Source: Form 10-K for the fiscal year ended December 31, 2025, filed February 12, 2026. All figures in US$ millions unless stated otherwise. Every figure comes from the 10-K; the internal source is given beside it. Market data (closing price and share count) were supplied with the request and are used only where marked. Abbreviations for sources: IS = Consolidated Statements of Operations; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; SE = Consolidated Statements of Stockholders' Equity; MD&A = Item 7; N = Note to the consolidated financial statements.
FY2025 = fiscal year ended 31/12/2025. Comparative columns: FY2024 (ended 31/12/2024) and FY2023 (ended 31/12/2023). The balance sheet covers two dates only (31/12/2024 and 31/12/2025).
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Revenue | 9,917 | 11,102 | 12,241 | IS, Revenue |
| Cost of revenue | 1,703 | 1,878 | 2,086 | IS |
| Gross profit (revenue − cost of revenue) | 8,214 | 9,224 | 10,155 | calculated |
| Operations and support | 1,186 | 1,282 | 1,327 | IS |
| Product development | 1,722 | 2,056 | 2,354 | IS |
| Sales and marketing | 1,763 | 2,148 | 2,588 | IS |
| General and administrative | 2,025 | 1,185 | 1,342 | IS |
| Total costs and expenses | 8,399 | 8,549 | 9,697 | IS |
| Income from operations | 1,518 | 2,553 | 2,544 | IS |
| Interest income | 721 | 818 | 705 | IS |
| Other expense, net | (137) | (40) | (112) | IS |
| Income before income taxes | 2,102 | 3,331 | 3,137 | IS |
| Provision for (benefit from) income taxes | (2,690) | 683 | 626 | IS |
| Net income (no minority interests) | 4,792 | 2,648 | 2,511 | IS |
| EPS basic (US$) | 7.52 | 4.19 | 4.10 | IS; N15 |
| EPS diluted (US$) | 7.24 | 4.11 | 4.03 | IS; N15 |
| Weighted-average shares, basic (mn) | 637 | 632 | 613 | IS; N15 |
| Weighted-average shares, diluted (mn) | 662 | 645 | 623 | IS; N15 |
| Net income for diluted EPS (adds convertible notes interest, net of tax) | 4,795 | 2,652 | 2,514 | N15 |
| Stock-based compensation expense | 1,120 | 1,407 | 1,592 | CF; N12 |
| D&A (as used in Adjusted EBITDA reconciliation) | not available | 65 | 91 | MD&A, Adjusted EBITDA reconciliation |
| Advertising expense | 953 | "$1.1 billion" | 843 | N2, Sales and Marketing |
| Employees at 31/12 | not available | not available | ~8,200 | Item 1, Human Capital |
| Third-party community-support workers at 31/12 | not available | not available | ~13,000 | Item 1, Human Capital |
SBC by function (MD&A, footnote 1 to results table):
| Function | FY2024 | FY2025 |
|---|---|---|
| Operations and support | 90 | 90 |
| Product development | 886 | 1,017 |
| Sales and marketing | 170 | 212 |
| General and administrative | 261 | 273 |
| Total | 1,407 | 1,592 |
Sales and marketing detail (MD&A): brand and performance marketing 1,455 → 1,595; field operations and policy 693 → 993; total 2,148 → 2,588. Product development increase FY2025 "primarily due to a $293 million increase in payroll-related expenses" (MD&A). Interest income decrease $113 million (MD&A).
