爱彼迎：去年第四季度预订额增速创两年新高，近半数体验订单未关联住宿预订

Core Insights - Airbnb reported strong financial performance for Q4 2025, with revenue of approximately $2.8 billion, a 12% year-over-year increase, and a net profit of about $341 million, a 26% decrease compared to the previous year [1] - The company achieved a full-year revenue of around $12.2 billion, reflecting a 10% year-over-year growth, while net profit was approximately $2.5 billion, down 3.8% year-over-year [1] - The gross booking value (GBV) for Q4 2025 reached about $20.4 billion, a 16% increase year-over-year, marking the highest growth rate in over two years [2] Financial Performance - Q4 2025 revenue: $2.8 billion, up 12% year-over-year [1] - Q4 2025 net profit: $341 million, down 26% year-over-year [1] - Full-year 2025 revenue: $12.2 billion, up 10% year-over-year [1] - Full-year 2025 net profit: $2.5 billion, down 3.8% year-over-year [1] - Q4 2025 adjusted EBITDA: $521 million [1] - Full-year 2025 adjusted EBITDA: $4.3 billion [1] Operational Highlights - Q4 2025 bookings for accommodations, experiences, and services reached approximately 122 million, a 10% year-over-year increase [1] - Full-year 2025 bookings totaled about 533 million, an 8% increase year-over-year [1] - The company noted that emerging markets showed booking growth rates approximately double that of core markets, with India experiencing a 50% year-over-year increase in bookings [2] Strategic Initiatives - Airbnb has focused on scaling quality supply through its "Airbnb Services" and "Airbnb Experiences," which have seen significant growth in new providers [3] - The company is expanding its hotel supply to cater to travel scenarios where hotel options are preferred, with successful partnerships established in cities like New York and Los Angeles [3] - The introduction of hotel supply is expected to broaden the overall market reach and stimulate new demand from existing users [3] Future Outlook - For Q1 2026, Airbnb projects revenue between $2.59 billion and $2.63 billion, representing a year-over-year growth of 14% to 16% [4] - The company anticipates low double-digit year-over-year growth in GBV, driven by high single-digit growth in bookings and moderate increases in average daily rates [4] - For the full year 2026, Airbnb expects revenue growth to reach at least low double-digit levels, with adjusted EBITDA margins remaining stable compared to the previous year [4]