ABNB earnings call transcript, November 5, 2026

Thank you for joining Airbnb's earnings conference call for the third 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.

Good afternoon and welcome to Airbnb's third quarter of 2026 earnings call.

Thank you for joining us today on the call with us. 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 third quarter of 2026. These items were also posted on the investor relations section of Airbnb's website during the. call. We will make brief opening remarks and then spend the remainder of time on Q&A before we turn it over to Brian. I'd like to remind everyone that we will 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. That being said, we urge you to consider these factors and remind you that we undertake no obligation to up update the information contained on this 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. With that, I will turn the call over to Brian.

Thanks, Brian, and good afternoon, everyone. I'll start with Q3 results and then cover our outlook for Q4 and the full year of 2026. As Brian shared, Q3 was a strong quarter with a meaningful acceleration across the business. The first booking value was nearly $28 billion. of 21% year-over-year, a five percentage point acceleration from Q2. This is driven by strong growth in NICE and SEEDs books and a moderate increase in ADR. NICE and SEEDs books grew 16% year-over-year. Accelerating significantly from Q2, with strength across all major regions and market types. Q3 NICE benefits from a 3% net lift from the expansion of reserve down pay later. But excluding the impact of RNPL, NICE has- RPC's growth was approximately 13%, still accelerating from Q2. ADR was up 4% year-over-year, or 5% excluding FX. It was up across all regions, with notable strengths in North America and Europe. On a regional basis, we saw low double digits- growth in North America, mid-teens growth in EMEA, over 20% growth in both Latin America and Asia-Pacific. These results were an acceleration across all four regions relative to Q2. Turning to our Q3 financial results. Revenue grew 19% year-over-year to $4.9 billion, or 16% excluding FX, significantly exceeding the high end of our outlook. Net income was $1.9 billion, a 39% net income margin. Net income benefits- benefited from a $135 million reduction in our provisions for income taxes, as the prior

Your first question comes from a line of Richard Clark from Bernstein. Your line is open. Good afternoon or good evening.

Thanks for taking my questions.

I guess firstly on dynamic pricing, I guess in Q2, Brian, you said you thought dynamic pricing was a bigger opportunity than Reserve Now Pay Later. You've been out with that product for about a month now, just early learning. What's the sign up you're getting from hosts and do you still stick with that? And just very quickly, I think you said take rate up in Q4. Why the reversal there? Is that because you're now lapping Reserve Now Pay Later? Is there any other initiatives that are adding to? the take rate in the fourth quarter?

Hey, Richard, how are you doing? So I'll take the first part. So yeah, I think, I think, well, I think generally pricing is I think it's a good thing. Probably one of the biggest levers we have, certainly Diane pricing. Just to give you a quick anecdote. You know, a couple months ago, we hired the Pine Rivers from booking. He was cheap book. He's now our new chief booking officer. And he was really instrumental in the early days. And one of the things he said when he joined, he said, if you think reserve now pay later is big, wait till you see what we can do with pricing. It's many, many reserves now pay later. And it actually kind of makes sense. If you sell a product, customers care about two things. How good is the product? What does it cost? So it's really. 50% of the buying equation and affordability is this portion point for Airbnb because we have a lot of young travelers. You know, it's much more economic stay in a home. We're very much Gen Z based. We don't need data to share today about dynamic pricing, but. Adoption is really great. You know, I think one of the things we've noticed, this is a really key point, is that there is this win win where dynamic pricing can generally lower prices across the marketplace. It still allows. So some nights they make more money, other than they think less. But we're really able to find these sensitivities where if you just charge like $10 less, you'll make enough more bookings that you'll actually make a lot more in the long run because your occupancy is much higher.

And that is like not an intuitive thing. And it's good for the guests because it makes it a little more affordable. And so it's a really huge lever. It's extremely early. This is something that like AI is really good at tuning. And the thing about AI is like you need to tune it and get more data. So I think in the coming quarters. We should be able to have some more results. But again, I'll just I'll just kind of summarize by saying. Pricing is the massive lever and actually dynamic pricing is one of many things we're doing around pricing. Great. And Richard, to answer your great question. Just about Q4, just to double click on Q3 to explain the changing dynamic for quarter to quarter. In Q3, we got booking value in four. So from those bookings is delayed. And so in Q3, you see the denominator of bringing down

increased in implied take rate. More broadly, I would say, from quarter to quarter, there are some small timing movements that do impact take rate. But I wanted to call out that the single service fee as well as yes, insurance should provide over a longer time period, a modest increase in terms of the overall rate.

