Airbnb reported Q4 adjusted earnings per share of $0.56, missing consensus by 14.9% and down from $0.73 a year earlier. Revenue climbed 12% year-over-year to $2.78 billion, outperforming estimates by 2%, driving a near 4% rebound in share price. Gross Booking Value reached $20.4 billion, up 16% reported (13% forex-neutral), supported by a 9.8% increase in Nights and Seats Booked and a 6% rise in ADR to $168. The take rate contracted to 13.6% from 14.1% as platform mix shifted and competitive pricing intensified. As of December 31, cash, equivalents and restricted cash stood at $11 billion, down from $11.68 billion at September 30. Q4 free cash flow was $521 million, and the company repurchased $1.1 billion of shares, with $5.6 billion remaining under authorization. For Q1 2026, Airbnb projects revenue of $2.59 billion to $2.63 billion, implying 14%–16% year-over-year growth. Gross Booking Value is expected to rise in the low teens, with adjusted EBITDA roughly flat versus the prior year.