Airbnb, Inc.

Good afternoon and thank you for joining Airbnb's earnings conference call for the first quarter of 2026. As a reminder, this conference call is being recorded and will be available for replay from the investor relations section of Airbnb's website following this call. I will now hand the call over to Andrew Slabin, Vice President of Investor Relations. Please go ahead.

Good afternoon and welcome to Airbnb's first quarter of 2026 conference call. Thank you for joining us today. On the call, we have Airbnb's co-founder and CEO, Brian Chesky, and our chief financial officer, Ellie Mertz. Earlier today, we issued a shareholder letter with our financial results and commentary for our first quarter of 26. These items were also posted on the investor relations section of Airbnb's website. During the call, we'll make brief opening remarks and then spend the remainder of the time on Q&A. Before I turn it over to Brian, I would like to remind everyone that we'll be making forward-looking statements on this call, that involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission. We urge you to consider these factors and remind you that we undertake no obligation to update information contained on the call to reflect subsequent events or circumstances. You should be aware that these statements should be considered estimates only and are not a guarantee of future performance. Also during this call, we will discuss some non-GAAP financial measures. We've provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our investor relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results. And with that, I will pass the call over to Brian.

All right. Thank you. And good afternoon, everyone. Thanks for joining. Airbnb had a strong start to 2026. Last quarter, we talked about the path we've been on to rebuild our foundation, innovate faster, and accelerate growth. In Q1, that work continued to pay off. Revenue grew 18% year-over-year to $2.7 billion, which exceeded the high end of our guidance. Now, gross booking value grew 19% year-over-year, driven by strong demand and continued pricing strength. And nights and seats booked grew 9% after accounting for an approximate 100 basis point headwind for the conflict in the Middle East. We're seeing this momentum show up across the business. Nights booked on our app grew 22% year-over-year, and they now account for 63% of total nights booked, which is up from 58% a year ago. Growth in first-time bookers also accelerated to 10%. Now, this is the highest growth rate since 2022, with the strong acceleration of Brazil, Japan, and India. And net nights for expansion markets grew at roughly twice the rate of our core markets. This is Project Hawaii at work, the blueprint that I talked about last quarter, where we create small elite teams and give them a clear mandate. We start with simple improvements. Shift, learn quickly, and double down on what works. And eventually, we tackle bigger, more ambitious bets. And last year, it drew up hundreds of millions of dollars in revenue. And this quarter, you can see it really showing up more broadly across our business. So I want to give you a few examples. First, new features for guests and hosts. Now, we shipped a ton of improvement for guests in Q1. Reserve Now Pay Later is obviously one of them. We introduced it last year to give guests a more flexible way to pay, and the response has been incredible. In Q1, we expanded it to more markets around the world. And as a result, roughly 20% of global GBV came from Reserve Now Pay Later bookings. This increased flexibility is changing how guests book. We're seeing longer lead times, as well as a mixed shift towards larger, higher-priced homes. Now, in addition to reserve now, pay later, we're also improving search. Guests now see more relevant listings, and it's having a positive impact on booking. On the host side, we're building more of what hosts have been asking for. We redesigned signup flow to make it easier to start hosting, and we're testing host insights, which are personalized recommendations to help hosts improve their listing and stay competitive. And finally, we're upgrading our pricing tools to make it easier for hosts to set prices based on demand and seasonality. Second, we're expanding what Airbnb offers. In Q1, we continued piloting new Airbnb service to make every part of the trip better. Now, you'll hear more about what's new at our May 20th launch in two weeks. We also continued scaling experiences, and earlier results show that it's becoming a demand flywheel. Almost a quarter of new guests who book an experience go to book a stay or a service. And about one in three people who book an experience book a stay within 90 days. So service experiences are about more than just standalone products. They're a great way to introduce new guests to everything Airbnb has to offer. We're also expanding our partnership with Delta Airlines so that travelers can earn Delta miles on qualifying Airbnb experience and services in addition to homes. And to capture even more trips, We're scaling our boutique and independent hotel pilot to more mature markets around the world. Early results are strong, especially in cities where supply of homes isn't meeting demand or where supply is constrained because of regulation. Now, bringing more hotels onto the platform helps us serve guests when a hotel might be the right choice. It also introduces more new guests to Airbnb. And roughly 55% of guests who book a hotel on Airbnb come back and they book a home. Third, we're using big events to drive a business. Now, big events are how Airbnb got its start, and we've spent years refining our strategy around them. They do a few big things for the business. First, they help us bring on thousands of new hosts at scale. Many hosts who join for a big event are renting out their home for the first time, and they may continue hosting long after the crowd flees. Events also strengthen their relationship with cities and governments that need new ways to host millions of visitors. And, of course, they give Airbnb a global stage to do what we do best, which is bring people together from all over the world. We saw this playbook in action this February during the Winter Olympics in Italy. As an official Olympics partner, almost 200,000 guests stayed on Airbnb, with supply and host markets growing about 30% and GBV more than tripling. Our marketing campaigns generated around 1 billion impressions. And we met with dozens of government officials and community leaders during the game, strengthening our relationships across Italy. The World Cup is the next chapter in our event strategy, and we expect to host more guests than any event in Airbnb's history. Since we started outreach in October, over 100,000 homes have listed on Airbnb for the first time. Now, it's also worth noting that this isn't just a strategy for big global events. Because we have a playbook that works at every scale, so we can be targeted about where and when we grow supply. Finally, AI. It's changing how we build and innovate. Nearly 60% of the code our engineers produce is now written by AI, which we estimate is about twice the industry average. That means our teams are shipping more features and iterating more quickly. But it's not just about speed. It's about delivering a better experience for our guests and hosts. And customer support is a really great example of this. You see, when guests contact us through our AI aid assistant, over 40% of issues are now resolved without a human agent. And this is up from about a third in Q4 with significantly faster resolution time. We've seen the cost per booking decrease about 10% year over year in Q1. And we expect to see more of this as we improve AI customer support this year. So you can see why we're really excited about the year ahead. And our guidance reflects that. We're raising our guidance for 2026 and now expect year-over-year revenue growth to accelerate to low to mid-teens. And we anticipate or adjust the EBITDA margin to be at least 35%. And all of this is happening against the backdrop of macroeconomic and geopolitical uncertainty. And moments like this show just how resilient Airbnb's model is. Because when travel patterns shift, Airbnb adapts with them. When tariff uncertainty led to fewer people traveling to the US last year, they came to Airbnb and found somewhere else to go. And we're seeing a similar dynamic now. We have millions of homes, everywhere in the world, at nearly every price point. And that's something most travel companies can't replicate. And it's a core reason we're able to deliver consistent results, even in challenging environments. Now, while we can't predict each quarter with precision, we can control the speed of our innovation. And in the long run, that's what leads to more growth. Lastly, I just want to remind everyone that our 2026 summer release is coming up two weeks from Wednesday on May 20th. I'm really proud of what the team is building, and I'm really excited for you to see it, so I hope you all tune in. And with that, I'll turn it over to Ellie.