilities consisted of the following (in millions):

 December 31,
 20232024
Deferred tax assets:
Loss carryforwards
$1,232 $462 
Tax credit carryforwards844 999 
Accruals and reserves113 122 
Non-income tax accruals78 84 
Stock-based compensation70 70 
Operating lease liabilities62 61 
Intangible assets158 140 
Capitalized research and development costs671 882 
Other, net
55 62 
Gross deferred tax assets3,283 2,882 
Valuation allowance(364)(395)
Total deferred tax assets2,919 2,487 
Deferred tax liabilities:
Property and equipment basis differences(18)(20)
Operating lease assets(18)(25)
Other, net
(2)(7)
Total deferred tax liabilities(38)(52)
Total net deferred tax assets$2,881 $2,435 
The Company regularly assesses the need for a valuation allowance against its deferred tax assets each quarter. In making that assessment, the Company considers both positive and negative evidence in the various jurisdictions in which it operates related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2023, based on all available positive and negative evidence, having demonstrated sustained profitability which is objective and verifiable, and taking into account anticipated future earnings, the Company concluded that it is more likely than not that its U.S. federal and state deferred tax assets will be realizable, with the exception of California research and development credits, capital loss carryovers, and certain losses subject to the dual consolidated loss rules. The Company released $2.9 billion of its valuation allowance during 2023. The Company continues to maintain a valuation allowance against its California research and development credit deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not met the “more likely than not” realization criteria, particularly as the Company expects research and development tax credit generation to exceed its ability to use the credits in future years. The Company will continue to monitor the need for a valuation allowance against its deferred tax assets on a quarterly basis.

The Company’s policy with respect to its undistributed foreign subsidiaries’ earnings is to consider those earnings to be indefinitely reinvested. The Company has not provided for the tax effect, if any, of limited outside basis differences of its foreign subsidiaries. The determination of the future tax consequences of the remittance of these earnings is not practicable.
As of December 31, 2023 and 2024, the Company had net operating loss carryforwards for federal income tax purposes of $5.3 billion and $1.8 billion, respectively. The Company’s federal net operating loss carryforwards do not have an expiration date. As of December 31, 2023 and 2024, the Company had federal research and development tax credit carryforwards of $720 million and $554 million, respectively. The research and development tax credits will expire beginning in 2041 if not utilized. As of December 31, 2024, the Company had alternative minimum tax credit carryforwards of $311 million, which do not have an expiration date and may be claimed against regular tax in future years.

As of December 31, 2023 and 2024, the Company had net operating loss carryforwards for state income tax purposes of $4.6 billion and $3.8 billion, respectively. Some of the Company’s state net operating loss carryforwards will expire, if not utilized, beginning in 2027. As of December 31, 2023 and 2024, the Company had state research and development tax credit carryforwards of $464 million and $501 million, respectively. The research and development tax credits do not have an expiration date.

The Tax Reform Act of 1986 and similar California legislation impose substantial restrictions on the utilization of net operating losses and tax credit carryforwards in the event that there is a change in ownership as provided by Section 382 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the expiration of the net operating loss carryforwards and tax credits before utilization, which could result in increased future tax liabilities.

A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in millions):

 Year Ended December 31,
 202220232024
Balance at beginning of year$597 $650 $780 
Gross increases related to prior year tax positions7 52 1 
Gross decreases related to prior year tax positions(2)(8)(1)
Gross increases related to current year tax positions60 103 106 
Reductions due to settlements with taxing authorities(7)(12)(14)
Reduction due to lapse in statute of limitations(5)(5)(3)
Balance at end of year$650 $780 $869 

The Company is in various stages of examination in connection with its ongoing tax audits globally, and it is difficult to determine when these examinations will be settled. The Company believes that an adequate provision has been recorded for any adjustments that may result from tax audits. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company may be required to record an adjustment to the provision for (benefit from) income taxes in the period such resolution occurs. Changes in tax laws, regulations, administrative practices, principles, and interpretations may impact the Company’s tax contingencies. The timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts accrued. It is reasonably possible that within the next twelve months the Company may experience an increase or decrease in its unrecognized tax benefits as a result of additional assessments by various tax authorities, possibly reach resolution of income tax examinations in one or more jurisdictions, or lapses of the statute of limitations. However, an estimate of the range of the reasonably possible change in the next twelve months cannot be made.

As of December 31, 2024, $740 million of unrecognized tax benefits represents the amount that would, if recognized, impact the Company’s effective income tax rate. The Company’s accrual for interest and penalties was $90 million and $100 million as of December 31, 2023 and 2024, respectively.

The Company’s significant tax jurisdictions include the United States, California, and Ireland. The Company is currently under examination for income taxes by the Internal Revenue Service (“IRS”) for the 2013, 2016, 2017, and 2018 tax years. The primary issue under examination in the 2013 audit is the valuation of the Company’s international intellectual property which was sold to a subsidiary in 2013. In the year ended December 31, 2019, new information became available which required the Company to remeasure its reserve for unrecognized tax benefits. The Company recorded additional tax expense of $196 million during the year ended December 31, 2019. In December 2020, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS which proposed an increase to the Company’s U.S. taxable income that could result in additional income tax expense and cash liability of $1.3 billion plus penalties and interest, which exceeds its current reserve recorded in its consolidated financial statements by more than $1.0 billion. The Company disagrees with the proposed adjustment and continues to vigorously contest it. In February 2021, the Company submitted a protest to the IRS describing its disagreement with the proposed adjustment and requesting the case be transferred to the IRS Independent Office of Appeals (“IRS Appeals”). In December 2021, the Company received a rebuttal from the IRS with the same proposed adjustments that were in the NOPA. In January 2022, the Company entered into an administrative dispute process with IRS Appeals. An acceptable outcome was not reached with IRS Appeals, and in May 2024, the Company received a Statutory Notice of Deficiency (“Notice”) from the IRS related to the aforementioned valuation of its international intellectual property. The Notice claims that the Company owes $1.3 billion in tax, plus penalties and interest. The Company will continue to pursue all available remedies to resolve this dispute. In July 2024, the Company petitioned the U.S. Tax Court (“Tax Court”) for redetermination, and if necessary, the Company will appeal the Tax Court’s decision to the appropriate appellate court. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations. If the IRS prevails in the assessment of additional tax due based on its position and such tax and related interest and penalties, if any, exceeds the Company’s current reserves, such outcome could have a material adverse impact on the Company’s financial position and results of operations, and any assessment of additional tax could require a significant cash payment and have a material adverse impact on the Company’s consolidated statements of cash flow.

The Company’s 2008 to 2024 tax years remain subject to examination in the United States and California due to tax attributes and statutes of limitations, and its 2020 to 2024 tax years remain subject to examination in Ireland. There are other ongoing audits in various other
jurisdictions that are immaterial to the Company’s consolidated financial statements. The Company remains subject to possible examination in various other jurisdictions that are not expected to result in material tax adjustments.

On August 16, 2022, the Inflation Reduction Act was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax (CAMT) on global adjusted financial statement income and a 1% excise tax on net share repurchases. The Inflation Reduction Act became effective beginning in fiscal year 2023 and did not have a material impact on the year ended December 31, 2023. The Company accrued $95 million of CAMT liability during the year ended December 31, 2024, and may be subject to a material amount of CAMT in the next year but expect to fully utilize the corresponding tax credits generated from the CAMT in the subsequent following years.
v3.25.0.1
Net Income per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income per Share Net Income per Share
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the years indicated (in millions, except per share amounts):

Year Ended December 31,
202220232024
Net income
$1,893 $4,792 $2,648 
Add: convertible notes interest expense, net of tax4 3 4 
Net income - diluted
$1,897 $4,795 $2,652 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic637 637 632 
Effect of dilutive securities43 25 13 
Diluted680 662 645 
Net income per share attributable to Class A and Class B common stockholders:
Basic$2.97 $7.52 $4.19 
Diluted$2.79 $7.24 $4.11 

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into a share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

There were no preferred dividends declared or accumulated for the years ended December 31, 2022, 2023 and 2024. As of each December 31, 2022, 2023 and 2024, RSUs to be settled in 9.6 million shares of Class A common stock were excluded from the table below because they are subject to market conditions that were not achieved as of such date. As of December 31, 2022 and 2023, 0.3 million shares of RSAs were excluded from the table below because they are subject to performance conditions that were not achieved as of such date. As of December 31, 2024, 0.2 million shares of RSAs were excluded from the table below because they were subject to performance conditions that were not achieved as of such date.

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in millions):

Year Ended December 31,
202220232024
Stock options1 2 2 
RSUs9 5 7 
Total10 7 9 
v3.25.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has one operating segment and one reportable segment. The CODM
assesses financial performance and decides how to allocate resources based on consolidated net income. Segment assets are reported on the Company’s consolidated balance sheets.

The following table sets forth the Company’s significant segment expenses (in millions):
Year Ended December 31,
202220232024
Revenue$8,399 $9,917 $11,102 
Less:
Merchant fees and chargebacks
1,195 1,369 1,508 
Stock-based compensation expense
930 1,120 1,407 
Salaries and benefits1,359 1,558 1,686 
Marketing1,001 1,189 1,484 
Professional and third-party services(1)
956 1,078 1,083 
Non-income taxes113 894 237 
Other items(2)
1,043 1,191 1,144 
Total cost and expense6,597 8,399 8,549 
Income from operations1,802 1,518 2,553 
Interest income186 721 818 
Other income (expense), net1 (137)(40)
Income before income taxes1,989 2,102 3,331 
Provision for (benefit from) income taxes96 (2,690)683 
Net income$1,893 $4,792 $2,648 

(1)Professional and third-party services primarily include expenses related to customer support partners, consultants and third-party service providers, contingent workforce, legal, audit and tax.
(2)Other items primarily include expenses and costs related to data hosting services, insurance, customer relations, and software and equipment.

Geographic Information

The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in millions):

Year Ended December 31,
202220232024
United States
$3,890 $4,290 $4,640 
International1
4,509 5,627 6,462 
Total revenue$8,399 $9,917 $11,102 

(1)No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2022, 2023, and 2024.

