ABNB · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

Airbnb

39 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Third-party community support providers

depends on · approximately 13,000 third-party workersnamed as a risk

Consistent with prior years, we relied on a global network of approximately 13,000 third-party workers as of December 31, 2025, to support the majority of our community support contacts.Business (Item 1)

Amazon Web Services

depends onnamed as a risk

We rely primarily on Amazon Web Services in the United States and abroad to host and deliver our platform.Risk factors (Item 1A)

Also named by AAON, ADSK, AIOT, BLK, CARR, CG, COF, COMP and 56 more

Google Maps

depends onnamed as a risk

We also rely on Google Maps and other third-party services for maps and location data that are core to the functionality of our platform, and we integrate applications, content, and data from third parties to deliver our platform and services.Risk factors (Item 1A)

Also named by DASH, UBER

Partners and platforms

Apple

depends onnamed as a risk

Additionally, if major platforms like Google or Apple favor their own services or other partner services, our ability to engage users via mobile app or search could be impacted.Risk factors (Item 1A)

Also named by AMKR, BBY, BKNG, CDW, GLW, INTC, META, NYT and 5 more

Payment card networks

depends onnamed as a risk

The loss of our credit and debit card acceptance privileges or the significant modification of the terms under which we obtain card acceptance privileges would significantly limit our business model since a vast majority of our guests pay using credit or debit cards.Risk factors (Item 1A)

Also named by ASO, CSGP, INTU, PYPL, TFC, UBER

UK principal firm insurance license

depends onnamed as a risk

We are reliant on the principal firm to continue to permit us to use their license to offer or distribute these products and they can cancel our agreement, with notice, at any time, which could have an adverse impact on these revenue streams if we were unable to find a suitable replacement principal firm.Risk factors (Item 1A)

Other companies

2026 Convertible Senior Notes

$2.0 billionnamed as a risk

In 2021, we issued $2.0 billion aggregate principal amount of 0% convertible senior notes due March 2026 (the “2026 Notes”).Risk factors (Item 1A)

Also named by CYRX, OKTA

Competitors

Google

competes withnamed as a risk

We also face competition from search engines like Google, which can influence search traffic and promote their own travel services, potentially disintermediating our platform.Risk factors (Item 1A)

Also named by AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY, EXPE and 14 more

Booking Holdings

competes withnamed as a risk

online travel agencies (“OTAs”), such as Booking Holdings (including the brand Booking.com), Expedia Group (including the brands Expedia and VRBO), Trip.com Group, and other regional OTAs;Business (Item 1)

Expedia Group

competes withnamed as a risk

Marriott

competes withnamed as a risk

hotel chains, such as Marriott, Hilton, Accor, and Wyndham, as well as boutique hotel chains and independent hotels;Business (Item 1)

Places

International markets (outside United States)

earns from · 61% of our revenuenamed as a risk

For the year ended December 31, 2025, 61% of our revenue was generated from listings outside of the United States.Risk factors (Item 1A)

Also named by ADSK, BSX, CROX, CRWD, DOCU, DXCM, EFX, FICO and 18 more

New York City

subject tonamed as a risk

For example, New York City passed regulations in 2023, which resulted in a de facto ban of short-term rental activities.Business (Item 1)

Also named by COMP, ED, EVR, MCO, MS, PWR, RITM, ROST and 1 more

Italy

subject tonamed as a risk

However, Airbnb’s subsidiary in Italy and Airbnb Ireland continue to be, or could in the future be, subject to tax audits in Italy, including in relation to permanent establishment, transfer pricing, withholding obligations, and tourist taxes.Risk factors (Item 1A)

Also named by CMCSA, HLIO, JEF, JOUT, KRYS, RL, ROK

North America and EMEA peak travel season

concentrated in

In a typical year, Nights and Seats Booked are highest in the first, second, and third quarters and lowest in the fourth quarter, with the peak travel season occurring in the third quarter across North America and Europe, the Middle East, and Africa (“EMEA”).Business (Item 1)

