AIRBNB, INC., 10-K filed on 2/12/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39778    
Entity Registrant Name Airbnb, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3051428    
Entity Address, Address Line One 888 Brannan Street    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94103    
City Area Code 415    
Local Phone Number 728-0108    
Title of 12(b) Security Class A common stock, par value $0.0001 per share    
Trading Symbol ABNB    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 56.2
Documents Incorporated by Reference
The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
    
Entity Central Index Key 0001559720    
Document Fiscal Year End Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   423,573,275  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   175,940,683  
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  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Francisco, California
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 6,560 $ 6,864
Short-term investments 4,454 3,747
Funds receivable and amounts held on behalf of customers 6,959 5,931
Prepaids and other current assets 824 638
Total current assets 18,797 17,180
Deferred income tax assets 2,102 2,439
Goodwill and intangible assets, net 770 777
Other assets, noncurrent 539 563
Total assets 22,208 20,959
Current liabilities:    
Accrued expenses, accounts payable, and other current liabilities 2,948 2,614
Funds payable and amounts payable to customers 6,959 5,931
Current portion of long-term debt 1,999 0
Unearned fees 1,743 1,616
Total current liabilities 13,649 10,161
Long-term debt 0 1,995
Other liabilities, noncurrent 360 391
Total liabilities 14,009 12,547
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock 0 0
Additional paid-in capital 13,763 12,602
Accumulated other comprehensive income (loss) (62) 35
Accumulated deficit (5,502) (4,225)
Total stockholders’ equity 8,199 8,412
Total liabilities and stockholders’ equity $ 22,208 $ 20,959
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common Class A    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 426,000,000 434,000,000
Common stock outstanding (in shares) 426,000,000 434,000,000
Common Class B    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 710,000,000 710,000,000
Common stock issued (in shares) 176,000,000 189,000,000
Common stock outstanding (in shares) 176,000,000 189,000,000
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
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Revenue $ 12,241 $ 11,102 $ 9,917
Costs and expenses:      
Cost of revenue 2,086 1,878 1,703
Operations and support 1,327 1,282 1,186
Product development 2,354 2,056 1,722
Sales and marketing 2,588 2,148 1,763
General and administrative 1,342 1,185 2,025
Total costs and expenses 9,697 8,549 8,399
Income from operations 2,544 2,553 1,518
Interest income 705 818 721
Other expense, net (112) (40) (137)
Income before income taxes 3,137 3,331 2,102
Provision for (benefit from) income taxes 626 683 (2,690)
Net income $ 2,511 $ 2,648 $ 4,792
Net income per share attributable to Class A and Class B common stockholders:      
Basic (in USD per share) $ 4.10 $ 4.19 $ 7.52
Diluted (in USD per share) $ 4.03 $ 4.11 $ 7.24
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 613 632 637
Diluted (in Shares) 623 645 662
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 2,511 $ 2,648 $ 4,792
Other comprehensive income (loss):      
Net unrealized gain on available-for-sale marketable securities, net of tax 9 0 6
Net unrealized gain (loss) on cash flow hedges, net of tax (139) 111 (31)
Foreign currency translation adjustments 33 (27) 8
Other comprehensive income (loss) (97) 84 (17)
Comprehensive income $ 2,414 $ 2,732 $ 4,775
v3.25.4
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, 2022   631      
Beginning balance at Dec. 31, 2022 $ 5,560 $ 0 $ 11,557 $ (32) $ (5,965)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 4,792       4,792
Other comprehensive (loss) income (17)     (17)  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   18      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (1,117)   (1,117)    
Shares issued upon net settlement of warrants exercised (in shares)   6      
Issuance of common stock for acquisition of businesses (in shares)   1      
Issuance of common stock for acquisition of businesses 53   53    
Stock-based compensation 1,146   1,146    
Repurchases of common stock (in shares)   (18)      
Repurchases of common stock (2,252)       (2,252)
Ending balance (in shares) at Dec. 31, 2023   638      
Ending balance at Dec. 31, 2023 8,165 $ 0 11,639 (49) (3,425)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,648       2,648
Other comprehensive (loss) income 84     84  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   9      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (461)   (461)    
Shares issued upon net settlement of warrants exercised (in shares)   1      
Stock-based compensation 1,424   1,424    
Repurchases of common stock (in shares)   (25)      
Repurchases of common stock (3,448)       (3,448)
Ending balance (in shares) at Dec. 31, 2024   623      
Ending balance at Dec. 31, 2024 8,412 $ 0 12,602 35 (4,225)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,511       2,511
Other comprehensive (loss) income (97)     (97)  
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)   9      
Common stock and stock-based awards issued, net of shares withheld for employee taxes (439)   (439)    
Stock-based compensation 1,600   1,600    
Repurchases of common stock (in shares)   (30)      
Repurchases of common stock (3,788)       (3,788)
Ending balance (in shares) at Dec. 31, 2025   602      
Ending balance at Dec. 31, 2025 $ 8,199 $ 0 $ 13,763 $ (62) $ (5,502)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 2,511 $ 2,648 $ 4,792
Adjustments to reconcile net income to cash provided by operating activities:      
Stock-based compensation expense 1,592 1,407 1,120
Deferred income taxes 376 433 (2,875)
Other, net 273 97 127
Changes in operating assets and liabilities, net of acquisitions:      
Prepaids and other assets (346) (163) (102)
Accrued expenses and other liabilities 118 (104) 580
Unearned fees 122 200 242
Net cash provided by operating activities 4,646 4,518 3,884
Cash flows from investing activities:      
Purchases of short-term investments (3,438) (3,146) (3,308)
Sales and maturities of short-term investments 2,736 2,605 2,380
Other investing activities, net (46) (75) (114)
Net cash used in investing activities (748) (616) (1,042)
Cash flows from financing activities:      
Share repurchases (3,789) (3,430) (2,252)
Taxes paid related to tax on equity awards (561) (630) (1,224)
Change in funds payable and amounts payable to customers 401 320 936
Proceeds from exercise of equity awards and employee stock purchase plan 122 168 110
Net cash used in financing activities (3,827) (3,572) (2,430)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 655 (237) 152
Net increase in cash, cash equivalents, and restricted cash 726 93 564
Cash, cash equivalents, and restricted cash, beginning of year 12,760 12,667 12,103
Cash, cash equivalents, and restricted cash, end of year $ 13,486 $ 12,760 $ 12,667
v3.25.4
Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business Airbnb, Inc. (the “Company” or “Airbnb”) was incorporated in Delaware in June 2008 and is headquartered in San Francisco, California. The Company operates a global platform for unique stays, 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.
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation

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

Principles of Consolidation

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

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to 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, 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 consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected.

Cash and Cash Equivalents

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

Investments

The Company’s investments consist of time deposits, available-for-sale (“AFS”) debt securities, and held-to-maturity (“HTM”) debt securities. Management determines the appropriate classification of investments at the time of purchase based on its intent and ability to hold the securities.

Time deposits are accounted for at amortized cost within short term investments in the consolidated balance sheets.

AFS debt securities include corporate debt securities, commercial paper, certificates of deposit, U.S. government and government agency securities, and mortgage-backed and asset-backed securities. AFS debt securities are recorded at fair value within short-term investments in the consolidated balance sheets with unrealized gains and non-credit-related losses reported as a component of accumulated other comprehensive income (loss) (“AOCI”).

HTM debt securities include investments the Company has the positive intent and ability to hold to maturity and are recorded at amortized cost, net of any allowance for credit losses. The Company classifies these investments as short-term investments or other assets, noncurrent in the consolidated balance sheets based on their remaining contractual maturities as of the reporting date.

Realized gains and losses on the sale of investment securities are determined using the specific identification method and are recorded within other expense, net, on the consolidated statements of operations.

Impairment and Credit Losses

For AFS debt securities in an unrealized loss position, the Company first evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either condition is met, the difference between amortized cost and fair value is recognized in earnings. If the Company does not intend to sell and is not required to sell the security before recovery, the Company evaluates whether the decline is due to credit-related factors. Credit-related losses, if any, are recognized through
an allowance for credit losses with a corresponding charge to earnings, and any remaining unrealized loss is recognized in other comprehensive income (loss).

For HTM debt securities, expected credit losses are measured through an allowance for credit losses, representing the amount by which the amortized cost basis exceeds the Company’s estimate of the present value of cash flows expected to be collected. Improvements in expected cash flows are recognized through a reversal of previously recorded credit losses.

Non-Marketable Investments

Non-marketable investments consist of debt and equity investments in privately-held companies, which are classified as other assets, noncurrent on the consolidated balance sheets. Equity investments are accounted for using either the equity method or the measurement alternative, depending on the level of influence and availability of fair value information.

The equity method is applied when the Company has significant influence over the investee’s operating and financial policies. Under this method, the Company recognizes its proportionate share of the investee’s net income or loss, and the carrying amount is adjusted for the Company’s share of the investee’s earnings, losses, and any impairments. These amounts are reflected in other expense, net on the consolidated statements of operations.

For equity investments in which the Company does not have significant influence and fair value is not readily determinable, the measurement alternative is used. These investments are carried at cost, less any impairments, and are adjusted for observable price changes from orderly transactions for the same or similar investments. The measurement alternative is reassessed each reporting period to determine eligibility. Changes in investment basis, including impairments, are recognized in other expense, net on the consolidated statements of operations.

The Company reviews non-marketable debt and equity investments for impairment each reporting period or whenever events or circumstances indicate the carrying value may not be fully recoverable. Impairments are recognized in other expense, net to the extent that the carrying value exceeds fair value.

Fair Value of Financial Instruments

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

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

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

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

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

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

Level 2 Valuation Techniques

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

Foreign Currency

The Company’s reporting currency is the U.S. dollar. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities for foreign subsidiaries with functional currency other than U.S. dollar are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Statements of operations amounts are translated at average exchange rates for the period. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity in the consolidated financial statements. No amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2024, and 2025.
Remeasurement gains and losses are included in other income (expense), net on the consolidated statements of operations. Monetary assets and liabilities are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. As of December 31, 2024 and 2025, the Company had a cumulative translation gain (loss) of $(32) million and $1 million, respectively. Total net realized and unrealized gains (losses) on foreign currency transactions and balances totaled $(48) million, $29 million, and $(35) million for the years ended December 31, 2023, 2024, and 2025, respectively.

Derivative Instruments and Hedging

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

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

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

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

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

Internal-Use Software

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

Property and Equipment

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

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of lease life or 5 years

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

Leases

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

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

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

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

Goodwill

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

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

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

Intangible Assets

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

Impairment of Long-Lived Assets

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

Any impairments to ROU assets, leasehold improvements, or other assets as a result of a sublease, abandonment, or other similar factors are recorded as an operating expense on the consolidated statements of operations. Similar to other long-lived assets, management tests ROU assets for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. For ROU assets, such circumstances may include subleases that do not fully recover the costs of the associated leases or a decision to abandon the use of all or part of an asset. For the years ended December 31, 2023, 2024, and 2025, the Company did not record any impairment charges.

Revenue Recognition

The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on its platform. The Company’s customers are both hosts and guests. Customers must agree to the Company’s Terms of Service (“ToS”) to use the platform. Upon a booking made by a guest, the host agrees to provide use of the property and both parties agree to the booking amount which excludes taxes and the Company’s service fees. The Company’s service fees are charged in exchange for activities, including platform use, customer support, and payment processing activities, which are not distinct and collectively constitute a single performance obligation. The performance obligation, governed by the acceptance of the Company’s ToS, is satisfied at the point of check-in when the guest begins their stay and the Company obtains an enforceable right to payment. Accordingly, revenue is recognized on the consolidated statements of operations, at the point of check-in. For all bookings, the guest pays the booking amount to the Company, which disburses the booking amount to the host after check-in, net of the host’s service fees.

Historically, the Company operated only under a split-fee structure, charging service fees as a percentage of the booking amount to both hosts and guests. In October 2025, the Company began transitioning to a single-fee structure, charging only the host a service fee. For bookings that remain under the split-fee model, the Company continues to charge service fees separately to both hosts and guests.
The Company’s ToS stipulates that a host may cancel a confirmed booking up to the point of check-in. As such, for accounting purposes, each booking represents a separate contract between the host and guest, which is not enforceable until check-in. As a result, at December 31, 2024 and 2025, there were no partially satisfied or unsatisfied performance obligations. Service fees collected from customers prior to check-in are recorded as unearned fees on the consolidated balance sheets. The unearned fees are not considered contract balances, as they are subject to refund in the event of a cancellation.

Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees for long-term stays on a monthly basis, consistent with the applicable fee structure for the booking. Long-term stays are generally cancelable within 30 days before check-in, permitting guests to avoid cancellation fees or paying for unused nights beyond the notice period. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the host and guest that becomes enforceable at check-in for the initial month or subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. Revenue is recognized for the first month upon check-in and for subsequent months upon each month’s anniversary from the initial check-in date.

The Company presents revenue net, as an agent, because it does not control the right to use the properties either before or after completion of its service. It does not fulfill rental promises, bear inventory risk, or set prices. Therefore, revenue is presented on a net basis, reflecting the service fees received from customers under either the single-fee or split-fee structures to facilitate a stay.

Amounts assessed by governmental authorities, such as taxes that are both imposed on and are concurrent with specific revenue producing transactions, cleaning and pet fees are excluded from revenue and cost of revenue.

Payments to Customers

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

Incentive Programs

The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2024 and 2025, the referral coupon liability was immaterial.