Significant segment expenses (N16; one operating and one reportable segment, CODM = CEO):
| Item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Merchant fees and chargebacks | 1,369 | 1,508 | 1,666 |
| Stock-based compensation | 1,120 | 1,407 | 1,592 |
| Salaries and benefits | 1,558 | 1,686 | 2,009 |
| Marketing | 1,215 | 1,514 | 1,704 |
| Professional and third-party services | 1,078 | 1,083 | 1,218 |
| Non-income taxes | 894 | 237 | 305 |
| Other items | 1,165 | 1,114 | 1,203 |
| Total cost and expense | 8,399 | 8,549 | 9,697 |
| Item | 2024 | 2025 | Source |
|---|---|---|---|
| Cash and cash equivalents | 6,864 | 6,560 | BS |
| — of which held by foreign subsidiaries | not available | ~2,300 | MD&A, Liquidity |
| Short-term investments | 3,747 | 4,454 | BS; N4 |
| Funds receivable and amounts held on behalf of customers | 5,931 | 6,959 | BS |
| Prepaids and other current assets | 638 | 824 | BS; N3 |
| Total current assets | 17,180 | 18,797 | BS |
| Deferred income tax assets | 2,439 | 2,102 | BS |
| Goodwill and intangible assets, net | 777 | 770 | BS; N7 |
| Other assets, noncurrent | 563 | 539 | BS; N3 |
| Total assets | 20,959 | 22,208 | BS |
| Accrued expenses, accounts payable, and other current liabilities | 2,614 | 2,948 | BS; N3 |
| Funds payable and amounts payable to customers | 5,931 | 6,959 | BS |
| Current portion of long-term debt | — | 1,999 | BS |
| Unearned fees | 1,616 | 1,743 | BS |
| Total current liabilities | 10,161 | 13,649 | BS |
| Long-term debt | 1,995 | — | BS |
| Other liabilities, noncurrent | 391 | 360 | BS; N3 |
| Total liabilities | 12,547 | 14,009 | BS |
| Additional paid-in capital | 12,602 | 13,763 | BS |
| Accumulated other comprehensive income (loss) | 35 | (62) | BS |
| Accumulated deficit | (4,225) | (5,502) | BS |
| Total stockholders' equity | 8,412 | 8,199 | BS |
| Minority interests | not applicable | not applicable | N2: wholly-owned subsidiaries |
| Shares issued and outstanding, Class A + Class B (mn) | 434 + 189 = 623 | 426 + 176 = 602 | BS; SE |
| Class H shares (mn) | 9 issued | 9 issued, zero outstanding | BS |
| Stockholders' equity, 31/12/2023 | 8,165 | SE |
Cover page, 31/01/2026: Class A 423,573,275; Class B 175,940,683; Class C 0; Class H 9,200,000 (held by the wholly-owned Host Endowment Fund subsidiary, Item 5). Sum 608,713,958, equal to the share count supplied with the request. The balance sheet treats Class H as not outstanding.
Aggregate market value of Class A held by non-affiliates at 30/06/2025: ~$56.2 billion (cover). Not used in the report: the price supplied with the request is used instead.
Gross debt (31/12):
| Item | 2024 | 2025 | Source |
|---|---|---|---|
| 0% Convertible Senior Notes due 15/03/2026, carrying value | 1,995 | 1,999 | BS; N10 |
| Operating lease liabilities, current | 63 | 68 | N3 |
| Operating lease liabilities, noncurrent | 236 | 204 | N3 |
| Operating lease liabilities, total | 299 | 272 | sum; N9 |
| 2022 Credit Facility drawn | 0 | 0 | N10 |
| Gross debt incl. leases | 2,294 | 2,271 | sum |
| Gross debt excl. leases | 1,995 | 1,999 |
Notes principal: $2.0 billion (N10); effective interest rate 0.2%.
