ABNB

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How ABNB rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

49%

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We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and investors should not place undue reliance on our forward-looking statements.
These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
This Annual Report on Form 10-K and the documents that we reference in this Annual Report on Form 10-K and have filed as exhibits to this Annual Report on Form 10-K should be read completely and with the understanding that our actual future results may be materially different from what we expect.
Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks facing our business. • We may not be able to sustain our revenue growth rate or effectively manage growth or new opportunities. • If we fail to retain or add hosts and guests, if hosts do not provide high-quality stays, experiences, and services, if new offerings and initiatives on our platform are unsuccessful, or if our community support functions are inadequate, our business, results of operations, and financial condition would be materially adversely affected. • If we are unable to successfully expand our global network or manage the risks presented by our business model internationally, our business, results of operations, and financial condition would be materially adversely affected. • Host, guest, or third-party actions that are criminal, violent, inappropriate, dangerous, or fraudulent may undermine the trust and safety or the perception of safety and security on our platform and our ability to attract and retain hosts and guests and materially adversely affect our reputation, business, results of operations, and financial condition. • Any decline or disruption in the travel and hospitality industries or economic downturn could materially adversely affect our business, results of operations, and financial condition. • The business and industry in which we participate are highly competitive, and we may be unable to compete successfully with our current or future competitors. • We may experience significant fluctuations in our results of operations, which make it difficult to forecast our future results. • Changes in tax laws or tax rulings could materially adversely affect our business, results of operations and financial condition. • We may have exposure to greater than anticipated income tax liabilities. • Uncertainty in the application of taxes to our hosts, guests, or platform could increase our tax liabilities and may discourage hosts and guests from conducting business on our platform. • We are subject to a wide variety of laws, regulations, and rules applicable to short-term rental, experiences, services, long-term rental, and home sharing businesses, or that govern our business practices, including among others, e-commerce, data privacy and cybersecurity, artificial intelligence, payment services, advertising, consumer protection, employment, licensing requirements, and commercial practices. • We offer travel insurance products to guests, which subject us and our business to extensive laws, regulations, and supervision. • Our payments operations are subject to extensive, complex, overlapping, and frequently changing government regulation and oversight and any failure or perceived failure to comply with such laws, rules, regulations, policies, legal interpretations, and regulatory guidance could materially adversely affect our business, results of operations, and financial condition. • Compliance with federal, state, and foreign laws relating to data privacy, data security, marketing, and consumer protection involves significant expenditure and resources, and any actual or perceived failure by us or our vendors to comply may result in significant liability, litigation or other legal action against us, negative publicity, an erosion of trust, and/or result in regulatory scrutiny, fines, and penalties and could materially adversely affect our business, results of operations, and financial condition. • Our use of artificial intelligence and machine learning gives rise to legal, business, and operational risks. • We could face liability for information or content on or accessible through our platform. • Our share price has been, and may continue to be, volatile, and the value of our Class A common stock may decline. • Our multi-series structure may have a material adverse effect on the market price of our Class A common stock.
Business Overview Airbnb was founded in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown into a global community of over 5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country and region across the globe.
Every day, hosts offer unique stays, experiences, and services that enable guests to connect with communities in a more authentic way.
We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.
Our offerings have expanded to include services and redesigned experiences, which launched in May 2025.
We operate with five key stakeholders in mind: our employees, shareholders, hosts, guests, and the communities we serve.
Our commitment to making long-term decisions that benefit all these stakeholders is fundamental to our sustained success.
Our Long-Term Growth Strategy Our key strategic priorities include making our service better, bringing Airbnb to more parts of the world, and expanding what we offer.
Additionally, we are leveraging our global markets strategy, which includes a more localized approach to product updates and marketing to raise awareness and consideration in less mature markets.
