Airbnb, Inc. stock research
FY2025 Q2
Airbnb (ABNB) Gross Margin — Quarter Ended Jun 30, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose slightly. Gross margin improved from the prior quarter and was stable relative to the year-ago period.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose slightly. Gross margin improved from the prior quarter and was stable relative to the year-ago period.
- The strongest observable margin driver is the increase in gross profit relative to revenue, as gross margin rose from the prior quarter. This indicates that revenue growth outpaced cost of revenue growth.
- Compared to the immediately preceding quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
82.4%
Gross profit
$2.6B
Revenue
$3.1B
Cost of revenue
$544.0M
Quarter-over-quarter change
+4.7 pts
Year-over-year change
+0.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $3.7B | $3.3B | $465.0M | 87.5% |
| Dec 31, 2024 | $2.5B | $2.1B | $427.0M | 82.8% |
| Mar 31, 2025 | $2.3B | $1.8B | $506.0M | 77.7% |
| Jun 30, 2025 | $3.1B | $2.6B | $544.0M | 82.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+4.7 pts
Year-over-year change
Jun 30, 2024
+0.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in gross profit relative to revenue, as gross margin rose from the prior quarter. This indicates that revenue growth outpaced cost of revenue growth.
Compared to the immediately preceding quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin was slightly higher.
Monitor the trend in cost of revenue relative to revenue, as it increased from the prior quarter and the year-ago quarter.