The following table sets forth the breakdown of long-lived assets based on geography (in millions):

 December 31,
 20232024
United States$229 $245 
Ireland32 30 
Other international18 16 
Total long-lived assets$279 $291 

Long-lived assets as of December 31, 2023 and 2024 consisted of property and equipment and operating lease ROU assets. Long-lived assets attributed to the United States, Ireland, and other international geographies are based upon the country in which the asset is located.
v3.25.0.1
Restructuring
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In 2022, as part of the Company’s evaluation of its real estate needs and strategy, the Company recorded restructuring charges of $89 million, which include $81 million relating to an impairment of operating lease ROU assets, and $8 million of related leasehold improvements. There were no restructuring charges recorded during 2023 or 2024.
v3.25.0.1
Schedule II—Valuation and Qualifying Account
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II—Valuation and Qualifying Account
Schedule II—Valuation and Qualifying Account
The table below details the activity of the valuation allowance on deferred tax assets for the years ended December 31, 2022, 2023 and 2024 (in millions):

Balance at
Beginning of
Year		Charged to
Expenses		Credited to ExpensesBalance at
End of Year
Valuation Allowance on Deferred Tax Assets
Year Ended December 31, 2022$3,264 $— $(98)$3,166 
Year Ended December 31, 2023$3,166 $95 $(2,897)$364 
Year Ended December 31, 2024$364 $31 $— $395 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 2,648 $ 4,792 $ 1,893
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information, including information pertaining to hosts, guests, employees, and other users. Our cybersecurity risk management program includes a cybersecurity incident response plan (“Incident Response Plan”).

Our cybersecurity risk management program is integrated into our overall enterprise risk management program and, while distinct in certain aspects described below, the program shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Our cybersecurity risk management program includes:

•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;
•an information security team who, in collaboration with the broader technology organization, manages and maintains our (1) cybersecurity risk assessment processes including our Incident Response Plan, (2) security controls, and (3) response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;
•cybersecurity awareness training of our employees, incident response personnel, and senior management;
•an Incident Response Plan that includes procedures for recognizing and responding to cybersecurity incidents; and
•a third-party risk management process for service providers, suppliers, and vendors who have access to our critical systems and information.

There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and confidential information. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our cybersecurity risk management program is integrated into our overall enterprise risk management program and, while distinct in certain aspects described below, the program shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Risk and Compliance Committee (the “Audit Committee”) oversight of cybersecurity, privacy and other information technology risks. The Audit Committee has responsibility for oversight of management’s implementation of our cybersecurity risk management program.
The Audit Committee receives regular reports and briefings from management on our cybersecurity risks and cybersecurity risk management program updates. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Risk and Compliance Committee (the “Audit Committee”) oversight of cybersecurity, privacy and other information technology risks. The Audit Committee has responsibility for oversight of management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives regular reports and briefings from management on our cybersecurity risks and cybersecurity risk management program updates. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
Cybersecurity Risk Role of Management [Text Block]
Our management team, including our Chief Legal Officer, our Chief Security Officer and our Chief Technology Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information security team and our retained external cybersecurity consultants. Our management team has over 20 years of cybersecurity technology leadership experience.

Our management team supervises our information security team’s efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, or external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including our Chief Legal Officer, our Chief Security Officer and our Chief Technology Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information security team and our retained external cybersecurity consultants. Our management team has over 20 years of cybersecurity technology leadership experience.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our management team has over 20 years of cybersecurity technology leadership experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our management team, including our Chief Legal Officer, our Chief Security Officer and our Chief Technology Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information security team and our retained external cybersecurity consultants. Our management team has over 20 years of cybersecurity technology leadership experience.

Our management team supervises our information security team’s efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, or external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain immaterial amounts in prior periods have been reclassified to conform with current period presentation.
Principles of Consolidation
Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation
Use of Estimates
Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, and income and non-income taxes, among others. Actual results could differ materially from these estimates.

As the impact of the uncertain macroeconomic conditions, including inflation, tariffs, and wars and other geopolitical conflicts continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less.
Short-term Investments
Short-term Investments

The Company considers all highly-liquid investments with original maturities of greater than 90 days to be short-term investments. Short-term investments include time deposits, which are accounted for at amortized cost, and available-for-sale debt securities that consist of corporate debt securities, commercial paper, certificates of deposit, U.S. government and government agency debt securities (“government bonds”), and mortgage-backed and asset-backed securities. The Company determines the appropriate classification of its investments at the time of purchase. The Company determines realized gains or losses on the sale of equity and debt securities on a specific identification method.

Unrealized gains and non-credit related losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. Realized gains and losses and impairments are reported within other income (expense), net on the consolidated statements of operations. The assessment for impairment takes into account the severity and duration of the decline in value, adverse changes in the market or industry of the investee, the Company’s intent to sell the security, and whether it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis.

The Company’s equity investments with readily determinable fair values are measured at fair value on a recurring basis with changes in fair value recognized within other income (expense), net on the consolidated statements of operations.
The Company records an impairment of its available-for-sale debt securities if the amortized cost basis exceeds its fair value and if the Company has the intention to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the unrealized loss is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance in the consolidated balance sheets with a corresponding charge in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected. Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income (loss). Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss.
Non-Marketable Investments
Non-Marketable Investments

Non-marketable investments consist of debt and equity investments in privately-held companies, which are classified as other assets, noncurrent on the consolidated balance sheets. The Company classifies its non-marketable investments that meet the definition of a debt security as available-for-sale. The accounting policy for debt securities classified as available-for-sale is described above. The Company’s non-marketable equity investments are accounted for using either the equity method of accounting or as equity investments without readily determinable fair values under the measurement alternative.

The Company uses the equity method if it has the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. For investments accounted for using the equity method, the Company’s proportionate share of its equity interest in net income and other comprehensive income (loss) of these companies is recorded in the consolidated statements of operations within other income (expense), net. The carrying amount of the investment in equity interests is adjusted to reflect the Company’s interest in the investee’s net income and any impairments, and is classified in other assets, noncurrent on the consolidated balance sheets.

Equity investments for which the Company is not able to exercise significant influence over the investee and for which fair value is not readily determinable are accounted for using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee. This election is reassessed each reporting period to determine whether non-marketable equity securities have a readily determinable fair value, in which case they would no longer be eligible for this election. Changes in the basis of the equity investment are recognized in other income (expense), net on the consolidated statements of operations.
The Company reviews its non-marketable debt and equity investments for impairment at the end of each reporting period or whenever events or circumstances indicate that the carrying value may not be fully recoverable. Impairment indicators might include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. Upon determining that an impairment exists, the Company recognizes as an impairment in other income (expense), net on the consolidated statements of operations the amount by which the carrying value exceeds the fair value of the investment.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements. The authoritative guidance on fair value measurements establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. This hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining fair value. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and disclosed at fair value are classified and disclosed based on the observability of inputs used in the determination of fair value as follows:

•Level 1: Observable inputs such as quoted prices in active markets.

•Level 2: Observable inputs other than Level 1 prices, such as quoted prices in less active markets or model-derived valuations that are observable either directly or indirectly.

•Level 3: Unobservable inputs in which there is little or no market data that are significant to the fair value of the assets or liabilities.

The carrying amount of the Company’s financial instruments, including cash equivalents, funds receivable and amounts held on behalf of customers, accounts payable, accrued liabilities, funds payable and amounts payable to customers, and unearned fees approximate their respective fair values because of their short maturities.
Level 2 Valuation Techniques

Financial instruments classified as Level 2 within the Company’s fair value hierarchy are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. Prices of these securities are obtained through independent, third-party pricing services and include market quotations that may include both observable and unobservable inputs. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments, and various relationships between investments. The Company’s foreign exchange derivative instruments are valued using pricing models that take into account the contract terms, as well as multiple inputs where applicable, such as interest rate yield curves and currency rates.
Foreign Currency
Foreign Currency

The Company’s reporting currency is the U.S. dollar. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities for foreign subsidiaries with functional currency other than U.S. dollar are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Statements of operations amounts are translated at average exchange rates for the period. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity. No amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2022, 2023 and 2024.
Remeasurement gains and losses are included in other income (expense), net on the consolidated statements of operations. Monetary assets and liabilities are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. As of December 31, 2023 and 2024, the Company had a cumulative translation loss of $5 million and $32 million, respectively. Total net realized and unrealized gains (losses) on foreign currency transactions and balances totaled $29 million, $(48) million and $29 million for the years ended December 31, 2022, 2023 and 2024, respectively.
Derivatives Instruments and Hedging
Derivative Instruments and Hedging

The Company’s primary objective for holding derivative instruments is to manage foreign currency exchange rate risk. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. All derivative instruments are recorded in the consolidated balance sheets at fair value. The accounting treatment for derivative gains and losses is based on intended use and hedge designation.

Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in AOCI and subsequently reclassified into earnings when the hedged transaction affects earnings and in the same line item within the consolidated statements of operations. The Company does not exclude any components in the assessment of hedge effectiveness for forwards and options.

If it is no longer probable that a forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivatives as undesignated derivative instruments. Gains and losses associated with derivatives no longer designated as hedging instruments in AOCI are recognized immediately in other income (expense), net, if it is probable that the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional     two month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.

Gains and losses arising from changes in the fair value of derivative instruments that are not designated as accounting hedges are recognized in the consolidated statements of operations in other income (expense), net.

The Company presents derivative assets and liabilities at their gross fair values in the consolidated balance sheets, even if they are subject to master netting arrangements with the counterparties. The Company classifies cash flows related to derivative instruments as operating activities in the consolidated statement of cash flows.
Internal-Use Software
Internal-Use Software
The Company capitalizes certain costs in connection with obtaining or developing software for internal use. Amortization of such costs begins when the project is substantially complete and ready for its intended use. Capitalized software development costs are classified as property and equipment, net on the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the applicable software.
Property and Equipment
Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term
Costs of maintenance and repairs that do not improve or extend the useful lives of assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in the consolidated statements of operations.
Leases
Leases

The Company determines whether an arrangement is or contains a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease
payments. The Company has real estate and equipment lease agreements that contain lease and non-lease components, which are accounted for as a single lease component.

The Company’s leases often contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives, primarily used to fund leasehold improvements, are recognized when earned and reduce the Company’s ROU asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term.

The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses, or other costs. Variable lease costs are expensed as incurred in the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants.

For substantially all leases with an initial non-cancelable lease term of less than one year and no option to purchase, the Company elected not to recognize the lease on its consolidated balance sheets and instead recognize rent payments on a straight-line basis over the lease term within operating expense on its consolidated statements of operations.
Goodwill
Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company has one reporting unit. The Company tests goodwill for impairment at least annually in the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired. The Company uses a two-step process to assess the realizability of goodwill. The first step, Step 0, is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. For example, the Company analyzes changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a reporting unit. A qualitative assessment also includes analyzing the excess fair value of a reporting unit over its carrying value from impairment assessments performed in previous years. If the qualitative assessment indicates a stable or improved fair value, no further testing is required.

