Airbnb, Inc. (ABNB) 2025 Q4 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings call conference call for the fourth quarter of 2025. 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.

下午好，感謝各位參加 Airbnb 2025 年第四季財報電話會議。再次提醒，本次電話會議正在錄音，會議結束後可在 Airbnb 網站的投資者關係版塊收聽錄音回放。

I will now hand the call over to Andrew Slabin, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係副總裁安德魯·斯萊賓。請繼續。

Good afternoon, and welcome to Airbnb's fourth quarter of 2025 earnings call. Thank you for joining us today. On the call, we have Airbnb's Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Ellie Mertz.

下午好，歡迎參加 Airbnb 2025 年第四季財報電話會議。感謝您今天蒞臨。這次電話會議，我們邀請了 Airbnb 的共同創辦人兼執行長 Brian Chesky 和財務長 Ellie Mertz。

Earlier today, we issued a shareholder letter with our financial results and commentary for our fourth quarter of 2025. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we'll provide some brief opening remarks and then spend the remainder of time on Q&A.

今天早些時候，我們發布了一封股東信，其中包含了我們 2025 年第四季的財務表現和評論。這些內容也發佈在了 Airbnb 網站的投資者關係版塊。通話期間，我們將作簡短的開場白，然後將剩餘時間用於問答環節。

Before I turn it over to Brian, I'd like to remind everyone that we'll be making forward-looking statements on this call that involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission.

在把發言權交給布萊恩之前，我想提醒大家，我們將在本次電話會議上發表一些前瞻性聲明，這些聲明涉及許多風險和不確定性。由於各種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。這些因素已在致股東信和我們最近向美國證券交易委員會提交的文件中以前瞻性陳述的形式進行了描述。

We urge you to consider these factors and remind you that we undertake no obligation to 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.

我們敦促您考慮這些因素，並提醒您，我們沒有義務更新本次通話中所包含的資訊以反映後續事件或情況。您應該意識到，這些陳述僅應被視為估計值，並不構成對未來績效的保證。

Also during this call, we will discuss some non-GAAP financial measures. We 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.

此外，在本次電話會議中，我們也將討論一些非GAAP財務指標。我們在發佈於投資者關係網站的股東信中提供了與最直接可比較的 GAAP 財務指標的調整表。這些非GAAP指標並非旨在取代我們的GAAP績效。

And with that, I'm pleased to turn the call over to Brian.

接下來，我很高興把電話交給布萊恩。

Brian CheskyExecutive

Brian Chesky執行官

All right. Thank you, Andrew, and good afternoon, everyone. Thanks for joining. I'm going to start with a quick recap of our Q4 results. And then I'm going to spend a little more time on what's driving them because that's really where the story is.

好的。謝謝你，安德魯，大家下午好。謝謝參與。我先快速回顧一下我們第四季的業績。然後，我打算花更多時間探討是什麼在驅動他們，因為這才是故事的真正核心所在。

Now in Q4, we delivered strong results across the board. Revenue grew 12% year over year to $2.8 billion, exceeding the high end of our guidance. Gross booking value grew 16% year over year to $20.4 billion. This was our highest growth quarter in more than two years. Nights and seats books grew 10%, our strongest quarter of the year.

第四季度，我們各項指標均表現強勁。營收年增 12% 至 28 億美元，超過了我們預期的上限。總預訂金額較去年同期成長 16%，達到 204 億美元。這是我們兩年多來成長最快的一個季度。夜數和座位預訂量增加了 10%，這是我們一年中表現最好的季度。

But what matters most is the momentum that we're gaining. In a marketplace, reaccelerating growth isn't as simple as stepping on the gas pedal. It's more like turning to cruise ship. It takes time and discipline, and you don't always see it from one quarter to the next. The acceleration that you're seeing didn't happen by accident. It's a result of a deliberate path that we've been on for the past few years. So let me walk you through it.

但最重要的是我們正在獲得的動力。在市場競爭中，重新加速成長並不像踩油門那麼簡單。這更像是改搭遊輪。這需要時間和自律，而且你不可能總是在下一個季度就看到成效。你看到的加速現象並非偶然發生。這是我們過去幾年一直堅持走一條精心規劃的道路的結果。讓我來一步步為你講解。

Airbnb grew incredibly quickly in the years leading up to our IPO, faster than we've ever imagined. We were like a company built to be a two story house. But when went public, we want to keep building, but you can't add 10 floors to a house that wasn't designed for it. You need a stronger foundation. So we rebuild our tech platform. We built the app cab by cab. And over the last few years, we improved nearly every part of the guest in host experience.

在 Airbnb 上市前的幾年裡，公司發展速度驚人，遠遠超過我們先前的想像。我們就像一家被設計成兩層樓房的公司。但上市後，我們想繼續發展，但你不能在一棟原本設計沒有加蓋 10 層樓的房子上加蓋 10 層樓。你需要更堅實的基礎。因此，我們重建了技術平台。我們逐輛計程車地開發了這個應用程式。在過去的幾年裡，我們幾乎改進了客人入住體驗的每一個環節。

But rebuilding the foundation wasn't enough. We also need to innovate faster. Now, when I look back and what drove Army's early success, it wasn't just the idea. It was how we worked. In the early days, Joe, Nate and I would say in our apartment and obsess over every detail.

但重建地基還不夠。我們也需要加快創新速度。現在回想起來，當我知道是什麼推動了陸軍早期的成功時，這不僅僅是這個想法。我們就是這樣運作的。早期，喬、內特和我會待在我們的公寓裡，對每個細節都斤斤計較。

We shift something, learn quickly and double down on what works. That cycle, focus, shift, learn, scale is what compounded our initial growth. As companies grow, they often lose that speed and focus. So two years ago, we made a deliberate decision. We are going to recreate the same innovation formula inside Airbnb, but at a global scale. We called it Project Why.

我們做出一些改變，快速學習，然後加強推廣有效的方法。這種循環——專注、轉變、學習、規模化——正是我們最初成長的動力。隨著公司的發展，它們往往會失去那種速度和專注力。所以兩年前，我們做了一個謹慎的決定。我們將把同樣的創新模式複製到 Airbnb 內部，但規模要擴大到全球。我們稱之為「為什麼專案」。

We created a small lead team and gave them a really clear mandate make it easier to find and book a home on Airbnb. We start with the little things that make booking hard than it needed to be, simple improvements like better search filters and small tweaks to the booking flow. When those changes work, we went bigger. We improved how we convert high intent visitors to long-term users using simple web promise to drive more app downloads. We made search more flexible, helping guests discover homes they wouldn't have seen before.