Hazards

San Francisco earthquakes

operates innamed as a risk

For example, our San Francisco operations are at risk from earthquakes and power outages, which could disrupt business operations.Risk factors (Item 1A)

Commodities and inputs

U.S. dollar exchange rate

exposed to its price · approximately 54% and 56% of our revenue in 2024 and 2025named as a risk

Generally speaking, a strong U.S. dollar can negatively impact our revenue, as approximately 54% and 56% of our revenue in 2024 and 2025, respectively, were in non-U.S. dollar currencies.Risk factors (Item 1A)

Also named by EXPD, ISRG, MSA

Euro

exposed to its pricenamed as a risk

We offer the ability to transact on our platform in approximately 50 currencies, of which the most significant foreign currencies to our operations in 2025 were the Euro, British pound, Canadian dollar, Australian dollar, Brazilian real, and Mexican peso.Market risk (Item 7A)

Also named by ABBV, ABT, ADBE, ADI, AME, AMG, AMGN, AMP and 186 more

Regulators

Internal Revenue Service (IRS)

subject to · $1.3 billionnamed as a risk

The Notice claims that we owe $1.3 billion in tax, plus penalties and interest.Risk factors (Item 1A)

Also named by AAPL, ADI, AJG, AMGN, BBSI, BMNR, BRO, CAH and 39 more

Italian Revenue Agency

subject to · 576 million Euro ($621 million)named as a risk

In December 2023, without admitting any liability, Airbnb Ireland signed an agreement with the Italian Revenue Agency in settlement of the 2017-2021 audit periods for an aggregate payment of 576 million Euro ($621 million).Risk factors (Item 1A)

Spanish Ministry of Consumer Affairs

subject to · approximately 65 million Euro ($76 million)named as a risk

For example, in 2025, the Spanish Ministry of Consumer Affairs proposed to assess a fine of approximately 65 million Euro ($76 million) in connection with alleged non-compliance with short-term rental listing regulations in Spain.Risk factors (Item 1A)

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk

The CFPB may adopt other regulations governing consumer financial services, including regulations defining unfair, deceptive, or abusive acts, potentially increasing our compliance costs and litigation risks.Risk factors (Item 1A)

Also named by AFRM, ALLY, AN, AUB, AXP, BAC, CASH, CFG and 61 more

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

To comply, we maintain and regularly update internal controls and report to OFAC, OFSI, and Luxembourg authorities on blocked or rejected payments and potential violations.Risk factors (Item 1A)

Also named by ADP, AIG, APP, BMI, BMNR, BPOP, CAT, CHRW and 46 more

Financial Crimes Enforcement Network (FinCEN)

subject tonamed as a risk

In the United States, our wholly-owned subsidiary, Airbnb Payments, Inc. (“Airbnb Payments”), is regulated as a “Money Services Business” by the Financial Crimes Enforcement Network and requires state licenses to act as a money transmitter.Risk factors (Item 1A)

Also named by ADP, AFRM, BMNR, COIN, CORZ, EEFT, FISV, SNEX and 2 more

Irish Data Protection Commission

subject tonamed as a risk

From time to time, we receive correspondence, and are subject to more formal inquiries, from regulators including the Irish Data Protection Commission, our lead EU data protection regulator, regarding our personal data processing activities.Risk factors (Item 1A)

Also named by META

U.S. state insurance departments

subject tonamed as a risk

In the United States, travel insurance products are subject to extensive regulation in the states in which we transact business by state insurance departments.Risk factors (Item 1A)

Also named by PGR

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

For example, the 15% global minimum tax under Pillar Two of the OECD Base Erosion and Profit Shifting (“BEPS”) Project could increase our overall taxes and have a materially adverse impact on our business, results of operations, and financial conditions.Risk factors (Item 1A)

Also named by ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT, APH and 70 more

UK Money Laundering Regulations 2017 (MLRs)

subject to · up to 10% of APLux’s annual revenuenamed as a risk

Non-compliance with local laws implementing EU directives could result in fines up to 10% of APLux’s annual revenue, and similar penalties apply to APUK under the MLRs.Risk factors (Item 1A)