Your next question comes from a line of Lloyd Walmsley from Mizuho. Your line is open.

Thanks for taking the question.

A couple of Ken. First, just on the hotel effort, can you kind of give us an update of how growth here is performing relative to the core maybe or any other helpful quantification and sort of where do you think this could be over the next few years as a tailwind? And then second one, appreciate all the color about agents in the shareholder letter. Very helpful. Curious, Brian, do you sort of see a path to your agent helping customers with travel? Beyond the walls of Airbnb, or do you think it's more limited to taking action and sort of managing services that you all provide yourselves? Like, how do you see that evolving over time? I know it's early, but curious to get your vision on that as well. Yeah. Okay. So, hotels and agents beyond the Wall Street of Airbnb. Hotels are growing markedly faster than our core business. That's not to say our core business is growing slow, just hotels are a $900 billion market off of the- very, very tiny base. You know, I certainly don't want to put any like projections out there or forecast, but it's undoubtable that we will do multiple billions of dollars in revenue in hotels in the coming years. And we don't even need to like win this market to be a significant player and make billions of dollars. And part of the reason why is we have a huge amount of traffic. Most people come to Airbnb are looking for a place to stay. If somebody doesn't find a place to stay in Airbnb, they're probably going to another app or website booking hotel. So we don't have to win. We just have.

to get the people in our store to buy something before they leave. And they know that we know they want something. They're in the store in the first place. And the other thing is we're seeing this. This next thing was very surprising to me. You know, Airbnb, you know, when we started Airbnb, you know, I was. A little ideologically, like not, you know, I was kind of against hotels. Let's be honest. My first time I was forget hotels. And so, you know, we had a little animosity with the hotel industry, like in 2010, 2011, 2012. But over the last six, seven years, I've really changed my tune. I like to think of this as, you know, growing up a little bit and being practical. And our guests told us, hey, we love hotels. We bought hotels tonight before the pandemic. But we really decided to get serious about hotels a couple years ago. And basically, one of the things we learned is that actually most people like staying in homes and hotels. It just depends on the type of trip. And that we don't have a whole campaign about why people stay at home. But if you're booking last minute for business travel, you know, one night, hotels are really great. So we expected people to want to book hotels. The thing I wasn't expecting was the reception from the hotel industry, and it was a complete 180. I think hotels suddenly saw Airbnb as a major ally. They really loved the way they were merchandised. They loved the fact that we were entirely new audience. We were disproportionately Gen Z.

We are not just really affordable travel. We're actually really high-end travel because we have really big villas. We are a much more global audience, and they just liked the fact there was this whole other channel. So all that is to say, when we got really serious about hotels, it's not the only reason I hired Popeye and Rivers, but it was. Definitely a big thing. I told Popeye, this is a major opportunity for Airbnb, and it is going to be huge. And by the way, Popeye and Rivers ran the largest performance marketing organization ever at Booking.com. Now, I don't think performance marketing is a very important. part of our core business, but I think with hotels, it's a commodity. I think we're going to be able to do performance really efficient because hotels are so high ADR, Booking.com shows us it's very profitable. But the best thing is we don't need to do a lot of it because we have so much organic traffic already coming in. So all of which to say, it's going to generate many billion dollars of revenue. I don't know what the timeline is, but it's a huge opportunity. With regards to agents going outside the walls of Airbnb, yes, of course, we are going to be, that will be through MCP. We're going to be integrating a number of MCPs with our trip agent in the press app next year. I won't give away too much more. We like to do these product launches. You know, we don't want to build a general.

Agent, you know, just to double click for one second. The problem, if I just want to double click on a second, one problem with a general agent is you have to create like a general interface because the agent has to be able. do everything. So the general interface generally becomes almost entirely text-based, right? Because we can ask about travel, medical information, deliveries. You can't know what they're going to ask. As you get more specialized, you can develop a really custom interface that. It's perfectly bespoke for that type of use case. So with travel, we're able to design these really custom components. If you want a car rental, the agent generates this little UI of a car, and it's like beautifully in. Like a custom-generate interface. If you want to invite coach hours, the agent helps you. So there's going to be, I think, an incredible user interface experience that what I would describe as a kind of post-chat face interface. It's going to have a chat element to it. And so that's what we're going to be doing. It will be. But it's going to stay within travel and expect in the first half of next year.