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Net income | 4,792 | 2,648 | 2,511 | CF |
| Stock-based compensation | 1,120 | 1,407 | 1,592 | CF |
| Deferred income taxes | (2,875) | 433 | 376 | CF |
| Other, net | 127 | 97 | 273 | CF |
| Prepaids and other assets | (102) | (163) | (346) | CF |
| Accrued expenses and other liabilities | 580 | (104) | 118 | CF |
| Unearned fees | 242 | 200 | 122 | CF |
| Total change in operating assets and liabilities | 720 | (67) | (106) | sum |
| Net cash provided by operating activities | 3,884 | 4,518 | 4,646 | CF |
| Purchases of property and equipment (capex) | not available | (34) | (33) | MD&A, FCF reconciliation |
| Free cash flow (company definition: OCF − capex) | not available | 4,484 | 4,613 | MD&A |
| Purchases of short-term investments | (3,308) | (3,146) | (3,438) | CF |
| Sales and maturities of short-term investments | 2,380 | 2,605 | 2,736 | CF |
| Other investing activities, net (includes capex) | (114) | (75) | (46) | CF |
| Net cash used in investing | (1,042) | (616) | (748) | CF |
| Share repurchases | (2,252) | (3,430) | (3,789) | CF |
| Taxes paid related to tax on equity awards | (1,224) | (630) | (561) | CF |
| Change in funds payable and amounts payable to customers | 936 | 320 | 401 | CF |
| Proceeds from exercise of equity awards and ESPP | 110 | 168 | 122 | CF |
| Net cash used in financing | (2,430) | (3,572) | (3,827) | CF |
| Effect of exchange rates | 152 | (237) | 655 | CF |
| Net increase in cash, cash equivalents and restricted cash | 564 | 93 | 726 | CF |
| Cash, equivalents and restricted cash, end of year | 12,667 | 12,760 | 13,486 | CF; N3 |
| Dividends paid | 0 | 0 | 0 | Item 5: no dividends |
| Debt issued / repaid | 0 / 0 | 0 / 0 | 0 / 0 | CF (no lines) |
| Acquisitions, net of cash acquired | not separately disclosed | not separately disclosed | not separately disclosed | CF; SE shows 53 of stock issued for acquisitions in 2023 |
| Cash paid for income taxes, net of refunds | 132 | 350 | 232 | N3 |
| Cash paid for interest | 55 | 2 | 2 | N3 |
| Cash paid for operating leases | 84 | 89 | 87 | N3 |
FY2025 cash taxes by jurisdiction (N3): federal 65, state 46, foreign 121.
Cash reconciliation at 31/12 (N3): cash and cash equivalents 6,864 / 6,560 + cash in funds receivable 5,871 / 6,891 + restricted cash in prepaids 25 / 35 = 12,760 / 13,486.
| Region | FY2023 | FY2024 | FY2025 | % FY2025 | YoY FY2025 |
|---|---|---|---|---|---|
| North America | 4,638 | 5,006 | 5,196 | 42.45% | 3.80% |
| EMEA | 3,615 | 4,135 | 4,729 | 38.63% | 14.37% |
| Latin America | 824 | 969 | 1,160 | 9.48% | 19.71% |
| Asia Pacific | 840 | 992 | 1,156 | 9.44% | 16.53% |
| Total | 9,917 | 11,102 | 12,241 | 100.00% | 10.26% |
United States / International (N16): 4,290 / 5,627 (FY2023); 4,640 / 6,462 (FY2024); 4,814 / 7,427 (FY2025). No international country ≥10% of revenue. Revenue in non-US$ currencies: ~54% (FY2024), ~56% (FY2025) (Item 1A). Marketplace in over 220 countries and regions (Item 1).
Segments: one operating and one reportable segment (N16). Revenue by product category: not available ("substantially all of our revenue comes from stays", MD&A). Operating income by segment: not applicable.
| Metric | FY2024 | FY2025 | YoY |
|---|---|---|---|
| Nights and Seats Booked (mn) | 492 | 533 | 8.33% |
| Gross Booking Value | 81,784 | 91,273 | 11.60% |
| ADR change | not available | +3% (EMEA +8%) | |
| Average nights per booking | 3.8 | 3.7 |
By region, Nights and Seats Booked (mn): North America 154 → 158; EMEA 201 → 215; Latin America 76 → 90; Asia Pacific 61 → 70. GBV: North America 37,816 → 40,295; EMEA 29,750 → 34,162; Latin America 7,092 → 8,542; Asia Pacific 7,126 → 8,274. No city >2% of revenue before incentives and refunds (MD&A).