If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, or if a reporting unit’s fair value has historically been closer to its carrying value, the Company will proceed to Step 1 testing where the Company calculates the fair value of a reporting unit. If Step 1 indicates that the carrying value of a reporting unit is in excess of its fair value, the Company will record an impairment equal to the amount by which a reporting unit’s carrying value exceeds its fair value.
There were no impairment charges in any of the periods presented in the consolidated financial statements.
Intangible Assets
Intangible Assets
Intangible assets are amortized on a straight-line basis over the estimated useful lives ranging from one to ten years. The Company reviews intangible assets for impairment under the long-lived asset model described below. There were no impairment charges in any of the periods presented in the consolidated financial statements.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

Long-lived assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The determination of the recoverability of long-lived assets is based on an estimate of the undiscounted cash flows resulting from the use of the asset and its eventual disposition. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary.

Any impairments to ROU assets, leasehold improvements, or other assets as a result of a sublease, abandonment, or other similar factors are recorded as an operating expense. Similar to other long-lived assets, management tests ROU assets for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. For ROU assets, such circumstances may include subleases that do not fully recover the costs of the associated leases or a decision to abandon the use of all or part of an asset. For the year ended December 31, 2022, the Company recorded $91 million of long-lived asset impairment, of which $89 million was recorded within restructuring charges and the remainder within general and administrative, on the consolidated statements of operations. For the years ended December 31, 2023 and 2024, the Company did not record any restructuring charges.
Revenue Recognition
Revenue Recognition

The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on the Company’s platform.

The Company considers both hosts and guests to be its customers. The customers agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the host agrees to provide the use of the property. At such time, the host and guest also agree upon the applicable booking value as well as host fees and guest fees (collectively “service fees”). The Company charges service fees in exchange for certain activities, including the use of the Company’s platform, customer support, and payment processing activities. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”). The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation.
The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes. The Company collects both the booking value from the guest on behalf of the host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method. After check-in, the Company disburses the booking value to the host, less the fees due from the host to the Company. The Company’s ToS stipulates that a host may cancel a confirmed booking at any time up to check-in. Therefore, the Company determined that for accounting purposes, each booking is a separate contract with the host and guest, and the contracts are not enforceable until check-in. Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2023 and 2024. The service fees collected from customers prior to check-in are recorded as unearned fees. Unearned fees are not considered contract balances because they are subject to refund in the event of a cancellation.

Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees to facilitate long-term stays on a monthly basis. Such stays are generally cancelable with 30 days advance notice for no significant penalty. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the host and guest, and the contracts are not enforceable until check-in for the initial month as well as subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. The Company recognizes revenue for the first month upon check-in, similar to short-term stays, and recognizes revenue for any subsequent months upon each month’s anniversary from initial check-in date.

The Company presents revenue net, as an agent, because it does not control the right to use the properties either before or after completion of its service. It does not fulfill rental promises, bear inventory risk, or set prices. Accordingly, the Company has concluded that it is acting in an agent capacity and therefore revenue is presented net reflecting the service fees received from customers to facilitate a stay.
The Company excludes from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions. Accordingly, such amounts are not included as a component of revenue or cost of revenue.
Incentive Programs

The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2023 and 2024, the referral coupon liability was immaterial.
Through marketing promotions, the Company issues customer coupon credits to encourage the use of its platform. After a customer redeems such incentives, the Company records a reduction to revenue at the date it records the corresponding revenue transaction, as the Company does not receive a distinct good or service in exchange for the customer incentive payment.
Refunds

In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was immaterial as of December 31, 2023 and 2024.
The Company evaluates whether the cumulative amount of payments made to customers that are not in exchange for a distinct good or service received from customers exceeds the cumulative revenue earned since inception of the customer relationships. Any cumulative payments in excess of cumulative revenue are presented within operations and support or sales and marketing on the consolidated statements of operations based on the nature of the payments made to customers.
Payments to Customers
Payments to Customers
The Company makes payments to customers as part of its referral programs and marketing promotions, collectively referred to as the Company’s incentive programs, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.
Funds Receivable and Funds Payable
Funds Receivable and Funds Payable

Funds receivable and amounts held on behalf of customers represent cash received or in-transit from guests via third-party credit card processors and other payment methods, which the Company remits for payment to the hosts following check-in. This cash and related receivable represent the total amount due to hosts, and as such, a liability for the same amount is recorded to funds payable and amounts payable to customers.

The Company records guest payments, net of service fees, as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers when cash is received in advance of check-in. Host and guest fees are recorded as cash with a corresponding amount in unearned fees. For certain bookings, a guest may opt to pay a percentage of the
total amount due when the booking is confirmed, with the remaining balance due prior to the stay occurring (the “Pay Less Upfront Program”). Under the Pay Less Upfront Program, when the Company receives the first installment payment from the guest upon confirmation of the booking, the Company records the first installment payment as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers, net of the host and guest fees. The full value of the service fees is recorded as cash and cash equivalents and unearned fees upon receipt of the first installment payment to represent what the Company expects to be recognized as revenue if the underlying booking is not canceled. Upon receipt of the second installment, such payment amounts are also recorded as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers. Following check-in, the Company remits funds due to hosts and recognizes unearned fees as revenue as its performance obligation is satisfied.
Bad Debt
Bad Debt
The Company generally collects funds related to bookings from guests on behalf of hosts prior to check-in. In limited circumstances, the Company disburses funds to a host or a guest on behalf of a counterparty guest or host prior to collecting such amounts from the counterparty. These customer receivables, reflected in prepaids and other current assets on the consolidated balance sheets, are subject to a customer receivable allowance for potential credit losses. The Company estimates uncollectible amounts based on historical data, economic forecasts, and the age of the debt, writing off assets deemed uncollectible.
Cost of Revenue
Cost of Revenue
Cost of revenue primarily consists of payment processing charges, including merchant fees and chargebacks, costs associated with third-party data centers used to host the Company’s platform, and amortization of internally developed software, and acquired technology.
Operations and Support
Operations and Support
Operations and support costs primarily consist of personnel-related expenses and third-party service provider fees associated with customer support provided via phone, email, and chat to customers, customer relations costs, which include refunds and credits related to customer satisfaction and expenses associated with the Company’s host protection programs, and allocated costs for facilities and information technology. These costs are expensed as incurred.
Product Development
Product Development
Product development costs primarily consist of personnel-related expenses and third-party service provider fees incurred in connection with the development of the Company’s platform and new products as well as the improvement of existing products, and allocated costs for facilities and information technology. These costs are expensed as incurred.
Sales and Marketing
Sales and Marketing
Sales and marketing costs primarily consist of performance and brand marketing, personnel-related expenses, including those related to field operations, portions of referral incentives and coupons, policy and communications, and allocated costs for facilities and information technology. These costs are expensed as incurred. Advertising expenses were $786 million, $953 million and $1.1 billion for the years ended December 31, 2022, 2023 and 2024, respectively.
General and Administrative
General and Administrative
General and administrative costs primarily consist of personnel-related expenses for executive management and administrative functions, including finance and accounting, legal, and human resources, as well as general corporate and director and officer insurance. General and administrative costs also include certain professional services fees, allocated costs for facilities and information technology expenses, indirect taxes including lodging taxes where the Company may be held jointly liable with hosts for collecting and remitting such taxes, withholding taxes, other transactional taxes, and bad debt expense. These costs are expensed as incurred.
Restructuring Charges
Restructuring Charges
Costs and liabilities associated with management-approved restructuring activities are recognized when they are incurred. One-time employee termination costs are recognized at the time of communication to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. Ongoing employee termination benefits are recognized as a liability when it is probable that a liability exists and the amount is reasonably estimable. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and related liabilities are recorded within accrued expenses, accounts payable, and other liabilities on the consolidated balance sheets. The Company periodically evaluates and, if necessary, adjusts its estimates based on currently available information.
Income Taxes
Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax law in effect for the years in which the temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Accrued interest and penalties related to unrecognized tax benefits are recognized in the provision for (benefit from) income taxes.
A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are recoverable. The Company regularly assesses all available evidence, including cumulative historic losses, forecasted earnings, if carryback is permitted under the law, carryforward periods, and prudent and feasible tax planning strategies.

The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition, step one, occurs when the Company concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement, step two, determines the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained.
Share Repurchase
Share Repurchase
Share repurchases may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, or accelerated share repurchase transactions, or by any combination of such methods. Share repurchases are recorded at settlement date. When shares are retired, the value of repurchased shares is deducted from stockholders’ equity through capital with the excess over par value recorded to accumulated deficit.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense relates to restricted stock units (“RSUs”), stock options, and the Employee Stock Purchase Plan (“ESPP”) (collectively referred to as “equity awards”). RSUs, stock options and warrants are measured at the fair market value of the underlying stock at the grant date and the expense is recognized over the requisite service period. The fair value of stock options and ESPP shares are estimated on the date of grant using the Black-Scholes option pricing model to determine the fair value of stock options on the date of grant. The Company estimates the expected term of stock options granted based on the simplified method and estimates the volatility of its common stock on the date of grant based on the average historical stock price volatility of comparable publicly-traded companies. The simplified method calculates the expected term as the mid-point between the weighted-average time to vesting and the contractual maturity. The simplified method is used as the Company does not have sufficient historical data regarding stock option exercises. The contractual term of the Company’s stock options is ten years. The Company accounts for forfeitures as they occur. The benefits of tax deductions in excess of recognized stock-based compensation costs are recognized in the income statement as a discrete item when an option exercise or a vesting and release of shares occurs.
Net Income Per Share Attributable to Common Stockholders
Net Income Per Share Attributable to Common Stockholders

The Company applies the two-class method when computing net income per share attributable to common stockholders when shares are issued that meet the definition of a participating security. The two-class method determines net income per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. The Company’s previously outstanding redeemable convertible preferred stock was a participating security as the holders of such shares participated in dividends but did not contractually participate in the Company’s losses.
Basic net income per share attributable to common stockholders is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period, less weighted-average shares subject to repurchase. The diluted net income per share is computed by giving effect to all potentially dilutive securities outstanding for the period, including RSUs, stock options, and warrants using the treasury stock method, and convertible notes, using the if-converted method.
Comprehensive Income
Comprehensive Income
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income reflects gains and losses that are recorded as a component of stockholders’ equity and are excluded from net income. Other comprehensive income consists of unrealized gains (losses) on derivative instruments designated as cash flow hedges, net of tax, foreign currency translation adjustments related to consolidation of foreign entities and unrealized gains (losses), net of tax, on securities classified as available-for-sale.
Contingencies
Contingencies