Host Damage Protection program

insures or lends to · up to $3 millionnamed as a risk

Our Host Damage Protection program is a commercial guaranty agreement that provides reimbursement of up to $3 million for certain guest-caused losses or damages to a host property that are not reimbursed by the guest.Risk factors (Item 1A)

General Data Protection Regulation (GDPR)

subject tonamed as a risk

The GDPR comprehensively regulates our use of personal data, including cross-border transfers of personal data out of the EEA and the United Kingdom.Risk factors (Item 1A)

Also named by A, AB, ADBE, ADP, AGX, AIOT, AJG, AVAV and 100 more

EU Artificial Intelligence Act

subject tonamed as a risk

Applicable requirements depend on the risk level of each AI use case, and actual or perceived contraventions could expose us to material penalties, significant legal liability, and may materially adversely affect our business, results of operations, and financial condition.Risk factors (Item 1A)

Also named by ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV, BKNG and 24 more

Payment Card Industry Data Security Standard (PCI DSS)

subject tonamed as a risk

Non-compliance with PCI DSS or payment network rules could breach our contracts with payment processors, leading to fines, penalties, and potential loss of card processing capabilities.Risk factors (Item 1A)

Also named by AZO, BJ, BKNG, CASH, CASY, COST, DOV, EBAY and 20 more

EU Digital Services Act (DSA)

subject tonamed as a risk

The DSA, and the OSA may increase our compliance costs, expose us to potential regulatory action and liability, require further changes to our user interfaces, processes, operations, and business practices, which may adversely affect our ability to attract, retain, and provide our services to customers, and may otherwise adversely affect our business, results of operations, and financial condition.Risk factors (Item 1A)

Also named by ADBE, BKNG, CSGP, DASH, EBAY, ETSY, GDDY, GOOG and 8 more

Communications Decency Act

subject tonamed as a risk

In the United States, changes to the CDA could reduce protections for online platforms.Risk factors (Item 1A)

Also named by PINS

EU Short-Term Rental Regulation

subject tonamed as a risk

For instance, the EU Short-Term Rental Regulation (“EU STR Regulation”), which intends to enhance and harmonize transparency, listing registration, and reporting requirements for short-term rental platforms, will enter into force in May 2026 and will require additional compliance efforts such as steps to enhance the transparency of certain host information on the platform, and reporting and data sharing to local authorities (e.g. host information; length of stay and number of guests), potentially discouraging and prohibiting current and potential hosts from listing properties.Risk factors (Item 1A)

EU Second Payment Services Directive (PSD2)

subject tonamed as a risk

Compliance with EEA, UK, and Canadian regulations, such as the EU Digital Operational Resilience Act Regulation, the Luxembourg implementation of the EU Second Payment Services Directive (“PSD2”), the UK's Payment Services Regulations 2017 (“UK PSR”), and Canada’s Retail Payment Activities Act (“RPAA”), involves complex and potentially onerous requirements, including ICT risk and operational-resilience and payment security and strong customer authentication, which may increase compliance costs, raise risk of non-compliance, and impact the ease of usage of the payment features and of our platform.Risk factors (Item 1A)

EU Sixth Anti-Money Laundering Directive (MLD6)

subject tonamed as a risk

APLux will need to undertake required uplifts to existing policies and procedures.Risk factors (Item 1A)

DOJ bulk sensitive data rule (Executive Order 14117)

subject tonamed as a risk

Non-compliance with the rule could result in significant civil or criminal penalties, which could materially adversely affect our business, results of operations, and financial condition.Risk factors (Item 1A)

UK Digital Markets, Competition and Consumers Act 2024

subject tonamed as a risk

The EU Consumer Rights Directive and the Unfair Commercial Practices Directive, the United Kingdom Digital Market, Competition and Consumers Act 2024 (“DMCCA”), and national consumer laws impose strict consumer protection requirements, with potential fines for non-compliance and in the case of the DMCCA, an increased risk of enforcement by the UK regulator in light of enhanced powers.Risk factors (Item 1A)