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

Refunds

In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was immaterial as of December 31, 2024 and 2025.

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

Funds Receivable and Funds Payable

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

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

Cost of Revenue

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

Operations and Support

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

Product Development

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

Sales and Marketing

Sales and marketing costs primarily consist of performance and brand marketing, personnel-related expenses, including those related to field operations, portions of referral incentives and coupons, policy and communications, and allocated costs for facilities and information technology. These costs are expensed as incurred on the consolidated statements of operations. Advertising expenses on the consolidated statements of operations were $953 million, $1.1 billion, and $843 million for the years ended December 31, 2023, 2024, and 2025, respectively.

General and Administrative

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

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax law in effect for the years in which the temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date on the consolidated statements of operations. Accrued interest and penalties related to unrecognized tax benefits are recognized in the provision for (benefit from) income taxes on the consolidated statements of operations.

A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are recoverable. The Company regularly assesses all available evidence, including cumulative historic losses, forecasted earnings, if carryback is permitted under the law, carryforward periods, and prudent and feasible tax planning strategies.

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

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

Stock-Based Compensation

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

Net Income Per Share Attributable to Common Stockholders

The Company applies the two-class method when computing net income per share attributable to common stockholders when shares are issued that meet the definition of a participating security. The two-class method determines net income per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed.

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

Contingencies

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

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-09, which is an update to standardize income tax disclosures that primarily relates to the presentation of the effective tax rate reconciliation and income taxes paid information in the footnote disclosures. The Company adopted the guidance prospectively effective December 31, 2025 (refer to Note 3, Supplemental Financial Statement Information and Note 14 Income Taxes).

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, which is an update to improve the disclosures about an entity’s expenses, for both annual and interim periods in a tabular format in the footnotes to the financial statements, to include disaggregated information about specific categories underlying certain income statement expense line items. The update is effective for public companies on a prospective basis, with the option for retrospective application in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

In July 2025, the FASB issued ASU 2025-05, which is 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 does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, which is 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 anticipates no material impact on its consolidated financial statements upon adoption of this guidance and intends to early adopt it prospectively effective January 1, 2026.

In November 2025, the FASB issued ASU 2025-09, which refines the scope of derivatives and clarifies the scope for noncash share-based consideration from a customer in a revenue contract. The update is effective for fiscal years beginning after December 15, 2026, and interim
periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.
There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.
v3.25.4
Supplemental Financial Statement Information
 12 Months Ended
Dec. 31, 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 consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20242025
Cash and cash equivalents$6,864 $6,560 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,871 6,891 
Restricted cash included in prepaids and other current assets
25 35 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,760 $13,486 

Supplemental Disclosures of Cash Flow Information

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

Year Ended December 31,
202320242025
Cash paid for:
Operating leases$84 $89 $87 
Interest expense
55 2 2 
Income taxes, net of refunds:
Federal$65 
State46 
Foreign121 
Cash paid for income taxes, net of refunds
$232 

Cash paid for income taxes, net of refunds (prior to ASU 2023-09) was $132 million and $350 million in 2023 and 2024, respectively.

Year Ended December 31,
202320242025
Noncash investing and financing activities:
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases$20 $57 $36 
Net settlement of cashless warrants exercised$202 $22 $— 
Net settlement of cashless stock options exercised$36 $— $— 
Supplemental disclosures of balance sheet information

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

December 31,
20242025
Prepaids and other current assets:
Customer receivables
$175 $225 
Customer receivables reserve
(28)(39)
Other (web hosting prepayments, payment processor receivables, and other)
491 638 
Prepaids and other current assets
$638 $824 
Other assets, noncurrent:
Property and equipment, net$147 $107 
Operating lease right-of-use assets144 150 
Other (web hosting prepayments and other)
272 282 
Other assets, noncurrent$563 $539 
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and estimated lodging and withholding tax liabilities
$1,055 $1,132 
Compensation and employee benefits498 593 
Accounts payable142 232 
Operating lease liabilities, current63 68 
Other (insurance, advertising costs, and other)
856 923 
Accrued expenses, accounts payable, and other current liabilities$2,614 $2,948 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent
$236 $204 
Other
155 156 
Other liabilities, noncurrent
$391 $360 
Payments to Customers

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

Year Ended December 31,
202320242025
Reductions to revenue
$360 $455 $484 
Charges to operations and support
96 118 101 
Charges to sales and marketing expense
61 54 77 
Total payments made to customers
$517 $627 $662 

Revenue Disaggregated by Geographic Region

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

Year Ended December 31,
202320242025
North America$4,638 $5,006 $5,196 
Europe, the Middle East, and Africa
3,615 4,135 4,729 
Latin America824 969 1,160 
Asia Pacific840 992 1,156 
Total revenue disaggregated by geographic region$9,917 $11,102 $12,241 
v3.25.4
Investments
 12 Months Ended
Dec. 31, 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 

December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,277 $11 $— $2,288 
Mortgage-backed and asset-backed securities
441 2 (2)441 
Government bonds
262 — — 262 
Commercial paper
182 — — 182 
Certificates of deposit
149 — — 149 
Total debt securities3,311 13 (2)3,322 
Time deposits1,132 — — 1,132 
Total short-term investments$4,443 $13 $(2)$4,454 

Long-term investments were immaterial as of December 31, 2024 and 2025.

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

Unrealized gains and losses, net of tax before reclassifications from AOCI to other expense, net were immaterial in 2023, 2024, and 2025. Realized gains and losses reclassified from AOCI to other expense, net were immaterial in 2023, 2024, and 2025.

Debt securities in an unrealized loss position had an estimated fair value of $1.1 billion and $161 million as of December 31, 2024 and 2025, respectively. A total of $269 million and $36 million of these securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2024 and 2025, respectively. Unrealized losses were immaterial as of December 31, 2024 and 2025.

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
December 31, 2025
Amortized
Cost		Estimated
Fair Value
Due within one year$1,523 $1,527 
Due after one year through five years1,702 1,702 
Due after five years99 97 
Total$3,324 $3,326 
Investments Accounted for Under the Equity Method

As of both December 31, 2024 and 2025, the carrying values of the Company’s equity method investments were $47 million. In 2023, 2024, and 2025, the Company recorded immaterial losses within other expense, net on the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. There were no impairment charges in 2023 and 2024. The Company recorded an immaterial impairment charge in 2025.

Equity Investments Without Readily Determinable Fair Values

The Company holds equity investments in privately-held companies where fair values are not readily determinable and in which it lacks a controlling interest or significant influence. These investments had a net carrying value of $38 million and $11 million as of December 31, 2024 and 2025, respectively, and are classified within other assets, noncurrent on the consolidated balance sheets.

The Company recorded an impairment charge of $45 million and $30 million in 2024 and 2025, respectively, and did not have any impairment charges or downward adjustments for observable price changes in 2023.

The Company recorded immaterial upward adjustments in 2023 and 2025, and did not have any upward adjustments for observable price changes in 2024.

As of December 31, 2025, the cumulative impairment and downward adjustments for observable price changes were $108 million.
v3.25.4
Fair Value Measurements and Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 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 equivalents at fair value1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments at fair value— 3,045 — 3,045 
Funds receivable and amounts held on behalf of customers:
Money market funds1,340 — — 1,340 
Prepaids and other current assets:
Foreign exchange derivative assets— 114 — 114 
Other assets, noncurrent:
Foreign exchange derivative assets
— 6 — 6 
Total assets at fair value$2,975 $3,352 $— $6,327 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $20 $— $20 

December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$901 $— $— $901 
Commercial paper— 98 — 98 
Government bonds— 57 — 57 
Corporate debt securities— 7 — 7 
Total cash and cash equivalents at fair value901 162 — 1,063 
Short-term investments:
Corporate debt securities— 2,288 — 2,288 
Mortgage-backed and asset-backed securities— 441 — 441 
Government bonds— 262 — 262 
Commercial paper— 182 — 182 
Certificates of deposit— 149 — 149 
Total short-term investments at fair value— 3,322 — 3,322 
Funds receivable and amounts held on behalf of customers:
Money market funds2,164 — — 2,164 
Prepaids and other current assets:
Foreign exchange derivative assets— 20 — 20 
Total assets at fair value$3,065 $3,504 $— $6,569 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $68 $— $68 

Long-term investments were immaterial as of December 31, 2024 and 2025.

There were no transfers of financial instruments into or out of Level 3 in 2024 and 2025.
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 in 2023, 2024, and 2025.
v3.25.4
Derivative Instruments and Hedging
 12 Months Ended
Dec. 31, 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 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 instances where the cost of hedging is determined to outweigh the potential benefit of mitigating the exposure. 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. In the first quarter of 2023, the Company initiated a foreign exchange cash flow hedging program to minimize the effects of foreign currency fluctuations on future revenue. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue, typically 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 consolidated balance sheets (in millions):

Derivative Assets(1)(2)
Fair value as of December 31,
Location
20242025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$90 $4 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $16 

Derivative Liabilities(1)(2)
Fair value as of December 31,
Location
20242025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$— $61 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$20 $7 

(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 December 31, 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 $18 million, resulting in net derivative assets of $2 million and net derivative liabilities of $52 million.
Effect of Derivative Instruments Designated as Hedging Instruments on AOCI

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

Year Ended December 31,
202320242025
Derivatives designated as cash flow hedges:
Foreign exchange contracts(1)
$(30)$125 $(203)

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

Realized gains (losses) on derivative instruments designated as hedging instruments reclassified from AOCI to revenue in the consolidated statements of operations were immaterial in 2023 and 2024, and $(64) million in 2025.

As of December 31, 2024 and 2025, cumulative unrealized gains (losses) recorded in AOCI, net of tax, related to derivative instruments designated as hedging instruments were $80 million and $(59) million, respectively.

Derivative Instruments Not Designated as Hedging Instruments

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

Realized Gain (Loss) on Derivatives Unrealized Gain (Loss) on Derivatives
Year Ended December 31,Year Ended December 31,
202320242025202320242025
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(43)$(59)$44 $10 $11 $6 

The total notional amount of outstanding derivatives not designated as hedging instruments was $2.1 billion and $2.7 billion as of December 31, 2024 and 2025, respectively.

Cash Flow Hedges

The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was $2.5 billion and $3.1 billion as of December 31, 2024 and 2025, respectively.

As of December 31, 2025, approximately $63 million of deferred net losses on both outstanding and matured derivatives in AOCI are expected to be reclassified to revenue during the next 12 months concurrent with the underlying hedged transactions, which will be recorded in revenue. Actual amounts ultimately reclassified to revenue are dependent on the exchange rates in effect when derivative contracts currently outstanding mature.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

The changes in the carrying amount of goodwill in 2024 and 2025 were as follows (in millions):

Amount
Balance as of December 31, 2023$752 
Foreign currency translation adjustments(2)
Balance as of December 31, 2024750 
Foreign currency translation adjustments4 
Balance as of December 31, 2025$754 

Intangible Assets

As of December 31, 2024 and 2025, intangible assets, net were $27 million and $16 million, respectively, net of accumulated amortization of $67 million and $78 million, respectively. The estimated future amortization expense of $16 million will be amortized through 2029. Amortization expense related to intangible assets was immaterial in 2023, 2024, and 2025.
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):

December 31,
20242025
Computer software and capitalized internal-use software
$122 $147 
Leasehold improvements
110 114 
Other(1)
56 49 
Total property and equipment, gross288 310 
Less: Accumulated depreciation and amortization(141)(203)
Total property and equipment, net$147 $107 

(1)Other includes building and land, computer equipment, construction in process, and office furniture and equipment.

Depreciation expense related to property and equipment in 2023, 2024, and 2025 was $18 million, $16 million, and $17 million, respectively. In 2023, 2024, and 2025, amortization of capitalized internal-use software costs was $13 million, $34 million, and $61 million, respectively.
The net carrying value of capitalized internal-use software as of December 31, 2024 and 2025 was $69 million and $33 million, respectively.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company’s material operating leases consist of office space. The Company’s leases generally have remaining terms of one to 13 years, some of which include one or more options to extend the leases up to 10 years. Additionally, some lease contracts include termination options. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods.

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

Year Ended December 31,
202320242025
Operating lease cost
$58 $53 $47 
Short-term lease cost
6 4 4 
Variable lease cost
16 17 19 
Lease cost, net
$80 $74 $70 

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

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

December 31,
20242025
Weighted-average remaining lease term (years)7.26.9
Weighted-average discount rate7.3 %7.4 %
Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2025 (in millions):

Year Ending December 31,
Amount(1)
2026$86 
20279 
202838 
202950 
203044 
Thereafter139 
Total lease payments366 
Less: Imputed interest(94)
Present value of lease liabilities272 
Less: Current portion of lease liabilities(68)
Total long-term lease liabilities$204 

(1)Amounts are net of tenant improvement allowances.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 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 unsecured notes due March 15, 2026 (the "2026 Notes"), unless earlier converted, redeemed, or repurchased, 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, and do not bear interest.

As of both December 31, 2024 and 2025, total outstanding debt, net of unamortized debt discount and debt issuance costs, was $2.0 billion and the effective interest rate was 0.2%. Debt issuance costs related to the 2026 Notes totaled $21 million and were comprised of commissions payable to the initial purchasers and third-party offering. These costs are amortized to interest expense using the effective interest method over the contractual term. In 2023, 2024, and 2025, interest expense was immaterial.

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

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

As of December 31, 2025, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount.

As of December 31, 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.