Non-GAAP as presented by the company (MD&A): Adjusted EBITDA 4,041 (FY2024), 4,297 (FY2025); Adjusted EBITDA margin 36% / 35%.
| Check | FY2023 | FY2024 | FY2025 | Outcome |
|---|---|---|---|---|
| Gross profit = revenue − cost of revenue | 9,917 − 1,703 = 8,214 | 11,102 − 1,878 = 9,224 | 12,241 − 2,086 = 10,155 | ties |
| Operating income = gross profit − operating expenses | 8,214 − 6,696 = 1,518 | 9,224 − 6,671 = 2,553 | 10,155 − 7,611 = 2,544 | ties to IS |
| Pre-tax = operating income + interest income + other | 1,518 + 721 − 137 = 2,102 | 2,553 + 818 − 40 = 3,331 | 2,544 + 705 − 112 = 3,137 | ties |
| Pre-tax − taxes = net income | 2,102 + 2,690 = 4,792 | 3,331 − 683 = 2,648 | 3,137 − 626 = 2,511 | ties |
| Regions sum to revenue | 4,638 + 3,615 + 824 + 840 = 9,917 | 5,006 + 4,135 + 969 + 992 = 11,102 | 5,196 + 4,729 + 1,160 + 1,156 = 12,241 | ties |
| US + International = revenue | 4,290 + 5,627 = 9,917 | 4,640 + 6,462 = 11,102 | 4,814 + 7,427 = 12,241 | ties |
| Regional % sum | 42.45 + 38.63 + 9.48 + 9.44 = 100.00 | ties | ||
| Segment expense table sums to total costs | 8,399 | 8,549 | 9,697 | ties |
| Gross debt = sum of items | 1,995 + 63 + 236 = 2,294 | 1,999 + 68 + 204 = 2,271 | ties | |
| OCF = NI + non-cash + working capital | 4,792 + 1,120 − 2,875 + 127 + 720 = 3,884 | 2,648 + 1,407 + 433 + 97 − 67 = 4,518 | 2,511 + 1,592 + 376 + 273 − 106 = 4,646 | ties |
| FCF = OCF − capex | not available | 4,518 − 34 = 4,484 | 4,646 − 33 = 4,613 | ties to MD&A |
| Net change in cash = OCF + investing + financing + FX | 3,884 − 1,042 − 2,430 + 152 = 564 | 4,518 − 616 − 3,572 − 237 = 93 | 4,646 − 748 − 3,827 + 655 = 726 | ties |
| Segment operating income − unallocated = consolidated | not applicable (one segment) | |||
| Total assets = sum of lines | 20,959 | 6,560 + 4,454 + 6,959 + 824 + 2,102 + 770 + 539 = 22,208 | ties | |
| Total liabilities = sum of lines | 12,547 | 2,948 + 6,959 + 1,999 + 1,743 + 360 = 14,009 | ties | |
| Adjusted EBITDA reconciliation | 4,041 | 2,511 + 626 + 112 − 705 + 91 + 1,592 + 1 + 74 − 5 = 4,297 | ties | |
| Cover share classes = share count supplied | 423.573275 + 175.940683 + 9.2 = 608.713958 mn | ties |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Pre-tax income, domestic / foreign | 1,913 / 189 | 3,047 / 284 | 2,719 / 418 | N14 |
| Current provision (federal / state / foreign) | 19 / 8 / 158 = 185 | 103 / 23 / 124 = 250 | 80 / 25 / 145 = 250 | N14 |
| Deferred provision | (2,875) | 433 | 376 | N14 |
| Effective tax rate | (128.0)% | 20.5% | 20.0% | N14; MD&A |
| Cash taxes paid | 132 | 350 | 232 | N3 |
FY2025 rate reconciliation (N14, ASU 2023-09 format): statutory 21% 659 (21.0%); state and local 33 (1.1%); foreign tax effects 28 (0.9%); FDII (166) (−5.3%); other cross-border (49) (−1.6%); R&D credits (121) (−3.9%); valuation allowance 221 (7.0%); SBC non-deductible 36 (1.2%); other non-deductible 27 (0.9%); uncertain tax positions (42) (−1.3%); total 626 (20.0%). Sum check: 659 + 33 + 28 − 166 − 49 − 121 + 221 + 36 + 27 − 42 = 626, ties.
