AIRBNB, INC., 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 20, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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 $0.0001 per share  
Trading Symbol ABNB  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001559720  
Current Fiscal Year End Date --12-31  
Document Fiscal Year End Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   425,294,120
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   181,055,636
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
Common Class H    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,200,000
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 7,528 $ 6,864
Short-term investments 4,156 3,747
Funds receivable and amounts held on behalf of customers 7,209 5,931
Prepaids and other current assets 645 638
Total current assets 19,538 17,180
Deferred income tax assets 2,146 2,439
Goodwill and intangible assets, net 773 777
Other assets, noncurrent 607 563
Total assets 23,064 20,959
Current liabilities:    
Accrued expenses, accounts payable, and other current liabilities 3,012 2,614
Funds payable and amounts payable to customers 7,209 5,931
Current portion of long-term debt 1,998 0
Unearned fees 1,820 1,616
Total current liabilities 14,039 10,161
Long-term debt 0 1,995
Other liabilities, noncurrent 415 391
Total liabilities 14,454 12,547
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Common stock 0 0
Additional paid-in capital 13,437 12,602
Accumulated other comprehensive income (loss) (79) 35
Accumulated deficit (4,748) (4,225)
Total stockholders’ equity 8,610 8,412
Total liabilities and stockholders’ equity $ 23,064 $ 20,959
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common Class A    
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 427,000,000 434,000,000
Common stock outstanding (in shares) 427,000,000 434,000,000
Common Class B    
Common stock authorized (in shares) 710,000,000 710,000,000
Common stock issued (in shares) 181,000,000 189,000,000
Common stock outstanding (in shares) 181,000,000 189,000,000
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
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Revenue $ 4,095 $ 3,732 $ 9,463 $ 8,622
Costs and expenses:        
Cost of revenue 549 465 1,599 1,451
Operations and support 365 369 1,000 992
Product development 587 524 1,765 1,518
Sales and marketing 639 514 1,893 1,601
General and administrative 330 335 931 937
Total costs and expenses 2,470 2,207 7,188 6,499
Income from operations 1,625 1,525 2,275 2,123
Interest income 180 207 543 635
Other income (expense), net (13) 3 (74) (49)
Income before income taxes 1,792 1,735 2,744 2,709
Provision for income taxes 418 367 574 522
Net income $ 1,374 $ 1,368 $ 2,170 $ 2,187
Net income per share attributable to Class A and Class B common stockholders:        
Basic (in USD per share) $ 2.25 $ 2.17 $ 3.53 $ 3.45
Diluted (in USD per share) $ 2.21 $ 2.13 $ 3.47 $ 3.38
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:        
Basic (in shares) 611 631 616 634
Diluted (in shares) 621 642 626 648
v3.25.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,374 $ 1,368 $ 2,170 $ 2,187
Other comprehensive income (loss):        
Net unrealized gain on available-for-sale marketable securities, net of tax 4 13 9 8
Net unrealized gain (loss) on cash flow hedges, net of tax 46 (68) (157) (6)
Foreign currency translation adjustments (1) 13 34 0
Other comprehensive income (loss) 49 (42) (114) 2
Comprehensive income $ 1,423 $ 1,326 $ 2,056 $ 2,189
v3.25.3
Condensed 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, 2023   638      
Beginning balance at Dec. 31, 2023 $ 8,165 $ 0 $ 11,639 $ (49) $ (3,425)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 264       264
Other comprehensive income (loss) 40     40  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   3      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (122)   (122)    
Stock-based compensation 302   302    
Repurchases of common stock (in shares)   (5)      
Repurchases of common stock (753)       (753)
Ending balance (in shares) at Mar. 31, 2024   636      
Ending balance at Mar. 31, 2024 7,896 $ 0 11,819 (9) (3,914)
Beginning balance (in shares) at Dec. 31, 2023   638      
Beginning balance at Dec. 31, 2023 8,165 $ 0 11,639 (49) (3,425)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,187        
Other comprehensive income (loss) 2        
Ending balance (in shares) at Sep. 30, 2024   627      
Ending balance at Sep. 30, 2024 8,488 $ 0 12,378 (47) (3,843)
Beginning balance (in shares) at Mar. 31, 2024   636      
Beginning balance at Mar. 31, 2024 7,896 $ 0 11,819 (9) (3,914)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 555       555
Other comprehensive income (loss) 4     4  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   2      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (88)   (88)    
Shares issued upon net settlement of warrants exercised (in shares)   1      
Stock-based compensation 385   385    
Repurchases of common stock (in shares)   (5)      
Repurchases of common stock (750)       (750)
Ending balance (in shares) at Jun. 30, 2024   634      
Ending balance at Jun. 30, 2024 8,002 $ 0 12,116 (5) (4,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 1,368       1,368
Other comprehensive income (loss) (42)     (42)  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   1      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (103)   (103)    
Stock-based compensation 365   365    
Repurchases of common stock (in shares)   (8)      
Repurchases of common stock (1,102)       (1,102)
Ending balance (in shares) at Sep. 30, 2024   627      
Ending balance at Sep. 30, 2024 8,488 $ 0 12,378 (47) (3,843)
Beginning balance (in shares) at Dec. 31, 2024   623      
Beginning balance at Dec. 31, 2024 8,412 $ 0 12,602 35 (4,225)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 154       154
Other comprehensive income (loss) (56)     (56)  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   2      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (124)   (124)    
Stock-based compensation 363   363    
Repurchases of common stock (in shares)   (6)      
Repurchases of common stock (812)       (812)
Ending balance (in shares) at Mar. 31, 2025   619      
Ending balance at Mar. 31, 2025 7,937 $ 0 12,841 (21) (4,883)
Beginning balance (in shares) at Dec. 31, 2024   623      
Beginning balance at Dec. 31, 2024 8,412 $ 0 12,602 35 (4,225)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,170        
Other comprehensive income (loss) (114)        
Ending balance (in shares) at Sep. 30, 2025   608      
Ending balance at Sep. 30, 2025 8,610 $ 0 13,437 (79) (4,748)
Beginning balance (in shares) at Mar. 31, 2025   619      
Beginning balance at Mar. 31, 2025 7,937 $ 0 12,841 (21) (4,883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 642       642
Other comprehensive income (loss) (107)     (107)  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   2      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (98)   (98)    
Stock-based compensation 425   425    
Repurchases of common stock (in shares)   (8)      
Repurchases of common stock (1,017)       (1,017)
Ending balance (in shares) at Jun. 30, 2025   613      
Ending balance at Jun. 30, 2025 7,782 $ 0 13,168 (128) (5,258)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 1,374       1,374
Other comprehensive income (loss) 49     49  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   2      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (132)   (132)    
Stock-based compensation 401   401    
Repurchases of common stock (in shares)   (7)      
Repurchases of common stock (864)       (864)
Ending balance (in shares) at Sep. 30, 2025   608      
Ending balance at Sep. 30, 2025 $ 8,610 $ 0 $ 13,437 $ (79) $ (4,748)
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 2,170 $ 2,187
Adjustments to reconcile net income to cash provided by operating activities:    
Stock-based compensation expense 1,181 1,039
Deferred income taxes 336 304
Other, net 210 93
Changes in operating assets and liabilities:    
Prepaids and other assets (204) (22)
Accrued expenses and other liabilities 229 218
Unearned fees 198 233
Net cash provided by operating activities 4,120 4,052
Cash flows from investing activities:    
Purchases of short-term investments (2,660) (2,449)
Sales and maturities of short-term investments 2,252 2,079
Other investing activities, net (40) (26)
Net cash used in investing activities (448) (396)
Cash flows from financing activities:    
Change in funds payable and amounts payable to customers 670 665
Repurchases of common stock (2,694) (2,592)
Taxes paid related to net share settlement of equity awards (431) (422)
Proceeds from exercise of equity awards and employee stock purchase plan 78 107
Net cash used in financing activities (2,377) (2,242)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 658 117
Net increase in cash, cash equivalents, and restricted cash 1,953 1,531
Cash, cash equivalents, and restricted cash, beginning of period 12,760 12,667
Cash, cash equivalents, and restricted cash, end of period $ 14,713 $ 14,198
v3.25.3
Description of Business
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Airbnb, Inc. (the “Company” or “Airbnb”) operates a global platform for unique stays, experiences, and services. The Company’s marketplace model connects hosts and guests (collectively referred to as “customers”) online or through mobile devices to book spaces, experiences, and services around the world.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 13, 2025 (“2024 Annual Report”). The results for the interim periods are not necessarily indicative of results for the full year. Certain immaterial amounts in prior periods have been reclassified to conform to the current period presentation.