我們組建了一個小型領導團隊，並賦予他們非常明確的任務：讓用戶更容易在 Airbnb 上找到並預訂房屋。我們首先著手解決一些讓預訂變得比原本更困難的小問題，例如改進搜尋篩選器和對預訂流程進行一些小的調整。如果這些改變奏效，我們就擴大規模。我們改進了將高意向訪客轉化為長期用戶的方式，透過簡單的網頁承諾來推動更多應用程式下載。我們讓搜尋更加靈活，幫助房客發現他們以前從未見過的房源。

That drove an even greater impact. Eventually, we tackle bigger opportunities like completely redesigning the checkout flow to make bookings simpler and more intuitive. Now these are just a few of the hundreds of improvements the team shipped driving hundreds of millions of dollars in revenue in 2025 alone. And we believe Project Why will deliver hundreds of millions more this year.

這產生了更大的影響。最終，我們將著手解決更大的機遇，例如徹底重新設計結帳流程，讓預訂更簡單、更直觀。而這僅僅是該團隊推出的數百項改善措施中的一小部分，這些措施僅在 2025 年就帶來了數億美元的收入。我們相信，Project Why 今年還將帶來數億美元的收益。

Now once we saw this blueprint work, we began applying it across the company. So what I want to do is highlight four areas where the Why innovation model is driving growth. The first is pricing, hidden fees at one of the biggest friction points in travel. We created the pricing team with a clear goal make pricing simple and more transparent. The first major step was showing the total price upfront to guests. In the U.S., we are the first major travel platform to do this. When price transparency was just the beginning.

現在，當我們看到這個方案行之有效後，就開始在公司內部推廣應用程式。因此，我想重點介紹「為什麼」創新模式在推動成長的四個領域。首先是價格問題，旅行中最大的痛點之一就是隱藏費用。我們成立定價團隊的目標很明確，就是讓定價變得簡單透明。第一個重要步驟是提前向客人展示總價。在美國，我們是第一個這樣做的主要旅遊平台。價格透明化只是開始。

We launched dozens more updates for more flexible cancellation policies to better pricing tools for host. These changes stacked. Then we made the biggest move of all. Reserve now pay later. For the first time, guests in the US could book eligible stays paying zero dollars upfront. The response was immediate driving booking ancillaries in Q4, especially for larger high-priced homes. We're now expanding this to new markets and is a key part of the strength we're seeing in Q1.

我們也推出了數十項更新，包括更靈活的取消政策和更好的房東定價工具。這些變化疊加在一起。然後，我們採取了最大的一步。現在預訂，稍後付款。美國遊客首次可以預訂符合條件的住宿，而無需預付一美元。這一反應立竿見影，推動了第四季度相關配套設施的預訂量增長，尤其是針對價格較高的大型住宅。我們現在正將這項業務拓展到新的市場，這也是我們在第一季業績強勁成長的關鍵因素之一。

Now we believe that pricing initiatives will drive as much revenue this year is Why and will remain a strong tailwind for years to come. Next up, supply. Most of our supply growth is organic with host coming directly cut, but we also build a supply engine that lets us feed surgical about where we grow. And the best example is how we lean into large events.

現在我們相信，定價策略將在今年帶來與「原因」相當可觀的收入，並且在未來幾年仍將保持強勁的成長勢頭。接下來是供應。我們的大部分供應成長都是有機成長，主機直接被砍伐，但我們也建立了一個供應引擎，使我們能夠精準地選擇成長點。最好的例子就是我們如何積極參與大型活動。

For example, in Paris, we added over 40,000 listings for the 2024 Summer Olympics. Now we're repeating that same playbook for the biggest event on Earth, the 2026 FIFA World Cup across 16 cities in North America. At the same time, we're also improving quality. We've removed over 0.5 million low-quality listings, while Guest Favorites, the very best listings in Airbnb grew 30% in 2025 compared to 2024. And in Q4, Guest Favorites made up nearly half of all bookings on Airbnb.

例如，在巴黎，我們為 2024 年夏季奧運會新增了 40,000 多個房源。現在，我們將同樣的策略運用到地球上最大的盛事——2026 年國際足總世界盃上，該賽事將在北美 16 個城市舉行。同時，我們也在不斷提高品質。我們已經刪除了超過 50 萬個低品質房源，而 Airbnb 上最好的房源「房客最愛」在 2025 年比 2024 年成長了 30%。第四季度，Airbnb 上「房客最愛」房源的預訂量幾乎佔所有預訂量的一半。

We also apply the Why model in international growth. Airbnb operates in nearly every country in the world, but roughly 70% of our revenue comes from just five countries. Now that's a massive opportunity, and we're unlocking it by going deep in a small number of priority countries. And Brazil is a great example.

我們也把「為什麼」模型應用於國際成長領域。Airbnb 的業務遍及全球幾乎所有國家，但我們約 70% 的收入來自五個國家。這是一個巨大的機遇，我們正在透過深入少數重點國家來釋放它。巴西就是一個很好的例子。

A few years ago, Brazil was a smaller market for us, so we put a focused team on it. We introduced features that we know matter to the Brazilian market like interest repayments or local payment methods, and we lead at the cultural moments like Carnival. We also invested in local campaigns to build relevant. The results have been incredible. Brazil moved from a top 10 market to a top 5 market on Airbnb.

幾年前，巴西對我們來說還是個較小的市場，所以我們專門組建了一個團隊負責巴西市場。我們推出了對巴西市場來說很重要的功能，例如利息償還或本地支付方式，並且我們在狂歡節等文化盛事中處於領先地位。我們也投資在地化宣傳活動，以建立相關性。結果令人難以置信。巴西在Airbnb上的市場排名從前10名躍升至前5名。

In Q4, it was our second largest contributor to first-time bookers behind only the US. This shows what happens when you pair global scale with local execution, and we're applying the same playbook to our highest priority countries in every region.

第四季度，它是我們為首次預訂用戶貢獻的第二大來源地，僅次於美國。這表明，當全球規模與本地執行相結合時會發生什麼，我們將相同的策略應用於每個地區最重要的國家。

Finally, we're applying the Why model to new businesses. We launched services experiences globally in May, but to better scale them, we're taking a city-by-city approach. We're going deep in one place, reaching product market fit and expanding from there. We started with Paris for experiences and LA for services, and we're really seeing great results. We're also starting to test new services like grocery delivery and airport pickups to make each trip better from the very beginning.

最後，我們將「為什麼」模型應用於新業務。我們在五月面向全球推出了服務體驗，但為了更好地擴大規模，我們採取了逐個城市推進的方式。我們正深入鑽研某個領域，實現產品與市場的契合，然後以此為基礎擴張。我們最初選擇在巴黎推廣體驗式行銷，在洛杉磯推廣服務式行銷，目前已經取得了非常好的效果。我們也開始測試一些新服務，例如雜貨配送和機場接送，以便從一開始就讓每一次出行都更加便捷舒適。

And to capture even more trips, we're bringing fatigue and independent hotels onto the platform. so that no matter what kind of stay a guest wants, they can always find it on Airbnb. Now it's still early, but the opportunity in hotels is massive, and we plan to share more about our approach later this year.