Capped Calls

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

The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period, and are included as a reduction to additional paid-in-capital within stockholders’ equity.
2022 Credit Facility
In October 2022, the Company terminated its then existing credit facility and entered into a five-year unsecured Revolving Credit Agreement, which provides for initial commitments by a group of lenders led by Morgan Stanley Senior Funding, Inc. of $1.0 billion (“2022 Credit Facility”). The 2022 Credit Facility provides a $200 million sub-limit for the issuance of letters of credit. The 2022 Credit Facility has a commitment fee based on ratings and leverage ratios with amounts that range from 0.10% to 0.20% per annum on any undrawn amounts, payable quarterly in arrears. Interest on borrowings is based on ratings and leverage ratios with amounts that range from (i) in the case of the Secured Overnight Financing Rate (“SOFR”) borrowings, 1.0% to 1.5%, plus SOFR, subject to a floor of 0.0%, or (ii) in the case of base rate borrowings, 0.0% to 0.5%; plus the greatest of (a) the rate of interest in effect for such day by Morgan Stanley Senior Funding, Inc. as its “prime rate”; (b) the federal funds effective rate plus 0.5%; and (c) SOFR for a one-month period plus 1.0%. Outstanding balances may be repaid prior to maturity without penalty. The 2022 Credit Facility contains customary events of default, affirmative and negative covenants, including restrictions on the Company’s and certain of its subsidiaries’ ability to incur debt and liens, undergo fundamental changes, as well as certain financial covenants. The Company was in compliance with all financial covenants as of December 31, 2025. As of December 31, 2025, no amounts were drawn under the 2022 Credit Facility and outstanding letters of credit totaled $20 million.
v3.25.4
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock

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

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

Class A Common Stock Warrants

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 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.

Preferred Stock

The Company's board of directors has the authority to issue up to 10,000,000 shares of preferred stock in one or more series, without stockholder approval. The board of directors has the authority to determine the rights, preferences, privileges, and restrictions for each series, which may include dividend rights, conversion rights, voting rights, redemption terms, liquidation preferences, and sinking fund provisions. These rights could be superior to those of the Company’s common stock. The preferred stock has a par value of $0.0001 per share, and no shares of preferred stock are currently issued, or outstanding.

Share Repurchase Programs

In February 2024, the Company's 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’s 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.

In 2025, the Company repurchased and subsequently retired 29.7 million shares of Class A common stock for $3.8 billion. In 2024, the Company repurchased and subsequently retired 24.5 million shares of Class A common stock for $3.4 billion.
As of December 31, 2025, the Company completed the repurchases under the February 2024 share repurchase program and had $5.6 billion available to repurchase shares of Class A common stock under the August 2025 share repurchase program.
v3.25.4
Stock-Based Compensation and Employee Benefit Plan
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation and Employee Benefit Plan Stock-Based Compensation and Employee Benefit Plan
Stock-Based Compensation Expense

Stock-based compensation expense was $1.1 billion, $1.4 billion, and $1.6 billion in 2023, 2024, and 2025, respectively. The income tax benefit recognized on the consolidated statement of operations on stock-based compensation expense was $227 million, $273 million, and $317 million, in 2023, 2024, and 2025, respectively.

In 2023 and 2024, the Company recorded income tax benefits of $435 million and $39 million, respectively, related to vested or exercised awards. In 2025, the Company recorded an immaterial amount of income tax expense for these awards. These amounts do not reflect indirect impacts, primarily from the research and development tax credit.

Equity Incentive Plans

2018 Equity Incentive Plan

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

2020 Incentive Award Plan

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

Stock Option and Restricted Stock Unit Activity

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

Year Ended December 31,
202320242025
Expected term (years)
1.4 - 6.1
6.16.1
Risk-free interest rate
3.6% - 5.0%
4.3% - 4.4%
3.8% - 4.0%
Expected volatility
51.3% - 54.4%
51.8% - 52.7%
50.2% - 50.7%
Expected dividend yield— — — 

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

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 20237 $71.76 30 $85.35 
Granted1 168.18 13 153.36 
Exercised/Vested (3)41.55 (11)119.00 
Canceled— — (2)143.07 
Balances as of December 31, 20245 93.53 30 97.93 
Granted1 139.80 16 136.11 
Exercised/Vested(1)53.34 (11)138.98 
Canceled— — (3)140.20 
Balances as of December 31, 20255 $108.28 32 $99.64 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 20245 $93.53 5.43$260 
Options exercisable as of December 31, 20244 80.55 4.69253 
Options outstanding as of December 31, 20255 108.28 5.79203 
Options exercisable as of December 31, 20254 94.05 4.48199 

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

In 2023, 2024, and 2025, the weighted-average fair value of stock options granted under the Plans was $65.22, $93.29, and $69.08 per share, respectively.

In 2023, 2024, and 2025, the aggregate intrinsic value of stock options exercised was $1.6 billion, $254 million, and $82 million, respectively, and the total grant-date fair value of stock options that vested was $44 million, $51 million, and $46 million, respectively.

As of December 31, 2025, there was $114 million of total unrecognized compensation cost related to stock option awards granted under the Plans. The unrecognized cost as of December 31, 2025 is expected to be recognized over a weighted-average period of 2.9 years.

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

Employee Benefit Plan

The Company maintains a 401(k) defined contribution benefit plan that covers substantially all of its domestic employees. The plan allows U.S. employees to make voluntary pre-tax contributions in certain investments at the discretion of the employee, up to maximum annual contribution subject to Internal Revenue Code limitations. The Company’s contributions to the plan was $27 million, $30 million, and $35 million in 2023, 2024, and 2025, respectively.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments

The Company has commitments including purchase obligations for web-hosting services and other commitments for brand marketing. The following table presents these non-cancelable commitments and obligations as of December 31, 2025 (in millions):

 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$1,749 $219 $930 $600 $— 
Other commitments169 66 80 5 18 
Total$1,918 $285 $1,010 $605 $18 

Purchase commitments include amounts related to the Company’s commercial agreement with a data hosting services provider, pursuant to which the Company committed to spend an aggregate of at least $1.7 billion for vendor services through 2031.

Lodging Tax Obligations and Other Non-Income Tax Matters

Lodging Tax Obligations

Some states and localities in the United States and elsewhere in the world impose transient occupancy or lodging accommodations taxes (“Lodging Taxes”) on the use or occupancy of lodging accommodations or other traveler services. As of December 31, 2025, the Company collects and remits Lodging Taxes in approximately 33,000 jurisdictions around the world on behalf of its hosts. Such Lodging Taxes are generally remitted to tax jurisdictions within a 30 to 90-day period following the end of each month.

As of December 31, 2024 and 2025, the Company had an obligation to remit Lodging Taxes collected from guests on bookings in these jurisdictions totaling $312 million and $387 million, respectively. These payables were recorded in accrued expenses, accounts payable, and other current liabilities on the consolidated balance sheets.

In jurisdictions where the Company does not collect and remit Lodging Taxes, hosts are primarily responsible for such taxes. The Company has estimated Lodging Tax liabilities in a certain number of jurisdictions with respect to state, city, and local taxes where management believes it is probable that the Company can be held jointly liable with hosts for taxes and the related amounts can be reasonably estimated. As of December 31, 2024 and 2025, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $83 million and $114 million, respectively. As of December 31, 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 $25 million to $35 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 December 31, 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 has not accrued for these amounts since the likelihood of the contingent liability is less than probable. As of December 31, 2025, the Company estimates that the reasonably possible loss related to these matters in excess of the amounts accrued is between $25 million and $35 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 2025, the Company accrued a total of $227 million and $199 million of estimated tax liabilities, including interest and penalties, related to hosts’ withholding tax obligations, respectively. As of December 31, 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 $150 million to $160 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 ($148 million) was paid in December of 2024, while 56 million Euro ($66 million), 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 or 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 certain 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 Euro ($129 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 Euro ($76 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 consolidated financial statements related to such matters.

Litigation and Other Legal Proceedings

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

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

The Company establishes an accrued liability for loss contingencies related to legal matters when a loss is both probable and reasonably estimable. These accruals represent management’s best estimate of probable losses. Such currently accrued amounts are immaterial to the Company’s consolidated financial statements. However, management’s views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Until the final resolution of legal matters, there may be an exposure to losses in excess of the amounts accrued. With respect to outstanding legal matters, 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 market standard conditions, limitations, and exclusions.
Indemnifications

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

In the ordinary course of business, the Company has included limited indemnification provisions in certain agreements with parties with whom the Company has commercial relations, which provisions are of varying scope and terms with respect to indemnification of certain matters, which may include losses arising out of the Company’s breach of such agreements or out of intellectual property infringement claims made by third parties. It is not possible to determine the maximum potential loss under these indemnification provisions due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, no significant costs have been incurred, either individually or collectively, in connection with the Company’s indemnification provisions.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The domestic and foreign components of Income before income taxes were as follows (in millions):

 Year Ended December 31,
 202320242025
Domestic$1,913 $3,047 $2,719 
Foreign189 284 418 
Income before income taxes$2,102 $3,331 $3,137 

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

 Year Ended December 31,
 202320242025
Current
Federal$19 $103 $80 
State8 23 25 
Foreign158 124 145 
Total current provision for income taxes185 250 250 
Deferred
Federal(2,410)397 348 
State(461)36 35 
Foreign(4)— (7)
Total deferred provision for (benefit from) income taxes(2,875)433 376 
Total provision for (benefit from) income taxes$(2,690)$683 $626 

As further described in Note 2. Significant Accounting Policies, the Company has elected to prospectively adopt ASU 2023-09.
The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the year ended December 31, 2025 (in millions, except percentages) in accordance with ASU 2023-09:

 Year Ended December 31, 2025
 
$
%
Provision for income taxes at U.S. federal statutory rate$659 21.0 %
State and local income taxes, net of federal benefit(1)
33 1.1 
Foreign tax effects
28 0.9 
Effect of cross-border tax laws:
Foreign derived intangible income
(166)(5.3)
Other(49)(1.6)
Tax Credits:
Research and development (“R&D”) credits(121)(3.9)
Valuation allowance221 7.0 
Non-taxable or non-deductible items:
Stock-based compensation
36 1.2 
Other
27 0.9 
Uncertain tax positions
(42)(1.3)
Provision for income taxes effective tax rate$626 20.0 %

(1)The jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York, New York City, and Illinois.

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 it is no longer more-likely-than-not that the Company will be able to utilize its federal corporate alternative minimum tax (“CAMT”) credits. No prudent and feasible tax-planning strategies are currently available that would allow the Company to utilize its historic CAMT credits, and consequently recorded a $213 million valuation allowance. 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 following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the years ended December 31, 2024 and 2023, as previously disclosed, prior to the adoption of ASU 2023-09:

 Year Ended December 31,
 20232024
Expected income tax expense at U.S. federal statutory rate
21.0 %21.0 %
State taxes, net of federal benefits0.3 1.3 
Foreign tax rate differential2.9 0.8 
Stock-based compensation(16.7)(0.2)
Other statutorily non-deductible expenses0.1 0.1 
Research and development credits(5.5)(2.2)
Uncertain tax positions—prior year positions1.8 — 
Uncertain tax positions—current year positions1.7 1.4 
U.S. tax on foreign income, net of allowable credits and deductions3.9 — 
Foreign-derived intangible income deduction(1.0)(2.0)
Change in valuation allowance
(136.6)0.3 
Other, net
0.1 — 
Effective tax rate(128.0)%20.5 %
The components of deferred tax assets and liabilities consisted of the following (in millions):

 December 31,
 20242025
Deferred tax assets:
Loss carryforwards
$462 $253 
Tax credit carryforwards999 806 
Accruals and reserves122 153 
Non-income tax accruals84 81 
Stock-based compensation70 75 
Operating lease liabilities61 51 
Intangible assets140 111 
Capitalized research and development costs882 1,049 
Other, net
62 187 
Gross deferred tax assets2,882 2,766 
Valuation allowance(395)(626)
Total deferred tax assets2,487 2,140 
Deferred tax liabilities:
Property and equipment basis differences(20)(7)
Operating lease assets(25)(25)
Other, net
(7)(9)
Total deferred tax liabilities(52)(41)
Total net deferred tax assets$2,435 $2,099 

The Company regularly assesses the need for a valuation allowance against its deferred tax assets each quarter. In making that assessment, the Company considers both positive and negative evidence in the various jurisdictions in which it operates related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 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. The Company will continue to monitor the need for a valuation allowance against its deferred tax assets on a quarterly basis.

The Company’s policy with respect to its undistributed foreign subsidiaries’ earnings is to consider those earnings to be indefinitely reinvested. The Company has not provided for the tax effect, if any, of limited outside basis differences of its foreign subsidiaries. The determination of the future tax consequences of the remittance of these earnings is not practicable.

As of December 31, 2025, the Company had no remaining net operating loss carryforwards for federal income tax purposes. As of December 31, 2025, the Company had federal research and development tax credit carryforwards of $489 million, which will begin to expire in 2042 if not utilized. As of December 31, 2025, the Company had CAMT credit carryforwards of $400 million, which do not have an expiration date and may be claimed against regular tax in future years.

As of December 31, 2025, the Company had net operating loss carryforwards for state income tax purposes of $3.4 billion. Some of the Company’s state net operating loss carryforwards will expire, if not utilized, beginning in 2035. As of December 31, 2025, the Company had state research and development tax credit carryforwards of $526 million, which do not have an expiration date.