FY2024 / FY2023 reconciliation (old format, % only): statutory 21.0 / 21.0; state 1.3 / 0.3; foreign rate differential 0.8 / 2.9; SBC (0.2) / (16.7); R&D credits (2.2) / (5.5); UTP prior year — / 1.8; UTP current year 1.4 / 1.7; US tax on foreign income — / 3.9; FDII (2.0) / (1.0); valuation allowance 0.3 / (136.6); other statutorily non-deductible 0.1 / 0.1; other, net — / 0.1; effective 20.5% / (128.0)%.
Discrete FY2025 items (MD&A, N14): valuation allowance of $213 mn on CAMT credit deferred tax asset after the OBBBA (enacted 04/07/2025); $105 mn reduction in uncertain tax positions relating to prior years.
Deferred taxes (N14, 31/12/2024 → 31/12/2025): loss carryforwards 462 → 253; tax credit carryforwards 999 → 806; accruals and reserves 122 → 153; non-income tax accruals 84 → 81; SBC 70 → 75; operating lease liabilities 61 → 51; intangible assets 140 → 111; capitalized R&D 882 → 1,049; other 62 → 187; gross DTA 2,882 → 2,766; valuation allowance (395) → (626); net DTA 2,487 → 2,140; DTL (52) → (41); net DTA 2,435 → 2,099. (BS line "Deferred income tax assets": 2,439 → 2,102.)
Valuation allowance roll-forward (Schedule II): FY2023 3,166 + 95 − 2,897 = 364; FY2024 364 + 31 = 395; FY2025 395 + 231 = 626.
Unrecognized tax benefits (N14): FY2023 650 → 780; FY2024 780 → 869; FY2025: opening 869 + prior-year increases 18 − prior-year decreases 105 + current-year increases 74 − settlements 15 − statute lapse 6 = 835. UTB that would affect the rate if recognized: 693. Accrued interest and penalties: 100 (both year-ends).
Carryforwards at 31/12/2025 (N14): federal NOL none; federal R&D credits 489 (expire from 2042); CAMT credits 400 (no expiry); state NOLs 3,400 (some expire from 2035); state R&D credits 526 (no expiry).
IRS dispute (N14): 2013 valuation of international IP sold to a subsidiary; Statutory Notice of Deficiency (May 2024) claims $1.3 billion of tax plus penalties and interest; NOPA amount exceeds the current reserve "by more than $1.0 billion"; Tax Court petition filed July 2024. Years under IRS examination: 2013, 2016, 2017, 2018. Open years: 2008–2025 (US and states); 2021–2025 (Ireland).