為了吸引更多旅客，我們將疲勞管理和獨立飯店也納入平台，這樣無論客人想要什麼樣的住宿，都能在愛彼迎上找到。現在還處於早期階段，但酒店業的機會巨大，我們計劃在今年稍後分享更多關於我們方法的資訊。

But the big idea here isn't just building a bunch of stand-alone businesses. These are all part of a much larger vision, the Airbnb trip. We are one app and one brand where every part of the trip makes the other parts stronger. There are multiple entry points in the Airbnb. In multiple ways to drive more bookings against might book a service or experience then discover a home for the trip or they might book a hotel for a business trip, then come back to it on me to book a home for a family vacation.

但這裡的核心理念不僅僅是建立一堆獨立的企業。這些都是更大願景——Airbnb旅行——的一部分。我們是一個應用程序，一個品牌，旅程中的每個環節都讓其他環節更加完善。Airbnb有多個入口。透過多種方式促進更多預訂，例如，他們可能先預訂一項服務或體驗，然後發現適合旅行的住所；或者他們可能為商務旅行預訂了一家酒店，然後又回來為家庭度假預訂房屋。

Each part of the trip reinforces the others. The final piece that accelerates everything we do is AI. Now we've taken a really intentional path here. While other companies rush to both chat bots into the existing apps, we started by solving the hardest problem, customer support. We built a custom AI agent trained on millions of our support interaction. It's already resolving a one-third of the support issues without needing a live specialist.

旅程的每個部分都與其他部分相輔相成。人工智慧是加速我們一切工作的最後一個關鍵因素。現在我們採取了一條經過深思熟慮的道路。當其他公司爭先恐後地將聊天機器人整合到現有應用程式中時，我們首先著手解決最棘手的問題——客戶支援。我們建立了一個客製化的人工智慧代理，該代理基於數百萬次的客戶支援互動資料進行訓練。它已經解決了三分之一的支援問題，而無需真人專家介入。

And resolution times are significantly faster. It's live across North America, and we're planning to roll it out globally. But that's just the beginning. Because we're building an AI native experience where the app doesn't just search for you. It knows you. It will help guests plan their entire trip, help us better run their businesses and help the company operate more efficiently at scale.

而且解析度提升速度明顯更快。目前該服務已在北美地區上線，我們計劃將其推廣到全球。但這只是個開始。因為我們正在建立一種人工智慧原生體驗，在這個體驗中，應用程式不僅僅是為你搜尋。它認識你。這將幫助客人規劃整個行程，幫助我們更好地經營業務，並幫助公司更有效率地大規模運作。

That's the big reason we brought in Ahmad Al-Dahle as our CEO. Ahmad is one of the world's leading AI expert. He spent 16 years at Apple most recently led the generative AI team at Meta that built that Llama model. Even expert appear in massive technical scale with world-class design, which is exactly how we're going to transform the Airbnb experience.

這就是我們聘請艾哈邁德·阿爾·達勒擔任執行長的主要原因。艾哈邁德是世界領先的人工智慧專家之一。他在蘋果工作了 16 年，最近領導 Meta 公司的生成式人工智慧團隊，該團隊建立了 Llama 模型。即使是專家也會以世界級的設計，以巨大的技術規模出現，而這正是我們將要改變 Airbnb 體驗的方式。

This approach is also our strongest defense against dis-remediation. A chatbot can give you a lift of home, but it can't give you the unique point you find an Airbnb. At chatbot doesn't have or 200 million verified identities. Or our 500 million proprietary reviews. And it can't message the host, which 90% of our guests do. They can't provide global payment processing, customer support or insurance. By layering AI over the entire event experience. We believe we're building something that's impossible to replicate.

這種方法也是我們防止補救措施失效的最強防禦手段。聊天機器人可以幫你開車回家，但它無法為你找到 Airbnb 的獨特體驗。聊天機器人沒有或2億個已驗證身分。或我們擁有的5億條獨家評論。而且它無法給房東發訊息，而我們90%的客人都會這樣做。他們無法提供全球支付處理、客戶支援或保險服務。透過將人工智慧技術融入整個活動體驗。我們相信我們正在打造一種無法複製的東西。

So you can see why we're so excited about the year ahead, and our guidance reflects that. We expect revenue growth to accelerate to at least low double digits in 2026. We expect adjusted EBITDA margin to be stable year over year. It will do all of this without investing billions or tens of billions of dollars. We don't need massive capital investment to grow.

所以您應該能理解為什麼我們對未來一年如此充滿期待，而我們的業績指引也反映了這一點。我們預計到 2026 年，營收成長將加速至至少兩位數的低點。我們預計調整後 EBITDA 利潤率將與去年同期保持穩定。這一切都不需要投入數十億美元甚至數百億美元。我們不需要巨額資本投資就能發展壯大。

We don't own homes. We don't operate experiences, and we're not building data centers. What we're doing is finding small wins and scaling those profitably. That's why we've been able to generate free cash flow at nearly 40% of revenue and nearly $19 billion of cumulative free cash flow since our IPO. It gives us the ability to reinvest back in our business while strengthening our balance sheet and maintaining healthy margins.

我們沒有自己的房子。我們不營運體驗項目，也不建設資料中心。我們正在做的就是找到一些小的成功點，然後以盈利的方式擴大這些成功點的規模。正因如此，我們才能實現近 40% 的收入自由現金流，自 IPO 以來累計自由現金流近 190 億美元。這使我們能夠將資金再投資於業務發展，同時增強資產負債表並保持健康的利潤率。

Now as you look ahead to 2026, we can't predict every quarter with precision. Travel is influenced by everything from currency to macroeconomic conditions to global events. But what we can control is the speed of our innovation. In the long run, that's what leads to more growth.

展望 2026 年，我們無法精確預測每季的情況。旅行受到許多因素的影響，包括匯率、宏觀經濟狀況和全球事件。但我們可以控制的是創新的速度。從長遠來看，這才是實現更大成長的根本原因。

So in summary, we rebuilt major parts of the company. We adopted a new blueprint for innovation. And now we're seeing increased momentum. That doesn't happen by accident. It's a result of an incredible team rowing in the same direction at global scale. So to everyone the Airbnb team is listening, thank you. The business is stronger because of you.

總而言之，我們對公司的大部分部門進行了重建。我們採用了一種新的創新模式。現在我們看到這種勢頭正在增強。這並非偶然發生。這是全球範圍內一支傑出團隊朝著同一方向共同努力的成果。所以，Airbnb團隊感謝每一位聆聽我們意見的人。因為有你，公司發展得更好了。

With that, I'll turn it over to Ellie to walk through the financials in more detail.

接下來，我將把發言權交給艾莉，讓她更詳細地講解一下財務狀況。

Thanks, Brian, and good afternoon, everyone. As Brian just shared, we're seeing increased momentum in our business. I'll start with Q4 financial results, and then I'll cover our outlook for Q1 and the full year 2026. Q4 was a great quarter for Airbnb. Gross booking value grew 16% year over year to $20.4 billion, driven by strong growth in both bookings and price. Night and seats booked increased 10% year over year and acceleration from Q3, with strength seen across all regions.