The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted
Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued an update to improve disclosure of reportable segments on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. The update is effective for public companies in fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, on a retrospective basis. The Company adopted the guidance effective December 31, 2024 (refer to Note 16. Segment and Geographic Information).
In June 2022, the FASB issued guidance related to the fair value measurement of an equity security subject to contractual sale restrictions that prohibit the sale of the equity security. The new guidance also introduced new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The Company adopted the guidance effective January 1, 2024. There was no impact to the Company’s consolidated financial statements or disclosures upon adoption.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued an update to improve the disclosures about an entity’s expenses, for both annual and interim periods in a tabular format in the footnotes to the financial statements, to include disaggregated information about specific categories underlying certain income statement expense line items. The update is effective for public companies on a prospective basis, with the option for retrospective application in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies in fiscal years beginning after December 15, 2024, and will be applied prospectively with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.
Segment Information
Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has one operating segment and one reportable segment. The CODM
assesses financial performance and decides how to allocate resources based on consolidated net income. Segment assets are reported on the Company’s consolidated balance sheets.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Depreciation and Amortization on Property and Equipment over the Estimated Useful Lives Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:
Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term
Property and equipment, net, consisted of the following (in millions):

December 31,
20232024
Computer software and capitalized internal-use software
$51 $122 
Leasehold improvements
90 110 
Computer equipment22 15 
Buildings and land17 17 
Office furniture and equipment8 8 
Construction in progress82 16 
Total property and equipment, gross270 288 
Less: Accumulated depreciation and amortization(110)(141)
Total property and equipment, net$160 $147 
v3.25.0.1
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20232024
Cash and cash equivalents$6,874 $6,864 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,769 5,871 
Restricted cash included in prepaids and other current assets
24 25 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,667 $12,760 
Schedule of Restricted Cash
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20232024
Cash and cash equivalents$6,874 $6,864 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,769 5,871 
Restricted cash included in prepaids and other current assets
24 25 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,667 $12,760 
Schedule of Supplemental Disclosures of Cash Flow Information
Supplemental cash flow information consisted of the following (in millions):

Year Ended December 31,
202220232024
Cash paid for:
Income taxes, net of refunds$68 $132 $350 
Interest$8 $55 $2 
Operating leases$102 $84 $89 
Noncash investing and financing activities:
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases$(5)$20 $57 
Net settlement of cashless warrants exercised$— $202 $22 
Net settlement of cashless stock options exercised$— $36 $— 
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information consisted of the following (in millions):

December 31,
20232024
Prepaids and other current assets:
Customer receivables
$249 $175 
Customer receivables reserve
(44)(28)
Other
364 491 
Prepaids and other current assets
$569 $638 
Other assets, noncurrent:
Property and equipment, net$160 $147 
Operating lease right-of-use assets119 144 
Other184 272 
Other assets, noncurrent$463 $563 
Accrued expenses, accounts payable, and other current liabilities:
Non-income taxes payable and withholding tax reserves
$1,119 $1,055 
Compensation and employee benefits436 498 
Accounts payable141 142 
Operating lease liabilities, current61 63 
Other includes gift card and foreign exchange derivative contract liabilities
897 856 
Accrued expenses, accounts payable, and other current liabilities$2,654 $2,614 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent
$252 $236 
Other
287 155 
Other liabilities, noncurrent
$539 $391 
Schedule of Payments to Customers
The following table summarizes total payments made to customers (in millions):

Year Ended December 31,
202220232024
Reductions to revenue
$284 $360 $455 
Charges to operations and support
88 96 118 
Charges to sales and marketing expense
60 61 54 
Total payments made to customers
$432 $517 $627 
Bad debt expense
$49 $60 $49 
Schedule of Revenue Disaggregated by Location
The following table presents revenue disaggregated by listing location (in millions):

Year Ended December 31,
202220232024
North America$4,210 $4,638 $5,006 
Europe, the Middle East, and Africa
2,924 3,615 4,135 
Latin America643 824 969 
Asia Pacific622 840 992 
Total revenue disaggregated by geographic region$8,399 $9,917 $11,102 
The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in millions):

Year Ended December 31,
202220232024
United States
$3,890 $4,290 $4,640 
International1
4,509 5,627 6,462 
Total revenue$8,399 $9,917 $11,102 
(1)No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2022, 2023, and 2024.
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments by Major Security Type
The following tables summarize the Company’s investments by major security type (in millions):

December 31, 2023
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities$1,490 $4 $(3)$1,491 
Commercial paper366 — — 366 
Government bonds332 1 — 333 
Certificates of deposit172 — — 172 
Mortgage-backed and asset-backed securities
148 1 (4)145 
Total debt securities2,508 6 (7)2,507 
Time deposits690 — — 690 
Total short-term investments
$3,198 $6 $(7)$3,197 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 
December 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,176 $4 $(3)$2,177 
Mortgage-backed and asset-backed securities
381 1 (4)378 
Government bonds
224 — — 224 
Commercial paper
214 — — 214 
Certificates of deposit
52 — — 52 
Total debt securities3,047 5 (7)3,045 
Time deposits702 — — 702 
Total short-term investments
$3,749 $5 $(7)$3,747 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Classified within other assets, noncurrent on the consolidated balance sheets.
Schedule of Contractual Maturities of the Available-for-Sale Debt Securities
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
December 31, 2024
Amortized
Cost		Estimated
Fair Value
Due within one year$1,790 $1,792 
Due after one year through five years1,172 1,162 
Due after five years98 95 
Total$3,060 $3,049 
v3.25.0.1
Fair Value Measurements and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,018 $— $— $2,018 
Commercial paper— 223 — 223 
Government bonds— 115 — 115 
Corporate debt securities— 12 — 12 
Certificates of deposit— 1 — 1 
Total cash equivalents at fair value2,018 351 — 2,369 
Short-term investments:
Corporate debt securities— 1,491 — 1,491 
Commercial paper— 366 — 366 
Government bonds— 333 — 333 
Certificates of deposit— 172 — 172 
Mortgage-backed and asset-backed securities— 145 — 145 
Total short-term investments at fair value— 2,507 — 2,507 
Funds receivable and amounts held on behalf of customers:
Money market funds1,360 — — 1,360 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,378 $2,885 $4 $6,267 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $55 $— $55 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $60 $— $60 
December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,635 $— $— $1,635 
Commercial paper— 152 — 152 
Government bonds— 33 — 33 
Corporate debt securities— 2 — 2 
Total cash equivalents at fair value1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments at fair value— 3,045 — 3,045 
Funds receivable and amounts held on behalf of customers:
Money market funds1,340 — — 1,340 
Prepaids and other current assets:
Foreign exchange derivative assets— 114 — 114 
Other assets, noncurrent:
Foreign exchange derivative assets— 6 — 6 
Corporate debt securities— — 4 4 
Total assets at fair value$2,975 $3,352 $4 $6,331 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $20 $— $20 
v3.25.0.1
Derivative Instruments and Hedging (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets
The following table summarizes the effect of derivative instruments on the Company’s consolidated balance sheets (in millions):

Derivative Assets(1)
Fair value as of December 31,
Location
20232024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$4 $90 
Foreign exchange contracts (noncurrent)Other assets, noncurrent— 7 
Total derivatives designated as hedging instruments$4 $97 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $23 

Derivative Liabilities(1)
Fair value as of December 31,
Location
20232024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$25 $— 
Foreign exchange contracts (noncurrent)Other liabilities, noncurrent5 — 
Total derivatives designated as hedging instruments$30 $— 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$30 $20 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.
Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI
The following table summarizes the activity of derivative instruments designated as cash flow hedges before reclassifications from AOCI to revenue and the impact of these derivative contracts on AOCI, net of tax (in millions):

Year Ended December 31,
20232024
Derivatives designated as cash flow hedges:
Foreign exchange contracts(1)
$(30)$125 

(1)Gain (loss) recognized in other comprehensive income (loss).
Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations
The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the consolidated statements of operations (in millions):

Realized Gain (Loss) on Derivatives Unrealized Gain (Loss) on Derivatives
Year Ended December 31,Year Ended December 31,
202220232024202220232024
Derivatives not designated as hedging instruments:
Foreign exchange contracts$92 $(43)$(59)$(33)$10 $11 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2024 were as follows (in millions):

Amount
Balance as of December 31, 2022$650 
Additions related to acquisitions101 
Foreign currency translation adjustments1 
Balance as of December 31, 2023752 
Foreign currency translation adjustments(2)
Balance as of December 31, 2024$750 
v3.25.0.1
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:
Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term
Property and equipment, net, consisted of the following (in millions):

December 31,
20232024
Computer software and capitalized internal-use software
$51 $122 
Leasehold improvements
90 110 
Computer equipment22 15 
Buildings and land17 17 
Office furniture and equipment8 8 
Construction in progress82 16 
Total property and equipment, gross270 288 
Less: Accumulated depreciation and amortization(110)(141)
Total property and equipment, net$160 $147 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Cost, Operating Lease Liabilities, Lease Term and Discount Rate
The components of lease cost, excluding the immaterial impact from sublease income, were as follows (in millions):

Year Ended December 31,
202220232024
Operating lease cost
$77 $58 $53 
Short-term lease cost
2 6 4 
Variable lease cost
17 16 17 
Lease cost, net
$96 $80 $74 
Weighted-average lease term and discount rate were as follows:

December 31,
20232024
Weighted-average remaining lease term (years)5.37.2
Weighted-average discount rate7.2 %7.3 %
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2024 (in millions):

Year Ending December 31,
Amount(1)
2025$83 
202669 
2027— 
202832 
202943 
Thereafter181 
Total lease payments408 
Less: Imputed interest(109)
Present value of lease liabilities299 
Less: Current portion of lease liabilities(63)
Total long-term lease liabilities$236 

(1)Amounts are net of tenant improvement allowances.
v3.25.0.1
Stock-Based Compensation and Employee Benefit Plan (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value Assumptions of Options Awarded
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table:

Year Ended December 31,
202220232024
Expected term (years)
6.1
1.4 - 6.1
6.1
Risk-free interest rate
0.3% - 2.2%
3.6% - 5.0%
4.3% - 4.4%
Expected volatility
48.6% - 58.4%
51.3% - 54.4%
51.8% - 52.7%
Expected dividend yield— — — 
Schedule of Stock Option Activity
A summary of stock option and RSU activity under the Plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 202222 $23.41 34 $77.07 
Granted1 115.15 12 122.84 
Increase in shares available for grant— — — — 
Exercised/Vested (16)5.37 (14)93.25 
Canceled— 98.60 (2)120.36 
Balances as of December 31, 20237 71.76 30 85.35 
Granted1 168.18 13 153.36 
Increase in shares available for grant— — — — 
Exercised/Vested(3)41.55 (11)119.00 
Canceled— — (2)143.07 
Balances as of December 31, 20245 $93.53 30 $97.93 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 20237 $71.76 5.77$500 
Options exercisable as of December 31, 20236 60.89 5.11448 
Options outstanding as of December 31, 20245 93.53 5.43260 
Options exercisable as of December 31, 20244 80.55 4.69253 
Schedule of RSU Activity
A summary of stock option and RSU activity under the Plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 202222 $23.41 34 $77.07 
Granted1 115.15 12 122.84 
Increase in shares available for grant— — — — 
Exercised/Vested (16)5.37 (14)93.25 
Canceled— 98.60 (2)120.36 
Balances as of December 31, 20237 71.76 30 85.35 
Granted1 168.18 13 153.36 
Increase in shares available for grant— — — — 
Exercised/Vested(3)41.55 (11)119.00 
Canceled— — (2)143.07 
Balances as of December 31, 20245 $93.53 30 $97.93 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 20237 $71.76 5.77$500 
Options exercisable as of December 31, 20236 60.89 5.11448 
Options outstanding as of December 31, 20245 93.53 5.43260 
Options exercisable as of December 31, 20244 80.55 4.69253 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-Cancelable Commitments and Obligations
The Company has commitments including purchase obligations for web-hosting services and other commitments for brand marketing. The following table presents these non-cancelable commitments and obligations as of December 31, 2024 (in millions):

 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$719 $312 $407 $— $— 
Other commitments120 29 60 31 — 
Total$839 $341 $467 $31 $— 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Income Before Income Taxes
The domestic and foreign components of Income before income taxes were as follows (in millions):

 Year Ended December 31,
 202220232024
Domestic$1,820 $1,913 $3,047 
Foreign169 189 284 
Income before income taxes$1,989 $2,102 $3,331 
Schedule of Components of Provision (Benefit) Income Taxes
The components of the provision for (benefit from) income taxes were as follows (in millions):

 Year Ended December 31,
 202220232024
Current
Federal$19 $19 $103 
State10 8 23 
Foreign68 158 124 
Total current provision for income taxes97 185 250 
Deferred
Federal— (2,410)397 
State— (461)36 
Foreign(1)(4)— 
Total deferred provision for (benefit from) income taxes(1)(2,875)433 
Total provision for (benefit from) income taxes$96 $(2,690)$683 
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate
The following is a reconciliation of the U.S. federal statutory federal income tax rate to the Company’s effective tax rate:

 Year Ended December 31,
 202220232024
Expected income tax expense at U.S. federal statutory rate
21.0 %21.0 %21.0 %
State taxes, net of federal benefits0.4 0.3 1.3 
Foreign tax rate differential1.0 2.9 0.8 
Stock-based compensation(6.9)(16.7)(0.2)
Other statutorily non-deductible expenses0.3 0.1 0.1 
Research and development credits(4.7)(5.5)(2.2)
Uncertain tax positions—prior year positions0.1 1.8 — 
Uncertain tax positions—current year positions0.8 1.7 1.4 
U.S. tax on foreign income, net of allowable credits and deductions0.7 3.9 — 
Foreign-derived intangible income deduction(1.9)(1.0)(2.0)
Change in valuation allowance
(6.0)(136.6)0.3 
Other, net
— 0.1 — 
Effective tax rate4.8 %(128.0)%20.5 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities consisted of the following (in millions):

 December 31,
 20232024
Deferred tax assets:
Loss carryforwards
$1,232 $462 
Tax credit carryforwards844 999 
Accruals and reserves113 122 
Non-income tax accruals78 84 
Stock-based compensation70 70 
Operating lease liabilities62 61 
Intangible assets158 140 
Capitalized research and development costs671 882 
Other, net
55 62 
Gross deferred tax assets3,283 2,882 
Valuation allowance(364)(395)
Total deferred tax assets2,919 2,487 
Deferred tax liabilities:
Property and equipment basis differences(18)(20)
Operating lease assets(18)(25)
Other, net
(2)(7)
Total deferred tax liabilities(38)(52)
Total net deferred tax assets$2,881 $2,435 
Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in millions):

 Year Ended December 31,
 202220232024
Balance at beginning of year$597 $650 $780 
Gross increases related to prior year tax positions7 52 1 
Gross decreases related to prior year tax positions(2)(8)(1)
Gross increases related to current year tax positions60 103 106 
Reductions due to settlements with taxing authorities(7)(12)(14)
Reduction due to lapse in statute of limitations(5)(5)(3)
Balance at end of year$650 $780 $869 
v3.25.0.1
Net Income per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the years indicated (in millions, except per share amounts):

Year Ended December 31,
202220232024
Net income
$1,893 $4,792 $2,648 
Add: convertible notes interest expense, net of tax4 3 4 
Net income - diluted
$1,897 $4,795 $2,652 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic637 637 632 
Effect of dilutive securities43 25 13 
Diluted680 662 645 
Net income per share attributable to Class A and Class B common stockholders:
Basic$2.97 $7.52 $4.19 
Diluted$2.79 $7.24 $4.11 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in millions):

Year Ended December 31,
202220232024
Stock options1 2 2 
RSUs9 5 7 
Total10 7 9 
v3.25.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Company’s Significant Segment Expenses The following table sets forth the Company’s significant segment expenses (in millions):
Year Ended December 31,
202220232024
Revenue$8,399 $9,917 $11,102 
Less:
Merchant fees and chargebacks
1,195 1,369 1,508 
Stock-based compensation expense
930 1,120 1,407 
Salaries and benefits1,359 1,558 1,686 
Marketing1,001 1,189 1,484 
Professional and third-party services(1)
956 1,078 1,083 
Non-income taxes113 894 237 
Other items(2)
1,043 1,191 1,144 
Total cost and expense6,597 8,399 8,549 
Income from operations1,802 1,518 2,553 
Interest income186 721 818 
Other income (expense), net1 (137)(40)
Income before income taxes1,989 2,102 3,331 
Provision for (benefit from) income taxes96 (2,690)683 
Net income$1,893 $4,792 $2,648 

(1)Professional and third-party services primarily include expenses related to customer support partners, consultants and third-party service providers, contingent workforce, legal, audit and tax.
(2)Other items primarily include expenses and costs related to data hosting services, insurance, customer relations, and software and equipment.
Schedule of Revenue by Geography
The following table presents revenue disaggregated by listing location (in millions):

Year Ended December 31,
202220232024
North America$4,210 $4,638 $5,006 
Europe, the Middle East, and Africa
2,924 3,615 4,135 
Latin America643 824 969 
Asia Pacific622 840 992 
Total revenue disaggregated by geographic region$8,399 $9,917 $11,102 
The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in millions):

Year Ended December 31,
202220232024
United States
$3,890 $4,290 $4,640 
International1
4,509 5,627 6,462 
Total revenue$8,399 $9,917 $11,102 
(1)No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2022, 2023, and 2024.
Schedule of Breakdown of Long-Lived Assets Based on Geography
The following table sets forth the breakdown of long-lived assets based on geography (in millions):