We are also extending our platform beyond stays with new offerings, such as Airbnb Services and redesigned experiences, with plans to continue to expand our business beyond travel accommodations using our multi-year product roadmap to help drive long-term growth.
We partner with hosts throughout the process of setting up their listings and provide them with a robust suite of tools to successfully manage their listings, including scheduling, merchandising, integrated payments, community support, host protections, pricing tools, and feedback from reviews.
In addition, we provide the Co-Host Network, which connects potential and existing hosts with co-hosts who can help manage their listings.
In 2025, we continued to deliver host improvements, including updates to cancellation policies that make it easier for hosts to earn income, better pricing tools and price tips, and a refreshed messages tab.
Our Platform for Guests Our website and mobile app provide our guests with an engaging and intuitive way to discover and book a diverse selection of homes, experiences, and services.
Over the last several years, we have launched a significant number of new features and upgrades to help guests find affordable, high quality and reliable stays, experiences, and services across the platform.
In 2025, we launched a redesigned app experience featuring unified search and booking for all offerings, artificial intelligence (“AI”)-powered personalization, and integrated social features that allow guests to connect with co-travelers or experience attendees.
Guests benefit from flexible payment options, including Pay Less Upfront and Reserve Now, Pay Later.
Additionally, guests can utilize enhanced search tools and improved maps to help find high-quality, reliable options that fit their preferences.
Our System of Trust The system for trust that we designed continues to include core components such as host and guest reviews, account protection, risk scoring, secure payments, a nondiscrimination policy, watchlist and background checks in certain jurisdictions, cleanliness, fraud and scam prevention, insurance and similar protections, booking restrictions, an urgent safety line, a 24/7 neighborhood support line, anti-party technology, and a guest refund policy.
In 2025, we made further investments in technology and processes to enhance trust and safety across our platform.
We offer protection for our hosts through AirCover for Hosts, which includes property damage protection of up to $3 million per stay, liability coverage of up to $1 million per occurrence for third-party claims of personal injury or property damage, deep cleaning protection, and pet damage protection.
During 2025, we expanded the use of AI-powered customer service and support features to help more quickly and effectively resolve issues for both hosts and guests.
AI capabilities now assist in risk assessment and rapid fraud and scam detection, supplementing our existing review, watchlist, and background check procedures.
We also enhanced automation in case management, supporting more timely response and resolution for urgent situations on the platform.
With further initiatives under development, we are working to create additional features to strengthen the trust and safety on our platform.
Our Technology Our technology platform powers our two-sided global marketplace and supports the broad, evolving needs of our network of hosts and guests.
In 2025, we substantially completed a rebuild of our technology stack, enhancing scalability, reliability, and the pace of innovation across the platform.
This modern architecture enables us to move rapidly in responding to changing customer needs while maintaining stability and correctness.
Given the nature of the business, our technology platform has broad and complex requirements: • Support of secure global payments .
It enables guests and hosts to transact in their preferred currency across approximately 20 local payment methods, with advanced protections against fraud and money laundering. • Delivery of global community support .
It provides multilingual, real-time community support, including responsive city-specific regulatory support. • Delivery of deep business insights .
It delivers deep business intelligence insights and robust analytics to manage marketplace performance, optimize pricing, and maximize occupancy for our hosts. • Incorporation of AI and machine learning .
It incorporates expanded AI and machine learning capabilities, which are integral to key areas, from fraud detection, to personalized listing matching and enabling customized and real-time community support. • Operation of a microservices architecture .
As we continue to evolve our foundational technology, we are focused on the following broad capabilities: • Data management systems that are designed to support user privacy, analytics, and machine learning and AI-driven insights. • Service reliability leading to best-in-class performance centered on availability, latency, business continuity, security, testability, observability, operability, and agility. • Cloud support focusing on robust capabilities for granular attribution and usage patterns to realize efficiency gains.
Our Marketing Our marketing strategy combines brand marketing, communications, performance marketing, and strategic partnerships to increase awareness among existing and potential hosts and guests, demonstrating what makes Airbnb distinct.
In 2025, we focused on unified brand campaigns promoting our full suite of offerings: homes, experiences, and services, showcasing where guests can seamlessly book all three on Airbnb.
We also leverage select sponsorships and co‑marketing collaborations with cultural institutions, sports and entertainment organizations, destinations, and media platforms to amplify our brand, align with key cultural moments, and engage our community globally.