| Item | Value | Source |
|---|---|---|
| 2026 Notes principal | $2.0 billion, 0% coupon, unsecured, due 15/03/2026 | N10 |
| Effective interest rate | 0.2% | N10 |
| Conversion rate / price | 3.4645 shares per $1,000; ~$288.64 per share | N10 |
| Shares underlying at initial rate | 2,000 × 3.4645 / 1,000 = 6.929 mn | calculated |
| If-converted value vs principal at 31/12/2025 | did not exceed principal | N10 |
| Fair value at 31/12/2025 | $2.0 billion (Level 2) | N10 |
| Capped calls | cost $100 mn (2021); cap $360.80 | N10 |
| Settlement | cash, shares or combination, at company election | N10 |
| 2022 Credit Facility | $1.0 billion five-year unsecured revolver, agreement dated 31/10/2022; $200 mn LC sub-limit; undrawn; LCs outstanding $20 mn | N10; MD&A |
| Facility pricing | SOFR + 1.0%–1.5%; commitment fee 0.10%–0.20% | N10 |
| Covenants | leverage ratio and fixed charge coverage ratio (parameters not disclosed); in compliance at 31/12/2025 | N10; Item 1A |
| Maturity schedule | Notes: 1,999 in 2026; leases: see below | BS; N9 |
| Fixed / variable | Notes 100% fixed (0%); revolver variable, undrawn | N10 |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| SBC expense (CF) | 1,120 | 1,407 | 1,592 | CF |
| SBC credited to APIC (SE) | 1,146 | 1,424 | 1,600 | SE |
| Tax benefit on SBC recognized in IS | 227 | 273 | 317 | N12 |
| Shares issued for awards, net of withholding (mn) | 18 | 9 | 9 | SE |
| APIC effect of awards issued net of withholding | (1,117) | (461) | (439) | SE |
| Shares repurchased and retired (mn) | 18 | 25 (24.5 in N11) | 30 (29.7 in N11) | SE; N11 |
| Cost of repurchases (SE) | 2,252 | 3,448 | 3,788 | SE |
| Cash paid for repurchases (CF) | 2,252 | 3,430 | 3,789 | CF |
| Average price paid | not calculable (rounded share count) | 3,448 / 24.5 = $140.73 | 3,788 / 29.7 = $127.54 | calculated |
| Q4 2025 repurchases | 9 mn shares at $122.37 average | Item 5 | ||
| Remaining authorization 31/12/2025 | $5.6 billion (Aug 2025 program; Feb 2024 $6.0 bn program completed) | N11 | ||
| Unrecognized cost, stock options | 114, over 2.9 years | N12 | ||
| Unrecognized cost, RSUs | not available (not disclosed) | N12 | ||
| Options outstanding (mn) / WAEP | 7 / $71.76 | 5 / $93.53 | 5 / $108.28 | N12 |
| RSUs outstanding (mn) / WA grant FV | 30 / $85.35 | 30 / $97.93 | 32 / $99.64 | N12 |
| RSUs granted (mn) / WA grant FV | 13 / $153.36 | 16 / $136.11 | N12 | |
| Market-condition RSUs excluded from dilution (mn) | 9.6 | 9.6 | 9.6 | N15 |
| Anti-dilutive securities excluded (mn) | 7 | 9 | 13 | N15 |
| Dilutive securities effect (mn) | 25 | 13 | 10 | N15 |
| Shares available for future grant | not available | N12 |
2020 Plan evergreen: annual increase of up to 5% of shares outstanding, each year from 2022 through 2030 (N12). RSU service vesting generally four years.
| Item | FY2024 | FY2025 | Source |
|---|---|---|---|
| Unearned fees, closing | 1,616 | 1,743 | BS |
| Unearned fees, cash flow change | 200 | 122 | CF |
| Revenue from opening unearned fees | not available | not available | not disclosed |
| RPO | not applicable | not applicable | N2: no partially satisfied or unsatisfied performance obligations at year-end; unearned fees not contract balances |
| Payments to customers: reductions to revenue | 455 | 484 | N3 (FY2023: 360) |
| Payments to customers: charged to operations and support | 118 | 101 | N3 (FY2023: 96) |
| Payments to customers: charged to S&M | 54 | 77 | N3 (FY2023: 61) |
| Total payments to customers | 627 | 662 | N3 (FY2023: 517) |
| Hedging losses reclassified from AOCI to revenue | immaterial | (64) | N6 |
| Deferred net hedge losses expected to be reclassified to revenue in next 12 months | ~63 | N6 |
Revenue presented net, as agent (N2). Fee structure: from October 2025 transition from split-fee (host and guest) to single host-only fee (N2). Long-term stays (≥28 nights) recognized monthly.