 December 31,
 20232024
United States$229 $245 
Ireland32 30 
Other international18 16 
Total long-lived assets$279 $291 
v3.25.0.1
Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
reportingUnit
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Subsidiary, Sale of Stock [Line Items]      
Cumulative translation loss $ 32,000,000 $ 5,000,000  
Net realized and unrealized gains (losses) on foreign currency transactions and balances $ 29,000,000 (48,000,000) $ 29,000,000
Number of reporting units | reportingUnit 1    
Goodwill impairment $ 0 0  
Intangible asset impairment 0 0  
Impairment of long-lived assets     $ 91,000,000
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]     General and administrative, Restructuring charges
Restructuring charges $ 0 0 $ 89,000,000
Number of days, long-term stay, minimum 28 days    
Advance notice period required for cancellation 30 days    
Advertising expense $ 1,100,000,000 $ 953,000,000 $ 786,000,000
Award contractual term 10 years    
Minimum      
Subsidiary, Sale of Stock [Line Items]      
Intangible assets, estimated useful life 1 year    
Maximum      
Subsidiary, Sale of Stock [Line Items]      
Intangible assets, estimated useful life 10 years    
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Depreciation and Amortization on Property and Equipment over the Estimated Useful Lives (Details)
Dec. 31, 2024
Computer equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 5 years
Computer software and capitalized internal-use software | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 1 year 6 months
Computer software and capitalized internal-use software | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 3 years
Office furniture and equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 5 years
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 25 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 40 years
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 6,864 $ 6,874    
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 5,871 5,769    
Restricted cash included in prepaids and other current assets 25 24    
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows $ 12,760 $ 12,667 $ 12,103 $ 9,727
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for:      
Income taxes, net of refunds $ 350 $ 132 $ 68
Interest 2 55 8
Operating leases 89 84 102
Noncash investing and financing activities:      
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases 57 20 (5)
Net settlement of cashless warrants exercised 22 202 0
Net settlement of cashless stock options exercised $ 0 $ 36 $ 0
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Prepaids and other current assets:    
Customer receivables $ 175 $ 249
Customer receivables reserve (28) (44)
Other 491 364
Prepaids and other current assets 638 569
Other assets, noncurrent:    
Property and equipment, net $ 147 $ 160
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, noncurrent Other assets, noncurrent
Operating lease right-of-use assets $ 144 $ 119
Other 272 184
Other assets, noncurrent 563 463
Accrued expenses, accounts payable, and other current liabilities:    
Non-income taxes payable and withholding tax reserves 1,055 1,119
Compensation and employee benefits 498 436
Accounts payable $ 142 $ 141
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses, accounts payable, and other current liabilities Accrued expenses, accounts payable, and other current liabilities
Operating lease liabilities, current $ 63 $ 61
Other includes gift card and foreign exchange derivative contract liabilities 856 897
Accrued expenses, accounts payable, and other current liabilities $ 2,614 $ 2,654
Other liabilities, noncurrent:    
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities, noncurrent Other liabilities, noncurrent
Operating lease liabilities, noncurrent $ 236 $ 252
Other 155 287
Other liabilities, noncurrent $ 391 $ 539
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Payments to Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 627 $ 517 $ 432
Bad debt expense 49 60 49
Reductions to revenue      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 455 360 284
Charges to operations and support      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 118 96 88
Charges to sales and marketing expense      
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 54 $ 61 $ 60
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Revenue Disaggregated by Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region $ 11,102 $ 9,917 $ 8,399
North America      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region 5,006 4,638 4,210
Europe, the Middle East, and Africa      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region 4,135 3,615 2,924
Latin America      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region 969 824 643
Asia Pacific      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region $ 992 $ 840 $ 622
v3.25.0.1
Investments - Schedule of Investments by Major Security Type (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Short-term investments    
Debt securities, amortized cost $ 3,060  
Debt securities, total estimated fair value 3,049  
Total short-term investments 3,747 $ 3,197
Long-term investments    
Debt securities, amortized cost 3,060  
Debt securities, total estimated fair value 3,049  
Short-term investments    
Short-term investments    
Debt securities, amortized cost 3,047 2,508
Debt securities, gross unrealized gains 5 6
Debt securities, gross unrealized losses (7) (7)
Debt securities, total estimated fair value 3,045 2,507
Time deposits 702 690
Amortized Cost 3,749 3,198
Total short-term investments 3,747 3,197
Long-term investments    
Debt securities, amortized cost 3,047 2,508
Debt securities, gross unrealized gains 5 6
Debt securities, gross unrealized losses (7) (7)
Debt securities, total estimated fair value 3,045 2,507
Short-term investments | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 2,176 1,490
Debt securities, gross unrealized gains 4 4
Debt securities, gross unrealized losses (3) (3)
Debt securities, total estimated fair value 2,177 1,491
Long-term investments    
Debt securities, amortized cost 2,176 1,490
Debt securities, gross unrealized gains 4 4
Debt securities, gross unrealized losses (3) (3)
Debt securities, total estimated fair value 2,177 1,491
Short-term investments | Commercial paper    
Short-term investments    
Debt securities, amortized cost 214 366
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 214 366
Long-term investments    
Debt securities, amortized cost 214 366
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 214 366
Short-term investments | Government bonds    
Short-term investments    
Debt securities, amortized cost 224 332
Debt securities, gross unrealized gains 0 1
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 224 333
Long-term investments    
Debt securities, amortized cost 224 332
Debt securities, gross unrealized gains 0 1
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 224 333
Short-term investments | Certificates of deposit    
Short-term investments    
Debt securities, amortized cost 52 172
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 52 172
Long-term investments    
Debt securities, amortized cost 52 172
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 52 172
Short-term investments | Mortgage-backed and asset-backed securities    
Short-term investments    
Debt securities, amortized cost 381 148
Debt securities, gross unrealized gains 1 1
Debt securities, gross unrealized losses (4) (4)
Debt securities, total estimated fair value 378 145
Long-term investments    
Debt securities, amortized cost 381 148
Debt securities, gross unrealized gains 1 1
Debt securities, gross unrealized losses (4) (4)
Debt securities, total estimated fair value 378 145
Long-term investments | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 13 13
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses (9) (9)
Debt securities, total estimated fair value 4 4
Long-term investments    
Debt securities, amortized cost 13 13
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses (9) (9)
Debt securities, total estimated fair value $ 4 $ 4
v3.25.0.1
Investments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale debt securities $ 0 $ 0  
Debt securities in an unrealized loss position 1,100,000,000 777,000,000  
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss 269,000,000 283,000,000  
Equity securities without readily determinable fair value, carrying value 38,000,000 83,000,000  
Impairment of investments 45,000,000 0 $ 0
Downward adjustment   0 0
Upward adjustment 0 0 0
Cumulative impairment of investments 101,000,000    
Carrying value of equity method investments 47,000,000 8,000,000  
Impairment in equity method investments $ 0 $ 0 $ 0
v3.25.0.1
Investments - Schedule of Contractual Maturities of Available-for-Sale Debt Securities (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Amortized Cost  
Due within one year $ 1,790
Due after one year through five years 1,172
Due after five years 98
Debt securities, amortized cost 3,060
Estimated Fair Value  
Due within one year 1,792
Due after one year through five years 1,162
Due after five years 95
Total, Estimated Fair Value $ 3,049
v3.25.0.1
Fair Value Measurements and Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Short-term investments $ 3,049  
Corporate debt securities | Other assets, noncurrent    
Assets    
Short-term investments 4 $ 4
Fair Value, Recurring    
Assets    
Cash equivalents 1,822 2,369
Total short-term investments at fair value 3,045 2,507
Total assets at fair value 6,331 6,267
Liabilities    
Total liabilities at fair value   60
Fair Value, Recurring | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 20 55
Other liabilities, noncurrent:   5
Fair Value, Recurring | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 114 27
Fair Value, Recurring | Other assets, noncurrent | Foreign exchange derivative assets    
Assets    
Other assets 6  
Fair Value, Recurring | Corporate debt securities    
Assets    
Short-term investments 2,177 1,491
Fair Value, Recurring | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 4 4
Fair Value, Recurring | Commercial paper    
Assets    
Short-term investments 214 366
Fair Value, Recurring | Government bonds    
Assets    
Short-term investments 224 333
Fair Value, Recurring | Certificates of deposit    
Assets    
Short-term investments 52 172
Fair Value, Recurring | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 378 145
Fair Value, Recurring | Money market funds    
Assets    
Cash equivalents 1,635 2,018
Funds receivable and amounts held on behalf of customers 1,340 1,360
Fair Value, Recurring | Commercial paper    
Assets    
Cash equivalents 152 223
Fair Value, Recurring | Government bonds    
Assets    
Cash equivalents 33 115
Fair Value, Recurring | Corporate debt securities    
Assets    
Cash equivalents 2 12
Fair Value, Recurring | Certificates of deposit    
Assets    
Cash equivalents   1
Fair Value, Recurring | Level 1    
Assets    
Cash equivalents 1,635 2,018
Total short-term investments at fair value 0 0
Total assets at fair value 2,975 3,378
Liabilities    
Total liabilities at fair value   0
Fair Value, Recurring | Level 1 | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 0 0
Other liabilities, noncurrent:   0
Fair Value, Recurring | Level 1 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 1 | Other assets, noncurrent | Foreign exchange derivative assets    
Assets    
Other assets 0  
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Certificates of deposit    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Money market funds    
Assets    
Cash equivalents 1,635 2,018
Funds receivable and amounts held on behalf of customers 1,340 1,360
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 1 | Certificates of deposit    
Assets    
Cash equivalents   0
Fair Value, Recurring | Level 2    
Assets    
Cash equivalents 187 351
Total short-term investments at fair value 3,045 2,507
Total assets at fair value 3,352 2,885
Liabilities    
Total liabilities at fair value   60
Fair Value, Recurring | Level 2 | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 20 55
Other liabilities, noncurrent:   5
Fair Value, Recurring | Level 2 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 114 27
Fair Value, Recurring | Level 2 | Other assets, noncurrent | Foreign exchange derivative assets    
Assets    
Other assets 6  
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Short-term investments 2,177 1,491
Fair Value, Recurring | Level 2 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Short-term investments 214 366
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Short-term investments 224 333
Fair Value, Recurring | Level 2 | Certificates of deposit    
Assets    
Short-term investments 52 172
Fair Value, Recurring | Level 2 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 378 145
Fair Value, Recurring | Level 2 | Money market funds    
Assets    
Cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Cash equivalents 152 223