Your next question comes from a line of Ken Goralski from Wells Fargo. Your line is open.

Thank you very much.

I appreciate it. Brian, I appreciate the commentary and the prepared remarks in the shareholder letter around the agent launch. Could you talk a little bit more? And you just kind of elaborated that. It actually could leave the walls of, uh, of Airbnb. Can you talk about, are, are you talking about actually direct, maybe direct integrations with airlines and et cetera, to kind of complete the full trip? Uh, cause I guess. The question is for a vertical agent, if you're, if you don't have all supply, you don't have all attractions, you don't have all hotels, how do you think about the trade-offs for the customer, for the customer, uh, between that horizontal general purpose agent, which may not. not the ideal for travel, but at least it sees everything. Uh, that that's question one. And two, uh, the second one, please, if you don't mind, could you just, and I apologize if I may have missed some of this, but, um, could you talk. A little bit just about the, what you're seeing with RNPL, as you continue to, to expand there, could you give us some confidence around, uh, cancellation rates and anything new you might be seeing there? Thank you. All right. Yeah, I'll do the, I'll do the AA. Agents and I'll hand over to Ellie for, um, reserve now pay later. Um, so, um, the, the, the short answer is yes, we are going to do, um, integrations with a lot of providers. Um, I don't want to give away too much again about our.

Kind of product roadmap, but I think I can, I think it's safe to say we're going to do every part of travel. There's not one part of travel that we're not eventually going to do. And every part of travel will have MCPs. You will have APIs. And eventually we. You anticipate all bookings going through the app for every vertical and travel. I don't want to put a timeline on it. Just to give you an example, like say car rentals. Right now, car rentals is done through a partnership called Car Trawler. And it's a what we call link off. So it's an API that says link off. The next phase is do the reservation booking directly on Airbnb. And so that's what we're doing with a number of these partnerships. So the kind of way we're going to do a lot of these partnerships is to get mass scale. We're kind of doing like link off to link off the. here to feel like Airbnb. So that's really in a like a web view that's designed in our custom interface. David is with groceries. This is with luggage storage is a car rental and over time we're going to develop a much more native booking integration and obviously the. The good of that is it's a little more seamless. You take a little bit greater cut of the revenue, but you also have to handle customer service. So you got to be sure you're ready for that. Now, the great thing about the link off is we can like kind of decide and test which things you want to integrate when, but the end game is yes, the end.

Use that general agent more frequently, right? At the same time, we can connect MCPs of Gmail and Google Calendar. If you connect an MCP of Google Calendar and Gmail or other MCPs, we can actually pull in with the user's consent a ton of other data. So actually, there's many ways we can get as much data or nearly as much data as a chat agent use every day. And this is just through basic MCP handoffs. So I think basically the way to think about it is in order for specialization to win, it must not be 20% better. It must be like 2, 3, 5x better than a general agent at its task because you do have the inertia and the switching cost. So our job isn't to be 20% better. It's to be multiples better. And that's the Barham Holding team too. We'll see if we can get there, but I'm pretty confident. Great. Ken, let me tell you just a little bit more about what we're seeing on ReserveNow Pay Later. Just as a reminder, ReserveNow Pay Later, we began to launch a year ago in the U.S. We expanded.

Your next question comes from a line of Justin Post from Bank of America. Your line is open.

Great. Maybe one for Brian and a quick one for Ellie. Can you remind us what percent of your inventory is really proprietary? For Airbnb and how have you thought about using that as an asset maybe with with agent negotiations? How do you really take advantage of that? And then Ellie, just quick on the insurance. Can you give us anything on what the penetration is of bookings or what? How much is contributing to take rates? Thank you. Yeah. You know, over 60% of our inventory, we believe is exclusive Airbnb. You know, and so that's, that's the first part of the question. What's the other part of the question? It's the penetration of insurance products. Yeah. Insurance products are growing quite nicely. It's a single, it's a single. It's a single digit percent of bookings that have an attached that is.