謝謝你，布萊恩，大家下午好。正如布萊恩剛才所說，我們看到公司業務發展勢頭越來越強勁。我將首先介紹第四季度財務業績，然後展望我們對 2026 年第一季和全年的業績展望。第四季對Airbnb來說是一個非常棒的季度。受預訂量和價格強勁增長的推動，總預訂額年增 16%，達到 204 億美元。預訂的夜晚和座位數量年增 10%，並且從第三季開始加速成長，所有地區均呈現強勁成長勢頭。

By region, Latin America grew in the high teens, Asia Pacific grows to mid-teens, EMEA accelerated in the high single digits and North America grew in the mid-single digits. Now going into the quarter, we expected a tough comp given the particularly strong Q4 in 2024. And as the quarter played out, we saw a slightly better macroeconomic environment than anticipated.

按地區劃分，拉丁美洲成長了近10%，亞太地區成長了15%，歐洲、中東和非洲地區加速成長至個位數高位，北美成長了個位數中位。進入本季度，鑑於 2024 年第四季表現尤為強勁，我們預計同期業績將面臨嚴峻的比較。隨著季度的進行，我們看到宏觀經濟環境比預期略好。

But more importantly, our product road map delivered a material lift to the business. As Brian shared, we've been selling making it easier to find a book of home on Airbnb. In Q4, a few updates in particular helped drive our acceleration. The launch of reserves now pay later, updates to our cancellation policies and the beginning of our migration to a simplified fee structure.

但更重要的是，我們的產品路線圖為公司帶來了實質的提升。正如布萊恩所說，我們一直在努力讓用戶更容易在 Airbnb 上找到合適的房源。第四季度，一些更新尤其推動了我們的加速發展。推出「先預訂後付款」服務，更新取消政策，並開始向簡化的收費結構過渡。

Reserve now pay later, saw significant adoption among eligible guests in Q4. It's also led to longer booking lead times and it may shift towards larger and higher home especially those with four or more bedrooms contributing to the increase in ADR. And as Brian mentioned, given the positive results, we've decided to roll it out to more guests globally into cross-border states in the US.

立即預訂，稍後付款，第四季度在符合條件的客人中獲得了顯著的採用率。這也導致了更長的預訂提前期，並可能轉向更大、更高檔的房屋，尤其是那些有四間或更多臥室的房屋，從而導致平均房價上漲。正如布萊恩所提到的那樣，鑑於積極的成果，我們決定將其推廣到全球更多客人，包括美國的跨境州。

Our updated cancellation policies and simplified fees also contributed to both night and GDP growth in the quarter. As a reminder, Beginning in October, we started simplifying our fee structure, which we believe will help our host price more competitively. We began migrating our API host to a single service fee and now plan to migrate more host in 2026.

我們更新的取消政策和簡化的收費方式也促進了本季夜間入住率和GDP的成長。再次提醒大家，從 10 月開始，我們簡化了收費結構，我們相信這將有助於提高我們房東價格的競爭力。我們已開始將 API 主機遷移到單一服務費模式，並計劃在 2026 年遷移更多主機。

Host on a single service fee can adjust their prices to maintain the same net earnings, while guests continue to see the full price outcome. In total, we estimate these three features delivered over 200 basis points of growth in nice book and roughly 300 basis points of growth in GBV in Q4. In 2026, we'll continue iterating to simplify pricing, improve transparency and help our hosts stay competitive.

收取單一服務費的房東可以調整價格以保持相同的淨收入，而客人仍然會看到完整的價格結果。總的來說，我們估計這三項功能在第四季度為優秀書籍帶來了超過 200 個基點的成長，為 GBV 帶來了約 300 個基點的成長。2026年，我們將繼續迭代，簡化定價，提高透明度，並幫助我們的房東保持競爭力。

Now turning to our Q4 financials. Revenue was $2.8 billion, up 12% year over year and exceeded our guidance driven by the impact of our product update. In terms of profitability, we generated $786 million of adjusted EBITDA, representing a 28% adjusted EBITDA margin, also exceeding guidance.

現在來看我們第四季的財務數據。營收達 28 億美元，年增 12%，超過預期，主要得益於產品更新的影響。在獲利能力方面，我們實現了 7.86 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 28%，也超過了預期。

Finally, net income was $341 million, and was negatively impacted by roughly $90 million of onetime non-income tax. For 2025, our full year effective tax rate was 20% and including onetime discrete items that increased our provision for income taxes in Q3. Starting in 2026, we expect the One Big Beautiful Bill act to materially reduce our effective tax rate to the mid- to high teens primarily due to how foreign earnings are taxed, which will benefit our consolidated earnings.

最終，淨收入為 3.41 億美元，但受到約 9,000 萬美元一次性非所得稅的負面影響。2025 年全年實際稅率為 20%，其中包括一次性離散項目，這些項目增加了我們第三季的所得稅準備金。從 2026 年開始，我們預計《一項偉大的法案》將大幅降低我們的實際稅率至十幾到二十幾的水平，這主要是因為海外收入的徵稅方式，這將有利於我們的合併收益。

Next, to our balance sheet and cash flow. We continue to generate significant cash in Q4, delivering $520 million of free cash flow. In 2025, we generated $4.6 billion, representing a free cash flow margin of 38%. At the end of Q4, we had $11 billion of corporate cash and investments as well as a $7 billion of funds held on behalf of our guests. Our strong balance sheet allowed us to repurchase $1.1 billion of our common stock in Q4, up from $857 million in Q3.

接下來，我們來看資產負債表和現金流量表。我們在第四季繼續產生大量現金，實現了 5.2 億美元的自由現金流。2025 年，我們創造了 46 億美元的收入，自由現金流利潤率為 38%。截至第四季末，我們擁有 110 億美元的公司現金和投資，以及 70 億美元的客戶資金。我們強勁的資產負債表使我們能夠在第四季度回購 11 億美元的普通股，高於第三季的 8.57 億美元。

And in 2025, we repurchased $3.8 billion of our common stock, using over 80% of our free cash flow. Returning capital to shareholders remains a key component of our capital allocation strategy. Since introducing our share repurchase program in 2022, we've reduced our fully diluted share count by about 9%.

2025 年，我們回購了價值 38 億美元的普通股，使用了超過 80% 的自由現金流。向股東返還資本仍然是我們資本配置策略的關鍵組成部分。自 2022 年推出股票回購計畫以來，我們的完全稀釋後股份數量減少了約 9%。

Now let's shift to our Q1 and full year 2026 outlook. We're encouraged by the momentum we've seen so far this year and excited about our road map to drive growth in 2026. In Q1, we expect to generate revenue of $2.59 billion to $2.63 billion, representing year over year growth of 14% to 16%. This includes an approximate 3 point FX tailwind after factoring in our hedging program. We expect gross booking value to increase in the low teens year over year, driven by high single-digit growth in licenses book and a moderate increase in ADR to price appreciation and FX.

