盘前市场动向 1. 2月13日(周五)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.37%，标普500指数期货跌0.33%，纳指期货跌0.31%。 | 를 US 30 | 49,270.70 | 49,503.40 | 49,241.70 | -18 | | --- | --- | --- | --- | --- | | 를 US 500 | 6,810.50 | 6,850.00 | 6,806.20 | -2 | | 틀 US Tech 100 | 24,610.10 | 24,780.90 | 24,561.20 | i | 2. 截至发稿，德国DAX指数跌0.04%，英国富时100指数跌0.01%，法国CAC40指数跌0.36%，欧洲斯托克50指数跌0.43%。 | 德国DAX30 | 24,817.24 | 24,890.24 | 24,745.74 | -10. | | --- | --- | --- | --- | --- | | 兴 英国富时100 | 10,401.90 | 10,446.06 | 10,394.20 | -0. | | II 法国CAC40 | 8,310.33 ...

责任编辑：郭明煜 专题：聚焦美股2025年第四季度财报 爱彼迎第四季度营收增速提升至12%，自由现金流增长13.7%，至5.21 亿美元。这家住宿租赁平台的股 价在周五盘前交易中上涨5.7%。 专题：聚焦美股2025年第四季度财报 爱彼迎第四季度营收增速提升至12%，自由现金流增长13.7%，至5.21 亿美元。这家住宿租赁平台的股 价在周五盘前交易中上涨5.7%。 公司公布，夜间住宿与房源预订量同比增长10%，总预订额增长16%，显示出用户在预订上的支出有所 增加。同时，公司在营销、运营及客服等领域的开支大幅上升，导致运营利润下滑 37%。 全年来看，爱彼迎实现营收122 亿美元，运营利润25.4 亿美元，与 2024 年基本持平。 公司公布，夜间住宿与房源预订量同比增长10%，总预订额增长16%，显示出用户在预订上的支出有所 增加。同时，公司在营销、运营及客服等领域的开支大幅上升，导致运营利润下滑 37%。 全年来看，爱彼迎实现营收122 亿美元，运营利润25.4 亿美元，与 2024 年基本持平。 责任编辑：郭明煜 ...

来源：美通社 北京2026年2月13日 /美通社/ -- Airbnb爱彼迎发布2025年第四季度及全年财务业绩，请访问此链接获取 更多详细信息。 Airbnb爱彼迎联合创始人兼首席执行官Brian Chesky表示："第四季度，爱彼迎实现了过去两年多以来最 强劲的预订总额（GBV）增长，间夜预订量和营收均加速提升。我们持续夯实核心业务能力，优化并 推动创新举措落地，同时加快新业务的规模化进程，有序推进人工智能的整合与应用。当前公司发展势 头良好，且有望延续，为2026年实现更快增长夯实基础。" 2025年第四季度财务业绩概览 爱彼迎以稳健表现收官2025年。第四季度，爱彼迎多项核心业务指标实现双位数增长。尽管面临较高的 同比基数，当季整体增速较第三季度进一步加快。营收同比增长12%，高于此前业绩指引区间上限；预 订总额（Gross Booking Value，GBV）同比增长16%，为两年多以来的最高增速。住宿、体验与服务预 订量（Nights and Seats Booked）同比增长10%，为全年增速最快的季度。本季度业绩增长主要得益于全 球市场需求的持续增长，以及平均间夜房价（ADR）的稳步提升。 优 ...

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Core Insights - Airbnb is shifting towards continuous product shipping rather than large feature launches, with a multiyear rebuild of its technical foundation to enhance speed in pricing, supply quality, and artificial intelligence [1][2] Pricing and Payment Changes - Three initiatives contributed to growth: reserve now pay later, simplified fees, and updated cancellation policies, resulting in over 200 basis points of nights growth and approximately 300 basis points of gross booking value growth in Q4 [3] - The reserve now pay later feature allows guests to book without upfront payment, leading to increased booking for larger, higher-priced homes, while cancellation rates have increased modestly but remain within expectations [4][5] - A simplified single-fee model is being adopted to enhance pricing transparency, which reduces friction and improves conversion rates [5][6] International Focus Drives Supply - Airbnb is leveraging major global events to accelerate supply, adding tens of thousands of listings ahead of the Paris Olympics and planning a similar strategy for the 2026 World Cup across 16 North American cities [7] - Brazil has become a top market due to localized payments and targeted campaigns, while India is emerging as a high-growth market with focused expansion teams [11] - The company has removed over half a million low-quality listings and expanded "Guest Favorites," emphasizing supply quality as a key differentiator [11] AI Integration Expands - Artificial intelligence is being integrated across operations, with an AI-powered customer service chatbot resolving nearly one-third of English-language support tickets in North America without human intervention [12] - Testing of conversational AI search is underway to improve traveler intent recognition and booking efficiency, with plans to enhance AI search before adding monetization features [13] - Airbnb's extensive verified identities and proprietary review corpus provide defensibility against competitive risks from generative AI platforms [14] Financial Performance - Revenue increased by 12% year over year to $2.8 billion, with gross booking value rising 16% to $20.4 billion, marking the strongest growth quarter in over two years [16] - Free cash flow for the full year totaled $4.6 billion, representing 38% of revenue, with $11 billion in corporate cash and investments at the end of the quarter [16] - For Q1 2026, revenue is expected to be between $2.59 billion and $2.63 billion, indicating a year-over-year growth of 14% to 16% [17] Additional Developments - The AI chatbot is expanding into voice, with a broader global rollout planned, while services and experiences are scaling city by city [18] - Major events like the Winter Olympics and the 2026 World Cup are anticipated to drive supply activation and incremental demand [18] - Loyalty benefits are being tested, although no traditional points-based program has been announced [18] - Over 80% of engineers are now using AI tools internally as the company transitions to continuous shipping instead of biannual releases [18]