In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the unaudited condensed consolidated financial position, results of operations, and cash flows for these interim periods.

Principles of Consolidation

The accompanying unaudited condensed 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 unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the unaudited condensed 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 macroeconomic and geopolitical conditions, including inflation, interest rates, foreign currency fluctuations, tariffs, and trade controls 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 unaudited condensed 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 unaudited condensed consolidated financial statements could be affected.

Recently Adopted Accounting Standards

There are no recently adopted accounting pronouncements.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (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 is currently evaluating the standard to determine its impact on the Company's disclosures.

In December 2023, the FASB issued an update to standardize income tax disclosures primarily related to the presentation of the effective tax rate reconciliation and income taxes paid information in the financial statements and disclosures. The update is effective for fiscal years beginning after December 15, 2024, and may be presented on a prospective or retrospective basis. The Company plans to implement the updated disclosures prospectively for fiscal year 2025.

In July 2025, the FASB issued an update that allows companies to apply a practical expedient when estimating credit losses on current accounts receivable and contract assets. The update is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its unaudited condensed consolidated financial statements.
In September 2025, the FASB issued an update to simplify the criteria required to capitalize internally developed software. The update simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The update is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its unaudited condensed consolidated financial statements.

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 unaudited condensed consolidated financial statements or disclosures.
v3.25.3
Supplemental Financial Statement Information
 9 Months Ended
Sep. 30, 2025
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 unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):

December 31,
2024		September 30,
2025
Cash and cash equivalents$6,864 $7,528 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,871 7,150 
Restricted cash included in prepaids and other current assets
25 35 
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows$12,760 $14,713 

Supplemental Disclosures of Cash Flow Information

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

Nine Months Ended
September 30,
20242025
Cash paid for income taxes, net of refunds
$302 $180 
Non-cash financing activities:
Net settlement of cashless warrants exercised$22 $— 

Supplemental disclosures of balance sheet information

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

December 31,
2024		September 30,
2025
Prepaids and other current assets:
Customer receivables$175 $214 
Customer receivables reserve(28)(34)
Other491 465 
Prepaids and other current assets$638 $645 
Other assets, noncurrent:
Property and equipment, net$147 $122 
Operating lease right-of-use assets144 150 
Other272 335 
Other assets, noncurrent$563 $607 
December 31,
2024		September 30,
2025
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and estimated lodging and withholding tax liabilities
$1,055 $1,213 
Compensation and employee benefits498 543 
Accounts payable142 181 
Operating lease liabilities, current63 67 
Other
856 1,008 
Accrued expenses, accounts payable, and other current liabilities$2,614 $3,012 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent$236 $213 
Other
155 202 
Other liabilities, noncurrent$391 $415 

Payments to Customers

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):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Reductions to revenue
$153 $152 $358 $373 
Charges to operations and support
43 28 93 75 
Charges to sales and marketing expense
25 21 44 52 
Total payments made to customers
$221 $201 $495 $500 

Revenue Disaggregated by Geographic Region

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

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
North America$1,572 $1,619 $3,895 $4,050 
Europe, the Middle East, and Africa
1,726 1,969 3,341 3,799 
Latin America199 235 691 809 
Asia Pacific235 272 695 805 
Total revenue disaggregated by geographic region$3,732 $4,095 $8,622 $9,463 
v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables summarize the Company’s investments by major security type (in millions):

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 bonds224 — — 224 
Commercial paper214 — — 214 
Certificates of deposit52 — — 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 

September 30, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,264 $11 $— $2,275 
Mortgage-backed and asset-backed securities
437 2 (3)436 
Government bonds
246 — — 246 
Commercial paper
187 — — 187 
Certificates of deposit
130 — — 130 
Total debt securities3,264 13 (3)3,274 
Time deposits882 — — 882 
Total short-term investments
$4,146 $13 $(3)$4,156 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

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

As of December 31, 2024 and September 30, 2025, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses before reclassifications from accumulated other comprehensive income (loss) (“AOCI”) to other income (expense), net, and realized gains and losses reclassified from AOCI to other income (expense), net, were immaterial for the three and nine months ended September 30, 2024 and 2025.

Debt securities in an unrealized loss position had an estimated fair value of $1.1 billion and $267 million, and unrealized losses of $17 million and $12 million as of December 31, 2024 and September 30, 2025, respectively. A total of $269 million and $60 million of these securities, with unrealized losses of $14 million and $12 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2024 and September 30, 2025, respectively.
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):

September 30, 2025
Amortized
Cost		Estimated
Fair Value
Due within one year$1,570 $1,574 
Due after one year through five years
1,607 1,606 
Due after five years
100 98 
Total$3,277 $3,278 

Investments Accounted for Under the Equity Method

As of December 31, 2024 and September 30, 2025, the carrying values of the Company’s equity method investments in privately-held companies were $47 million and $48 million, respectively. The Company recorded an impairment charge of $7 million for the nine months ended September 30, 2025. There were no impairment charges recorded for the three months ended September 30, 2025. There were no impairment charges recorded during the nine months ended September 30, 2024. Unrealized losses were immaterial for the three and nine months ended September 30, 2024 and 2025.

Equity Investments Without Readily Determinable Fair Value

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 $38 million and $16 million as of December 31, 2024 and September 30, 2025, respectively, and are classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.

For the nine months ended September 30, 2025, the Company recorded a non-cash impairment charge of $30 million due to a decline in an investee’s financial condition. There was an upward adjustment of $8 million for an observable price change recorded for the three months ended September 30, 2025. For the nine months ended September 30, 2024, the Company recorded a non-cash impairment charge of $45 million due to a downward adjustment for an observable price change. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three months ended September 30, 2024.

As of September 30, 2025, the cumulative impairment and downward adjustments for observable price changes were $108 million.
v3.25.3
Fair Value Measurements and Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,635 $— $— $1,635 
Commercial paper— 152 — 152 
Government bonds— 33 — 33 
Corporate debt securities— 2 — 2 
Total cash and cash equivalents1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments$— $3,045 $— $3,045 
December 31, 2024
Level 1Level 2Level 3Total
Funds receivable and amounts held on behalf of customers:
Money market funds$1,340 $— $— $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 

September 30, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,793 $— $— $1,793 
Commercial paper— 139 — 139 
Government bonds— 21 — 21 
Corporate debt securities— 1 — 1 
Total cash and cash equivalents1,793 161 — 1,954 
Short-term investments:
Corporate debt securities— 2,275 — 2,275 
Mortgage-backed and asset-backed securities— 436 — 436 
Government bonds— 246 — 246 
Commercial paper— 187 — 187 
Certificates of deposit— 130 — 130 
Total short-term investments— 3,274 — 3,274 
Funds receivable and amounts held on behalf of customers:
Money market funds2,485 — — 2,485 
Prepaids and other current assets:
Foreign exchange derivative assets— 8 — 8 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$4,278 $3,443 $4 $7,725 
Liabilities
Accrued expenses, accounts payable and other current liabilities:
Foreign exchange derivative liabilities$— $90 $— $90 

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 nine months ended September 30, 2024 and 2025.