現在讓我們來看看2026年第一季和全年的展望。我們對今年迄今的發展勢頭感到鼓舞，並對2026年推動成長的路線圖感到興奮。第一季度，我們預計營收將達到 25.9 億美元至 26.3 億美元，年增 14% 至 16%。考慮到我們的對沖計劃，這其中包括大約 3 點的外匯順風。我們預計總預訂價值將同比增長兩位數左右，這主要得益於許可證預訂量實現高個位數增長，以及 ADR 因價格上漲和匯率波動而適度增長。

On profitability, we expect Q1 adjusted EBITDA margin to be approximately flat year over year. And for the full year 2026, we expect year over year revenue growth to accelerate to low double digits with an ambition to grow even faster than that. While FX tailwinds should fade as the year progresses, we're encouraged by healthy demand and execution across our growth initiatives.

關於獲利能力，我們預計第一季調整後 EBITDA 利潤率將與去年同期基本持平。對於 2026 年全年，我們預計同比營收成長將加速至兩位數低段，並力爭更快的成長。儘管隨著時間的推移，外匯市場的利多因素可能會逐漸減弱，但我們對各項成長計畫的良好需求和執行情況感到鼓舞。

We're also excited about major events this year, including the Winter Olympics happening now in Milan and the FIFA World Cup coming this summer. Cities continues to look to Airbnb to help meet demand around large events. And our global supply positions us well to support that demand.

我們也對今年的重大賽事感到興奮，包括正在米蘭舉行的冬季奧運會和今年夏天即將舉行的國際足總世界盃。城市繼續尋求與 Airbnb 合作，以滿足大型活動期間的需求。我們的全球供應鏈優勢使我們能夠很好地滿足這項需求。

Overall, we believe continued progress against our product optimization, pilots and new offerings, together with broader macro conditions will support incremental growth in 2026. And finally, across the full P&L, we're continuing to drive efficiencies in our platform. We plan to reinvest most of these efficiencies into marketing, product and technology to support our growth. As a result, we expect our 2026 adjusted EBITDA margin to be stable year over year.

總體而言，我們相信，在產品優化、試點和新產品方面取得的持續進展，以及更廣泛的宏觀環境，將支援 2026 年的逐步成長。最後，在整個損益表中，我們將持續提高平台的效率。我們計劃將這些節省下來的大部分效率提升再投資於行銷、產品和技術，以支持我們的成長。因此，我們預計 2026 年調整後的 EBITDA 利潤率將與前一年持平。

At the close, 2025 was an exciting year, and I'm incredibly proud of what the team delivered. We're carrying that momentum into 2026 with an ambitious set of goals. We'll continue strengthening our core business while accelerating innovation to drive growth.

總而言之，2025 年是令人興奮的一年，我對團隊的成就感到無比自豪。我們將帶著這股勢頭邁入 2026 年，並制定了一系列雄心勃勃的目標。我們將繼續加強核心業務，同時加快創新步伐，以推動成長。

And with that, I will open it up to Q&A.

接下來，我將進入問答環節。

(Operator Instructions)

（操作說明）

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

I guess, AI is the topic du jour, and you gave some helpful remarks about why the bots today can't match what Airbnb do, but given the sort of speed of innovations going on, why do you think those AI platforms couldn't launch a short-term rental platform over time?

我想，人工智慧是現在的熱門話題，你也對為什麼現在的機器人無法與 Airbnb 相媲美提出了一些有益的觀點，但是考慮到創新發展的速度，你認為為什麼這些人工智慧平台最終無法推出短期租賃平台呢？

And maybe secondly, do you see any risk that you'll have to share your economics with an AI platform at some point going forward? Or do you expect you'll be able to retain the same level of direct traffic you have today in an AI world?

其次，您是否認為未來某個時候您可能需要與人工智慧平台分享您的經濟數據？或者，您認為在人工智慧時代，您還能維持與現在相同的直接流量水準？

Yeah. I mean it's a great question. Let me start by saying this. The vast majority of what is Airbnb is not the app that you see. First of all, we have a whole host staff, which is really critical, and we build this over 18 years. We handled more than $100 billion in payments through the platform. Customer service is one of the most difficult problems in Airbnb. We don't have SKU people, we need to adjudicate between people speaking different languages. We provide insurance and protection for everyone.

是的。我的意思是，這是一個很好的問題。首先我想說的是…Airbnb 的絕大部分內容並非你現在看到的這款應用程式。首先，我們擁有一支完整的接待團隊，這至關重要，而我們花了 18 年的時間才建立起這支團隊。我們透過該平台處理了超過1000億美元的支付交易。客戶服務是Airbnb面臨的最棘手的問題之一。我們沒有專門負責 SKU 的人員，我們需要在說不同語言的人員之間進行裁決。我們為每個人提供保險和保障。

We do a lot of verifications. 90% of people who book in Airbnb send a message, you can't send a message to verify ID. We have 200 million verified IDs, which is more than US passport in circulation. The vast majority of our homes in our unique inventory is only on Airbnb. We're adding more offerings over time. And we think people are going to want to put them together into an itinerary that they could bring on -- in their phone with them when they're traveling.

我們做了很多驗證工作。 90%在Airbnb預訂的人都會發訊息，但你不能透過發送訊息來驗證身分。我們擁有 2 億份經過驗證的身份證明文件，比美國護照的流通數量還要多。我們獨家房源中的絕大多數都只在 Airbnb 上提供。我們會逐步增加更多產品和服務。我們認為人們會希望將這些行程安排成一個可以隨身攜帶的行程單——放在手機裡，以便在旅行時使用。

I think these chatbot platforms are going to be very similar to search. They're going to be really good top of funnel discoveries. And in fact, what we've seen is I think they're going to be positive for Airbnb. And I'm very, very deep in this space. And what we see is that traffic that comes from chatbots convert at a higher rate than traffic that comes from Google.

我認為這些聊天機器人平台將會與搜尋功能非常相似。它們將會是非常優秀的漏斗頂端發現者。事實上，我們看到的情況是，我認為這對 Airbnb 來說將是好消息。我在這方面已經非常非常深入了。我們發現，來自聊天機器人的流量轉換率高於來自Google的流量。

But the other thing to know, and this is the most important point, is that these models are not proprietary. The model ChatGPT, the models in Gemini, the models in Claude, the models like QE are available in every single company. And so pretty soon, every company becomes an AI platform if they make the shift. We will be able to do everything everyone else will have if we use their models. And we believe specialization will win in travel.

