{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","ticker":"ABNB","updated_at":"2026-07-12T08:28:52.061393+00:00","canonical":"https://valuechain.wiki/airbnb","same_as":["https://finance.yahoo.com/quote/ABNB","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1559720"],"citable":"밸류체인 그래프 기준 Airbnb Inc의 직접 연결 기업은 1곳(관계 기준 공급 1·매출 0)이고, 사슬을 2차까지 넓히면 36곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Airbnb Inc is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 36 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 여행 플랫폼 · 세계 최대 숙박(AWS 인프라)","kicker_en":"NASDAQ · Travel platform · World's largest stays (AWS)","lead":"에어비앤비는 세계 최대 숙박 여행 플랫폼으로, 게스트와 호스트에게 받는 예약 서비스 수수료가 수입원이다. 매출은 여행 수요·소비 지출·금리라는 시계를 따라 움직인다. 2025년 매출은 122억 달러(+10%), 총예약액(GBV)은 913억 달러, 순이익은 25억 달러다. 원가 측면에서는 창업 초기부터 서비스 전면을 아마존웹서비스(AWS) 위에서 운영해 인프라 사슬에 닿아 있다.","lead_en":"Airbnb is the world's largest travel-stay platform, earning booking service fees from guests and hosts. Its revenue tracks travel demand, consumer spending and interest-rate clocks. 2025 revenue was $12.2 billion (+10%), gross booking value $91.3 billion, and net income $2.5 billion. On the cost side it has run its entire service on Amazon Web Services (AWS) since its early days, touching the infrastructure chain.","segments":{"fy":2025,"parts":[{"desc":"게스트·호스트에게 받는 숙박 예약 서비스료. GBV $91.3B에 테이크레이트 약 13%","name":"예약 서비스 수수료"},{"desc":"2025년 확대한 체험·서비스 등 신규 카테고리","name":"체험·서비스(Experiences & Services)"}],"total":"매출 $12,241M (+10%), GBV $91.3B, 순이익 $2,511M","source":"https://news.airbnb.com/airbnb-q4-2025-financial-results/","concentration":"여행 수요·환율·금리에 연동. 마케팅 지출 비중이 크고 미국·유럽 비중이 높음"},"segments_en":{"fy":2025,"parts":[{"desc":"Guest and host service fees on stays; a roughly 13% take rate on $91.3B of GBV","name":"Booking service fees"},{"desc":"Newer categories such as experiences and services expanded in 2025","name":"Experiences and Services"}],"total":"Revenue $12,241M (+10%), GBV $91.3B, net income $2,511M","source":"https://news.airbnb.com/airbnb-q4-2025-financial-results/","concentration":"Tied to travel demand, FX and interest rates; heavy marketing spend and a US/Europe 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마켓플레이스라 순이익 25억 달러의 높은 현금 전환을 낸다. 성장의 새 축은 2025년 확대한 체험·서비스로 숙박 중심 매출에 붙이고, 원가는 창업 초기부터 전면을 AWS에 위탁해 인프라를 자산화하지 않는다. 다만 마케팅 지출 비중이 커 2025년 순이익이 감소했고, 매출이 여행 수요·환율·금리 사이클에 직접 연동돼 소비 둔화 시 함께 꺾인다 — 미국·유럽 편중과 마케팅 효율이 마진의 핵심 변수다.","analysis_en":"The thesis is the asset-light economics of the world's largest travel-stay platform, which moves as a proxy for travel demand. 2025 revenue ($12.2B, +10%) is service fees at a ~13% take rate on $91.3B of gross bookings; as a marketplace that connects guests and hosts without owning inventory, it converts to high cash — $2.5B of net income. The new growth axis is Experiences and Services, expanded in 2025 on top of stay-centric revenue, and on cost it has run its entire service on AWS since its early days, not capitalizing infrastructure. But heavy marketing spend cut 2025 net income, and revenue ties directly to travel-demand, FX and rate cycles, rolling over when consumption slows — the US/Europe weighting and marketing efficiency are the key margin variables.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"게스트·호스트 (예약 서비스 수수료)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"매출(GBV $91.3B, 예약 수 533M)","value":12241000000,"period":"FY2025","basis_en":"Revenue (GBV $91.3B, 533M nights and seats)"},"note":"게스트와 호스트가 내는 숙박 예약 서비스료가 매출의 대부분이다. 2025년 총예약액 $91.3B에 매출 $12.24B로 테이크레이트는 약 13%이며, 매출이 여행 소비의 대리지표로 움직인다.","note_en":"Guest and host booking service fees are the bulk of revenue. 2025 GBV was $91.3B against $12.24B of revenue, a take rate of about 13%, and revenue tracks travel spending as a proxy.","sources":[{"stance":"mentions","publisher":"consensus (via MarketBeat)","publisher_en":"consensus (via MarketBeat)","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketbeat.com/stocks/NASDAQ/ABNB/forecast/","title":"에어비앤비 애널리스트 매수·목표가 ~$157(2026)","title_en":"Airbnb analyst Buy, consensus target ~$157 (2026)","excerpt":"Analyst consensus Buy, average target ~$157 (43 analysts); FY2025 revenue $12.24B (+10%), GBV $91.3B, net income $2.51B.","excerpt_en":"Analyst consensus Buy, average target ~$157 (43 analysts); FY2025 revenue $12.24B (+10%), GBV $91.3B, net income $2.51B."