There were no transfers of financial instruments into or out of Level 3 during the nine months ended September 30, 2024 and 2025.
v3.25.3
Derivative Instruments and Hedging
 9 Months Ended
Sep. 30, 2025
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 it 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, for up to 18 months.

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 unaudited condensed consolidated balance sheets (in millions):

Derivative Assets(1)(2)
Location
December 31,
2024		September 30,
2025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$90 $3 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $5 

Derivative Liabilities(1)(2)
Location
December 31,
2024		September 30,
2025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$— $85 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Accrued expenses, accounts payable, and other current liabilities$20 $5 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.
(2)The noncurrent derivative assets and liabilities were immaterial.

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 September 30, 2025, 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 $8 million, resulting in net derivative assets of $1 million and net derivative liabilities of $82 million.

Effect of Derivative Instruments Designated as Hedging Instruments on AOCI

The following table presents the impact of derivative instruments designated as cash flow hedges on AOCI, net of tax (in millions):
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2024202520242025
Derivatives designated as cash flow hedges:
Foreign exchange contracts
$(65)$4 $6 $(198)

Realized losses on derivative instruments designated as hedging instruments reclassified from AOCI to revenue in the unaudited condensed consolidated statements of operations were $42 million and $41 million for the three and nine months ended September 30, 2025, respectively. Realized gains on derivative instruments reclassified from AOCI to revenue were immaterial for the three and nine months ended September 30, 2024.
As of December 31, 2024 and September 30, 2025, cumulative unrealized gains (losses) recorded in AOCI, net of tax, related to derivative instruments designated as hedging instruments were $80 million and $(77) million, respectively.

Derivative Instruments Not Designated as Hedging Instruments

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

Realized Gain (Loss) on Derivatives
Unrealized Loss on Derivatives
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20242025202420252024202520242025
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(15)$22 $(34)$50 $(38)$(16)$(4)$(4)

The total notional amount of outstanding derivatives not designated as hedging instruments was $2.1 billion and $1.3 billion as of December 31, 2024 and September 30, 2025, respectively.

Cash Flow Hedges

The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was $2.5 billion and $2.6 billion as of December 31, 2024 and September 30, 2025, respectively.

As of September 30, 2025, approximately $76 million of deferred net losses on both outstanding and matured derivatives in AOCI were 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.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
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 March 15, 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, 2024 and September 30, 2025, total outstanding debt, net of unamortized debt discount and debit 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. These costs are amortized to interest expense using the effective interest method over the contractual term. Interest expense was immaterial for both the three and nine months ended September 30, 2024 and 2025.

As of September 30, 2025, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount.

As of September 30, 2025, the total estimated fair value of the 2026 Notes was $2.0 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.

2022 Credit Facility

In 2022, the Company 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 contains customary events of default, and 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 September 30, 2025.

As of September 30, 2025, no amounts were drawn under the 2022 Credit Facility and outstanding letters of credit totaled $25 million.
v3.25.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Expense

Stock-based compensation expense was $362 million and $399 million for the three months ended September 30, 2024 and 2025, respectively, and $1.0 billion and $1.2 billion for the nine months ended September 30, 2024 and 2025, respectively.
Stock Option and Restricted Stock Unit Activity

A summary of stock option and restricted stock unit (“RSU”) activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
RSUs
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 20245 $93.53 30 $97.93 
Granted1 142.06 13 136.85 
Exercised/Vested(1)52.19 (8)139.65 
Canceled— — (2)140.54 
As of September 30, 20255 $104.97 33 $101.42 

Number of
Shares		Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options outstanding as of September 30, 20255 $104.97 5.64$170 
Options exercisable as of September 30, 20254 $91.14 4.58$169 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments

In June 2025, the Company signed a new enterprise agreement with a web-hosting service company for cloud hosting and related services. The agreement extends through 2031 and results in annual minimum purchase commitments of $202 million to $457 million per contract year, totaling $1.9 billion over the six-year term.

In June 2025, the Company also signed a three-year sponsorship agreement, which includes annual minimum service commitments of $11 million to $34 million per contract year, totaling $55 million.

No other significant new or amended commitments occurred outside the ordinary course of business during the nine months ended September 30, 2025. Refer to Note 13 in Part II, Item 8 of the Company’s 2024 Annual Report for further details on commitments.

Lodging Tax Obligations and Other Non-Income Tax Matters

Lodging Tax Obligations

Some states and localities in the U. S. 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 September 30, 2025, the Company collected and remitted 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, 2024 and September 30, 2025, the Company had an obligation to remit Lodging Taxes collected from guests on bookings in these jurisdictions totaling $312 million and $496 million, respectively. These payables were recorded in accrued expenses, accounts payable, and other current liabilities on the unaudited condensed 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, 2024 and September 30, 2025, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $83 million and $80 million, respectively. As of September 30, 2025, 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 $55 million to $65 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, as appropriate, 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 tax liabilities where 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. As of September 30, 2025, there were no accrued obligations related to these tax liabilities. In addition, the Company has identified reasonably possible exposures related to transactional taxes and business taxes and has not accrued for these amounts since the likelihood of the contingent liability is less than probable. As of September 30, 2025, the Company estimates that the reasonably possible loss related to these matters in excess of the amounts accrued is between $236 million and $256 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, 2024 and September 30, 2025, the Company accrued a total of $227 million and $185 million of estimated tax liabilities, including interest and penalties, related to hosts’ withholding tax obligations, respectively. As of September 30, 2025, 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 $153 million to $163 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”). 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). 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). Of this amount, 123 million Euro was paid in December of 2024, while 56 million Euro, which was recognized as a liability as of December 31, 2024, was paid in January 2025. In 2024, Airbnb Ireland commenced 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, interpretation, or implementation 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 regulations. In addition, the implementation and enforcement of regulation can have an impact on the Company’s business.

In July 2025, Airbnb received a letter from the Spanish Ministry of Consumer Affairs proposing to assess a fine of approximately €110 million in connection with alleged non-compliance with short-term rental listing regulations in Spain. In September 2025, the Spanish Ministry of Consumer Affairs subsequently reduced the fine to approximately €65 million. Airbnb has disputed the fine and the applicability of these rules to short-term listings, and any potential loss is neither probable or estimable at this time. Global regulatory requirements and challenges affecting our business continue to increase. These challenges may have a material impact on our business, results of operations, and financial condition.

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 unaudited condensed 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 unaudited condensed 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, the Company believes based on its current knowledge that 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 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.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s tax provision for interim periods is determined by using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to significant volatility due to several factors, including accurately predicting the proportion of the Company’s pre-tax income before provision for income taxes in multiple jurisdictions, the U.S. tax benefits from foreign derived intangible income, audit-related developments, and the effects of tax law changes.

The Company recorded income tax expense of $367 million and $418 million for the three months ended September 30, 2024 and 2025, respectively, and $522 million and $574 million for the nine months ended September 30, 2024 and 2025, respectively. The effective tax rate for the three and nine-month periods ended September 30, 2025 was higher than the same periods in the prior year primarily due to the recognition of a $213 million valuation allowance against deferred tax assets related to Corporate Alternative Minimum Tax (“CAMT”) credits, partially offset by reduced taxes accrued driven by a larger foreign derived intangible income benefit and the release of a $60 million uncertain tax position relating to prior years.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses and changes to the U.S. taxation of foreign derived intangible income. Following the enactment of the OBBBA, management concluded that it is no longer more-likely-than-not that the Company will be able to utilize its federal CAMT credits. No prudent and feasible tax-planning strategies are currently available that would allow the Company to utilize its historic CAMT credits. The Company's policy is to not consider the impact of future years’ CAMT in its valuation allowance assessment for regular deferred tax assets. The amount of the valuation allowance may be adjusted in future quarters if estimates of future taxable income change. The Company will continue to evaluate the full impact of legislative changes as more guidance becomes available.