但還有一點要了解，這也是最重要的一點，那就是這些模型並非專有的。ChatGPT 模型、Gemini 模型、Claude 模型、QE 等模型在每家公司都有提供。因此，很快，每家公司如果轉型，都會成為人工智慧平台。如果我們採用他們的模式，我們就能做到別人所能做到的一切。我們相信，在旅遊業，專業化終將獲勝。

Because if somebody wants to find an Airbnb or have a trip, we can take their model, the same model they use that we can post train and tune it based on our milling interactions. We can connect it to our customer support agents. We can connect it to our host. And that's fundamentally what we think. It's why we've hired Ahmad Al-Dahle, one of the foremost leading experts in AI. Ahmad Al-Dahle in fact, build one of the model. He built the Llama model. And we want to build a team to make our company much more of an AI native company.

因為如果有人想找 Airbnb 或安排旅行，我們可以採用他們的模型，也就是他們使用的模型，我們可以根據我們的互動資料進行訓練和調整。我們可以將其連接到我們的客戶支援人員。我們可以把它連接到我們的主機。這就是我們的基本想法。這就是我們聘請艾哈邁德·阿爾-達勒的原因，他是人工智慧領域最傑出的專家之一。事實上，艾哈邁德·阿爾-達勒建造了其中一個模型。他製作了羊駝模型。我們希望組建一支團隊，使我們公司成為一家更原生於人工智慧的公司。

So I think that for chatbots or AI companies to win we don't need to live in a world where everyone else has to lose. I don't think that one company is going to own everything. I think we're going to be able to work together. And these companies will be very helpful, top of funnel traffic generators for Airbnb just like Google.

所以我認為，聊天機器人或人工智慧公司要想成功，並不需要生活在一個其他人必須失敗的世界。我不認為一家公司會擁有所有的一切。我認為我們能夠合作愉快。這些公司將對 Airbnb 大有幫助，它們就像Google一樣，是流量漏斗頂端的引流工具。

John Colantuoni, Jefferies.

John Colantuoni，傑富瑞集團。

I wanted to ask one on Asia region. Nights growth was still strong at the mid-teens at mid-teens, but did moderate from recent quarters. I know it's your smallest region, but I was hoping you could talk to what drove the slowdown and how you think about the growth opportunity in Asia Pacific over time?

我想問一個關於亞洲地區的問題。夜間客流量成長依然強勁，達到十幾個百分點，但與最近幾季相比有所放緩。我知道這是你們最小的地區，但我希望你們能談談導致亞太地區成長放緩的原因，以及你們如何看待該地區未來的成長機會？

And second, I was curious on the services and experiences, have you seen any signs that they're helping you acquire new customers that you can convert to accommodations given that over half of your experiences weren't attached to an accommodation bookings?

其次，我對服務和體驗方面感到好奇，鑑於超過一半的體驗與住宿預訂無關，您是否看到任何跡象表明它們有助於您獲得可以轉化為住宿的新客戶？

Let me start with the Asia question. So when we look at our performance on APAC from a destination perspective. Overall growth has been, I would say, relatively stable over the course of 2025. That being said, we see a tremendous amount of opportunity in terms of future growth for the region.

讓我先從亞洲問題談起。所以，當我們從目的地角度來審視我們在亞太地區的表現。我認為，2025 年的整體成長相對穩定。儘管如此，我們看到該地區未來發展蘊藏著巨大的機會。

What I would say in terms of APAC is that, obviously, there is different pockets in terms of where we have seen substantial growth. As you're probably aware, we have relatively high levels of penetration in Australia, which factor into that number, whereas we're relatively nascent in some of the, I would say, continental countries in particular, places like India, Southeast Asia, Korea, et cetera.

就亞太地區而言，顯然，我們看到了一些成長顯著的不同區域。您可能已經知道，我們在澳洲的滲透率相對較高，這影響了該數字，而我們在一些大陸國家，特別是像印度、東南亞、韓國等地，則相對處於起步階段。

What we shared in the letter is that we're seeing Night's performance in those markets that we have begun focusing on. So in particular, what I would call out is domestic Japan. That's a marketing segment that we began our expansion playbook back in Q4 of '24, and it seems some Night's results. Second, I would call out India, which we mentioned in the letter, huge market where we are seeing really substantial growth. So 50% growth in the last quarter.

我們在信中提到，我們已經看到 Night 在我們開始關注的那些市場中的表現。因此，我特別要指出的是日本國內的情況。這是我們早在 2024 年第四季就開始實施擴張計畫的市場區隔領域，而且似乎 Night 的一些結果也證明了這一點。其次，我想特別提一下我們在信中提到的印度，這是一個巨大的市場，我們看到了這裡非常顯著的成長。所以上個季度成長了50%。

Very strong, and we see opportunities to accelerate that growth in '26. So the broad story in APAC, it is stable. We are seeing some very positive signs in particular markets that we're meeting into and it's the focus of our international market expansion strategy going forward.

非常強勁，我們看到了在 2026 年加速成長的機會。所以亞太地區的整體情況比較穩定。我們在一些正在進入的特定市場看到了非常積極的跡象，這也是我們未來國際市場擴張策略的重點。

Second question. Yeah. I mean what we called out in terms of the dynamics of where we are finding the experience booking. The call out in the letter that we provided is about 50% of our experienced bookings today come from guests that are unattached to a home booking, meaning they are not already staying with us in a home and therefore, attached to the trip, an incremental experience. They maybe staying in a hotel in that market. They maybe not traveling at all.

第二個問題。是的。我的意思是，正如我們之前提到的，我們發現體驗預訂的動態變化。我們在信中指出，目前我們約有 50% 的經驗豐富的預訂來自沒有預訂房屋的客人，這意味著他們目前沒有入住我們的房屋，因此，這次旅行對他們來說只是額外的體驗。他們可能住在那個市場附近的飯店。他們可能根本不會出遊。

And what I would say there is it's a very saying opportunity for us in a couple of forms. One is it provides a new segment of guests that we can, in the future, convert to home guests. It also gives us signs that with these new products and offerings, we have the opportunity to have a higher frequency of guest usage beyond just a day trip. So for example, something that we see in Paris is that there's been a really nice uptick in terms of, in particular, our Airbnb original experiences by local Parisian, which tells us that category of inventory, albeit highly differentiated is a great opportunity for us to attract local craft to our app.

我想說的是，這對我們來說是一個非常難得的機會，體現在幾個方面。其一是它為我們提供了一個新的客戶群體，我們將來可以將他們轉化為家庭訪客。這也表明，憑藉這些新產品和服務，我們有機會讓客人更頻繁地光顧，而不僅僅是一日遊。例如，我們在巴黎看到的是，特別是巴黎本地人提供的 Airbnb 原創體驗，出現了非常好的增長，這告訴我們，儘管這類房源差異很大，但它為我們提供了一個絕佳的機會，讓我們能夠吸引當地手工藝人加入我們的應用程式。

Yeah. I think One of the things that I called out in my opening remarks is -- so we're seeing a lot of momentum about getting new offerings off the ground and piloted. And our basic idea is -- it's not dissimilar from Amazon in the late '90s where they started to both retailer. The unifying idea of Amazon though, probably was the cardboard box. In other words, everything that you could send in a cardboard box, and so you could send all these different things and they added one category after the other.