We're looking across a host of operands that we could provide both guests and hosts, and I should note that the margins are great on those attached insurance products. Sorry, Justin, you said how does that factor into agent negotiations, exclusive inventory? Can you elaborate on that? Yeah. How are you thinking about that as an asset, either for your own internal agents or maybe in negotiations with external agents getting good financial terms or any strategic advantages there? Yeah. Um, I'm not sure yet. I mean, I think it's really, really, I think as far as speculating what the relationship is between unique inventory and like potentially leverage negotiating with like other partners. I think it's really early. I don't know. But let me just tell you my. philosophy on unique inventory. I don't pay a lot of attention looking at what percent of inventory is unique anymore. It's helpful. The more unique, the better. There's no question. The most important thing is as we go into categories, we are our philosophy is it's OK to have. Commodities like hotels, it's OK to have some cross listed homes as long as there are a lot of unique things that you can't get anywhere else. And I think the percentage is not as important. It's the absolute amount. So imagine there's two stores. They all have the same products, except one store has a bunch of other stuff the other store doesn't have. The percentage of unique stuff in that store doesn't matter, just how many things the items are unique in that store the other store doesn't have.

And so as a theoretical mental model, imagine there's two stores in one, they have almost all the same inventory, but one has just some more unique stuff. If you have 10% more unique stuff, you might get more than 10% more traffic. Because suddenly, you know, it's a major difference. So we don't really look at the percent mix. I mean, it's good to know. Of course, we track it. But, you know, we are growing really, really quickly by process inventory. Getting the really competitive nights. And actually, one of these notes, we'll return now pay later, is this helped us become way more competitive by getting those nights. And then the host only fee has been really competitive with us keeping more competitive prices. And so why? The way I say this is just to finish off this point, with services, a bunch of our inventory is commodity inventory, like car rent. You can get those cars elsewhere. But then we have a bunch of inventory you can't find anywhere else, like masseuses, chefs and photographers. It's experiences. We're now offering tickets. You can get a bunch of those tickets on their website, but we also have exclusive experiences. So kind of category by category, we'll get a bunch of the commodities. We always want to make sure that we have unique stuff and we have unique plus commodities. Then we become the one stop shop. You don't need to go in or out.

Your next question comes from a line of Benjamin Black from Deutsche Bank. Your line is open. Great.

Thank you for taking my question. It seems that you're increasingly adding social and travel discovery elements through connections, through travel maps, through neighborhood pages, even personalized recommendations. So how do these features change the role you guys play? Before guests is actually chosen destination or before they're ready to book and could greater discovery and eventually lead to the discovery elements eventually lead to sort of a more natural opportunity for. Sponsored listings. And then secondly, you know, as you add hotels, you expand a number of experiences, you add services, you know, how does that change your thinking around loyalty more broadly? Thank you. Oh, good. Two good questions. So social and travel discovery. Let me let me just like before I answer the question, let me back up. So I I remember like 22 years ago. When Facebook first came out, it came out 2004. I couldn't use it right away because I just missed it. I just graduated from college right before Facebook launched in my college. I had to wait two years before they opened up to everyone. But I remember Facebook. When it used to be a social network and it was basically your friends and you can keep in touch with people and you can message them and see what they were doing. And that was around 2004, 2006, 2007, 2008. Let's call that the golden age of social networking. And at some point social network.

Networking morphed into social media and our friends became our followers and we stopped connecting. We started performing and a very bizarre phenomenon happened where the social network in a sense was invented and kind of for us. Large part of the world, uninvented. Like, I no longer have a social graph. I no longer know whose birthdays my friends are, unless they're close friends. I no longer know when somebody, like something happens in someone's life. I no longer know how to keep in touch with people. Except I've got to message them in WhatsApp or my messaging platform. So there really aren't social graphs anymore. I mean, LinkedIn is kind of a resume graph, but really there's no social graphs anymore. And we thought, what if we. Brought back the social graph, but instead of being an online social graph, it was a social graph in the real world of the people you travel with and the people you meet along the way of your travels. We thought this could be really interesting. So we started building these social travel features this year. We launched that. In May, we launched the travel map and we started realizing this might be the beginning of something massive. And we are going to be launching a lot more social features and social connected features next year. I think this. Maybe one of the single most underestimated parts of our business. I mean, might be because we don't talk about it much. That's okay. I don't want to give away too much of the roadmap, but I can just say a couple of things. Number one, it's a great proxy for trust. If I were.