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Cash equivalents 33 115
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Cash equivalents 2 12
Fair Value, Recurring | Level 2 | Certificates of deposit    
Assets    
Cash equivalents   1
Fair Value, Recurring | Level 3    
Assets    
Cash equivalents 0 0
Total short-term investments at fair value 0 0
Total assets at fair value 4 4
Liabilities    
Total liabilities at fair value   0
Fair Value, Recurring | Level 3 | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 0 0
Other liabilities, noncurrent:   0
Fair Value, Recurring | Level 3 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 3 | Other assets, noncurrent | Foreign exchange derivative assets    
Assets    
Other assets 0  
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 4 4
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Certificates of deposit    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Money market funds    
Assets    
Cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Cash equivalents $ 0 0
Fair Value, Recurring | Level 3 | Certificates of deposit    
Assets    
Cash equivalents   $ 0
v3.25.0.1
Derivative Instruments and Hedging - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Maximum remaining maturity of foreign currency derivatives 18 months  
Potential effects of rights of set-off associated with derivative asset contracts $ 20  
Potential effects of rights of set-off associated with derivative liabilities contracts 20  
Derivative asset, fair value after offset 100  
Deferred net gains 68  
Foreign exchange derivative | Cash Flow Hedging    
Derivative [Line Items]    
Total notional amount of outstanding derivatives 2,500 $ 2,000
Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative unrealized gains (losses) 80 (31)
Derivatives not designated as hedging instruments | Foreign exchange derivative    
Derivative [Line Items]    
Total notional amount of outstanding derivatives $ 2,100 $ 2,400
v3.25.0.1
Derivative Instruments and Hedging - Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 97 $ 4
Derivative liabilities 0 30
Prepaids and other current assets | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 90 4
Prepaids and other current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 23 23
Other assets, noncurrent | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 7 0
Accrued expenses, accounts payable, and other current liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 0 25
Accrued expenses, accounts payable, and other current liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 20 30
Other liabilities, noncurrent | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 0 $ 5
v3.25.0.1
Derivative Instruments and Hedging - Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Foreign exchange contracts | Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Foreign exchange contracts $ 125 $ (30)
v3.25.0.1
Derivative Instruments and Hedging - Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations (Details) - Foreign exchange contracts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Realized Gain (Loss) on Derivatives $ (59) $ (43) $ 92
Unrealized Gain (Loss) on Derivatives $ 11 $ 10 $ (33)
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 752 $ 650
Additions related to acquisitions   101
Foreign currency translation adjustments (2) 1
Goodwill, ending balance $ 750 $ 752
v3.25.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible assets, net $ 27 $ 40
Accumulated amortization $ (67) $ (55)
v3.25.0.1
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Less: Accumulated depreciation and amortization $ (141) $ (110)
Total property and equipment, net 147 160
Total property and equipment, gross    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 288 270
Computer software and capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 122 51
Total property and equipment, net 69 27
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 110 90
Computer equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 15 22
Buildings and land    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 17 17
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 8 8
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 16 $ 82
v3.25.0.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 16 $ 18 $ 43
Property and equipment, net 147 160  
Computer software and capitalized internal-use software      
Property, Plant and Equipment [Line Items]      
Amortization 34 13 $ 28
Property and equipment, net $ 69 $ 27  
v3.25.0.1
Leases - Narrative (Details)
Dec. 31, 2024
Lessee, Lease, Description [Line Items]  
Operating lease, renewal term 10 years
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 14 years
v3.25.0.1
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 53 $ 58 $ 77
Short-term lease cost 4 6 2
Variable lease cost 17 16 17
Lease cost, net $ 74 $ 80 $ 96
v3.25.0.1
Leases - Schedule of Lease Term and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Weighted-average remaining lease term (years) 7 years 2 months 12 days 5 years 3 months 18 days
Weighted-average discount rate 7.30% 7.20%
v3.25.0.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2025 $ 83  
2026 69  
2027 0  
2028 32  
2029 43  
Thereafter 181  
Total lease payments 408  
Less: Imputed interest (109)  
Present value of lease liabilities 299  
Less: Current portion of lease liabilities (63) $ (61)
Total long-term lease liabilities $ 236 $ 252
v3.25.0.1
Debt (Details)
Oct. 31, 2022
USD ($)
Mar. 08, 2021
USD ($)
$ / shares
Mar. 03, 2021
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]          
Long-term debt       $ 1,995,000,000 $ 1,991,000,000
Capped calls, transaction costs     $ 100,000,000    
Common Class A          
Debt Instrument [Line Items]          
Capped call, initial cap price (in USD per share) | $ / shares     $ 360.80    
Premium of reported share price (as a percent)     100.00%    
Share price (in USD per share) | $ / shares     $ 180.40    
Senior Notes Due 2026 | Common Class A          
Debt Instrument [Line Items]          
Convertible debt, conversion ratio   0.0034645      
Convertible debt, conversion price (in USD per share) | $ / shares   $ 288.64      
2022 Credit Facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, term 5 years        
Initial borrowing capacity $ 1,000,000,000.0        
Borrowings outstanding, amount drawn       0  
2022 Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario One          
Debt Instrument [Line Items]          
Variable rate floor (as a percent) 0.00%        
2022 Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario Two          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.00%        
2022 Credit Facility | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | Interest Rate Scenario Two          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.50%        
2022 Credit Facility | Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage 0.10%        
2022 Credit Facility | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario One          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.00%        
2022 Credit Facility | Revolving Credit Facility | Minimum | Base Rate | Interest Rate Scenario Two          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.00%        
2022 Credit Facility | Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage 0.20%        
2022 Credit Facility | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario One          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.50%        
2022 Credit Facility | Revolving Credit Facility | Maximum | Base Rate | Interest Rate Scenario Two          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.50%        
Convertible Debt | Senior Notes Due 2026          
Debt Instrument [Line Items]          
Aggregate principle amount   $ 2,000,000,000      
Interest rate   0.00%      
Long-term debt       $ 2,000,000,000.0 $ 2,000,000,000.0
Effective interest rate       0.20% 0.20%
Debt issuance costs   $ 21,000,000      
Redemption price (as a percent)   100.00%      
Debt, fair value       $ 1,900,000,000  
Line of Credit | 2022 Credit Facility | Letter of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 200,000,000        
Borrowings outstanding       $ 19,000,000  
v3.25.0.1
Stockholders’ Equity (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
USD ($)
shares
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Feb. 29, 2024
USD ($)
Class of Stock [Line Items]          
Common stock, par value (in USD per share) | $ / shares   $ 0.0001 $ 0.0001    
Warrants outstanding (in shares)   0      
Repurchases of common stock (in shares) 5,700,000        
Stock repurchased and retired | $   $ 3,448 $ 2,252 $ 1,500  
Share Repurchase Program 2023          
Class of Stock [Line Items]          
Stock repurchase program, authorized amount | $ $ 2,500        
Share Repurchase Program 2024          
Class of Stock [Line Items]          
Stock repurchase program, authorized amount | $         $ 6,000
Class A Common Stock Warrants          
Class of Stock [Line Items]          
Shares called by warrants (in shares)   700,000 800,000    
Exercise price of warrants (in USD per share) | $ / shares     $ 28.355    
Number of warrants exercised (in shares)   800,000      
Common Class A          
Class of Stock [Line Items]          
Common stock authorized (in shares)   2,000,000,000 2,000,000,000    
Common stock, par value (in USD per share) | $ / shares   $ 0.0001      
Votes per common share | vote   1      
Repurchases of common stock (in shares)   24,500,000      
Stock repurchased and retired | $   $ 3,400      
Remaining authorized repurchase amount | $   $ 3,300      
Common Class B          
Class of Stock [Line Items]          
Common stock authorized (in shares)   710,000,000 710,000,000    
Common stock, par value (in USD per share) | $ / shares   $ 0.0001      
Votes per common share | vote   20      
Terms of conversion, percentage of common stockholders consenting to conversion, minimum   80.00%      
Terms of conversion, period after IPO   20 years      
Common Class C          
Class of Stock [Line Items]          
Common stock authorized (in shares)   2,000,000,000 2,000,000,000    
Votes per common share | vote   0      
Common Class H          
Class of Stock [Line Items]          
Common stock authorized (in shares)   26,000,000 26,000,000    
Votes per common share | vote   0      
v3.25.0.1
Stock-Based Compensation and Employee Benefit Plan - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
May 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2020
Dec. 31, 2018
Class of Stock [Line Items]            
Stock-based compensation expense   $ 1,400,000,000 $ 1,100,000,000 $ 930,000,000    
Income tax benefit related to stock-based compensation expense   273,000,000 227,000,000 0    
Stock-based compensation arrangement, tax benefit   $ 39,000,000 $ 435,000,000 19,000,000    
Exercise of common stock options, net of shares withheld for taxes (in shares) 11,200,000 3,000,000 16,000,000      
Repurchases of common stock (in shares) 5,700,000          
Taxes paid related to net share settlement of equity awards $ 567,000,000 $ 630,000,000 $ 1,224,000,000 $ 607,000,000    
Exercise cost $ 36,000,000          
Weighted-average fair value of options granted (in USD per share)   $ 93.29 $ 65.22 $ 79.75    
Aggregate intrinsic value of options exercised   $ 254,000,000 $ 1,600,000,000 $ 326,000,000    
Grant date fair value of options vested   51,000,000 $ 44,000,000 $ 45,000,000    
Unrecognized compensation cost related to stock option awards granted   $ 80,000,000        
Weighted-average period expected to recognize compensation expense   2 years 7 months 6 days        
Vesting term (in years)   4 years        
Common Class A            
Class of Stock [Line Items]            
Repurchases of common stock (in shares)   24,500,000        
2018 Plan            
Class of Stock [Line Items]            
Additional shares authorized (in shares)           13,200,000
2018 Plan | Common Class B            
Class of Stock [Line Items]            
Shares authorized (in shares)           50,000,000
2020 Plan | Common Class A            
Class of Stock [Line Items]            
Shares authorized (in shares)         62,100,000  
Annual increase in number of shares authorized (as a percent)         5.00%  
Maximum shares issuable (in shares)         371,200,000  
v3.25.0.1
Stock-Based Compensation and Employee Benefit Plan - Schedule of Fair Value Assumptions of Options Awarded (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 1 month 6 days   6 years 1 month 6 days
Risk-free interest rate, minimum 4.30% 3.60% 0.30%
Risk-free interest rate, maximum 4.40% 5.00% 2.20%
Expected volatility, minimum 51.80% 51.30% 48.60%
Expected volatility, maximum 52.70% 54.40% 58.40%
Expected dividend yield 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)   1 year 4 months 24 days  
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)   6 years 1 month 6 days  
v3.25.0.1