The Tax Reform Act of 1986 and similar California legislation impose substantial restrictions on the utilization of net operating losses and tax credit carryforwards in the event that there is a change in ownership as provided by Section 382 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the expiration of the net operating loss carryforwards and tax credits before utilization, which could result in increased future tax liabilities.
A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in millions):

 Year Ended December 31,
 202320242025
Balance at beginning of year$650 $780 $869 
Gross increases related to prior year tax positions52 1 18 
Gross decreases related to prior year tax positions(8)(1)(105)
Gross increases related to current year tax positions103 106 74 
Reductions due to settlements with taxing authorities(12)(14)(15)
Reduction due to lapse in statute of limitations(5)(3)(6)
Balance at end of year$780 $869 $835 

The Company is in various stages of examination in connection with its ongoing tax audits globally, and it is difficult to determine when these examinations will be settled. The Company believes that an adequate provision has been recorded for any adjustments that may result from tax audits. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company may be required to record an adjustment to the provision for (benefit from) income taxes on the consolidated statements of operations in the period such resolution occurs. Changes in tax laws, regulations, administrative practices, principles, and interpretations may impact the Company’s tax contingencies. The timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts accrued.

As of December 31, 2025, unrecognized tax benefits totaled $693 million, which, if recognized, would impact the Company’s effective income tax rate. The Company’s accrual for interest and penalties was $100 million as of both December 31, 2024 and 2025, as presented on the consolidated balance sheets.

The Company’s significant tax jurisdictions include the United States, California, and Ireland. The Company’s 2008 to 2025 tax years remain subject to examination in the United States and various states due to tax attributes and statutes of limitations, and its 2021 to 2025 tax years remain subject to examination in Ireland. There are other ongoing audits in various other jurisdictions that are immaterial to the Company’s consolidated financial statements. The Company remains subject to possible examination in various other jurisdictions that are not expected to result in material tax adjustments.

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 current 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. The Company entered into an administrative dispute process with IRS Appeals, however an acceptable outcome was not reached. 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 claimed that the Company owes $1.3 billion in tax, plus penalties and interest. The Company will continue to pursue all available remedies to resolve this dispute. In July 2024, the Company petitioned the U.S. Tax Court (“Tax Court”) for redetermination, and if necessary, the Company will appeal the Tax Court’s decision to the appropriate appellate court. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations. If the IRS prevails in the assessment of additional tax due based on its position and such tax and related interest and penalties, if any, exceeds the Company’s current reserves, such outcome could have a material adverse impact on the Company’s financial position and results of operations, and any assessment of additional tax could require a significant cash payment and have a material adverse impact on the Company’s consolidated statements of cash flows.
v3.25.4
Net Income per Share
 12 Months Ended
Dec. 31, 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 for the years indicated (in millions, except per share amounts):

Year Ended December 31,
202320242025
Net income
$4,792 $2,648 $2,511 
Add: convertible notes interest expense, net of tax3 4 3 
Net income - diluted
$4,795 $2,652 $2,514 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic637 632 613 
Effect of dilutive securities25 13 10 
Diluted662 645 623 
Net income per share attributable to Class A and Class B common stockholders:
Basic$7.52 $4.19 $4.10 
Diluted$7.24 $4.11 $4.03 

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

As of each December 31, 2023, 2024, and 2025, RSUs to be settled in 9.6 million shares of Class A common stock were excluded from the table below because they are subject to market conditions that were not achieved as of such date.

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

Year Ended December 31,
202320242025
Stock options2 2 2 
RSUs5 7 11 
Total7 9 13 
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has one operating segment and one reportable segment. The CODM assesses financial performance and decides how to allocate resources based on consolidated net income. Segment assets are reported on the Company’s consolidated balance sheets.
The following table sets forth the Company’s significant segment expenses (in millions):
Year Ended December 31,
202320242025
Revenue$9,917 $11,102 $12,241 
Less:
Merchant fees and chargebacks
1,369 1,508 1,666 
Stock-based compensation expense
1,120 1,407 1,592 
Salaries and benefits1,558 1,686 2,009 
Marketing
1,215 1,514 1,704 
Professional and third-party services(1)
1,078 1,083 1,218 
Non-income taxes894 237 305 
Other items(2)
1,165 1,114 1,203 
Total cost and expense8,399 8,549 9,697 
Income from operations1,518 2,553 2,544 
Interest income721 818 705 
Other expense, net(137)(40)(112)
Income before income taxes2,102 3,331 3,137 
Provision for (benefit from) income taxes(2,690)683 626 
Net income$4,792 $2,648 $2,511 

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

Geographic Information

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

Year Ended December 31,
202320242025
United States
$4,290 $4,640 $4,814 
International1
5,627 6,462 7,427 
Total revenue$9,917 $11,102 $12,241 

(1)No individual international country represented 10% or more of the Company’s total revenue in 2023, 2024, or 2025.

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

 December 31,
 20242025
United States$245 $204 
Ireland30 22 
Other international16 31 
Total long-lived assets$291 $257 

Long-lived assets as of December 31, 2024 and 2025 consisted of property and equipment and operating lease ROU assets. Long-lived assets attributed to the United States, Ireland, and other international geographies are based upon the country in which the asset is located.
v3.25.4
Schedule II—Valuation and Qualifying Account
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II—Valuation and Qualifying Account
Schedule II—Valuation and Qualifying Account
The table below details the activity of the valuation allowance on deferred tax assets for the years ended December 31, 2023, 2024, and 2025 (in millions):

Balance at
Beginning of
Year		Charged to
Expenses		Credited to ExpensesBalance at
End of Year
Valuation Allowance on Deferred Tax Assets
Year Ended December 31, 2023$3,166 $95 $(2,897)$364 
Year Ended December 31, 2024$364 $31 $— $395 
Year Ended December 31, 2025$395 $231 $— $626 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information, including information pertaining to hosts, guests, employees, and other users. Our cybersecurity risk management program includes a cybersecurity incident response plan (“Incident Response Plan”).

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

Our cybersecurity risk management program includes:

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

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

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

Our management team supervises our information security team’s efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, or external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

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

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

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to 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, 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 consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less.
Investments
Investments

The Company’s investments consist of time deposits, available-for-sale (“AFS”) debt securities, and held-to-maturity (“HTM”) debt securities. Management determines the appropriate classification of investments at the time of purchase based on its intent and ability to hold the securities.

Time deposits are accounted for at amortized cost within short term investments in the consolidated balance sheets.

AFS debt securities include corporate debt securities, commercial paper, certificates of deposit, U.S. government and government agency securities, and mortgage-backed and asset-backed securities. AFS debt securities are recorded at fair value within short-term investments in the consolidated balance sheets with unrealized gains and non-credit-related losses reported as a component of accumulated other comprehensive income (loss) (“AOCI”).

HTM debt securities include investments the Company has the positive intent and ability to hold to maturity and are recorded at amortized cost, net of any allowance for credit losses. The Company classifies these investments as short-term investments or other assets, noncurrent in the consolidated balance sheets based on their remaining contractual maturities as of the reporting date.

Realized gains and losses on the sale of investment securities are determined using the specific identification method and are recorded within other expense, net, on the consolidated statements of operations.

Impairment and Credit Losses

For AFS debt securities in an unrealized loss position, the Company first evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either condition is met, the difference between amortized cost and fair value is recognized in earnings. If the Company does not intend to sell and is not required to sell the security before recovery, the Company evaluates whether the decline is due to credit-related factors. Credit-related losses, if any, are recognized through
an allowance for credit losses with a corresponding charge to earnings, and any remaining unrealized loss is recognized in other comprehensive income (loss).

For HTM debt securities, expected credit losses are measured through an allowance for credit losses, representing the amount by which the amortized cost basis exceeds the Company’s estimate of the present value of cash flows expected to be collected. Improvements in expected cash flows are recognized through a reversal of previously recorded credit losses.
Non-Marketable Investments
Non-Marketable Investments

Non-marketable investments consist of debt and equity investments in privately-held companies, which are classified as other assets, noncurrent on the consolidated balance sheets. Equity investments are accounted for using either the equity method or the measurement alternative, depending on the level of influence and availability of fair value information.

The equity method is applied when the Company has significant influence over the investee’s operating and financial policies. Under this method, the Company recognizes its proportionate share of the investee’s net income or loss, and the carrying amount is adjusted for the Company’s share of the investee’s earnings, losses, and any impairments. These amounts are reflected in other expense, net on the consolidated statements of operations.

For equity investments in which the Company does not have significant influence and fair value is not readily determinable, the measurement alternative is used. These investments are carried at cost, less any impairments, and are adjusted for observable price changes from orderly transactions for the same or similar investments. The measurement alternative is reassessed each reporting period to determine eligibility. Changes in investment basis, including impairments, are recognized in other expense, net on the consolidated statements of operations.

The Company reviews non-marketable debt and equity investments for impairment each reporting period or whenever events or circumstances indicate the carrying value may not be fully recoverable. Impairments are recognized in other expense, net to the extent that the carrying value exceeds fair value.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

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

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

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

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

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

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

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

The Company’s reporting currency is the U.S. dollar. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities for foreign subsidiaries with functional currency other than U.S. dollar are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Statements of operations amounts are translated at average exchange rates for the period. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity in the consolidated financial statements. No amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2024, and 2025.
Remeasurement gains and losses are included in other income (expense), net on the consolidated statements of operations. Monetary assets and liabilities are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. As of December 31, 2024 and 2025, the Company had a cumulative translation gain (loss) of $(32) million and $1 million, respectively. Total net realized and unrealized gains (losses) on foreign currency transactions and balances totaled $(48) million, $29 million, and $(35) million for the years ended December 31, 2023, 2024, and 2025, respectively.
Derivatives Instruments and Hedging
Derivative Instruments and Hedging

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

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

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

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

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

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

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of lease life or 5 years
Costs of maintenance and repairs that do not improve or extend the useful lives of assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected on the consolidated statements of operations.
Leases
Leases

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

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

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

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

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

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

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

Any impairments to ROU assets, leasehold improvements, or other assets as a result of a sublease, abandonment, or other similar factors are recorded as an operating expense on the consolidated statements of operations. Similar to other long-lived assets, management tests ROU assets for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. For ROU assets, such circumstances may include subleases that do not fully recover the costs of the associated leases or a decision to abandon the use of all or part of an asset. For the years ended December 31, 2023, 2024, and 2025, the Company did not record any impairment charges.
Revenue Recognition
Revenue Recognition

The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on its platform. The Company’s customers are both hosts and guests. Customers must agree to the Company’s Terms of Service (“ToS”) to use the platform. Upon a booking made by a guest, the host agrees to provide use of the property and both parties agree to the booking amount which excludes taxes and the Company’s service fees. The Company’s service fees are charged in exchange for activities, including platform use, customer support, and payment processing activities, which are not distinct and collectively constitute a single performance obligation. The performance obligation, governed by the acceptance of the Company’s ToS, is satisfied at the point of check-in when the guest begins their stay and the Company obtains an enforceable right to payment. Accordingly, revenue is recognized on the consolidated statements of operations, at the point of check-in. For all bookings, the guest pays the booking amount to the Company, which disburses the booking amount to the host after check-in, net of the host’s service fees.

Historically, the Company operated only under a split-fee structure, charging service fees as a percentage of the booking amount to both hosts and guests. In October 2025, the Company began transitioning to a single-fee structure, charging only the host a service fee. For bookings that remain under the split-fee model, the Company continues to charge service fees separately to both hosts and guests.
The Company’s ToS stipulates that a host may cancel a confirmed booking up to the point of check-in. As such, for accounting purposes, each booking represents a separate contract between the host and guest, which is not enforceable until check-in. As a result, at December 31, 2024 and 2025, there were no partially satisfied or unsatisfied performance obligations. Service fees collected from customers prior to check-in are recorded as unearned fees on the consolidated balance sheets. The unearned fees are not considered contract balances, as they are subject to refund in the event of a cancellation.

Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees for long-term stays on a monthly basis, consistent with the applicable fee structure for the booking. Long-term stays are generally cancelable within 30 days before check-in, permitting guests to avoid cancellation fees or paying for unused nights beyond the notice period. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the host and guest that becomes enforceable at check-in for the initial month or subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. Revenue is recognized for the first month upon check-in and for subsequent months upon each month’s anniversary from the initial check-in date.