If you're a host and I were to get a reservation for somebody I don't know them, but I can see how they're connected to me, how many degrees away, that'd be a really good proxy for trust. And as you build this social graph, you increase trust as you can trust you potentially go into a lot of the businesses. Let your imagination run wild with what's possible. You can also see where your friends have traveled and stayed. So you can see like, you know, if my friend stayed in Paris, now I can message them and ask what's going to do in Paris. I can eventually see, we can eventually bring that into search results. Right now that's on the profile tab, but we event. You're going to bring that into search results. So when you see the map, you'll be able to see where your friends have traveled in search results and maps. You'll be able to see listings your friends have stayed. You'll be able to see who's been traveling there recently, where they're going. So there's going to be a lot of these features. These features are going to make things more sticky. It's going to make group travel much more collaborative. See, it's going to make it, you know, much easier to get great recommendations. It's going to increase trust in the platform. And the other thing I'll just say, the last thing is I've been doing, you know, I occasionally do these roundtables and. with customers. And I recently did a Gen Z roundtable, you know, basically kids that are like college age. And they were kind of like a little younger than the age I was when I started Airbnb. And I think I heard two things from Gen Z. And again, I just say Gen Z is like.

The fastest growing segment. And it's the prime advertising segment. They basically two things. One, they want to save money. Young people always want to save money. But in the age of a rising cost of living with a lot of college debt. And the latter being pulled up a little bit with AI. A lot of entry level jobs are harder to come by because AI can do them. More than ever, they're looking for affordability. But even more so, we're hearing a lot of college and recent grads saying they want to meet people. And a lot of people. They meet people at work, in school, church, bowling alleys. Well, a lot of these things aren't around as much anymore. And a lot of kids, if they don't have a job, they're not going to meet someone at work. So we're starting to see that a lot of these social features are going to be especially. popular with Gen Z. But surprisingly, we're also seeing like on the other barbell empty nesters. Kids are out of the house. They want to travel. They want to meet people. So there's a lot of opportunities here with the social features with regards to sponsor listings. The relationship between them. I don't know. I think the thing I'll say about sponsor listings in particular is we are developing our AI agent and we wanted. We are developing sponsor listings, but they'll be developed in the context. Of the AI agents. We first need to launch the AI agent. We need to refine it. Then we need to figure out how ads work in that new world. By the way, everyone's figuring this out. ChatGPT is figuring this out. So I don't think it's a clear. It's not clear what the implementation.

But I think if anyone can figure out, I think our design team could. With regards to a loyalty program, I mean, you know, I don't, again, I want to not break any news, but we are absolutely looking at a loyalty program. We've been looking at it for a long time. I think I've said for a long time the best loyalty program is customers loving your product. Disney and Apple for years. Apple doesn't have a loyalty program. People love their product, but at the same time, we're like the only travel major traveler in the world that doesn't have one. I think we have been at a disadvantage because we don't have. Although the program, a lot of people want to use Airbnb say, I want to use you, but you don't have a program. So I almost feel like I can't use you. So we are absolutely looking at a loyalty program. I don't have anything announced, but I can say that as we add more verticals, we just have a lot more to work with. So adding. verticals make the loyalty program more compelling.

Your next question comes from a line of Jed Kelly from Oppenheimer. Your line is open.

Hey, great.

Thanks for taking my questions.

Just just looking at the guidance. It looks like your, even the margins are going to be in that 36% range. So above 35%. But if I look at your growth, you're growing 12%. I think Brian, knowing you, you like faster growth. So can you just talk about how we. Should think about threading the needle between the. Between double digit room night growth and maintaining, you know, margins above 35, 36%. Thank you. Jenny, are you talking about Q4? Or 27? What's the reference? Just, just, just, just balancing profit versus growth, given that you're seeing accelerating growth and what your preference is. Yeah. Yeah. I mean, I think Brian and I have been. Very clear over the last two years that we have very, and been, you know, prioritizing growth, focused on driving growth in this business. And I think, you know, the results of the last couple of quarters show that we have been able to deliver that. growth. Behind that, we continue to invest in growth. But at the same time, the last couple of years, what you've seen is that we've been capable of reinvesting upside in order to continue the momentum. We're obviously in 2017 planning. Right now, and the prioritization around continuing this momentum continues to be. The good news is that

to invest within a very strong profitability envelope.

Your next question comes from a line of Matthew Cost from Morgan Stanley.

Hi, thanks.