是的。我認為我在開場白中提到的一點是——我們看到，在推出和試點新產品方面，勢頭非常強勁。我們的基本理念是——這與亞馬遜在 90 年代末期開始同時作為零售商和商品零售商的模式並無太大區別。不過，亞馬遜的統一理念或許就是紙箱了。換句話說，所有你能用紙箱寄的東西，所以你可以寄送所有這些不同的東西，他們一個接一個地增​​加了類別。

I think its giving a fine idea if there is the trip. We take a very -- by the way, broad definition of the trip, including 30-day stay even longer, but there are so many different components that we can offer. And the basic idea is we want every new offering to be strong out to stand-alone, the better together.

我認為這能很好地展現這趟旅行的意義。順便說一句，我們對旅行的定義非常廣泛，包括 30 天甚至更長的停留時間，但我們可以提供許多不同的組成部分。基本理念是，我們希望每一款新產品都能獨立存在且效能優異，但組合起來效果會更好。

And so the hotel is a great example. There are some people that only stay in Airbnb. There are some people that only stand hotels. Most people are willing to stay in both. And some trips are better in Airbnb and then some trips, if you need a last minute stay, you're traveling for business, you're doing one night, it's really good for hotels. So we think that all these components can make the overall offering better. There's a lot of synergies.

所以這家旅館就是一個很好的例子。有些人只住Airbnb。有些人只喜歡住飯店。大多數人都願意同時住在這兩個地方。有些旅行比較適合住 Airbnb，有些旅行，例如需要臨時住宿、出差、只住一晚，住飯店就非常適合。因此，我們認為所有這些組成部分都能使整體產品更好。兩者之間有很多協同效應。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

I guess can you give us a sense of how reserve now pay later cancellations have been pacing relative to your expectations perhaps particularly in the face of weather disruptions in 1Q and how you're thinking about baking in cancellation expectations to full year adjusted EBITDA guide?

我想請您介紹一下，相對於您的預期，先預訂後付款的取消情況進展如何，尤其是在第一季度受到天氣幹擾的情況下，以及您打算如何將取消預期納入全年調整後 EBITDA 指引？

And then secondly, in the past, you've talked about how AI search will preclude your deployment of sponsored ads. Can you maybe just unpack that a bit more and explain how AI search particularly may help you bring sponsored ads to it a bit more quickly?

其次，您過去曾談到人工智慧搜尋將如何阻止您投放贊助廣告。您能否再詳細解釋一下，特別是人工智慧搜尋如何幫助您更快地投放贊助廣告？

So first, on the question of reserve now pay later and the impact of cancellations. If we back up for a moment, before we launched reserve now pay later the US back in summer of 2025, we excessively tested the product to ensure that by the time of cohorts opting into the product had reached their check-in date that it was not beneficial to the business, meaning that the growth lift in bookings was larger than the net increase in the cancellations to be more check in. We're doing that level of testing as incremental segments. We are considering expanding reserve now pay later out to ensure that the net benefit is obviously positive for the business.

首先，關於先預訂後付款以及取消預訂的影響的問題。如果我們回顧一下，在 2025 年夏天我們在美國推出「先預訂後付款」服務之前，我們對該產品進行了大量的測試，以確保當選擇使用該產品的用戶群體到達入住日期時，該產品不會對業務帶來任何好處，也就是說，預訂量的增長幅度大於取消預訂量增加帶來的淨增長。我們正在分階段進行這種程度的測試。我們正在考慮擴大「先儲備後支付」的規模，以確保淨收益對企業而言明顯為正。

What I should say is that in the segment that we have launched this offering, the cancellation curves have been very close to what we saw from a tested perspective. And so we feel frankly quite good about the progress and the performance of that offering.

我想說的是，在我們推出這項服務的細分市場中，取消曲線與我們從測試角度看到的情況非常接近。因此，坦白說，我們對該產品的進展和表現感到非常滿意。

In terms of its impact over the full year, obviously, there is a bit of a pull forward in terms of when people make their bookings, but we are already absorbing the elevated level of cancellations from that product. I think One piece of perspective is that -- in terms of the aggregate nominal increase in cancellations, right, it's approximately 1%. So an average of maybe 16% cancellation rates historically going to [17%]. It's obviously higher within the cohort that chooses that product, but it's not a hugely material relative to the bladder cancellations on the platform.

就全年影響而言，顯然，人們的預訂時間會提前一些，但我們已經開始消化該產品較高的取消率。我認為，從某個角度來看——就取消訂單的名目總增長而言，大約是 1%。所以，歷史上平均取消率可能在16%左右。[17%]。選擇該產品的用戶群中，這一比例顯然更高，但相對於該平台上的膀胱取消訂單而言，這並不算太大的問題。

Final thing I would just add on with reserve now pay later as we've called out, is length in lead times, which I think is good from a competitive perspective. And second, it has a modestly positive impact in terms of increasing ADR as consumers who don't need to extended a huge purchase on their credit cards are more likely to choose probably nice listing.

最後，我想補充一點，正如我們之前提到的，先預訂後付款方式可以延長交貨週期，我認為這從競爭角度來看是件好事。其次，它在提高平均房價方面產生了一定的正面影響，因為不需要用信用卡進行大額消費的消費者更有可能選擇價格合理的商家。

Yeah. And then on the AI search now past sponsor listings. I've been asked quite a few earnings calls about sponsor listings. And one of the things to being really clear with the -- after the launch of ChatGPT was that traditional search was going to become essentially a conversational AI search. And that what we wanted to do is really design AI search really see how that works. And then if we are going to do sponsored listings, we designed that ad unit in that form factor.

是的。然後，人工智慧現在會搜尋過去的贊助商清單。在多次財報電話會議上，我都被問到關於贊助商名單的問題。在 ChatGPT 發布之後，需要明確一點的是，傳統搜尋本質上將變成對話式 AI 搜尋。而我們真正想做的，就是設計人工智慧搜索，看看它是如何運作的。如果我們要投放贊助廣告，我們就按照這種形式設計廣告單元。

So we're focused, first and foremost, on the most perishable opportunity, which is AI search. Actually, funny enough, we are doing tests as we speak. So AI search is live to a very small percent of traffic right now. We're doing a lot of experimentation. The way we do things with AI is much more rapid iteration, not big launches. And over time, we're going to be experimenting with making AI search more conversational, integrating it into more the trip. And eventually, we will be looking at sponsoring as a result of that. But we want to first nail AI search.

因此，我們首先關注的是最易逝的機會，那就是人工智慧搜尋。說來也巧，我們現在就在做測試。所以目前人工智慧搜尋只涵蓋了很小一部分用戶流量。我們正在進行大量的實驗。我們運用人工智慧的方式是快速迭代，而不是大規模發布。隨著時間的推移，我們將嘗試讓 AI 搜尋更具對話性，並將其更多地融入旅程中。最終，我們將因此考慮贊助事宜。但我們首先要解決人工智慧搜尋的問題。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Brian, maybe to go back to that last question on AI search. I just ask sort of another bigger picture one. As you sort of sit here in early 2026, if we're sitting here a year from now, what are the areas you're most focused on? You're seeing improvements to the platform using AI this year? That's one.