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 September 30, 2025, 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, certain losses subject to the dual consolidated loss rules, and CAMT credits as noted above. As of September 30, 2025, the Company continued 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. When a change in valuation allowance is recognized during an interim period, the change in valuation allowance resulting from current year income is included in the annual effective tax rate and the release of valuation allowance supported by projections of future taxable income is recorded as a discrete tax benefit in the interim period. The Company will continue to monitor the need for a valuation allowance against its deferred tax assets on a quarterly basis.

The Company’s significant tax jurisdictions include the U. S., 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 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 the reserve recorded in its consolidated financial statements by more than $1.0 billion. The Company strongly 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 unaudited condensed consolidated statements of cash flows.

On August 16, 2022, the Inflation Reduction Act was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax known as the 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.
In 2021, the Organization for Economic Co-operation and Development (“OECD”) established an inclusive framework on base erosion and profit shifting and agreed on a two-pillar solution to global taxation, focusing on global profit allocation, known as Pillar One and a 15% global minimum effective tax rate, known as Pillar Two. The OECD issued Pillar Two model rules and continues to release guidance on these rules. The inclusive framework calls for tax law changes by participating countries to further take effect in 2025. Various countries, including the European Union, have enacted or have announced plans to enact new tax laws to implement the global minimum tax. The Company has considered the applicable tax law changes on Pillar Two implementation in the relevant countries, and concluded there was no material impact to the tax provision for the three and nine months ended September 30, 2025.
v3.25.3
Net Income per Share
 9 Months Ended
Sep. 30, 2025
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 (in millions, except per share amounts):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Net income $1,368 $1,374 $2,187 $2,170 
Add: convertible notes interest expense, net of tax1 1 2 3 
Net income - diluted$1,369 $1,375 $2,189 $2,173 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic631 611 634 616 
Effect of dilutive securities11 10 14 10 
Diluted642 621 648 626 
Net income per share attributable to Class A and Class B common stockholders:
Basic$2.17 $2.25 $3.45 $3.53 
Diluted$2.13 $2.21 $3.38 $3.47 

As of both September 30, 2024 and 2025, 9.6 million shares of RSUs were excluded from net income per share because they are subject to market and 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):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Stock options2 3 2 2 
RSUs8 14 11 13 
Total10 17 13 15 

Share Repurchase Program

In February 2024, the Company announced that its board of directors approved a share repurchase program to purchase up to $6.0 billion of the Company’s Class A common stock.

In August 2025, the Company announced that its board of directors approved a new share repurchase program with authorization to purchase up to an additional $6.0 billion of the Company's Class A common stock.

Share repurchases under the share repurchase programs 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. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements, and other relevant factors. The 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 three and nine months ended September 30, 2025, the Company repurchased and subsequently retired 6.7 million and 20.9 million shares of Class A common stock for $857 million and $2.7 billion, respectively. As of September 30, 2025, the Company had $6.6 billion available to repurchase shares of Class A common stock under its share repurchase programs.

During the three and nine months ended September 30, 2024, the Company repurchased and subsequently retired 8.7 million and 18.3 million shares of Class A common stock for $1.1 billion and $2.6 billion, respectively.
Class A Common Stock Warrants

In 2024, the Company had warrants outstanding to purchase shares of Class A common stock with an exercise price of $28.355 per share. During the three months ended June 30, 2024, all the outstanding warrants were exercised to purchase 0.8 million shares of Class A common stock. The warrants were exercised on a cashless basis, resulting in the issuance of 0.7 million shares of the Class A common stock.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information 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 unaudited condensed consolidated balance sheets.

The following table sets forth the Company’s significant segment expenses (in millions):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Revenue$3,732 $4,095 $8,622 $9,463 
Less:
Merchant fees and chargebacks
373 447 1,178 1,282 
Salaries and benefits422 504 1,268 1,493 
Marketing357 407 1,140 1,257 
Stock-based compensation expense
362 399 1,039 1,181 
Professional and third-party services(1)
293 330 823 910 
Non-income taxes100 68 238 175 
Other items(2)
300 315 813 890 
Total cost and expense2,207 2,470 6,499 7,188 
Income from operations1,525 1,625 2,123 2,275 
Interest income207 180 635 543 
Other income (expense), net3 (13)(49)(74)
Income before income taxes1,735 1,792 2,709 2,744 
Provision for income taxes367 418 522 574 
Net income $1,368 $1,374 $2,187 $2,170 

(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.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Director and Officer 10b5-1 Trading Plans (“10b5-1 Plans”)

The following table sets forth the material terms of 10b5-1 Plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) that were adopted, terminated, or modified by our directors and officers during the three months ended September 30, 2025:

Name and Title of Director or OfficerAction
 Date
Expiration DateMaximum Number of Shares to be Sold Under the Plan
Aristotle Balogh, Chief Technology Officer
Adopt
8/27/20252/23/2026181,498
Nathan Blecharczyk, Chief Strategy Officer and Director
Adopt
8/28/202511/20/20262,224,176
Kenneth Chenault, Director
Adopt
8/29/20258/31/202616,692
Brian Chesky, Chief Executive Officer and Director
Adopt
8/25/20255/22/2026690,000
Joseph Gebbia, Director
Adopt
8/29/20255/29/20261,752,860
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Aristotle Balogh [Member]  
Trading Arrangements, by Individual  
Name Aristotle Balogh
Title Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/27/2025
Expiration Date 2/23/2026
Arrangement Duration 180 days
Aggregate Available 181,498
Nathan Blecharczyk [Member]  
Trading Arrangements, by Individual  
Name Nathan Blecharczyk
Title Chief Strategy Officer and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/28/2025
Expiration Date 11/20/2026
Arrangement Duration 449 days
Aggregate Available 2,224,176
Kenneth Chenault [Member]  
Trading Arrangements, by Individual  
Name Kenneth Chenault
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/29/2025
Expiration Date 8/31/2026
Arrangement Duration 367 days
Aggregate Available 16,692
Brian Chesky [Member]  
Trading Arrangements, by Individual  
Name Brian Chesky
Title Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/25/2025
Expiration Date 5/22/2026
Arrangement Duration 270 days
Aggregate Available 690,000
Joseph Gebbia [Member]  
Trading Arrangements, by Individual  
Name Joseph Gebbia
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/29/2025
Expiration Date 5/29/2026
Arrangement Duration 273 days
Aggregate Available 1,752,860
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 13, 2025 (“2024 Annual Report”). The results for the interim periods are not necessarily indicative of results for the full year. Certain immaterial amounts in prior periods have been reclassified to conform to the current period presentation.

In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the unaudited condensed consolidated financial position, results of operations, and cash flows for these interim periods.
Principles of Consolidation
Principles of Consolidation

The accompanying unaudited condensed 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 unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the unaudited condensed 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 macroeconomic and geopolitical conditions, including inflation, interest rates, foreign currency fluctuations, tariffs, and trade controls 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 unaudited condensed 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 unaudited condensed consolidated financial statements could be affected.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted
Recently Adopted Accounting Standards

There are no recently adopted accounting pronouncements.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (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 is currently evaluating the standard to determine its impact on the Company's disclosures.

In December 2023, the FASB issued an update to standardize income tax disclosures primarily related to the presentation of the effective tax rate reconciliation and income taxes paid information in the financial statements and disclosures. The update is effective for fiscal years beginning after December 15, 2024, and may be presented on a prospective or retrospective basis. The Company plans to implement the updated disclosures prospectively for fiscal year 2025.