I'm taking the questions. I guess, firstly, on the hotels and the people that are using the hotel product, are they generally new to Airbnb and bringing in incremental bookings? Are they a high-end or low-end consumer? How are they retaining? I guess, tell us a little bit more about the behavior of those. People that are booking hotels. And then secondly, Brian, I was wondering if you just respond to some of the data that's out there about early adoption of these agents that's showing, agents like Muse and Instinct, that's showing that a lot of commercial activity happening there is travel-related. Is that something you think strengthened them? Mixed over time, or how does that gel with your overall view of how people use these horizontal tools? Maybe I'll start with the second one and just what's top of mind, then Ellie, you can go to the first one. So, we're not seeing a lot of traffic and even fewer bookings from Music and Instinct yet. You know, we do have nearly half a million bookings a day and a very non-material number of bookings. happen. I'm using Instinct. So, you know, we're talking very, you know, very low numbers. So we're not seeing a lot of traffic today and it's not really increased over the last four weeks. So it kind of peaked in early October. It's kind of. It's been stable in the last four weeks. So we're kind of watching it. You know, I, my general philosophy on agents are I'm generally excited about them. I don't see them as a threat. I see them kind of like Google as an opportunity for more people to discover Airbnb.

So I think there'll be great handoffs to us. There will be people that will want to book a one-off flight or something directly on an agent. So I'm not saying that will never happen. But, you know, travel is, maybe this is like a, just a framework to think about. You know, project-based retailers and project-based retailers. So just as an analogy, you go to Walgreens, you don't go to, you don't like plan to go to Walgreens. You know, you need to get somebody to go to Walgreens. You go to Ikea or Home Depot, that's a project-based retailer, right? You have a whole project. You don't go to. Those places to get one item. Airbnb, we're really long-term. We want to be in the midst of the entire trip. That's an entire project. It involves, you know, where to stay, what to do, how to get there, all in one place. It's highly logistical. Our guests typically travel in groups of three or more. You know, 90% of people message the host. The host wants to know who's in their home, so they want to have a connection. They don't want to offload it to an agent. If I'm hosting somebody, I want to talk to the person, not the agent on behalf of the person. It's very visual. People typically look at multiple, a dozen listings or more. They look at 25 photos per listing often. So it's very visual. It's very collaborative. It's a very complicated experience. And the other thing, and I mentioned this in my open

system. Remarks is there's a lot of studies that show people enjoy anticipating travel more than actually traveling. Here's a fun fact. Most of our traffic happens during nine to five hours. These people are supposed to be working and they're not. We have evidence. People are actually. secretly using Airbnb. Maybe they're trying to escape their job. But the idea is that it's highly aspirational. So I don't think a lot of people want to offload all that to an agent. I think they want to offload the things they don't enjoy, not the things they do enjoy. So it's small. We're watching it. We are definitely open to working with these agents. But I also just think they'll be really helpful handoffs to us. But I think that to do, I'm not saying. Agents can't do travel. I just think you have to focus on travel. And that's what we're going to do. We're going to focus on travel. And anyone who focuses on travel can probably solve it. But a general agent trying to solve travel and solve 50 other things, that's really hard. Trying to solve questions, I'll be quick. I know we're running out of time. In terms of the mix of new bookers versus past.

To get more travel share from our past guests and hotels opens up new use cases that that even our most loyal guests may may be choosing hotels off the platform. Similarly, on the first time booker. Front hotels part of the strategy was to onboard those guests that haven't yet tried it for a home by offering them something they are familiar with. And we're seeing that as well. So great hotel demand on both sides of the marketplace.

And we have reached the end of our question and answer period. I will now turn the call back over to Brian Chesky for some final closing remarks. All right. Well, thank you everyone for joining. I just want to end where I started. Airbnb is

back in growth mode and it's here to stay. This is a result of years of hard work to make Airbnb better. And as we build Airbnb to become an AI native company, I actually think the opportunity ahead of us is actually even bigger. I want to end. Most importantly, by thanking our incredible team, you know, I get to, you know, I get we get to take the credit when we have good calls, but it's only because of the great work of the people. And I think one of the superpowers of Airbnb may be the superpower. It's all about the people. But it really is, especially in Silicon Valley and tech, because you're only as good as your most recent innovations. And that's only as good as your team. Our team works tirelessly. They've been really, really burning the money. a lot of times this year. And so I'm asked, why are we growing so fast? I often say things like execution. Well, execution only happens from people, teams. And I think that what these results really are, beyond AI, beyond all these products, is this. This is a team that's really starting to get into flow. They're doing great. So thank you all, Team Airbnb. And thank you all for dialing in today. We are just getting started. Back in growth mode. Thank you.

This concludes today's conference call.

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