The Company presents revenue net, as an agent, because it does not control the right to use the properties either before or after completion of its service. It does not fulfill rental promises, bear inventory risk, or set prices. Therefore, revenue is presented on a net basis, reflecting the service fees received from customers under either the single-fee or split-fee structures to facilitate a stay.
Amounts assessed by governmental authorities, such as taxes that are both imposed on and are concurrent with specific revenue producing transactions, cleaning and pet fees are excluded from revenue and cost of revenue.
Incentive Programs

The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2024 and 2025, the referral coupon liability was immaterial.
Through marketing promotions, the Company issues customer coupon credits to encourage the use of its platform. After a customer redeems such incentives, the Company records a reduction to revenue at the date it records the corresponding revenue transaction, as the Company does not receive a distinct good or service in exchange for the customer incentive payment.
Refunds

In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was immaterial as of December 31, 2024 and 2025.
The Company evaluates whether the cumulative amount of payments made to customers that are not in exchange for a distinct good or service received from customers exceeds the cumulative revenue earned since inception of the customer relationships. Any cumulative payments in excess of cumulative revenue are presented within operations and support or sales and marketing on the consolidated statements of operations based on the nature of the payments made to customers.
Payments to Customers
Payments to Customers
The Company makes payments to customers as part of its referral programs and marketing promotions, collectively referred to as the Company’s incentive programs, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.
Funds Receivable and Funds Payable
Funds Receivable and Funds Payable

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

The Company records guest payments, net of service fees, as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers when cash is received in advance of check-in. Host and guest fees are recorded as cash with a corresponding amount in unearned fees. For certain bookings, a guest may opt to pay a percentage of the total amount due when the booking is confirmed, with the remaining balance due prior to the stay occurring (the “Pay Less Upfront Program”). Under the Pay Less Upfront Program, when the Company receives the first installment payment from the guest upon confirmation of the booking, the Company records the first installment payment as funds receivable and amounts held on behalf of
customers with a corresponding amount in funds payable and amounts payable to customers, net of the host and guest fees. The full value of the service fees is recorded as cash and cash equivalents and unearned fees on the consolidated balance sheets upon receipt of the first installment payment to represent what the Company expects to be recognized as revenue if the underlying booking is not canceled. Upon receipt of the second installment, such payment amounts are also recorded as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers. Following check-in, the Company remits funds due to hosts and recognizes unearned fees as revenue as its performance obligation is satisfied.
Cost of Revenue
Cost of Revenue
Cost of revenue primarily consists of payment processing charges, including merchant fees and chargebacks, costs associated with third-party data centers used to host the Company’s platform, and amortization of internally developed software, and acquired technology.
Operations and Support
Operations and Support
Operations and support costs primarily consist of personnel-related expenses and third-party service provider fees associated with customer support provided via phone, email, and chat to customers, customer relations costs, which include refunds and credits related to customer satisfaction and expenses associated with the Company’s host protection programs, and allocated costs for facilities and information technology. These costs are expensed as incurred on the consolidated statements of operations.
Product Development
Product Development
Product development costs primarily consist of personnel-related expenses and third-party service provider expenditures incurred in connection with the development of the Company’s platform and new products as well as the improvement of existing products, and allocated costs for facilities and information technology. These costs are expensed as incurred on the consolidated statements of operations.
Sales and Marketing
Sales and Marketing
Sales and marketing costs primarily consist of performance and brand marketing, personnel-related expenses, including those related to field operations, portions of referral incentives and coupons, policy and communications, and allocated costs for facilities and information technology. These costs are expensed as incurred on the consolidated statements of operations. Advertising expenses on the consolidated statements of operations were $953 million, $1.1 billion, and $843 million for the years ended December 31, 2023, 2024, and 2025, respectively.
General and Administrative
General and Administrative
General and administrative costs primarily consist of personnel-related expenses for executive management and administrative functions, including finance and accounting, legal, and human resources, as well as general corporate and director and officer insurance. General and administrative costs also include professional services fees, allocated costs for facilities and information technology, indirect taxes including lodging taxes where the Company may be held jointly liable with hosts for collecting and remitting such taxes, withholding taxes, other transactional taxes, and bad debt expense. These costs are expensed as incurred on the consolidated statements of operations.
Income Taxes
Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax law in effect for the years in which the temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date on the consolidated statements of operations. Accrued interest and penalties related to unrecognized tax benefits are recognized in the provision for (benefit from) income taxes on the consolidated statements of operations.

A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are recoverable. The Company regularly assesses all available evidence, including cumulative historic losses, forecasted earnings, if carryback is permitted under the law, carryforward periods, and prudent and feasible tax planning strategies.

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

The Company applies the two-class method when computing net income per share attributable to common stockholders when shares are issued that meet the definition of a participating security. The two-class method determines net income per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed.
Basic net income per share attributable to common stockholders is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period, less weighted-average shares subject to repurchase. The diluted net income per share is computed by giving effect to all potentially dilutive securities outstanding for the period, including RSUs, stock options, and warrants using the treasury stock method, and convertible notes, using the if-converted method.
Contingencies
Contingencies

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

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-09, which is an update to standardize income tax disclosures that primarily relates to the presentation of the effective tax rate reconciliation and income taxes paid information in the footnote disclosures. The Company adopted the guidance prospectively effective December 31, 2025 (refer to Note 3, Supplemental Financial Statement Information and Note 14 Income Taxes).

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, which is an update to improve the disclosures about an entity’s expenses, for both annual and interim periods in a tabular format in the footnotes to the financial statements, to include disaggregated information about specific categories underlying certain income statement expense line items. The update is effective for public companies on a prospective basis, with the option for retrospective application in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

In July 2025, the FASB issued ASU 2025-05, which is 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 does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, which is 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 anticipates no material impact on its consolidated financial statements upon adoption of this guidance and intends to early adopt it prospectively effective January 1, 2026.

In November 2025, the FASB issued ASU 2025-09, which refines the scope of derivatives and clarifies the scope for noncash share-based consideration from a customer in a revenue contract. The update is effective for fiscal years beginning after December 15, 2026, and interim
periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.
There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.
Segment Information
Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has one operating segment and one reportable segment. The CODM assesses financial performance and decides how to allocate resources based on consolidated net income. Segment assets are reported on the Company’s consolidated balance sheets.
v3.25.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Depreciation and Amortization on Property and Equipment over the Estimated Useful Lives Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:
Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of lease life or 5 years
Property and equipment, net, consisted of the following (in millions):

December 31,
20242025
Computer software and capitalized internal-use software
$122 $147 
Leasehold improvements
110 114 
Other(1)
56 49 
Total property and equipment, gross288 310 
Less: Accumulated depreciation and amortization(141)(203)
Total property and equipment, net$147 $107 

(1)Other includes building and land, computer equipment, construction in process, and office furniture and equipment.
v3.25.4
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 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 consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20242025
Cash and cash equivalents$6,864 $6,560 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,871 6,891 
Restricted cash included in prepaids and other current assets
25 35 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,760 $13,486 
Schedule of Restricted Cash
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20242025
Cash and cash equivalents$6,864 $6,560 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,871 6,891 
Restricted cash included in prepaids and other current assets
25 35 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,760 $13,486 
Schedule of Supplemental Disclosures of Cash Flow Information
Supplemental cash flow information consisted of the following (in millions):

Year Ended December 31,
202320242025
Cash paid for:
Operating leases$84 $89 $87 
Interest expense
55 2 2 
Income taxes, net of refunds:
Federal$65 
State46 
Foreign121 
Cash paid for income taxes, net of refunds
$232 

Cash paid for income taxes, net of refunds (prior to ASU 2023-09) was $132 million and $350 million in 2023 and 2024, respectively.

Year Ended December 31,
202320242025
Noncash investing and financing activities:
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases$20 $57 $36 
Net settlement of cashless warrants exercised$202 $22 $— 
Net settlement of cashless stock options exercised$36 $— $— 
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information consisted of the following (in millions):

December 31,
20242025
Prepaids and other current assets:
Customer receivables
$175 $225 
Customer receivables reserve
(28)(39)
Other (web hosting prepayments, payment processor receivables, and other)
491 638 
Prepaids and other current assets
$638 $824 
Other assets, noncurrent:
Property and equipment, net$147 $107 
Operating lease right-of-use assets144 150 
Other (web hosting prepayments and other)
272 282 
Other assets, noncurrent$563 $539 
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and estimated lodging and withholding tax liabilities
$1,055 $1,132 
Compensation and employee benefits498 593 
Accounts payable142 232 
Operating lease liabilities, current63 68 
Other (insurance, advertising costs, and other)
856 923 
Accrued expenses, accounts payable, and other current liabilities$2,614 $2,948 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent
$236 $204 
Other
155 156 
Other liabilities, noncurrent
$391 $360 
Schedule of Payments to Customers The following table summarizes total payments made to customers (in millions):
Year Ended December 31,
202320242025
Reductions to revenue
$360 $455 $484 
Charges to operations and support
96 118 101 
Charges to sales and marketing expense
61 54 77 
Total payments made to customers
$517 $627 $662 
Schedule of Revenue Disaggregated by Location
The following table presents revenue disaggregated by listing location (in millions):

Year Ended December 31,
202320242025
North America$4,638 $5,006 $5,196 
Europe, the Middle East, and Africa
3,615 4,135 4,729 
Latin America824 969 1,160 
Asia Pacific840 992 1,156 
Total revenue disaggregated by geographic region$9,917 $11,102 $12,241 
The following table sets forth the breakdown of revenue by geography, determined based on the location of the host’s listing (in millions):

Year Ended December 31,
202320242025
United States
$4,290 $4,640 $4,814 
International1
5,627 6,462 7,427 
Total revenue$9,917 $11,102 $12,241 
(1)No individual international country represented 10% or more of the Company’s total revenue in 2023, 2024, or 2025.
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 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 

December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,277 $11 $— $2,288 
Mortgage-backed and asset-backed securities
441 2 (2)441 
Government bonds
262 — — 262 
Commercial paper
182 — — 182 
Certificates of deposit
149 — — 149 
Total debt securities3,311 13 (2)3,322 
Time deposits1,132 — — 1,132 
Total short-term investments$4,443 $13 $(2)$4,454 
Schedule of Contractual Maturities of the Available-for-Sale Debt Securities
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
December 31, 2025
Amortized
Cost		Estimated
Fair Value
Due within one year$1,523 $1,527 
Due after one year through five years1,702 1,702 
Due after five years99 97 
Total$3,324 $3,326 
v3.25.4
Fair Value Measurements and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 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 equivalents at fair value1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments at fair value— 3,045 — 3,045 
Funds receivable and amounts held on behalf of customers:
Money market funds1,340 — — 1,340 
Prepaids and other current assets:
Foreign exchange derivative assets— 114 — 114 
Other assets, noncurrent:
Foreign exchange derivative assets
— 6 — 6 
Total assets at fair value$2,975 $3,352 $— $6,327 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $20 $— $20 

December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$901 $— $— $901 
Commercial paper— 98 — 98 
Government bonds— 57 — 57 
Corporate debt securities— 7 — 7 
Total cash and cash equivalents at fair value901 162 — 1,063 
Short-term investments:
Corporate debt securities— 2,288 — 2,288 
Mortgage-backed and asset-backed securities— 441 — 441 
Government bonds— 262 — 262 
Commercial paper— 182 — 182 
Certificates of deposit— 149 — 149 
Total short-term investments at fair value— 3,322 — 3,322 
Funds receivable and amounts held on behalf of customers:
Money market funds2,164 — — 2,164 
Prepaids and other current assets:
Foreign exchange derivative assets— 20 — 20 
Total assets at fair value$3,065 $3,504 $— $6,569 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $68 $— $68 
v3.25.4
Derivative Instruments and Hedging (Tables)
 12 Months Ended
Dec. 31, 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 consolidated balance sheets (in millions):

Derivative Assets(1)(2)
Fair value as of December 31,
Location
20242025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$90 $4 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $16 

Derivative Liabilities(1)(2)
Fair value as of December 31,
Location
20242025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$— $61 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$20 $7 

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

Year Ended December 31,
202320242025
Derivatives designated as cash flow hedges:
Foreign exchange contracts(1)
$(30)$125 $(203)

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

Realized Gain (Loss) on Derivatives Unrealized Gain (Loss) on Derivatives
Year Ended December 31,Year Ended December 31,
202320242025202320242025
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(43)$(59)$44 $10 $11 $6 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill in 2024 and 2025 were as follows (in millions):

Amount
Balance as of December 31, 2023$752 
Foreign currency translation adjustments(2)
Balance as of December 31, 2024750 
Foreign currency translation adjustments4 
Balance as of December 31, 2025$754 
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:
Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of lease life or 5 years
Property and equipment, net, consisted of the following (in millions):

December 31,
20242025
Computer software and capitalized internal-use software
$122 $147 
Leasehold improvements
110 114 
Other(1)
56 49 
Total property and equipment, gross288 310 
Less: Accumulated depreciation and amortization(141)(203)
Total property and equipment, net$147 $107 

(1)Other includes building and land, computer equipment, construction in process, and office furniture and equipment.
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost, Operating Lease Liabilities, Lease Term and Discount Rate
The components of lease cost, excluding the immaterial impact from sublease income, were as follows (in millions):

Year Ended December 31,
202320242025
Operating lease cost
$58 $53 $47 
Short-term lease cost
6 4 4 
Variable lease cost
16 17 19 
Lease cost, net
$80 $74 $70 
Weighted-average lease term and discount rate were as follows:

December 31,
20242025
Weighted-average remaining lease term (years)7.26.9
Weighted-average discount rate7.3 %7.4 %
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2025 (in millions):

Year Ending December 31,
Amount(1)
2026$86 
20279 
202838 
202950 
203044 
Thereafter139 
Total lease payments366 
Less: Imputed interest(94)
Present value of lease liabilities272 
Less: Current portion of lease liabilities(68)
Total long-term lease liabilities$204 

(1)Amounts are net of tenant improvement allowances.
v3.25.4
Stock-Based Compensation and Employee Benefit Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value Assumptions of Options Awarded
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table:

Year Ended December 31,
202320242025
Expected term (years)
1.4 - 6.1
6.16.1
Risk-free interest rate
3.6% - 5.0%
4.3% - 4.4%
3.8% - 4.0%
Expected volatility
51.3% - 54.4%
51.8% - 52.7%
50.2% - 50.7%
Expected dividend yield— — — 
Schedule of Stock Option Activity
A summary of stock option and RSU activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 20237 $71.76 30 $85.35 
Granted1 168.18 13 153.36 
Exercised/Vested (3)41.55 (11)119.00 
Canceled— — (2)143.07 
Balances as of December 31, 20245 93.53 30 97.93 
Granted1 139.80 16 136.11 
Exercised/Vested(1)53.34 (11)138.98 
Canceled— — (3)140.20 
Balances as of December 31, 20255 $108.28 32 $99.64 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 20245 $93.53 5.43$260 
Options exercisable as of December 31, 20244 80.55 4.69253 
Options outstanding as of December 31, 20255 108.28 5.79203 
Options exercisable as of December 31, 20254 94.05 4.48199 
Schedule of RSU Activity
A summary of stock option and RSU activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 20237 $71.76 30 $85.35 
Granted1 168.18 13 153.36 
Exercised/Vested (3)41.55 (11)119.00 
Canceled— — (2)143.07 
Balances as of December 31, 20245 93.53 30 97.93 
Granted1 139.80 16 136.11 
Exercised/Vested(1)53.34 (11)138.98 
Canceled— — (3)140.20 
Balances as of December 31, 20255 $108.28 32 $99.64 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 20245 $93.53 5.43$260 
Options exercisable as of December 31, 20244 80.55 4.69253 
Options outstanding as of December 31, 20255 108.28 5.79203 
Options exercisable as of December 31, 20254 94.05 4.48199 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-Cancelable Commitments and Obligations
The Company has commitments including purchase obligations for web-hosting services and other commitments for brand marketing. The following table presents these non-cancelable commitments and obligations as of December 31, 2025 (in millions):

 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$1,749 $219 $930 $600 $— 
Other commitments169 66 80 5 18 
Total$1,918 $285 $1,010 $605 $18 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Income Before Income Taxes
The domestic and foreign components of Income before income taxes were as follows (in millions):

 Year Ended December 31,
 202320242025
Domestic$1,913 $3,047 $2,719 
Foreign189 284 418 
Income before income taxes$2,102 $3,331 $3,137 
Schedule of Components of Provision (Benefit) Income Taxes
The components of the provision for (benefit from) income taxes were as follows (in millions):

 Year Ended December 31,
 202320242025
Current
Federal$19 $103 $80 
State8 23 25 
Foreign158 124 145 
Total current provision for income taxes185 250 250 
Deferred
Federal(2,410)397 348 
State(461)36 35 
Foreign(4)— (7)
Total deferred provision for (benefit from) income taxes(2,875)433 376 
Total provision for (benefit from) income taxes$(2,690)$683 $626 
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate
The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the year ended December 31, 2025 (in millions, except percentages) in accordance with ASU 2023-09:

 Year Ended December 31, 2025
 
$
%
Provision for income taxes at U.S. federal statutory rate$659 21.0 %
State and local income taxes, net of federal benefit(1)
33 1.1 
Foreign tax effects
28 0.9 
Effect of cross-border tax laws:
Foreign derived intangible income
(166)(5.3)
Other(49)(1.6)
Tax Credits:
Research and development (“R&D”) credits(121)(3.9)
Valuation allowance221 7.0 
Non-taxable or non-deductible items:
Stock-based compensation
36 1.2 
Other
27 0.9 
Uncertain tax positions
(42)(1.3)
Provision for income taxes effective tax rate$626 20.0 %

(1)The jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York, New York City, and Illinois.
The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the years ended December 31, 2024 and 2023, as previously disclosed, prior to the adoption of ASU 2023-09:

 Year Ended December 31,
 20232024
Expected income tax expense at U.S. federal statutory rate
21.0 %21.0 %
State taxes, net of federal benefits0.3 1.3 
Foreign tax rate differential2.9 0.8 
Stock-based compensation(16.7)(0.2)
Other statutorily non-deductible expenses0.1 0.1 
Research and development credits(5.5)(2.2)
Uncertain tax positions—prior year positions1.8 — 
Uncertain tax positions—current year positions1.7 1.4 
U.S. tax on foreign income, net of allowable credits and deductions3.9 — 
Foreign-derived intangible income deduction(1.0)(2.0)
Change in valuation allowance
(136.6)0.3 
Other, net
0.1 — 
Effective tax rate(128.0)%20.5 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities consisted of the following (in millions):

 December 31,
 20242025
Deferred tax assets:
Loss carryforwards
$462 $253 
Tax credit carryforwards999 806 
Accruals and reserves122 153 
Non-income tax accruals84 81 
Stock-based compensation70 75 
Operating lease liabilities61 51 
Intangible assets140 111 
Capitalized research and development costs882 1,049 
Other, net
62 187 
Gross deferred tax assets2,882 2,766 
Valuation allowance(395)(626)
Total deferred tax assets2,487 2,140 
Deferred tax liabilities:
Property and equipment basis differences(20)(7)
Operating lease assets(25)(25)
Other, net
(7)(9)
Total deferred tax liabilities(52)(41)
Total net deferred tax assets$2,435 $2,099 
Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in millions):

 Year Ended December 31,
 202320242025
Balance at beginning of year$650 $780 $869 
Gross increases related to prior year tax positions52 1 18 
Gross decreases related to prior year tax positions(8)(1)(105)
Gross increases related to current year tax positions103 106 74 
Reductions due to settlements with taxing authorities(12)(14)(15)
Reduction due to lapse in statute of limitations(5)(3)(6)
Balance at end of year$780 $869 $835 
v3.25.4
Net Income per Share (Tables)
 12 Months Ended
Dec. 31, 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 for the years indicated (in millions, except per share amounts):

Year Ended December 31,
202320242025
Net income
$4,792 $2,648 $2,511 
Add: convertible notes interest expense, net of tax3 4 3 
Net income - diluted
$4,795 $2,652 $2,514 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic637 632 613 
Effect of dilutive securities25 13 10 
Diluted662 645 623 
Net income per share attributable to Class A and Class B common stockholders:
Basic$7.52 $4.19 $4.10 
Diluted$7.24 $4.11 $4.03 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in millions):

Year Ended December 31,
202320242025
Stock options2 2 2 
RSUs5 7 11 
Total7 9 13 
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Company’s Significant Segment Expenses The following table sets forth the Company’s significant segment expenses (in millions):
Year Ended December 31,
202320242025
Revenue$9,917 $11,102 $12,241 
Less:
Merchant fees and chargebacks
1,369 1,508 1,666 
Stock-based compensation expense
1,120 1,407 1,592 
Salaries and benefits1,558 1,686 2,009 
Marketing
1,215 1,514 1,704 
Professional and third-party services(1)
1,078 1,083 1,218 
Non-income taxes894 237 305 
Other items(2)
1,165 1,114 1,203 
Total cost and expense8,399 8,549 9,697 
Income from operations1,518 2,553 2,544 
Interest income721 818 705 
Other expense, net(137)(40)(112)
Income before income taxes2,102 3,331 3,137 
Provision for (benefit from) income taxes(2,690)683 626 
Net income$4,792 $2,648 $2,511 

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

Year Ended December 31,
202320242025
North America$4,638 $5,006 $5,196 
Europe, the Middle East, and Africa
3,615 4,135 4,729 
Latin America824 969 1,160 
Asia Pacific840 992 1,156 
Total revenue disaggregated by geographic region$9,917 $11,102 $12,241 
The following table sets forth the breakdown of revenue by geography, determined based on the location of the host’s listing (in millions):

Year Ended December 31,
202320242025
United States
$4,290 $4,640 $4,814 
International1
5,627 6,462 7,427 
Total revenue$9,917 $11,102 $12,241 
(1)No individual international country represented 10% or more of the Company’s total revenue in 2023, 2024, or 2025.
Schedule of Breakdown of Long-Lived Assets Based on Geography
The following table sets forth the breakdown of long-lived assets based on geography (in millions):