In July 2025, the FASB issued an update that allows companies to apply a practical expedient when estimating credit losses on current accounts receivable and contract assets. The update is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its unaudited condensed consolidated financial statements.
In September 2025, the FASB issued an update to simplify the criteria required to capitalize internally developed software. The update simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The update is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its unaudited condensed consolidated financial statements.

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 unaudited condensed 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 unaudited condensed consolidated balance sheets.
v3.25.3
Supplemental Financial Statement Information (Tables)
 9 Months Ended
Sep. 30, 2025
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 unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):

December 31,
2024		September 30,
2025
Cash and cash equivalents$6,864 $7,528 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,871 7,150 
Restricted cash included in prepaids and other current assets
25 35 
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows$12,760 $14,713 
Schedule of Restricted Cash
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):

December 31,
2024		September 30,
2025
Cash and cash equivalents$6,864 $7,528 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,871 7,150 
Restricted cash included in prepaids and other current assets
25 35 
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows$12,760 $14,713 
Schedule of Supplemental Disclosures of Cash Flow Information
Supplemental cash flow information consisted of the following (in millions):

Nine Months Ended
September 30,
20242025
Cash paid for income taxes, net of refunds
$302 $180 
Non-cash financing activities:
Net settlement of cashless warrants exercised$22 $— 
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information consisted of the following (in millions):

December 31,
2024		September 30,
2025
Prepaids and other current assets:
Customer receivables$175 $214 
Customer receivables reserve(28)(34)
Other491 465 
Prepaids and other current assets$638 $645 
Other assets, noncurrent:
Property and equipment, net$147 $122 
Operating lease right-of-use assets144 150 
Other272 335 
Other assets, noncurrent$563 $607 
December 31,
2024		September 30,
2025
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and estimated lodging and withholding tax liabilities
$1,055 $1,213 
Compensation and employee benefits498 543 
Accounts payable142 181 
Operating lease liabilities, current63 67 
Other
856 1,008 
Accrued expenses, accounts payable, and other current liabilities$2,614 $3,012 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent$236 $213 
Other
155 202 
Other liabilities, noncurrent$391 $415 
Schedule of Payments Made to Customers
The following table summarizes total payments made to customers (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Reductions to revenue
$153 $152 $358 $373 
Charges to operations and support
43 28 93 75 
Charges to sales and marketing expense
25 21 44 52 
Total payments made to customers
$221 $201 $495 $500 
Schedule of Revenue Disaggregated by Listing Location
The following table presents revenue disaggregated by listing location (in millions):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
North America$1,572 $1,619 $3,895 $4,050 
Europe, the Middle East, and Africa
1,726 1,969 3,341 3,799 
Latin America199 235 691 809 
Asia Pacific235 272 695 805 
Total revenue disaggregated by geographic region$3,732 $4,095 $8,622 $9,463 
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
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, 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 bonds224 — — 224 
Commercial paper214 — — 214 
Certificates of deposit52 — — 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 

September 30, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,264 $11 $— $2,275 
Mortgage-backed and asset-backed securities
437 2 (3)436 
Government bonds
246 — — 246 
Commercial paper
187 — — 187 
Certificates of deposit
130 — — 130 
Total debt securities3,264 13 (3)3,274 
Time deposits882 — — 882 
Total short-term investments
$4,146 $13 $(3)$4,156 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Classified within other assets, noncurrent on the unaudited condensed 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):

September 30, 2025
Amortized
Cost		Estimated
Fair Value
Due within one year$1,570 $1,574 
Due after one year through five years
1,607 1,606 
Due after five years
100 98 
Total$3,277 $3,278 
v3.25.3
Fair Value Measurements and Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,635 $— $— $1,635 
Commercial paper— 152 — 152 
Government bonds— 33 — 33 
Corporate debt securities— 2 — 2 
Total cash and cash equivalents1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments$— $3,045 $— $3,045 
December 31, 2024
Level 1Level 2Level 3Total
Funds receivable and amounts held on behalf of customers:
Money market funds$1,340 $— $— $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 

September 30, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,793 $— $— $1,793 
Commercial paper— 139 — 139 
Government bonds— 21 — 21 
Corporate debt securities— 1 — 1 
Total cash and cash equivalents1,793 161 — 1,954 
Short-term investments:
Corporate debt securities— 2,275 — 2,275 
Mortgage-backed and asset-backed securities— 436 — 436 
Government bonds— 246 — 246 
Commercial paper— 187 — 187 
Certificates of deposit— 130 — 130 
Total short-term investments— 3,274 — 3,274 
Funds receivable and amounts held on behalf of customers:
Money market funds2,485 — — 2,485 
Prepaids and other current assets:
Foreign exchange derivative assets— 8 — 8 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$4,278 $3,443 $4 $7,725 
Liabilities
Accrued expenses, accounts payable and other current liabilities:
Foreign exchange derivative liabilities$— $90 $— $90 
v3.25.3
Derivative Instruments and Hedging (Tables)
 9 Months Ended
Sep. 30, 2025
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 unaudited condensed consolidated balance sheets (in millions):

Derivative Assets(1)(2)
Location
December 31,
2024		September 30,
2025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$90 $3 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $5 

Derivative Liabilities(1)(2)
Location
December 31,
2024		September 30,
2025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$— $85 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Accrued expenses, accounts payable, and other current liabilities$20 $5 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.
(2)The noncurrent derivative assets and liabilities were immaterial.
Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI
The following table presents the impact of derivative instruments designated as cash flow hedges on AOCI, net of tax (in millions):
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2024202520242025
Derivatives designated as cash flow hedges:
Foreign exchange contracts
$(65)$4 $6 $(198)
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 impact of activity of derivative instruments not designated as hedging instruments on the unaudited condensed consolidated statements of operations (in millions):

Realized Gain (Loss) on Derivatives
Unrealized Loss on Derivatives
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20242025202420252024202520242025
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(15)$22 $(34)$50 $(38)$(16)$(4)$(4)
v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
A summary of stock option and restricted stock unit (“RSU”) activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
RSUs
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 20245 $93.53 30 $97.93 
Granted1 142.06 13 136.85 
Exercised/Vested(1)52.19 (8)139.65 
Canceled— — (2)140.54 
As of September 30, 20255 $104.97 33 $101.42 

Number of
Shares		Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options outstanding as of September 30, 20255 $104.97 5.64$170 
Options exercisable as of September 30, 20254 $91.14 4.58$169 
Schedule of Stock Option Activity
A summary of stock option and restricted stock unit (“RSU”) activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
RSUs
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 20245 $93.53 30 $97.93 
Granted1 142.06 13 136.85 
Exercised/Vested(1)52.19 (8)139.65 
Canceled— — (2)140.54 
As of September 30, 20255 $104.97 33 $101.42 

Number of
Shares		Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options outstanding as of September 30, 20255 $104.97 5.64$170 
Options exercisable as of September 30, 20254 $91.14 4.58$169 
v3.25.3
Net Income per Share (Tables)
 9 Months Ended
Sep. 30, 2025
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 (in millions, except per share amounts):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Net income $1,368 $1,374 $2,187 $2,170 
Add: convertible notes interest expense, net of tax1 1 2 3 
Net income - diluted$1,369 $1,375 $2,189 $2,173 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic631 611 634 616 
Effect of dilutive securities11 10 14 10 
Diluted642 621 648 626 
Net income per share attributable to Class A and Class B common stockholders:
Basic$2.17 $2.25 $3.45 $3.53 
Diluted$2.13 $2.21 $3.38 $3.47 
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):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Stock options2 3 2 2 
RSUs8 14 11 13 
Total10 17 13 15 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Company’s Significant Segment Expenses The following table sets forth the Company’s significant segment expenses (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202520242025
Revenue$3,732 $4,095 $8,622 $9,463 
Less:
Merchant fees and chargebacks
373 447 1,178 1,282 
Salaries and benefits422 504 1,268 1,493 
Marketing357 407 1,140 1,257 
Stock-based compensation expense
362 399 1,039 1,181 
Professional and third-party services(1)
293 330 823 910 
Non-income taxes100 68 238 175 
Other items(2)
300 315 813 890 
Total cost and expense2,207 2,470 6,499 7,188 
Income from operations1,525 1,625 2,123 2,275 
Interest income207 180 635 543 
Other income (expense), net3 (13)(49)(74)
Income before income taxes1,735 1,792 2,709 2,744 
Provision for income taxes367 418 522 574 
Net income $1,368 $1,374 $2,187 $2,170 