| Matter | Accrued 31/12/2024 | Accrued 31/12/2025 | Reasonably possible loss in excess of accrual | Source |
|---|---|---|---|---|
| Lodging taxes (joint liability estimates) | 83 | 114 | 25–35 (determinable portion); other jurisdictions not estimable | N13 |
| Lodging taxes collected, to be remitted | 312 | 387 | not applicable | N13 |
| Transactional taxes | 55 | 0 | 25–35 | N13 |
| Host withholding tax obligations | 227 | 199 | 150–160 | N13 |
| Italy, 2017–2021 settlement (Dec 2023) | €576 mn ($621 mn) paid | N13 | ||
| Italy, 2022 settlement (Dec 2024) | €139 mn ($150 mn) | N13 | ||
| Italy, 2023 settlement (Jan 2025) | €179 mn ($186 mn): €123 mn ($148 mn) paid Dec 2024, €56 mn ($66 mn) paid Jan 2025 | N13. Note: $148 + $66 = $214, not $186; euro amounts tie (123 + 56 = 179) | ||
| Spain, Ministry of Consumer Affairs proposed fine | €110 mn ($129 mn) proposed July 2025, reduced to ~€65 mn ($76 mn) Sept 2025; disputed | not accrued | "neither probable or estimable" | N13 |
| IRS 2013 IP valuation | reserve not disclosed | $1.3 bn tax + penalties and interest claimed; exceeds reserve by >$1.0 bn | N14 | |
| Legal matters | immaterial | immaterial | not material in aggregate (company statement) | N13 |
BS line "Indirect taxes payable and estimated lodging and withholding tax liabilities" (N3): 1,055 → 1,132.
Goodwill 752 (31/12/2023) → 750 → 754 (FX movements only). One reporting unit; annual Q4 test; qualitative (Step 0) assessment described; no headroom disclosed; no impairment in any period presented. Intangible assets, net 27 → 16; accumulated amortization 67 → 78; estimated future amortization 16 through 2029; useful lives 1–10 years.
| Level | 31/12/2024 | 31/12/2025 |
|---|---|---|
| Level 1 (money market funds in cash and in funds receivable) | 2,975 | 3,065 |
| — of which money market funds in funds receivable | 1,340 | 2,164 |
| Level 2 (debt securities, commercial paper, CDs, derivatives) | 3,352 | 3,504 |
| Level 3 | 0 | 0 |
| Total at fair value | 6,327 | 6,569 |
| FX derivative liabilities (Level 2) | 20 | 68 |
Short-term investments: amortized cost 3,749 → 4,443; time deposits 702 → 1,132. AFS maturities at 31/12/2025: within 1 year 1,527; 1–5 years 1,702; after 5 years 97 (fair value). Equity-method investments 47 (both dates). Investments without readily determinable fair value 38 → 11; impairments 45 (FY2024), 30 (FY2025); cumulative impairment and downward adjustments 108. Net FX gains (losses) on transactions and balances: (48), 29, (35) for FY2023–FY2025 (N2). Hedging: cash flow hedge notional 2.5 bn → 3.1 bn; non-designated notional 2.1 bn → 2.7 bn; AOCI hedge balance 80 → (59).
Customer receivables 175 → 225; customer receivables reserve (28) → (39). Inventory: not applicable. Insurance reserves: not disclosed separately (captive insurance subsidiary described, N13). Chargeback expense FY2025: $67 mn (Item 1A).
Lease cost: 80 / 74 / 70 (FY2023–FY2025). Weighted-average remaining term 7.2 → 6.9 years; discount rate 7.3% → 7.4%. Maturities at 31/12/2025: 2026 86; 2027 9; 2028 38; 2029 50; 2030 44; thereafter 139; total 366 − imputed interest 94 = 272 (68 current + 204 noncurrent). Leased office space ~1.5 mn sq ft, of which ~0.9 mn offered for sublease; HQ ~0.8 mn sq ft, of which ~0.5 mn offered for sublease (Item 2).