Stock-Based Compensation and Employee Benefit Plan - Schedule of Stock Option Activity and RSU Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Number of Shares      
Balances at beginning of period (in shares)   7.0 22.0
Granted (in shares)   1.0 1.0
Increase in shares available for grant (in shares)   0.0 0.0
Exercised/Vested (in shares) (11.2) (3.0) (16.0)
Canceled (in shares)   0.0 0.0
Balances at end of period (in shares)   5.0 7.0
Weighted- Average Exercise Price      
Balances at beginning of period (in USD per share)   $ 71.76 $ 23.41
Granted (in USD per share)   168.18 115.15
Increase in shares available for grant (in USD per share)   0 0
Exercised/Vested (in USD per share)   41.55 5.37
Canceled (in USD per share)   0 98.60
Balances at end of period (in USD per share)   $ 93.53 $ 71.76
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Options outstanding (in shares)   5.0 7.0
Options exercisable (in shares)   4.0 6.0
Options outstanding (in USD per share)   $ 93.53 $ 71.76
Options excisable (in USD per share)   $ 80.55 $ 60.89
Options outstanding, weighted-average remaining contractual life (in years)   5 years 5 months 4 days 5 years 9 months 7 days
Options exercisable, weighted-average remaining contractual life (in years)   4 years 8 months 8 days 5 years 1 month 9 days
Options outstanding, aggregate intrinsic value   $ 260 $ 500
Options exercisable, aggregate intrinsic value   $ 253 $ 448
RSUs      
Number of Shares      
Balances at beginning of period (in shares)   30.0 34.0
Granted (in shares)   13.0 12.0
Increase in shares available for grant (in shares)   0.0 0.0
Exercised/Vested (in shares)   (11.0) (14.0)
Canceled (in shares)   (2.0) (2.0)
Balances at end of period (in shares)   30.0 30.0
Weighted- Average Grant Date Fair Value      
Balances at beginning of period (in usd per share)   $ 85.35 $ 77.07
Granted (in USD per share)   153.36 122.84
Increase in shares available for grant (in USD per share)   0 0
Exercised/Vested (in USD per share)   119.00 93.25
Canceled (in USD per share)   143.07 120.36
Balances at end of period (in usd per share)   $ 97.93 $ 85.35
v3.25.0.1
Commitments and Contingencies - Schedule of Non-Cancelable Commitments and Obligations (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase obligations, Total $ 719
Purchase obligations, Less than 1 year 312
Purchase obligations, 1 to 3 years 407
Purchase obligations, 3 to 5 years 0
Purchase obligations, More than 5 years 0
Other Commitments, Total 120
Other commitments, Less than 1 year 29
Other commitments, 1 to 3 years 60
Other commitments, 3 to 5 years 31
Other commitments, More than 5 years 0
Total 839
Total, Less than 1 year 341
Total, 1 to 3 years 467
Total, 3 to 5 years 31
Total, More than 5 years $ 0
v3.25.0.1
Commitments and Contingencies - Narrative (Details)
jurisdiction in Thousands, € in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 13, 2023
USD ($)
Dec. 13, 2023
EUR (€)
Jan. 31, 2025
USD ($)
Jan. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
jurisdiction
Dec. 31, 2024
EUR (€)
May 31, 2023
EUR (€)
Dec. 31, 2024
USD ($)
jurisdiction
Dec. 31, 2023
USD ($)
Other Commitments [Line Items]                  
Commitment to spend amount               $ 672  
Number of jurisdictions where Company has lodging tax obligations | jurisdiction         33     33  
Obligation to remit lodging taxes         $ 312     $ 312 $ 274
Accrued obligations on lodging taxes         83     83 114
Accrued taxes         55     55  
Host guarantee program, maximum         3     3  
Primary coverage, host protection insurance program         1     1  
Host protection insurance program, maximum per listing location         1     1  
Foreign Tax Jurisdiction                  
Other Commitments [Line Items]                  
Estimate of possible loss | €             € 779    
Penalties expense $ 621 € 576       € 123      
Foreign Tax Jurisdiction | Tax Year 2022                  
Other Commitments [Line Items]                  
Penalties expense         150 € 139      
Foreign Tax Jurisdiction | Subsequent Event                  
Other Commitments [Line Items]                  
Penalties expense | €       € 56          
Foreign Tax Jurisdiction | Subsequent Event | Tax Year 2023                  
Other Commitments [Line Items]                  
Penalties expense     $ 186 € 179          
Hosts' Withholding Tax Obligations                  
Other Commitments [Line Items]                  
Tax liabilities         227     $ 227 $ 521
Minimum                  
Other Commitments [Line Items]                  
Remitting period for lodging taxes               30 days  
Estimate of reasonably possible loss         47     $ 47  
Minimum | Canada Digital Service Tax                  
Other Commitments [Line Items]                  
Loss contingency, estimate of possible loss         210     210  
Minimum | Withholding Income Taxes                  
Other Commitments [Line Items]                  
Estimate of possible loss               $ 125  
Maximum                  
Other Commitments [Line Items]                  
Remitting period for lodging taxes               90 days  
Estimate of reasonably possible loss         56     $ 56  
Maximum | Canada Digital Service Tax                  
Other Commitments [Line Items]                  
Loss contingency, estimate of possible loss         $ 240     240  
Maximum | Withholding Income Taxes                  
Other Commitments [Line Items]                  
Estimate of possible loss               $ 135  
v3.25.0.1
Income Taxes - Schedule of Domestic and Foreign Components of Income Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ 3,047 $ 1,913 $ 1,820
Foreign 284 189 169
Income before income taxes $ 3,331 $ 2,102 $ 1,989
v3.25.0.1
Income Taxes - Schedule of Components of Provision (Benefit) Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Federal $ 103 $ 19 $ 19
State 23 8 10
Foreign 124 158 68
Total current provision for income taxes 250 185 97
Deferred      
Federal 397 (2,410) 0
State 36 (461) 0
Foreign 0 (4) (1)
Total deferred provision for (benefit from) income taxes 433 (2,875) (1)
Total provision for (benefit from) income taxes $ 683 $ (2,690) $ 96
v3.25.0.1
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Expected income tax expense at U.S. federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal benefits 1.30% 0.30% 0.40%
Foreign tax rate differential 0.80% 2.90% 1.00%
Stock-based compensation (0.20%) (16.70%) (6.90%)
Other statutorily non-deductible expenses 0.10% 0.10% 0.30%
Research and development credits (2.20%) (5.50%) (4.70%)
Uncertain tax positions—prior year positions 0.00% 1.80% 0.10%
Uncertain tax positions—current year positions 1.40% 1.70% 0.80%
U.S. tax on foreign income, net of allowable credits and deductions 0.00% 3.90% 0.70%
Foreign-derived intangible income deduction (2.00%) (1.00%) (1.90%)
Change in valuation allowance 0.30% (136.60%) (6.00%)
Other, net 0.00% 0.10% 0.00%
Effective tax rate 20.50% (128.00%) 4.80%
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Loss carryforwards $ 462 $ 1,232
Tax credit carryforwards 999 844
Accruals and reserves 122 113
Non-income tax accruals 84 78
Stock-based compensation 70 70
Operating lease liabilities 61 62
Intangible assets 140 158
Capitalized research and development costs 882 671
Other, net 62 55
Gross deferred tax assets 2,882 3,283
Valuation allowance (395) (364)
Total deferred tax assets 2,487 2,919
Deferred tax liabilities:    
Property and equipment basis differences (20) (18)
Operating lease assets (25) (18)
Other, net (7) (2)
Total deferred tax liabilities (52) (38)
Total net deferred tax assets $ 2,435 $ 2,881
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
May 31, 2024
Dec. 31, 2020
Dec. 31, 2023
Dec. 31, 2019
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]          
Valuation allowance     $ 2,900    
Federal net operating loss carryforwards     5,300   $ 1,800
Federal research and development tax credit carryforwards     720   554
Alternative minimum tax credit carryforwards         311
State net operating loss carryforwards     4,600   3,800
State research and development and enterprise zone tax credit carryforwards     464   501
Unrecognized tax benefits that would impact effective tax rate         740
Unrecognized tax benefits, income tax penalties and interest accrued     $ 90   100
Tax adjustments, settlements, and unusual provisions       $ 196  
Inflation reduction act, liability         $ 95
Internal Revenue Service (IRS)          
Operating Loss Carryforwards [Line Items]          
Income tax examination, additional income tax expense and cash liability $ 1,300 $ 1,300      
Income tax examination, amount of estimate of possible loss which exceeds reserves   $ 1,000      
v3.25.0.1
Income Taxes - Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 780 $ 650 $ 597
Gross increases related to prior year tax positions 1 52 7
Gross decreases related to prior year tax positions (1) (8) (2)
Gross increases related to current year tax positions 106 103 60
Reductions due to settlements with taxing authorities (14) (12) (7)
Reduction due to lapse in statute of limitations (3) (5) (5)
Balance at end of year $ 869 $ 780 $ 650
v3.25.0.1
Net Income per Share - Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income $ 2,648 $ 4,792 $ 1,893
Add: convertible notes interest expense, net of tax 4 3 4
Net income - diluted $ 2,652 $ 4,795 $ 1,897
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 632 637 637
Effect of dilutive securities (in shares) 13 25 43
Diluted (in shares) 645 662 680
Net income per share attributable to Class A and Class B common stockholders:      
Basic (in USD per share) $ 4.19 $ 7.52 $ 2.97
Diluted (in USD per share) $ 4.11 $ 7.24 $ 2.79
v3.25.0.1
Net Income per Share - Narrative (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
vote
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Class of Stock [Line Items]      
Preferred stock dividends declared | $ $ 0 $ 0 $ 0
Preferred stock dividends accumulated | $ $ 0 $ 0 $ 0
Restricted Stock Awards      
Class of Stock [Line Items]      
Shares subject to performance conditions (in shares) | shares 0.2 0.3 0.3
Common Class A      
Class of Stock [Line Items]      
Votes per common share | vote 1    
Common Class A | RSUs      
Class of Stock [Line Items]      
Shares subject to performance conditions (in shares) | shares 9.6 9.6 9.6
Common Class B      
Class of Stock [Line Items]      
Votes per common share | vote 20    
v3.25.0.1
Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 9 7 10
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 2 2 1
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 7 5 9
v3.25.0.1
Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segments
Revenue from Contract with Customer [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.0.1
Segment and Geographic Information - Schedule of Company’s Significant Segment Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue      
Revenue $ 11,102 $ 9,917 $ 8,399
Less:      
Stock-based compensation expense 1,400 1,100 930
Total costs and expenses 8,549 8,399 6,597
Income from operations 2,553 1,518 1,802
Interest income 818 721 186
Other income (expense), net (40) (137) 1
Income before income taxes 3,331 2,102 1,989
Provision for (benefit from) income taxes 683 (2,690) 96
Net income 2,648 4,792 1,893
Reportable Segment      
Revenue      
Revenue 11,102 9,917 8,399
Less:      
Merchant fees and chargebacks 1,508 1,369 1,195
Stock-based compensation expense 1,407 1,120 930
Salaries and benefits 1,686 1,558 1,359
Marketing 1,484 1,189 1,001
Professional and third-party services 1,083 1,078 956
Non-income taxes 237 894 113
Other items 1,144 1,191 1,043
Total costs and expenses 8,549 8,399 6,597
Income from operations 2,553 1,518 1,802
Interest income 818 721 186
Other income (expense), net (40) (137) 1
Income before income taxes 3,331 2,102 1,989
Provision for (benefit from) income taxes 683 (2,690) 96
Net income $ 2,648 $ 4,792 $ 1,893
v3.25.0.1
Geographic Information - Schedule of Revenue by Geography (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenue $ 11,102 $ 9,917 $ 8,399
United States      
Disaggregation of Revenue [Line Items]      
Revenue 4,640 4,290 3,890
International      
Disaggregation of Revenue [Line Items]      
Revenue $ 6,462 $ 5,627 $ 4,509
v3.25.0.1
Segment and Geographic Information - Schedule of Breakdown of Long-Lived Assets Based on Geography (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 291 $ 279
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 245 229
Ireland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 30 32
Other international    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 16 $ 18
v3.25.0.1
Restructuring (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]      
Restructuring charges $ 0 $ 0 $ 89,000,000
Impairment of long-lived assets     81,000,000
Impairment of leasehold     $ 8,000,000
v3.25.0.1
Schedule II—Valuation and Qualifying Account (Details) - Valuation Allowance on Deferred Tax Assets - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 364 $ 3,166 $ 3,264
Charged to Expenses 31 95 0
Credited to Expenses 0 (2,897) (98)
Balance at End of Year $ 395 $ 364 $ 3,166