},{"stance":"confirms","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2026-02-13","url":"https://www.tradingview.com/news/tradingview:c03a1a2a8e50a:0-airbnb-inc-sec-10-k-report/","title":"Airbnb, Inc. SEC 10-K Report","title_en":"Airbnb, Inc. SEC 10-K Report","excerpt":"에어비앤비 10-K는 2025년 매출 $12,241M(+10%), 예약 수 533M(+8%), 순이익 $2,511M을 확인한다.","excerpt_en":"Airbnb's 10-K confirms 2025 revenue of $12,241M (+10%), 533M Nights and Seats Booked (+8%) and net income of $2,511M."},{"stance":"confirms","publisher":"에어비앤비","publisher_en":"Airbnb","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/abnb-20251231.htm","title":"Airbnb Form 10-K (FY2025)","title_en":"Airbnb Form 10-K (FY2025)","excerpt":"FY2025 10-K는 매출 약 122억 달러가 게스트·호스트 예약에 부과하는 서비스 수수료에서 나옴을 보고한다.","excerpt_en":"The FY2025 10-K reports revenue of about $12.2 billion from service fees charged on guest and host bookings."}]},{"direction":"cost","counterparty":"결제 처리 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"payment_processing"},"note":"예약 결제를 처리하는 결제 대행·카드 수수료가 큰 원가 항목이다. 개별 처리사·요율은 비공개.","note_en":"Payment processing and card fees on bookings are a large cost; individual processors and rates undisclosed.","sources":[{"stance":"mentions","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2026-02-13","url":"https://www.tradingview.com/news/tradingview:c03a1a2a8e50a:0-airbnb-inc-sec-10-k-report/","title":"Airbnb, Inc. SEC 10-K Report","title_en":"Airbnb, Inc. SEC 10-K Report","excerpt":"10-K는 결제 처리 비용을 매출원가의 주요 항목으로 다룬다.","excerpt_en":"The 10-K treats payment processing as a key component of cost of revenue."}]},{"direction":"cost","counterparty":"마케팅·브랜드 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"marketing_brand"},"note":"브랜드·퍼포먼스 마케팅 지출이 큰 원가로, 2025년 순이익 감소의 한 요인이었다. 세부는 비공개.","note_en":"Brand and performance marketing is a large cost and was one reason 2025 net income fell; details undisclosed.","sources":[{"stance":"confirms","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2026-02-13","url":"https://www.tradingview.com/news/tradingview:c03a1a2a8e50a:0-airbnb-inc-sec-10-k-report/","title":"Airbnb, Inc. SEC 10-K Report","title_en":"Airbnb, Inc. SEC 10-K Report","excerpt":"10-K는 2025년 순이익이 보상비·마케팅 지출 증가로 5% 감소했다고 밝힌다.","excerpt_en":"The 10-K states 2025 net income fell 5% on higher compensation and marketing spend."}]},{"direction":"cost","counterparty":"Amazon (AWS)","counterparty_slug":"amazon","confidence":"high","metric":{"qualifier":"aws_cloud"},"note":"에어비앤비는 창업 초기부터 서비스 전면을 아마존웹서비스(AWS) 위에서 운영한다. EC2·S3·RDS와 EC2 기반 쿠버네티스, OpenSearch·Kinesis 등을 사용하며, 클라우드는 매출이 아니라 원가성 인프라다.","note_en":"Airbnb has run its entire service on Amazon Web Services (AWS) since its early days, using EC2, S3, RDS plus Kubernetes on EC2, OpenSearch and Kinesis; the cloud is a cost-side infrastructure, not a revenue line.","sources":[{"stance":"confirms","publisher":"아마존웹서비스(고객 사례)","publisher_en":"Amazon Web Services (Case Study)","kind":"news","lang":"en","published_at":"2023-01-01","url":"https://aws.amazon.com/solutions/case-studies/airbnb-case-study/","title":"Airbnb Case Study","title_en":"Airbnb Case Study","excerpt":"에어비앤비는 애플리케이션·memcache·검색 서버에 EC2 인스턴스를, 백업·정적 파일에 S3를, 메인 MySQL DB에 RDS를 사용한다.","excerpt_en":"Airbnb uses EC2 instances for application, memcache and search servers, S3 for backups and static files, and RDS for its main MySQL database."},{"stance":"confirms","publisher":"아마존웹서비스 코리아(고객 사례)","publisher_en":"Amazon Web Services Korea (Case Study)","kind":"news","lang":"ko","published_at":"2023-01-01","url":"https://aws.amazon.com/ko/solutions/case-studies/innovators/airbnb/","title":"AWS Innovator: Airbnb","title_en":"AWS Innovator: Airbnb","excerpt":"에어비앤비는 AWS를 선택해 EC2에서 쿠버네티스를 돌리고 OpenSearch·Kinesis로 로깅 파이프라인을 운영하는 등 인프라 관리를 AWS에 맡기고 성장에 집중한다.","excerpt_en":"Airbnb chose AWS, running Kubernetes on EC2 and a logging pipeline on OpenSearch and Kinesis, leaving infrastructure to AWS to focus on growth."}]},{"direction":"revenue","counterparty":"체험·서비스 고객 (Experiences & Services)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"experiences_and_services"},"note":"2025년 확대한 체험·서비스 등 신규 카테고리 매출로, 숙박 중심 매출에 붙는 성장 축이다.","note_en":"Revenue from newer categories such as experiences and services expanded in 2025, a growth layer on top of stay-centric revenue.","sources":[{"stance":"mentions","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2026-02-13","url":"https://www.tradingview.com/news/tradingview:c03a1a2a8e50a:0-airbnb-inc-sec-10-k-report/","title":"Airbnb, Inc. SEC 10-K Report","title_en":"Airbnb, Inc. SEC 10-K Report","excerpt":"10-K는 숙박 외 체험·서비스 등으로 제공 범위를 넓히고 있다고 기술한다.","excerpt_en":"The 10-K notes Airbnb is broadening beyond stays into experiences and services."}]}]}