 December 31,
 20242025
United States$245 $204 
Ireland30 22 
Other international16 31 
Total long-lived assets$291 $257 
v3.25.4
Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
reportingUnit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Subsidiary, Sale of Stock [Line Items]      
Cumulative translation gain (loss) $ 1,000,000 $ (32,000,000)  
Net realized and unrealized gains (losses) on foreign currency transactions and balances $ (35,000,000) 29,000,000 $ (48,000,000)
Number of reporting units | reportingUnit 1    
Goodwill impairment $ 0 0  
Intangible asset impairment 0 0  
Impairment of long-lived assets $ 0 0 0
Number of days, long-term stay, minimum 28 days    
Advance notice period required for cancellation 30 days    
Advertising expense $ 843,000,000 $ 1,100,000,000 $ 953,000,000
Award contractual term 10 years    
Minimum      
Subsidiary, Sale of Stock [Line Items]      
Intangible assets, estimated useful life 1 year    
Maximum      
Subsidiary, Sale of Stock [Line Items]      
Intangible assets, estimated useful life 10 years    
v3.25.4
Significant Accounting Policies - Schedule of Depreciation and Amortization on Property and Equipment over the Estimated Useful Lives (Details)
Dec. 31, 2025
Computer equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 5 years
Computer software and capitalized internal-use software | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 1 year 6 months
Computer software and capitalized internal-use software | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 3 years
Office furniture and equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 5 years
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 25 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 40 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 5 years
v3.25.4
Supplemental Financial Statement Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 6,560 $ 6,864    
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 6,891 5,871    
Restricted cash included in prepaids and other current assets 35 25    
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows $ 13,486 $ 12,760 $ 12,667 $ 12,103
v3.25.4
Supplemental Financial Statement Information - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for:      
Operating leases $ 87 $ 89 $ 84
Interest expense 2 2 55
Income taxes, net of refunds:      
Federal 65    
State 46    
Foreign 121    
Cash paid for income taxes, net of refunds 232 350 132
Noncash investing and financing activities:      
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases 36 57 20
Net settlement of cashless warrants exercised 0 22 202
Net settlement of cashless stock options exercised $ 0 $ 0 $ 36
v3.25.4
Supplemental Financial Statement Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Prepaids and other current assets:    
Customer receivables $ 225 $ 175
Customer receivables reserve (39) (28)
Other (web hosting prepayments, payment processor receivables, and other) 638 491
Prepaids and other current assets 824 638
Other assets, noncurrent:    
Property and equipment, net $ 107 $ 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 (web hosting prepayments and other) 282 272
Other assets, noncurrent 539 563
Accrued expenses, accounts payable, and other current liabilities:    
Indirect taxes payable and estimated lodging and withholding tax liabilities 1,132 1,055
Compensation and employee benefits 593 498
Accounts payable $ 232 $ 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 $ 68 $ 63
Other (insurance, advertising costs, and other) 923 856
Accrued expenses, accounts payable, and other current liabilities $ 2,948 $ 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 $ 204 $ 236
Other 156 155
Other liabilities, noncurrent $ 360 $ 391
v3.25.4
Supplemental Financial Statement Information - Schedule of Payments to Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 662 $ 627 $ 517
Reductions to revenue      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 484 455 360
Charges to operations and support      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 101 118 96
Charges to sales and marketing expense      
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 77 $ 54 $ 61
v3.25.4
Supplemental Financial Statement Information - Schedule of Revenue Disaggregated by Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region $ 12,241 $ 11,102 $ 9,917
North America      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region 5,196 5,006 4,638
Europe, the Middle East, and Africa      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region 4,729 4,135 3,615
Latin America      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region 1,160 969 824
Asia Pacific      
Disaggregation of Revenue [Line Items]      
Total revenue disaggregated by geographic region $ 1,156 $ 992 $ 840
v3.25.4
Investments - Schedule of Investments by Major Security Type (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Short-term investments    
Debt securities, amortized cost $ 3,324  
Debt securities, total estimated fair value 3,326  
Total short-term investments 4,454 $ 3,747
Short-term investments    
Short-term investments    
Debt securities, amortized cost 3,311 3,047
Debt securities, gross unrealized gains 13 5
Debt securities, gross unrealized losses (2) (7)
Debt securities, total estimated fair value 3,322 3,045
Time deposits 1,132 702
Amortized Cost 4,443 3,749
Total short-term investments 4,454 3,747
Short-term investments | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 2,277 2,176
Debt securities, gross unrealized gains 11 4
Debt securities, gross unrealized losses 0 (3)
Debt securities, total estimated fair value 2,288 2,177
Short-term investments | Mortgage-backed and asset-backed securities    
Short-term investments    
Debt securities, amortized cost 441 381
Debt securities, gross unrealized gains 2 1
Debt securities, gross unrealized losses (2) (4)
Debt securities, total estimated fair value 441 378
Short-term investments | Government bonds    
Short-term investments    
Debt securities, amortized cost 262 224
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 262 224
Short-term investments | Commercial paper    
Short-term investments    
Debt securities, amortized cost 182 214
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 182 214
Short-term investments | Certificates of deposit    
Short-term investments    
Debt securities, amortized cost 149 52
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value $ 149 $ 52
v3.25.4
Investments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale debt securities $ 0 $ 0  
Debt securities in an unrealized loss position 161,000,000 1,100,000,000  
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss 36,000,000 269,000,000  
Carrying value of equity method investments 47,000,000 47,000,000  
Impairment in equity method investments 0 0 $ 0
Equity securities without readily determinable fair value, carrying value 11,000,000 38,000,000  
Impairment of investments 30,000,000 45,000,000 0
Downward adjustment     0
Upward adjustment 0 $ 0 $ 0
Cumulative impairment of investments $ 108,000,000    
v3.25.4
Investments - Schedule of Contractual Maturities of Available-for-Sale Debt Securities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Amortized Cost  
Due within one year $ 1,523
Due after one year through five years 1,702
Due after five years 99
Debt securities, amortized cost 3,324
Estimated Fair Value  
Due within one year 1,527
Due after one year through five years 1,702
Due after five years 97
Total, Estimated Fair Value $ 3,326
v3.25.4
Fair Value Measurements and Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 1,063 $ 1,822
Short-term investments: 3,322 3,045
Total assets at fair value 6,569 6,327
Foreign Exchange Derivative    
Assets    
Prepaids and other current assets: 20 114
Other assets, noncurrent:   6
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 68 20
Corporate debt securities    
Assets    
Short-term investments: 2,288 2,177
Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 441 378
Government bonds    
Assets    
Short-term investments: 262 224
Commercial paper    
Assets    
Short-term investments: 182 214
Certificates of deposit    
Assets    
Short-term investments: 149 52
Money market funds    
Assets    
Cash and cash equivalents 901 1,635
Funds receivable and amounts held on behalf of customers 2,164 1,340
Commercial paper    
Assets    
Cash and cash equivalents 98 152
Government bonds    
Assets    
Cash and cash equivalents 57 33
Corporate debt securities    
Assets    
Cash and cash equivalents 7 2
Level 1    
Assets    
Cash and cash equivalents 901 1,635
Short-term investments: 0 0
Total assets at fair value 3,065 2,975
Level 1 | Foreign Exchange Derivative    
Assets    
Prepaids and other current assets: 0 0
Other assets, noncurrent:   0
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 0 0
Level 1 | Corporate debt securities    
Assets    
Short-term investments: 0 0
Level 1 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 0 0
Level 1 | Government bonds    
Assets    
Short-term investments: 0 0
Level 1 | Commercial paper    
Assets    
Short-term investments: 0 0
Level 1 | Certificates of deposit    
Assets    
Short-term investments: 0 0
Level 1 | Money market funds    
Assets    
Cash and cash equivalents 901 1,635
Funds receivable and amounts held on behalf of customers 2,164 1,340
Level 1 | Commercial paper    
Assets    
Cash and cash equivalents 0 0
Level 1 | Government bonds    
Assets    
Cash and cash equivalents 0 0
Level 1 | Corporate debt securities    
Assets    
Cash and cash equivalents 0 0
Level 2    
Assets    
Cash and cash equivalents 162 187
Short-term investments: 3,322 3,045
Total assets at fair value 3,504 3,352
Level 2 | Foreign Exchange Derivative    
Assets    
Prepaids and other current assets: 20 114
Other assets, noncurrent:   6
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 68 20
Level 2 | Corporate debt securities    
Assets    
Short-term investments: 2,288 2,177
Level 2 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 441 378
Level 2 | Government bonds    
Assets    
Short-term investments: 262 224
Level 2 | Commercial paper    
Assets    
Short-term investments: 182 214
Level 2 | Certificates of deposit    
Assets    
Short-term investments: 149 52
Level 2 | Money market funds    
Assets    
Cash and cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Level 2 | Commercial paper    
Assets    
Cash and cash equivalents 98 152
Level 2 | Government bonds    
Assets    
Cash and cash equivalents 57 33
Level 2 | Corporate debt securities    
Assets    
Cash and cash equivalents 7 2
Level 3    
Assets    
Cash and cash equivalents 0 0
Short-term investments: 0 0
Total assets at fair value 0 0
Level 3 | Foreign Exchange Derivative    
Assets    
Prepaids and other current assets: 0 0
Other assets, noncurrent:   0
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 0 0
Level 3 | Corporate debt securities    
Assets    
Short-term investments: 0 0
Level 3 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments: 0 0
Level 3 | Government bonds    
Assets    
Short-term investments: 0 0
Level 3 | Commercial paper    
Assets    
Short-term investments: 0 0
Level 3 | Certificates of deposit    
Assets    
Short-term investments: 0 0
Level 3 | Money market funds    
Assets    
Cash and cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Level 3 | Commercial paper    
Assets    
Cash and cash equivalents 0 0
Level 3 | Government bonds    
Assets    
Cash and cash equivalents 0 0
Level 3 | Corporate debt securities    
Assets    
Cash and cash equivalents $ 0 $ 0
v3.25.4
Derivative Instruments and Hedging - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Maximum remaining maturity of foreign currency derivatives 18 months    
Potential effects of rights of set-off associated with derivative asset contracts $ 18    
Potential effects of rights of set-off associated with derivative liabilities contracts 18    
Derivative asset, fair value after offset 2    
Derivative liability, fair value after offset 52    
Deferred net losses (63)    
Foreign Exchange Derivative | Cash Flow Hedging      
Derivative [Line Items]      
Total notional amount of outstanding derivatives 3,100 $ 2,500  
Designated as Hedging Instrument      
Derivative [Line Items]      
Cumulative unrealized gains (losses) (59) 80  
Designated as Hedging Instrument | Foreign exchange derivative liabilities      
Derivative [Line Items]      
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (64) 0 $ 0
Derivatives Not Designated as Hedging Instrument | Foreign Exchange Derivative      
Derivative [Line Items]      
Total notional amount of outstanding derivatives $ 2,700 $ 2,100  
v3.25.4
Derivative Instruments and Hedging - Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets (Details) - Foreign exchange contracts - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Prepaids and other current assets | Derivatives Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 4 $ 90
Prepaids and other current assets | Derivatives Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets 16 23
Accrued expenses, accounts payable, and other current liabilities | Derivatives Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 61 0
Accrued expenses, accounts payable, and other current liabilities | Derivatives Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 7 $ 20
v3.25.4
Derivative Instruments and Hedging - Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign exchange contracts | Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Foreign exchange contracts $ (203) $ 125 $ (30)
v3.25.4
Derivative Instruments and Hedging - Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations (Details) - Foreign exchange contracts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Realized Gain (Loss) on Derivatives $ 44 $ (59) $ (43)
Unrealized Gain (Loss) on Derivatives $ 6 $ 11 $ 10
v3.25.4
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 750 $ 752
Foreign currency translation adjustments 4 (2)
Goodwill, ending balance $ 754 $ 750
v3.25.4
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible assets, net $ 16 $ 27
Accumulated amortization $ (78) $ (67)
v3.25.4
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Less: Accumulated depreciation and amortization $ (203) $ (141)
Total property and equipment, net 107 147
Total property and equipment, gross    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 310 288
Computer software and capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 147 122
Total property and equipment, net 33 69
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 114 110
Other    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 49 $ 56
v3.25.4
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 17 $ 16 $ 18
Property and equipment, net 107 147  
Computer software and capitalized internal-use software      
Property, Plant and Equipment [Line Items]      
Amortization 61 34 $ 13
Property and equipment, net $ 33 $ 69  
v3.25.4
Leases - Narrative (Details)
Dec. 31, 2025
Lessee, Lease, Description [Line Items]  
Operating lease, renewal term 10 years
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 13 years
v3.25.4
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 47 $ 53 $ 58
Short-term lease cost 4 4 6
Variable lease cost 19 17 16
Lease cost, net $ 70 $ 74 $ 80
v3.25.4
Leases - Schedule of Lease Term and Discount Rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (years) 6 years 10 months 24 days 7 years 2 months 12 days
Weighted-average discount rate 7.40% 7.30%
v3.25.4
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2026 $ 86  
2027 9  
2028 38  
2029 50  
2030 44  
Thereafter 139  
Total lease payments 366  
Less: Imputed interest (94)  
Present value of lease liabilities 272  
Less: Current portion of lease liabilities (68) $ (63)
Total long-term lease liabilities $ 204 $ 236
v3.25.4
Debt (Details)
Oct. 31, 2022
USD ($)
Mar. 08, 2021
USD ($)
$ / shares
Mar. 03, 2021
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]          
Total outstanding debt       $ 0 $ 1,995,000,000
Capped calls, transaction costs     $ 100,000,000    
Common Class A          
Debt Instrument [Line Items]          
Capped call, initial cap price (in USD per share) | $ / shares     $ 360.80    
Premium of reported share price (as a percent)     100.00%    
Share price (in USD per share) | $ / shares     $ 180.40    
Senior Notes Due 2026 | Common Class A          
Debt Instrument [Line Items]          
Convertible debt, conversion ratio   0.0034645      
Convertible debt, conversion price (in USD per share) | $ / shares   $ 288.64      
Senior Notes Due 2026 | Convertible Debt          
Debt Instrument [Line Items]          
Aggregate principle amount   $ 2,000,000,000      
Interest rate   0.00%      
Total outstanding debt       $ 2,000,000,000 $ 2,000,000,000
Effective interest rate (as a percent)       0.20% 0.20%
Debt issuance costs   $ 21,000,000      
Redemption price (as a percent)   100.00%      
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 $ 1,000,000,000.0        
Borrowings outstanding, amount drawn       0  
2022 Credit Facility | Revolving Credit Facility | Interest Rate Scenario One | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Variable rate floor (as a percent) 0.00%        
2022 Credit Facility | Revolving Credit Facility | Interest Rate Scenario Two | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.00%        
2022 Credit Facility | Revolving Credit Facility | Interest Rate Scenario Two | Fed Funds Effective Rate Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.50%        
2022 Credit Facility | Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage 0.10%        
2022 Credit Facility | Revolving Credit Facility | Minimum | Interest Rate Scenario One | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.00%        
2022 Credit Facility | Revolving Credit Facility | Minimum | Interest Rate Scenario Two | Base Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.00%        
2022 Credit Facility | Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage 0.20%        
2022 Credit Facility | Revolving Credit Facility | Maximum | Interest Rate Scenario One | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.50%        
2022 Credit Facility | Revolving Credit Facility | Maximum | Interest Rate Scenario Two | Base Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.50%        