(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.
v3.25.3
Supplemental Financial Statement Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 7,528 $ 6,864    
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 7,150 5,871    
Restricted cash included in prepaids and other current assets 35 25    
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows $ 14,713 $ 12,760 $ 14,198 $ 12,667
v3.25.3
Supplemental Financial Statement Information - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash paid for income taxes, net of refunds $ 180 $ 302
Non-cash financing activities:    
Net settlement of cashless warrants exercised $ 0 $ 22
v3.25.3
Supplemental Financial Statement Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Prepaids and other current assets:    
Customer receivables $ 214 $ 175
Customer receivables reserve (34) (28)
Other 465 491
Prepaids and other current assets 645 638
Other assets, noncurrent:    
Property and equipment, net $ 122 $ 147
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, noncurrent Other assets, noncurrent
Operating lease right-of-use assets $ 150 $ 144
Other 335 272
Other assets, noncurrent 607 563
Accrued expenses, accounts payable, and other current liabilities:    
Indirect taxes payable and estimated lodging and withholding tax liabilities 1,213 1,055
Compensation and employee benefits 543 498
Accounts payable $ 181 $ 142
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 $ 67 $ 63
Other 1,008 856
Accrued expenses, accounts payable, and other current liabilities $ 3,012 $ 2,614
Other liabilities, noncurrent:    
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities, noncurrent Other liabilities, noncurrent
Operating lease liabilities, noncurrent $ 213 $ 236
Other 202 155
Other liabilities, noncurrent $ 415 $ 391
v3.25.3
Supplemental Financial Statement Information - Schedule of Payments Made to Customers (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total payments made to customers $ 201 $ 221 $ 500 $ 495
Reductions to revenue        
Disaggregation of Revenue [Line Items]        
Total payments made to customers 152 153 373 358
Charges to operations and support        
Disaggregation of Revenue [Line Items]        
Total payments made to customers 28 43 75 93
Charges to sales and marketing expense        
Disaggregation of Revenue [Line Items]        
Total payments made to customers $ 21 $ 25 $ 52 $ 44
v3.25.3
Supplemental Financial Statement Information - Schedule of Revenue Disaggregated by Listing Location (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue disaggregated by geographic region $ 4,095 $ 3,732 $ 9,463 $ 8,622
North America        
Disaggregation of Revenue [Line Items]        
Total revenue disaggregated by geographic region 1,619 1,572 4,050 3,895
Europe, the Middle East, and Africa        
Disaggregation of Revenue [Line Items]        
Total revenue disaggregated by geographic region 1,969 1,726 3,799 3,341
Latin America        
Disaggregation of Revenue [Line Items]        
Total revenue disaggregated by geographic region 235 199 809 691
Asia Pacific        
Disaggregation of Revenue [Line Items]        
Total revenue disaggregated by geographic region $ 272 $ 235 $ 805 $ 695
v3.25.3
Investments - Schedule of Investments by Major Security Type (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Short-term investments    
Debt securities, amortized cost $ 3,277  
Debt securities, total estimated fair value 3,278  
Total short-term investments 4,156 $ 3,747
Long-term investments:    
Debt securities, amortized cost 3,277  
Debt securities, total estimated fair value 3,278  
Short-term investments    
Short-term investments    
Debt securities, amortized cost 3,264 3,047
Debt securities, gross unrealized gains 13 5
Debt securities, gross unrealized losses (3) (7)
Debt securities, total estimated fair value 3,274 3,045
Time deposits 882 702
Amortized Cost 4,146 3,749
Total short-term investments 4,156 3,747
Long-term investments:    
Debt securities, amortized cost 3,264 3,047
Debt securities, gross unrealized gains 13 5
Debt securities, gross unrealized losses (3) (7)
Debt securities, total estimated fair value 3,274 3,045
Short-term investments | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 2,264 2,176
Debt securities, gross unrealized gains 11 4
Debt securities, gross unrealized losses 0 (3)
Debt securities, total estimated fair value 2,275 2,177
Long-term investments:    
Debt securities, amortized cost 2,264 2,176
Debt securities, gross unrealized gains 11 4
Debt securities, gross unrealized losses 0 (3)
Debt securities, total estimated fair value 2,275 2,177
Short-term investments | Mortgage-backed and asset-backed securities    
Short-term investments    
Debt securities, amortized cost 437 381
Debt securities, gross unrealized gains 2 1
Debt securities, gross unrealized losses (3) (4)
Debt securities, total estimated fair value 436 378
Long-term investments:    
Debt securities, amortized cost 437 381
Debt securities, gross unrealized gains 2 1
Debt securities, gross unrealized losses (3) (4)
Debt securities, total estimated fair value 436 378
Short-term investments | Government bonds    
Short-term investments    
Debt securities, amortized cost 246 224
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 246 224
Long-term investments:    
Debt securities, amortized cost 246 224
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 246 224
Short-term investments | Commercial paper    
Short-term investments    
Debt securities, amortized cost 187 214
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 187 214
Long-term investments:    
Debt securities, amortized cost 187 214
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 187 214
Short-term investments | Certificates of deposit    
Short-term investments    
Debt securities, amortized cost 130 52
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 130 52
Long-term investments:    
Debt securities, amortized cost 130 52
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 130 52
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
v3.25.3
Investments - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]          
Available-for-sale debt securities $ 0   $ 0   $ 0
Debt securities in an unrealized loss position 267,000,000   267,000,000   1,100,000,000
Debt securities, unrealized loss     12,000,000   17,000,000
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss 60,000,000   60,000,000   269,000,000
Debt securities, continuous unrealized loss position, 12 months or longer 12,000,000   12,000,000   14,000,000
Equity method investments 48,000,000   48,000,000   47,000,000
Impairment in equity method investments 0   7,000,000 $ 0  
Equity securities without readily determinable fair value, carrying value 16,000,000   16,000,000   $ 38,000,000
Impairment loss     30,000,000 $ 45,000,000  
Upward adjustments 8,000,000 $ 0      
Downward adjustments   $ 0      
Cumulative impairment $ 108,000,000   $ 108,000,000    
v3.25.3
Investments - Schedule of Contractual Maturities of Available-for-Sale Debt Securities (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Amortized Cost  
Due within one year $ 1,570
Due after one year through five years 1,607
Due after five years 100
Debt securities, amortized cost 3,277
Estimated Fair Value  
Due within one year 1,574
Due after one year through five years 1,606
Due after five years 98
Total, Estimated Fair Value $ 3,278
v3.25.3
Fair Value Measurements and Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Short-term investments: $ 3,278  
Corporate debt securities | Other assets, noncurrent    
Assets    
Short-term investments: 4 $ 4
Fair Value, Recurring    
Assets    
Cash and cash equivalents: 1,954 1,822
Total short-term investments 3,274 3,045
Total assets at fair value 7,725 6,331
Fair Value, Recurring | Foreign Exchange Derivative    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities 90 20
Fair Value, Recurring | Prepaids and other current assets | Foreign Exchange Derivative    
Assets    
Other assets 8 114
Fair Value, Recurring | Other assets, noncurrent | Foreign Exchange Derivative    
Assets    
Other assets   6
Fair Value, Recurring | Corporate debt securities    
Assets    
Short-term investments: 2,275 2,177
Fair Value, Recurring | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 4 4
Fair Value, Recurring | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 436 378
Fair Value, Recurring | Government bonds    
Assets    
Short-term investments: 246 224
Fair Value, Recurring | Commercial paper    
Assets    
Short-term investments: 187 214
Fair Value, Recurring | Certificates of deposit    
Assets    
Short-term investments: 130 52
Fair Value, Recurring | Money market funds    
Assets    
Cash and cash equivalents: 1,793 1,635
Funds receivable and amounts held on behalf of customers: 2,485 1,340
