Airbnb Inc - Ordinary Shares - Class A

Q2 performance (strong upside vs outlook): - Revenue +17% YoY to $3.6B; GBV +16% YoY to $27.2B. - Nights & seats booked +10% YoY, with acceleration from Q1; nights on app +23% YoY, now 64% of total nights (up from 59% last year). - First-time bookers growth +11% (highest in 4 years); Gen Z fastest-growing within first-time bookers. - ADR +5% YoY (about +4% excluding FX), with strength in North America and Europe.

Guidance / forecasts raised (demand momentum continues; profitability improving): - Q3 2026: Revenue $4.69B–$4.77B (+15%–17% YoY), including ~3pp FX tailwind. - Q3 GBV expected mid-teens YoY (low double-digit nights/seats; moderate ADR increase). - Q3 adjusted EBITDA margin expected slightly down YoY due to timing of investments. - Full-year 2026: Revenue growth now at least mid-teens (raised from low-to-mid-teens); adjusted EBITDA margin at least 35.5% (up from 35%). - Full-year implied take rate relatively flat vs 2025, due to Reserve Now, Pay Later timing effects and higher customer incentives/new businesses.

Strategy drivers (what management says is causing outperformance): AI-native execution + compounding product improvements: - CEO attributes results to product compounding (AI accelerating iteration/testing). - Claims include -60% time from concept to launch and ~+80% more features/improvements shipped vs the prior six months. - Key guest conversion drivers: improvements across search/discovery, sign-up, checkout, payments, plus AI-generated listing/review highlights and later AI home comparison. - Key host drivers: better pricing tools/insights, and AI tools for new hosts to start faster and earn more. - Cost efficiency: Q2 customer support costs per booking ~-16% YoY, partly from AI assistant; AI assistant in 50+ languages, and ~45% of issues starting with it resolve without a human.