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Airbnb cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.5B in Q3 2026 · $5.0B over twelve months

Operating cash flow$1.5B
Free cash flow+$1.5B
Cash / net income0.8×
Cash conversion cycle-18 days

Analysis

In Q3 2026, Airbnb generated $1.5B of operating cash flow. That is $152M more than in Q3 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.0B; the largest uses were buybacks ($3.9B), other investing ($1.3B), taxes on employees’ shares ($664M); besides operations, cash came from other financing ($804M), shares issued ($246M); the cash balance fell by $23.0M.

Operating cash flow was $1.5B against net income of $1.9B — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$1.3B, stock-based pay +$462M, accrued liabilities +$280M.

Its cash conversion cycle was -18 days (receivables 4 + inventory 0 − payables 22): suppliers fund its working capital.

Free cash flow

Airbnb: free cash flow by quarterAirbnb: free cash flow by quarter$466MQ4 2024$1.8BQ1 2025$975MQ2 2025$1.4BQ3 2025$526MQ4 2025$1.7BQ1 2026$1.3BQ2 2026$1.5BQ3 2026
Operating cash flow less capital spending.
Airbnb: operating cash flow against capital spendingAirbnb: operating cash flow against capital spendingOperating cash flowCapital spending$466M$0Q4 2024$1.8B$0Q1 2025$975M$0Q2 2025$1.4B$0Q3 2025$526M$0Q4 2025$1.7B$0Q1 2026$1.3B$0Q2 2026$1.5B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.5B, Capital spending $0.

Capital allocation, year by year

Airbnb: where the cash came from (up) and went (down), by fiscal yearAirbnb: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $2.3BFY2021: Net borrowing −$16.0MFY2021: Shares issued $189MFY2021: Capital spending −$25.0M$2.5BFY2021FY2022: Operating cash flow $3.4BFY2022: Shares issued $88.0MFY2022: Capital spending −$25.0MFY2022: Buybacks −$1.5B$3.5BFY2022FY2023: Operating cash flow $3.9BFY2023: Shares issued $110MFY2023: Buybacks −$2.3B$4.0BFY2023FY2024: Operating cash flow $4.5BFY2024: Shares issued $168MFY2024: Buybacks −$3.4B$4.7BFY2024FY2025: Operating cash flow $4.6BFY2025: Shares issued $122MFY2025: Buybacks −$3.8B$4.8BFY2025
Over these 5 years operating cash flow totalled $18.8B; the largest uses were buybacks ($11.0B) and capital spending ($50.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.6B
Debt$2.4B
Net cash$10.2B

Airbnb funds itself: free cash flow was $5.0B over the last twelve months, and $12.6B of cash and investments stands against $2.4B of debt.

Where the cash came from and went

Airbnb: sources (+) and uses (−) of cash, Q3 2026Airbnb: sources (+) and uses (−) of cash, Q3 2026Other financing−$4.8BCash drawn (+) / kept (−)$4.4BOperating cash flow$1.5BBuybacks−$712MTaxes on employees’ shares−$229MOther investing−$209MShares issued$121MExchange rates−$7.0M
Airbnb: sources (+) and uses (−) of cash, TTM to Q3 2026Airbnb: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.0BBuybacks−$3.9BOther investing−$1.3BOther financing$804MTaxes on employees’ shares−$664MShares issued$246MExchange rates−$156MCash drawn (+) / kept (−)$23.0M

From profit to cash

Airbnb: net income to operating cash flow, Q3 2026Airbnb: net income to operating cash flow, Q3 2026Net income$1.9BStock-based pay$462MDeferred taxes$140MAccrued liabilities$280MDeferred revenue−$1.3BPrepaid and other assets$17.0MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264—22-18
Q2 20265—23-18
Q1 20266—32-26

Every quarter

QuarterOperating cash flowBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.5B−$712M—$121M$4.4B$1.5B
Q2 2026$1.3B−$1.1B−$5.0M$73.0M−$1.5B$1.3B
Q1 2026$1.7B−$1.1B$483M$8.0M−$4.1B$1.7B
Q4 2025$526M−$1.1B—$44.0M$1.2B$526M
Q3 2025$1.4B−$877M—$3.0M$3.7B$1.4B
Q2 2025$975M−$1.0B—$45.0M−$1.7B$975M
Q1 2025$1.8B−$807M—$30.0M−$4.0B$1.8B
Q4 2024$466M−$838M—$61.0M$1.4B$466M

Airbnb: income statement and cash flow

Airbnb, Q3 2026: revenue $4.9B (+19% year over year), operating margin 41.5%. The chart follows the revenue to costs, profit and cash.

Airbnb: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.