Fair Value, Recurring | Commercial paper    
Assets    
Cash and cash equivalents: 139 152
Fair Value, Recurring | Government bonds    
Assets    
Cash and cash equivalents: 21 33
Fair Value, Recurring | Corporate debt securities    
Assets    
Cash and cash equivalents: 1 2
Fair Value, Recurring | Level 1    
Assets    
Cash and cash equivalents: 1,793 1,635
Total short-term investments 0 0
Total assets at fair value 4,278 2,975
Fair Value, Recurring | Level 1 | Foreign Exchange Derivative    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities 0 0
Fair Value, Recurring | Level 1 | Prepaids and other current assets | Foreign Exchange Derivative    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 1 | Other assets, noncurrent | Foreign Exchange Derivative    
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 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 0 0
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Short-term investments: 0 0
Fair Value, Recurring | Level 1 | Commercial paper    
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 | Money market funds    
Assets    
Cash and cash equivalents: 1,793 1,635
Funds receivable and amounts held on behalf of customers: 2,485 1,340
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Cash and cash equivalents: 0 0
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Cash and cash equivalents: 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Cash and cash equivalents: 0 0
Fair Value, Recurring | Level 2    
Assets    
Cash and cash equivalents: 161 187
Total short-term investments 3,274 3,045
Total assets at fair value 3,443 3,352
Fair Value, Recurring | Level 2 | Foreign Exchange Derivative    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities 90 20
Fair Value, Recurring | Level 2 | Prepaids and other current assets | Foreign Exchange Derivative    
Assets    
Other assets 8 114
Fair Value, Recurring | Level 2 | Other assets, noncurrent | Foreign Exchange Derivative    
Assets    
Other assets   6
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Short-term investments: 2,275 2,177
Fair Value, Recurring | Level 2 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 2 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 436 378
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Short-term investments: 246 224
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Short-term investments: 187 214
Fair Value, Recurring | Level 2 | Certificates of deposit    
Assets    
Short-term investments: 130 52
Fair Value, Recurring | Level 2 | Money market funds    
Assets    
Cash and cash equivalents: 0 0
Funds receivable and amounts held on behalf of customers: 0 0
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Cash and cash equivalents: 139 152
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Cash and cash equivalents: 21 33
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Cash and cash equivalents: 1 2
Fair Value, Recurring | Level 3    
Assets    
Cash and cash equivalents: 0 0
Total short-term investments 0 0
Total assets at fair value 4 4
Fair Value, Recurring | Level 3 | Foreign Exchange Derivative    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities 0 0
Fair Value, Recurring | Level 3 | Prepaids and other current assets | Foreign Exchange Derivative    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 3 | Other assets, noncurrent | Foreign Exchange Derivative    
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 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 0 0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Short-term investments: 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
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 | Money market funds    
Assets    
Cash and cash equivalents: 0 0
Funds receivable and amounts held on behalf of customers: 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Cash and cash equivalents: 0 0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Cash and cash equivalents: 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Cash and cash equivalents: $ 0 $ 0
v3.25.3
Derivative Instruments and Hedging - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Derivative [Line Items]          
Maximum remaining maturity of foreign currency derivatives     18 months    
Potential effects of rights of set-off associated with derivative asset contracts $ 8   $ 8    
Potential effects of rights of set-off associated with derivative liabilities contracts 8   8    
Derivative assets, fair value after offset 1   1    
Derivative liability, fair value after offset 82   82    
Deferred net losses 76   76    
Foreign Exchange Derivative | Cash Flow Hedging          
Derivative [Line Items]          
Total notional amount of outstanding derivatives 2,600   2,600   $ 2,500
Derivatives Designated as Hedging Instruments | Accumulated Other Comprehensive Income (Loss)          
Derivative [Line Items]          
Realized losses on derivative instruments designated as hedging instruments reclassified from AOCI (42) $ 0 (41) $ 0  
Cumulative unrealized gains     (77)   80
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Derivative          
Derivative [Line Items]          
Total notional amount of outstanding derivatives $ 1,300   $ 1,300   $ 2,100
v3.25.3
Derivative Instruments and Hedging - Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets (Details) - Foreign exchange contracts - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Prepaids and other current assets | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 3 $ 90
Prepaids and other current assets | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 5 23
Accrued expenses, accounts payable, and other current liabilities | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 85 0
Accrued expenses, accounts payable, and other current liabilities | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 5 $ 20
v3.25.3
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
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Foreign exchange contracts | Derivatives designated as cash flow hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (Loss) Recognized in Other Comprehensive Income (Loss) $ 4 $ (65) $ (198) $ 6
v3.25.3
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
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Realized Gain (Loss) on Derivatives $ 22 $ (15) $ 50 $ (34)
Unrealized Loss on Derivatives $ (16) $ (38) $ (4) $ (4)
v3.25.3
Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Sep. 30, 2025
Dec. 31, 2024
Mar. 08, 2021
Debt Instrument [Line Items]        
Long-term debt   $ 0 $ 1,995,000,000  
Current portion of long-term debt   1,998,000,000 0  
Senior Notes Due 2026 | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate principle amount       $ 2,000,000,000
Interest rate       0.00%
Long-term debt     $ 2,000,000,000.0  
Current portion of long-term debt   $ 2,000,000,000.0    
Effective interest rate   0.20% 0.20%  
Debt issuance costs       $ 21,000,000
Debt, fair value   $ 2,000,000,000.0    
2022 Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Debt instrument, term 5 years      
Initial borrowing capacity $ 1,000,000,000      
Borrowings outstanding, amount drawn   0    
2022 Credit Facility | Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 200,000,000      
Borrowings outstanding   $ 25,000,000    
v3.25.3
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]        
Stock-based compensation expense $ 399 $ 362 $ 1,200 $ 1,000
v3.25.3
Stock-Based Compensation - Schedule of Stock Option and Restricted Stock Unit Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Number of Shares  
Balances at beginning of period (in shares) | shares 5
Granted (in shares) | shares 1
Exercised/Vested (in shares) | shares (1)
Canceled (in shares) | shares 0
Balances at end of period (in shares) | shares 5
Weighted- Average Exercise Price  
Balances at beginning of period (in USD per share) | $ / shares $ 93.53
Granted (in USD per share) | $ / shares 142.06
Exercised/Vested (in USD per share) | $ / shares 52.19
Canceled (in USD per share) | $ / shares 0
Balances at end of period (in USD per share) | $ / shares $ 104.97
Number of Shares  
Balances at beginning of period (in shares) | shares 30
Granted (in shares) | shares 13
Exercised/Vested (in shares) | shares (8)
Canceled (in shares) | shares (2)
Balances at end of period (in shares) | shares 33
Weighted- Average Grant Date Fair Value  
Balances at beginning of period (in USD per share) | $ / shares $ 97.93
Granted (in USD per share) | $ / shares 136.85
Exercised/Vested (in USD per share) | $ / shares 139.65
Canceled (in USD per share) | $ / shares 140.54
Balances at end of period (in USD per share) | $ / shares $ 101.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options outstanding (in shares) | shares 5
Options outstanding (in USD per share) | $ / shares $ 104.97