本文源自：金融界AI电报 民宿预订平台爱彼迎(ABNB.US)夜盘涨4.4%，报121.09美元。 ...

就核心运营指标而言，预订的入住晚数和体验活动数同比增长10%至1.219亿，远超市场预期的1.176 亿；总预订金额同比增长16%至204亿美元，亦高于超过预期的194亿美元。 展望今年首季，爱彼迎预计营收将介于25.9亿至26.3亿美元之间，高于市场预期的25.3亿美元。(格隆汇) 民宿预订平台爱彼迎(ABNB.US)夜盘涨4.4%，报121.09美元。 消息面上，爱彼迎公布，去年第四季度营收同比增长12%至27.8亿美元，高于市场预期的27.1亿美元； 新业务投资令支出上升，利润同比下跌26%至3.41亿美元，合每股盈利0.56美元，低于市场预期的0.67 美元。 ...

Key Takeaways Existing Home Sales Saw the Steepest Drop in 4 YearsBond Yields Wavered as a Result, and Markets Sold OffEarnings Results from EXPE, ROKU, ABNB & More After the CloseThursday, February 12th, 2026A funny thing happened on the way to the stock market rally: confidence in economic strength began to sharply erode upon the worst Existing Home Sales report in four years. This seemed to generate a drop in bond yields, which led to a general “needle-scratch” across trading as of mid-morning. The Dow s ...

民宿预订平台爱彼迎(ABNB.US)周四发布了强劲的第四季度业绩报告，并对2026年给出了乐观的收入指引，显示出全 球旅行需求依然坚挺。受此消息提振，公司股价在盘后交易中一度上涨近7%。 这一业绩指引紧随上月美国航空业发布的乐观报告，表明尽管地缘政治紧张局势加剧，美国多地遭遇严寒天气， 旅游需求仍保持稳健。这对爱彼迎而言无疑是利好——目前公司正借助当前进行的冬季奥运会以及即将到来的世 界杯等重大体育赛事，积极吸引旅客和新房东入驻平台。 作为核心运营指标，爱彼迎第四季度"预订的入住晚数和体验活动数量"达到1.219亿，同比增长10%，远超市场 预期的1.176亿。总预订金额(涵盖房东收入、服务费、清洁费及税费)达204亿美元，同比上升16%，同样高于 分析师预测的194亿美元。 公司表示，去年在美国推出的"先订后付"预订选项受到用户欢迎，有效推动了第四季度订单增长。2026年，预 计这一灵活支付方式将向全球更多用户开放。此外，更宽松的退订政策也帮助提升了假日季预订量，并减少了客 服咨询量。 从区域看，印度、巴西和日本等新兴市场成为增长主力。以印度为例，首次预订用户增幅超过60%，新兴国际市 场的增速约为成熟市场 ...

民宿预订平台爱彼迎(ABNB.US)周四发布了强劲的第四季度业绩报告，并对2026年给出了乐观的收入指 引，显示出全球旅行需求依然坚挺。受此消息提振，公司股价在盘后交易中一度上涨近7%。 公司表示，去年在美国推出的"先订后付"预订选项受到用户欢迎，有效推动了第四季度订单增长。2026 年，预计这一灵活支付方式将向全球更多用户开放。此外，更宽松的退订政策也帮助提升了假日季预订 量，并减少了客服咨询量。 从区域看，印度、巴西和日本等新兴市场成为增长主力。以印度为例，首次预订用户增幅超过60%，新兴 国际市场的增速约为成熟市场的两倍。 在产品创新方面，爱彼迎去年5月重启了"旅游与体验"业务，并推出单项服务预订类别。近期更与杂货配 送平台Instacart合作试点食品采购上门服务。同时，公司开始在纽约、洛杉矶、马德里和旧金山等监管严 格、房源供应受限的市场引入精品酒店房源。 技术投入也在加码。上个月，爱彼迎任命前Meta(META.US)生成式人工智能(AI)负责人Ahmad Al-Dahle为 新任首席技术官。公司透露，今年晚些时候将把AI客服助手推广至全球，并持续优化搜索体验，让用户能 够用更自然的语言描述旅行需 ...