2022 Credit Facility | Line of Credit | Letter of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 200,000,000        
Borrowings outstanding       $ 20,000,000  
v3.25.4
Stockholders’ Equity (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
shares
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Aug. 31, 2025
USD ($)
Feb. 29, 2024
USD ($)
Class of Stock [Line Items]            
Common stock, par value (in USD per share) | $ / shares   $ 0.0001 $ 0.0001      
Preferred stock, shares authorized (in shares)   10,000,000        
Preferred stock, par value (in USD per share) | $ / shares   $ 0.0001        
Preferred stock, shares issued (in shares)   0        
Preferred stock, shares outstanding (in shares)   0        
Repurchases of common stock (in shares) 5,700,000          
Stock repurchased and retired | $   $ 3,788 $ 3,448 $ 2,252    
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  
Class A Common Stock Warrants            
Class of Stock [Line Items]            
Exercise price of warrants (in USD per share) | $ / shares     $ 28.355      
Number of warrants exercised (in shares)     800,000      
Shares called by warrants (in shares)     700,000      
Common Class A            
Class of Stock [Line Items]            
Common stock authorized (in shares)   2,000,000,000 2,000,000,000      
Common stock, par value (in USD per share) | $ / shares   $ 0.0001        
Votes per common share | vote   1        
Repurchases of common stock (in shares)   29,700,000 24,500,000      
Stock repurchased and retired | $   $ 3,800 $ 3,400      
Remaining authorized repurchase amount | $   $ 5,600        
Common Class B            
Class of Stock [Line Items]            
Common stock authorized (in shares)   710,000,000 710,000,000      
Common stock, par value (in USD per share) | $ / shares   $ 0.0001        
Votes per common share | vote   20        
Terms of conversion, percentage of common stockholders consenting to conversion, minimum   80.00%        
Terms of conversion, period after IPO   20 years        
Common Class C            
Class of Stock [Line Items]            
Common stock authorized (in shares)   2,000,000,000 2,000,000,000      
Votes per common share | vote   0        
Common Class H            
Class of Stock [Line Items]            
Common stock authorized (in shares)   26,000,000 26,000,000      
Votes per common share | vote   0        
v3.25.4
Stock-Based Compensation and Employee Benefit Plan - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2020
Dec. 31, 2018
Class of Stock [Line Items]            
Stock-based compensation expense   $ 1,600 $ 1,400 $ 1,100    
Income tax benefit related to stock-based compensation expense   $ 317 273 227    
Stock-based compensation arrangement, tax benefit     $ 39 435    
Exercise of common stock options, net of shares withheld for taxes (in shares) 11,200,000 1,000,000 3,000,000      
Repurchases of common stock (in shares) 5,700,000          
Taxes paid related to net share settlement of equity awards $ 567 $ 561 $ 630 $ 1,224    
Exercise cost $ 36          
Weighted-average fair value of options granted (in USD per share)   $ 69.08 $ 93.29 $ 65.22    
Aggregate intrinsic value of options exercised   $ 82 $ 254 $ 1,600    
Grant date fair value of options vested   46 51 44    
Unrecognized compensation cost related to stock option awards granted   $ 114        
Weighted-average period expected to recognize compensation expense   2 years 10 months 24 days        
Vesting term (in years)   4 years        
Defined contribution plan   $ 35 $ 30 $ 27    
Common Class A            
Class of Stock [Line Items]            
Repurchases of common stock (in shares)   29,700,000 24,500,000      
2018 Plan            
Class of Stock [Line Items]            
Additional shares authorized (in shares)           13,200,000
2018 Plan | Common Class B            
Class of Stock [Line Items]            
Shares authorized (in shares)           50,000,000
2020 Plan | Common Class A            
Class of Stock [Line Items]            
Shares authorized (in shares)         62,100,000  
Annual increase in number of shares authorized (as a percent)         5.00%  
Maximum shares issuable (in shares)         371,200,000  
v3.25.4
Stock-Based Compensation and Employee Benefit Plan - Schedule of Fair Value Assumptions of Options Awarded (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 1 month 6 days 6 years 1 month 6 days  
Risk-free interest rate, minimum 3.80% 4.30% 3.60%
Risk-free interest rate, maximum 4.00% 4.40% 5.00%
Expected volatility, minimum 50.20% 51.80% 51.30%
Expected volatility, maximum 50.70% 52.70% 54.40%
Expected dividend yield 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)     1 year 4 months 24 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)     6 years 1 month 6 days
v3.25.4
Stock-Based Compensation and Employee Benefit Plan - Schedule of Stock Option Activity and RSU Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Number of Shares      
Balances at beginning of period (in shares)   5.0 7.0
Granted (in shares)   1.0 1.0
Exercised/Vested (in shares) (11.2) (1.0) (3.0)
Canceled (in shares)   0.0 0.0
Balances at end of period (in shares)   5.0 5.0
Weighted- Average Exercise Price      
Balances at beginning of period (in USD per share)   $ 93.53 $ 71.76
Granted (in USD per share)   139.80 168.18
Exercised/Vested (in USD per share)   53.34 41.55
Canceled (in USD per share)   0 0
Balances at end of period (in USD per share)   $ 108.28 $ 93.53
Number of Shares      
Balances at beginning of period (in shares)   30.0 30.0
Granted (in shares)   16.0 13.0
Exercised/Vested (in shares)   (11.0) (11.0)
Canceled (in shares)   (3.0) (2.0)
Balances at end of period (in shares)   32.0 30.0
Weighted- Average Grant Date Fair Value      
Balances at beginning of period (in usd per share)   $ 97.93 $ 85.35
Granted (in USD per share)   136.11 153.36
Exercised/Vested (in USD per share)   138.98 119.00
Canceled (in USD per share)   140.20 143.07
Balances at end of period (in usd per share)   $ 99.64 $ 97.93
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Options outstanding (in shares)   5.0 5.0
Options exercisable (in shares)   4.0 4.0
Options outstanding (in USD per share)   $ 108.28 $ 93.53
Options excisable (in USD per share)   $ 94.05 $ 80.55
Options outstanding, weighted-average remaining contractual life (in years)   5 years 9 months 14 days 5 years 5 months 4 days
Options exercisable, weighted-average remaining contractual life (in years)   4 years 5 months 23 days 4 years 8 months 8 days
Options outstanding, aggregate intrinsic value   $ 203 $ 260
Options exercisable, aggregate intrinsic value   $ 199 $ 253
v3.25.4
Commitments and Contingencies - Schedule of Non-Cancelable Commitments and Obligations (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase obligations, Total $ 1,749
Purchase obligations, Less than 1 year 219
Purchase obligations, 1 to 3 years 930
Purchase obligations, 3 to 5 years 600
Purchase obligations, More than 5 years 0
Other commitments, Total 169
Other commitments, Less than 1 year 66
Other commitments, 1 to 3 years 80
Other commitments, 3 to 5 years 5
Other commitments, More than 5 years 18
Total 1,918
Total, Less than 1 year 285
Total, 1 to 3 years 1,010
Total, 3 to 5 years 605
Total, More than 5 years $ 18
v3.25.4
Commitments and Contingencies - Narrative (Details)
jurisdiction in Thousands, € in Millions
 1 Months Ended 12 Months Ended
Dec. 13, 2023
USD ($)
Dec. 13, 2023
EUR (€)
Jan. 31, 2025
USD ($)
Jan. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2025
USD ($)
jurisdiction
Sep. 30, 2025
USD ($)
Sep. 30, 2025
EUR (€)
Jul. 31, 2025
USD ($)
Jul. 31, 2025
EUR (€)
Other Commitments [Line Items]                      
Commitment to spend amount             $ 1,700,000,000        
Number of jurisdictions where Company has lodging tax obligations | jurisdiction             33        
Obligation to remit lodging taxes         $ 312,000,000   $ 387,000,000        
Accrued obligations on lodging taxes         83,000,000   114,000,000        
Accrued taxes         55,000,000   $ 0        
Income Tax Penalty Recognition Classification Extensible Enumeration Not Disclosed Flag             payment        
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               $ 76,000,000 € 65 $ 129,000,000 € 110
Foreign Tax Jurisdiction                      
Other Commitments [Line Items]                      
Penalties expense $ 621,000,000 € 576 $ 66,000,000 € 56 148,000,000 € 123          
Foreign Tax Jurisdiction | Tax Year 2022                      
Other Commitments [Line Items]                      
Penalties expense         150,000,000 € 139          
Foreign Tax Jurisdiction | 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   $ 199,000,000        
Minimum                      
Other Commitments [Line Items]                      
Remitting period for lodging taxes             30 days        
Estimate of reasonably possible loss             $ 25,000,000        
Minimum | Canada Digital Service Tax                      
Other Commitments [Line Items]                      
Loss contingency, estimate of possible loss             25,000,000        
Minimum | Withholding Income Taxes                      
Other Commitments [Line Items]                      
Estimate of possible loss             $ 150,000,000        
Maximum                      
Other Commitments [Line Items]                      
Remitting period for lodging taxes             90 days        
Estimate of reasonably possible loss             $ 35,000,000        
Maximum | Canada Digital Service Tax                      
Other Commitments [Line Items]                      
Loss contingency, estimate of possible loss             35,000,000        
Maximum | Withholding Income Taxes                      
Other Commitments [Line Items]                      
Estimate of possible loss             $ 160,000,000        
v3.25.4
Income Taxes - Schedule of Domestic and Foreign Components of Income Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 2,719 $ 3,047 $ 1,913
Foreign 418 284 189
Income before income taxes $ 3,137 $ 3,331 $ 2,102
v3.25.4
Income Taxes - Schedule of Components of Provision (Benefit) Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ 80 $ 103 $ 19
State 25 23 8
Foreign 145 124 158
Total current provision for income taxes 250 250 185
Deferred      
Federal 348 397 (2,410)
State 35 36 (461)
Foreign (7) 0 (4)
Total deferred provision for (benefit from) income taxes 376 433 (2,875)
Total provision for (benefit from) income taxes $ 626 $ 683 $ (2,690)
v3.25.4
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Provision for income taxes at U.S. federal statutory rate $ 659    
State and local income taxes, net of federal benefit 33    
Foreign tax effects 28    
Effect of cross-border tax laws:      
Foreign derived intangible income (166)    
Other (49)    
Tax Credits:      
Research and development (“R&D”) credits (121)    
Valuation allowance 221    
Non-taxable or non-deductible items:      
Stock-based compensation 36    
Other 27    
Uncertain tax positions (42)    
Total provision for (benefit from) income taxes $ 626 $ 683 $ (2,690)
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Provision for income taxes at U.S. federal statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit 1.10% 1.30% 0.30%
Foreign tax effects 0.90% 0.80% 2.90%
Effect of cross-border tax laws:      
Foreign derived intangible income (5.30%) (2.00%) (1.00%)
Other (1.60%)    
Tax Credits:      
Research and development (“R&D”) credits (3.90%) (2.20%) (5.50%)
Valuation allowance 7.00% 0.30% (136.60%)
Non-taxable or non-deductible items:      
Stock-based compensation 1.20% (0.20%) (16.70%)
Other 0.90% 0.10% 0.10%
Uncertain tax positions (1.30%) 1.40% 1.70%
Effective tax rate 20.00% 20.50% (128.00%)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 1 Months Ended
May 31, 2024
Dec. 31, 2020
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]        
Valuation allowance     $ 626,000,000 $ 395,000,000
Federal net operating loss carryforwards     0  
Federal research and development tax credit carryforwards     489,000,000  
Alternative minimum tax credit carryforwards     400,000,000  
State net operating loss carryforwards     3,400,000,000  
State research and development and enterprise zone tax credit carryforwards     526,000,000  
Unrecognized tax benefits that would impact effective tax rate     693,000,000  
Unrecognized tax benefits, income tax penalties and interest accrued     100,000,000 $ 100,000,000
Internal Revenue Service (IRS)        
Operating Loss Carryforwards [Line Items]        
Income tax examination, additional income tax expense and cash liability $ 1,300,000,000 $ 1,300,000,000    
Income tax examination, amount of estimate of possible loss which exceeds reserves   $ 1,000,000,000    
Federal Corporate Alternative Minimum Tax Credit        
Operating Loss Carryforwards [Line Items]        
Valuation allowance     $ 213,000,000  
v3.25.4
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Expected income tax expense at U.S. federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal benefits 1.10% 1.30% 0.30%
Foreign tax rate differential 0.90% 0.80% 2.90%
Stock-based compensation 1.20% (0.20%) (16.70%)
Other statutorily non-deductible expenses 0.90% 0.10% 0.10%
Research and development credits (3.90%) (2.20%) (5.50%)
Uncertain tax positions—prior year positions   0.00% 1.80%
Uncertain tax positions—current year positions (1.30%) 1.40% 1.70%
U.S. tax on foreign income, net of allowable credits and deductions   0.00% 3.90%
Foreign-derived intangible income deduction (5.30%) (2.00%) (1.00%)
Change in valuation allowance 7.00% 0.30% (136.60%)
Other, net   0.00% 0.10%
Effective tax rate 20.00% 20.50% (128.00%)
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Loss carryforwards $ 253 $ 462
Tax credit carryforwards 806 999
Accruals and reserves 153 122
Non-income tax accruals 81 84
Stock-based compensation 75 70
Operating lease liabilities 51 61
Intangible assets 111 140
Capitalized research and development costs 1,049 882
Other, net 187 62
Gross deferred tax assets 2,766 2,882
Valuation allowance (626) (395)
Total deferred tax assets 2,140 2,487
Deferred tax liabilities:    
Property and equipment basis differences (7) (20)
Operating lease assets (25) (25)
Other, net (9) (7)
Total deferred tax liabilities (41) (52)
Total net deferred tax assets $ 2,099 $ 2,435
v3.25.4
Income Taxes - Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 869 $ 780 $ 650
Gross increases related to prior year tax positions 18 1 52
Gross decreases related to prior year tax positions (105) (1) (8)
Gross increases related to current year tax positions 74 106 103
Reductions due to settlements with taxing authorities (15) (14) (12)
Reduction due to lapse in statute of limitations (6) (3) (5)
Balance at end of year $ 835 $ 869 $ 780
v3.25.4
Net Income per Share - Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 2,511 $ 2,648 $ 4,792
Add: convertible notes interest expense, net of tax 3 4 3
Net income - diluted $ 2,514 $ 2,652 $ 4,795
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 613 632 637
Effect of dilutive securities (in shares) 10 13 25
Diluted (in shares) 623 645 662
Net income per share attributable to Class A and Class B common stockholders:      
Basic (in USD per share) $ 4.10 $ 4.19 $ 7.52
Diluted (in USD per share) $ 4.03 $ 4.11 $ 7.24
v3.25.4
Net Income per Share - Narrative (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2025
vote
shares
Dec. 31, 2024
shares
Dec. 31, 2023
shares
Common Class A      
Class of Stock [Line Items]      
Votes per common share 1    
Common Class A | RSUs      
Class of Stock [Line Items]      
Shares subject to performance conditions (in shares) | shares 9.6 9.6 9.6
Common Class B      
Class of Stock [Line Items]      
Votes per common share 20    
v3.25.4
Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 13 9 7
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 2 2 2
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 11 7 5
v3.25.4
Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segments
Revenue from Contract with Customer [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
Segment and Geographic Information - Schedule of Company’s Significant Segment Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Revenue $ 12,241 $ 11,102 $ 9,917
Less:      
Stock-based compensation expense 1,600 1,400 1,100
Total costs and expenses 9,697 8,549 8,399
Income from operations 2,544 2,553 1,518
Interest income 705 818 721
Other expense, net (112) (40) (137)
Income before income taxes 3,137 3,331 2,102
Provision for (benefit from) income taxes 626 683 (2,690)
Net income 2,511 2,648 4,792
Reportable Segment      
Revenue      
Revenue 12,241 11,102 9,917
Less:      
Merchant fees and chargebacks 1,666 1,508 1,369
Stock-based compensation expense 1,592 1,407 1,120
Salaries and benefits 2,009 1,686 1,558
Marketing 1,704 1,514 1,215
Professional and third-party services 1,218 1,083 1,078
Non-income taxes 305 237 894
Other items 1,203 1,114 1,165
Total costs and expenses 9,697 8,549 8,399
Income from operations 2,544 2,553 1,518
Interest income 705 818 721
Other expense, net (112) (40) (137)
Income before income taxes 3,137 3,331 2,102
Provision for (benefit from) income taxes 626 683 (2,690)
Net income $ 2,511 $ 2,648 $ 4,792
v3.25.4
Segment and Geographic Information - Schedule of Revenue by Geography (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 12,241 $ 11,102 $ 9,917
United States      
Disaggregation of Revenue [Line Items]      
Revenue 4,814 4,640 4,290
International      
Disaggregation of Revenue [Line Items]      
Revenue $ 7,427 $ 6,462 $ 5,627
v3.25.4
Segment and Geographic Information - Schedule of Breakdown of Long-Lived Assets Based on Geography (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 257 $ 291
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 204 245
Ireland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 22 30
Other international    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 31 $ 16
v3.25.4
Schedule II—Valuation and Qualifying Account (Details) - Valuation Allowance on Deferred Tax Assets - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 395 $ 364 $ 3,166
Charged to Expenses 231 31 95
Credited to Expenses 0 0 (2,897)
Balance at End of Year $ 626 $ 395 $ 364