Options outstanding, weighted-average remaining contractual life (in years) 5 years 7 months 20 days
Options outstanding, aggregate intrinsic value | $ $ 170
Options exercisable (in shares) | shares 4
Options excisable (in USD per share) | $ / shares $ 91.14
Options exercisable, weighted-average remaining contractual life (in years) 4 years 6 months 29 days
Options exercisable, aggregate intrinsic value | $ $ 169
v3.25.3
Commitments and Contingencies (Details)
jurisdiction in Thousands, € in Millions
 1 Months Ended 9 Months Ended
Dec. 13, 2023
USD ($)
Dec. 13, 2023
EUR (€)
Jun. 30, 2025
USD ($)
Jan. 31, 2025
USD ($)
Jan. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Sep. 30, 2025
USD ($)
jurisdiction
Sep. 30, 2025
EUR (€)
jurisdiction
Jul. 31, 2025
EUR (€)
Other Commitments [Line Items]                    
Number of jurisdictions where company has lodging tax obligations | jurisdiction               33 33  
Obligation to remit lodging taxes           $ 312,000,000   $ 496,000,000    
Accrued obligations on lodging taxes           83,000,000   80,000,000    
Accrued taxes           55,000,000   0    
Host guarantee program, maximum               3,000,000    
Primary coverage, host protection insurance program               1,000,000    
Host protection insurance program, maximum per listing location               1,000,000    
Spain                    
Other Commitments [Line Items]                    
Loss contingency, estimate of possible loss | €                 € 65 € 110
Foreign Tax Authority                    
Other Commitments [Line Items]                    
Penalties expense $ 621,000,000 € 576     € 56   € 123      
Foreign Tax Authority | Tax Year 2022                    
Other Commitments [Line Items]                    
Penalties expense           150,000,000 € 139      
Foreign Tax Authority | Tax Year 2023                    
Other Commitments [Line Items]                    
Penalties expense       $ 186,000,000 € 179          
Hosts' Withholding Tax Obligations                    
Other Commitments [Line Items]                    
Tax liabilities           $ 227,000,000   $ 185,000,000    
Web-Hosting Services Agreement                    
Other Commitments [Line Items]                    
Purchase obligation     $ 1,900,000,000              
Long-term purchase commitment, period     6 years              
Sponsorship Agreement                    
Other Commitments [Line Items]                    
Long-term purchase commitment, period     3 years              
Other commitment     $ 55,000,000              
Minimum                    
Other Commitments [Line Items]                    
Remitting period for lodging taxes               30 days    
Estimates reasonably possible loss               $ 55,000,000    
Minimum | Canada Digital Service Tax                    
Other Commitments [Line Items]                    
Loss contingency, estimate of possible loss               236,000,000    
Minimum | Withholding Income Taxes                    
Other Commitments [Line Items]                    
Income tax examination, additional income tax expense and cash liability               $ 153,000,000    
Minimum | Web-Hosting Services Agreement                    
Other Commitments [Line Items]                    
Purchase obligation     202,000,000              
Minimum | Sponsorship Agreement                    
Other Commitments [Line Items]                    
Other commitment     11,000,000              
Maximum                    
Other Commitments [Line Items]                    
Remitting period for lodging taxes               90 days    
Estimates reasonably possible loss               $ 65,000,000    
Maximum | Canada Digital Service Tax                    
Other Commitments [Line Items]                    
Loss contingency, estimate of possible loss               256,000,000    
Maximum | Withholding Income Taxes                    
Other Commitments [Line Items]                    
Income tax examination, additional income tax expense and cash liability               $ 163,000,000    
Maximum | Web-Hosting Services Agreement                    
Other Commitments [Line Items]                    
Purchase obligation     457,000,000              
Maximum | Sponsorship Agreement                    
Other Commitments [Line Items]                    
Other commitment     $ 34,000,000              
v3.25.3
Income Taxes (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2020
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Examination [Line Items]          
Provision for income taxes   $ 418 $ 367 $ 574 $ 522
Valuation allowance against deferred tax assets   213   213  
Uncertain tax position relating to prior years   $ 60   $ 60  
Internal Revenue Service (IRS)          
Income Tax Examination [Line Items]          
Income tax examination, additional income tax expense and cash liability $ 1,300        
Income tax examination, amount of estimate of possible loss which exceeds reserves $ 1,000        
v3.25.3
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
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Net income $ 1,374 $ 1,368 $ 2,170 $ 2,187
Add: convertible notes interest expense, net of tax 1 1 3 2
Net income - diluted $ 1,375 $ 1,369 $ 2,173 $ 2,189
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:        
Basic (in shares) 611 631 616 634
Effect of dilutive securities (in shares) 10 11 10 14
Diluted (in shares) 621 642 626 648
Net income per share attributable to Class A and Class B common stockholders:        
Basic (in USD per share) $ 2.25 $ 2.17 $ 3.53 $ 3.45
Diluted (in USD per share) $ 2.21 $ 2.13 $ 3.47 $ 3.38
v3.25.3
Net Income per Share - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Aug. 31, 2025
Dec. 31, 2024
Feb. 29, 2024
Class of Stock [Line Items]                      
Stock repurchased and retired $ 864 $ 1,017 $ 812 $ 1,102 $ 750 $ 753          
Class A Common Stock Warrants                      
Class of Stock [Line Items]                      
Exercise price of warrants (in USD per share)                   $ 28.355  
Warrants exercised to purchase (in shares)         0.8            
Shares called by warrants (in shares)         0.7            
Common Class A                      
Class of Stock [Line Items]                      
Stock repurchased and retired (in shares) 6.7     8.7     20.9 18.3      
Stock repurchased and retired $ 857     $ 1,100     $ 2,700 $ 2,600      
Remaining authorized repurchase amount $ 6,600           $ 6,600        
Share Repurchase Program 2024                      
Class of Stock [Line Items]                      
Stock repurchase program, authorized amount                     $ 6,000
Share Repurchase Program 2025                      
Class of Stock [Line Items]                      
Stock repurchase program, authorized amount                 $ 6,000    
RSUs                      
Class of Stock [Line Items]                      
Shares subject to performance conditions (in shares)             9.6 9.6      
v3.25.3
Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 17 10 15 13
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 3 2 2 2
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 14 8 13 11
v3.25.3
Segment Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segments
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.3
Segment Information - Schedule of Company’s Significant Segment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]                
Revenue $ 4,095     $ 3,732     $ 9,463 $ 8,622
Less:                
Stock-based compensation expense 399     362     1,200 1,000
Total costs and expenses 2,470     2,207     7,188 6,499
Income from operations 1,625     1,525     2,275 2,123
Interest income 180     207     543 635
Other income (expense), net (13)     3     (74) (49)
Income before income taxes 1,792     1,735     2,744 2,709
Provision for income taxes 418     367     574 522
Net income 1,374 $ 642 $ 154 1,368 $ 555 $ 264 2,170 2,187
Reportable Segment                
Segment Reporting Information [Line Items]                
Revenue 4,095     3,732     9,463 8,622
Less:                
Merchant fees and chargebacks 447     373     1,282 1,178
Salaries and benefits 504     422     1,493 1,268
Marketing 407     357     1,257 1,140
Stock-based compensation expense 399     362     1,181 1,039
Professional and third-party services 330     293     910 823
Non-income taxes 68     100     175 238
Other items 315     300     890 813
Total costs and expenses 2,470     2,207     7,188 6,499
Income from operations 1,625     1,525     2,275 2,123
Interest income 180     207     543 635
Other income (expense), net (13)     3     (74) (49)
Income before income taxes 1,792     1,735     2,744 2,709
Provision for income taxes 418     367     574 522
Net income $ 1,374     $ 1,368     $ 2,170 $ 2,187