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Gone since FY2024

We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.
You should read this Annual Report on Form 10-K and the documents that we reference in this Annual Report on Form 10-K and have filed as exhibits to this Annual Report on Form 10-K, completely and with the understanding that our actual future results may be materially different from what we expect.
Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks facing our business. • We may not be able to sustain our revenue growth rate or effectively manage growth or new opportunities. • If we fail to retain or add hosts and guests, if hosts fail to provide high-quality stays and experiences, if our new offerings and initiatives are unsuccessful or if our community support offerings are inadequate, our business, results of operations, and financial condition would be materially adversely affected. • If we are unable to successfully expand our global network or manage the risks presented by our business model internationally, our business, results of operations, and financial condition would be materially adversely affected. • Certain host, guest, or third-party actions may undermine the safety or the perception of safety on our platform and our ability to attract and retain hosts and guests and materially adversely affect our reputation, business, results of operations, and financial condition. • Any decline or disruption in the travel and hospitality industries or economic downturn could materially adversely affect our business, results of operations, and financial condition. • The business and industry in which we participate are highly competitive, and we may be unable to compete successfully with our current or future competitors. • We may experience significant fluctuations in our results of operations, which make it difficult to forecast our future results. • Changes in tax laws or tax rulings could materially adversely affect our business, results of operations and financial condition. • We may have exposure to greater than anticipated income tax liabilities. • Uncertainty in the application of taxes to our hosts, guests, or platform could increase our tax liabilities and may discourage hosts and guests from conducting business on our platform. • We are subject to a wide variety of laws, regulations, and rules applicable to short-term rental, long-term rental and home sharing businesses, or that govern our business practices. • We offer travel insurance products to guests, which subject us and our business to extensive laws, regulations, and supervision. • Any failure or perceived failure to comply with extensive, complex, overlapping and frequently changing government regulation and oversight related to our payments operations could materially adversely affect our business, results of operations, and financial condition. • Compliance with and any actual or perceived failure by us or our vendors to comply with federal, state, and foreign laws relating to data privacy, data security, artificial intelligence, marketing and consumer protection could result in significant expenditure and could materially adversely affect our business, results of operations, and financial condition. • Our use of artificial intelligence and machine learning gives rise to legal, business, and operational risks. • We could face liability for information or content on or accessible through our platform. • Our share price has been, and may continue to be, volatile, and the value of our Class A common stock may decline. • Our multi-series structure may have a material adverse effect on the market price of our Class A common stock.
Business Overview We operate a global marketplace, where hosts offer guests stays and experiences on our platform.
We are a community based on connection and belonging—a community that was born in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown to over 5 million hosts who have welcomed over 2 billion guest arrivals in almost every country and region across the globe.
Every day, hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.
Airbnb has five stakeholders and is designed with all of them in mind.
Along with employees and shareholders, we serve hosts, guests, and the communities in which they live.
We intend to make long-term decisions considering all of our stakeholders because their collective success is key for our business to thrive.
Our Long-Term Growth Strategy Our key strategic priorities include perfecting our core business, accelerating growth in global markets, and launching and scaling new offerings.
Additionally, we are leveraging our global markets strategy, which includes a more localized approach to product updates and marketing investments to raise awareness and consideration in less mature markets.
Lastly, we are planning to expand our business beyond travel accommodations using our multi-year product roadmap to help drive long-term growth across new businesses.
We partner with hosts throughout the process of setting up their listing and provide them with a robust suite of tools to successfully manage their listings, including scheduling, merchandising, integrated payments, community support, host protections, pricing tools, and feedback from reviews.
During 2024, we introduced Co-Host Network, which enables our hosts to find co-hosts who can help manage their listing.
Our Platform for Guests Our website and mobile app provide our guests with an engaging way to explore and easily book a wide variety of unique homes and experiences.
Over the last several years, we have launched a significant number of new features and upgrades through our biannual product releases to help guests find affordable, high quality and reliable stays across the platform.
Our System of Trust The system for trust that we have designed includes the following components: host and guest reviews, account protection, risk scoring, secure payments, a nondiscrimination policy, watchlist and background checks in certain jurisdictions, cleanliness, fraud and scam prevention, insurance and similar protections, booking restrictions, an urgent safety line, a 24/7 neighborhood support line, anti-party technology, and a guest refund policy.
We offer protection for our hosts through AirCover for Hosts.
AirCover for Hosts includes, among other features, guest property damage protection of up to $3 million per stay, liability coverage to hosts of up to $1 million per occurrence in the event of third-party claims of personal injury or property damage, deep cleaning protection, and pet damage protection.
We have new initiatives under development and will continue to create additional safety features to strengthen the trust and safety on our platform.
Our Technology Our technology platform powers our two-sided marketplace and enables our global network of hosts and guests.
Given the nature of the business, our technology platform has broad and complex requirements: • Support of global payments .
It enables guests and hosts to send and receive money in their preferred currency, supporting approximately 20 local payment methods.
Designed for scalability and reliability, the platform ensures secure transactions through advanced protections against fraud and money laundering. • Delivery of global community support .
It provides multilingual, real-time community safety and support, and city-specific regulatory support. • Delivery of deep business insights .
It delivers deep business intelligence insights to manage our marketplace, including pricing insights and occupancy optimization for our hosts. • Incorporation of artificial intelligence (“AI”) and machine learning .
It incorporates sophisticated AI into key areas, from fraud detection, to personalized listing matching and enabling customized and real-time community support. • Operation of a microservices architecture .
As we continue to evolve our foundational technology, we are focused on the following broad capabilities: • Data management systems that are designed to support user privacy, analytics, machine learning/AI, and business insights. • Service reliability leading to best-in-class performance centered on availability, latency, disaster recovery and business continuity, security, testability, observability, operability, and agility. • Cloud support focusing on robust capabilities for granular attribution and usage patterns to realize efficiency gains.
Our Marketing Our marketing strategy includes brand marketing, communications, and performance marketing.
Brand marketing increases awareness among potential hosts and guests, helping them understand the benefits of hosting and booking stays and experiences, and what makes these stays and experiences distinctly Airbnb.
Our global communications team works across press, policy, and online influencers to share timely and important news about Airbnb.
They also oversee the execution of a global consumer, product, corporate, and policy-communications plan that supports our brand strategy and generates considerable press and social media coverage.
While performance marketing is one component of our multi-pronged strategy, the strength of the Airbnb brand and our communications strategy allows us to be less reliant on performance marketing.
As of December 31, 2024, we had approximately 7,300 employees.
As of December 31, 2024, we relied on a global network of approximately 11,000 third-party workers to handle the vast majority of our community support contacts.
Our internal community support employees are comprised of operations teams who handle complex and sensitive issues, and enablement teams who support all community-facing teams, including our partners.
Attracting, recruiting, developing, and retaining talent from a wide range of backgrounds and experiences enables us to provide our hosts and guests with innovative products and services as well as serve our other stakeholders.
Through our hiring process, we commit to finding the best, most qualified candidates for each role, while encouraging inclusion and eliminating bias.
We are also focused on supporting all of our employees in continuing to grow and develop throughout the employee lifecycle.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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