Non-cancelable commitments at 31/12/2025: purchase obligations 1,749 (<1 year 219; 1–3 years 930; 3–5 years 600; >5 years 0); other commitments 169 (66; 80; 5; 18); total 1,918. Includes data-hosting agreement of at least $1.7 bn through 2031. Guarantees: indemnifications, maximum not determinable.
| Item | Value | Source |
|---|---|---|
| Auditor | PricewaterhouseCoopers LLP, San Francisco (PCAOB ID 238) | Auditor's report |
| Tenure | auditor since 2011 | Auditor's report |
| Opinion | unqualified on financial statements and on ICFR | Auditor's report |
| Critical Audit Matters | one: Uncertain Tax Positions (gross UTB $835 mn; N2, N14) | Auditor's report |
| ICFR | effective; no material weakness; no changes in Q4 2025 | Item 9A |
| Restatements | none (cover checkbox not marked) | Cover |
| Changes in accountants | none | Item 9 |
| Related-party transactions | incorporated by reference to 2026 proxy statement (not attached) | Item 13 |
| Subsequent events | none disclosed as such; Italy 2023 settlement paid January 2025 | N13 |
| 10b5-1 plans adopted/terminated by officers or directors in Q4 2025 | none | Item 9B |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Depreciation of property and equipment | 18 | 16 | 17 | N8 |
| Amortization of capitalized internal-use software | 13 | 34 | 61 | N8 |
| Intangible amortization | immaterial | immaterial | immaterial | N7 |
| D&A total (Adjusted EBITDA reconciliation) | not available | 65 | 91 | MD&A |
| Inventory | not applicable | not applicable | not applicable | |
| Customer receivables, gross / reserve | 175 / (28) | 225 / (39) | N3 | |
| Accounts payable | 142 | 232 | N3 | |
| Indirect taxes payable and lodging/withholding liabilities | 1,055 | 1,132 | N3 | |
| Compensation and employee benefits | 498 | 593 | N3 | |
| Other accrued (insurance, advertising, other) | 856 | 923 | N3 | |
| Prepaids, other (web hosting prepayments, processor receivables, other) | 491 | 638 | N3 | |
| Other noncurrent assets: PP&E net / ROU / other | 147 / 144 / 272 | 107 / 150 / 282 | N3 | |
| Change in working capital (CF) | 720 | (67) | (106) | CF |
| Acquisitions net of cash | not separately disclosed | not separately disclosed | not separately disclosed | CF |
| PP&E gross / accumulated depreciation / net | 288 / (141) / 147 | 310 / (203) / 107 | N8 | |
| Capitalized internal-use software, net carrying value | 69 | 33 | N8 | |
| Costs capitalized in the year | not available | not available | not available | not disclosed |
| Research and development (product development expense) | 1,722 | 2,056 | 2,354 | IS |
| Shares issued (financing, proceeds) | 110 | 168 | 122 | CF |
| Shares repurchased (financing, cash) | 2,252 | 3,430 | 3,789 | CF |
| Taxes paid on net share settlement | 1,224 | 630 | 561 | CF |
| Debt issued / repaid | 0 / 0 | 0 / 0 | 0 / 0 | CF |
| Goodwill + intangibles | 777 | 770 | BS | |
| Dividend per share | 0 | 0 | 0 | Item 5 |
| Interest expense | immaterial | immaterial | immaterial | N10 |
| Non-income taxes (segment table) | 894 | 237 | 305 | N16 |
| Item | Value |
|---|---|
| Closing price at 31/12/2025 | $135.72 |
| Shares outstanding at 31/01/2026 | 608,713,958 (includes 9,200,000 Class H held by a wholly-owned subsidiary) |
| Market capitalization used in the report | 135.72 × 608.713958 mn = $82,614.7 mn |