布萊恩，或許我們應該回到之前關於人工智慧搜尋的問題上來。我只是想問一個更宏觀的問題。如果時間回到 2026 年初（也就是一年後），你最關注的領域是什麼？今年您看到平台​​利用人工智慧有所改善嗎？這是其中之一。

And then two, maybe One just on the P&L impact. Any help at all on how you're thinking about the impact on gross margins from increased AI investment this year versus last year?

然後，或許還有兩項，一項只是損益影響。您能否就今年人工智慧投資增加對毛利率的影響（與去年相比）做出一些分析？

Yeah. I can answer a answer both of them. And I'll start with the second one. I think one of the great things about Airbnb is that we have a very, very cost-efficient innovation model. So unlike other companies, we're not building models. We do not have a huge CapEx cost base. So our investment in AI will not affect the P&L. I don't think you'll see it in the P&L. That's number one.

是的。這兩個問題我都能回答。那我先從第二個開始。我認為Airbnb最棒的地方之一就是我們有非常非常有效率的創新模式。所以與其他公司不同，我們不建構模型。我們的資本支出基礎並不龐大。因此，我們對人工智慧的投資不會影響損益表。我認為你不會在損益表中看到它。這是第一點。

Number two, it's a year from now. If we're successful AI would have be seen, I think three or four things. Number one, let's start with customer service. Right now, nearly 30% of tickets in North America, there English-based, are handled by an AI agent. A year from now, if we're successful, significantly more than 30% of tickets will be handled by a customer service agent in many more languages, in all the languages where we have live agents.

第二，時間是一年後。如果我們成功了，人工智慧應該會帶來三到四件事。首先，我們先從客戶服務說起。目前，北美地區近 30% 的工單（以英語為母語）由人工智慧代理人處理。一年後，如果我們成功，超過 30% 的工單將由客服人員以更多語言處理，涵蓋我們所有設有線上客服人員的語言。

And AI customer service will not only be chat, it will be voice, you can actually call and talk to an AI agent. We think this is going to be massive because not only does this reduce the cost base even customer service. But the kind of quality of service is going to be a huge step change. Not only can you get a response in a second, but the agents using AI are going to be significantly more productive. That's number one.

人工智慧客服不僅限於聊天，還將包括語音，你實際上可以打電話與人工智慧客服人員交談。我們認為這將產生巨大的影響，因為這不僅可以降低成本，還能改善客戶服務。但服務品質將會發生巨大的飛躍。不僅可以在一秒鐘內得到回复，而且使用人工智慧的客服人員的工作效率也會顯著提高。這是第一點。

Number two, it's going to make our engineers and everyone arm be significantly more efficient. More than 80% of engineers are now using AI tools. That will be 100%. But of course, that metric is a bit of a van metric.

第二，這將使我們的工程師和所有員工的效率大大提高。超過80%的工程師現在都在使用人工智慧工具。那將是百分之百。當然，這個指標有點像是廂型車指標。

The real question is what's the culture of the company? Are you at start-up? Are you highly adaptable to the changing currency of AI? And I think Airbnb certainly within our space, is the most adaptable. We are designed to adapt to not move like a cruise it, but to move very nimbly. So that's partly why we hired Ahmad Al-Dahle. We wanted to be on the frontier of AI, at least for the non-native AI companies. And I think you're going to see a lot more productivity and a lot more innovation velocity.

真正的問題是，這家公司的文化是什麼？你在新創公司嗎？你是否能夠快速適應人工智慧領域不斷變化的發展趨勢？而且我認為，在我們這個領域內，Airbnb 無疑是最具適應性的。我們天生就適應不了像遊輪一樣移動，而是要非常靈活地移動。所以，這也是我們聘用艾哈邁德·阿爾-達勒的部分原因。我們希望站在人工智慧的前沿，至少對於非原生人工智慧公司而言是如此。我認為你會看到生產力大幅提升，創新速度也大幅加快。

The third is you're going to start to see AI through the booking experience and the listing experience. AI search will eventually -- I can't put a timeline on it because AI is obviously highly unpredictable. But we want to be -- we would love to be the first company in e-commerce that really nails AI, search, conversational search. I think it's really hard not just in travel, but all e-commerce.

第三，你將開始在預訂體驗和房源展示體驗中看到人工智慧的應用。人工智慧搜尋最終會實現——我無法給出具體時間表，因為人工智慧顯然具有高度不可預測性。但我們希望成為——我們渴望成為電子商務領域第一家真正掌握人工智慧、搜尋和對話式搜尋的公司。我認為這不僅在旅遊業，而且在所有電子商務領域都非常困難。

One of the reasons that chatbots are real hard for commerce is because they're very visual, their photo forward. They need to be able to compare. You need to be able to open different tabs. So a tax forward chatbot interface is not the ideal so we have to actually innovate on the user interface. We're also using AI across the board, like being able to lister space much more easily.

聊天機器人難以應用於商業的原因之一是它們非常注重視覺效果，它們以照片為主導。他們需要能夠進行比較。你需要能夠打開不同的標籤頁。因此，稅務預估聊天機器人介面並不理想，所以我們必須在使用者介面方面進行創新。我們也全面應用了人工智慧，例如能夠更輕鬆地列出空間。

So if we are successful one year from now, in summary, AI customer service will be voice and chat across all languages. It will penetrate many more ticket types that it will be massively accelerate our innovation, and we'll be as an as any other company in our space or more. And then finally, the experience for guests and hosts will be materially better.

所以，總而言之，如果我們一年後取得成功，人工智慧客戶服務將涵蓋所有語言的語音和聊天功能。它將滲透到更多類型的票務中，這將極大地加速我們的創新，我們將成為該領域內最優秀的公司之一，甚至超越其他公司。最後，客人和主人的體驗都將得到實質的改善。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

This is Dae Lee on for Doug. I have two. First of all, looking at the 2025 revenue acceleration guide, could you help us think through the acceleration drivers across the core markets, expansion market services and perhaps any tailwinds from major events like the World Cup and Olympics? And are you anticipating any top line benefits from some of these AI innovations that you discussed?

這裡是 Dae Lee 替 Doug 報道。我有兩個。首先，根據 2025 年收入加速指南，您能否幫助我們思考一下核心市場、擴張市場服務以及世界盃和奧運會等重大賽事可能帶來的任何利好因素的加速驅動因素？您預計您討論的這些人工智慧創新會帶來哪些直接的經濟效益？

Certainly. So when we think about the growth outlook for 2026, we are certainly taking into account the momentum that we've seen coming off the launches that we've mentioned driving the Q4 results. We anticipate those will continue to benefit the top line in the beginning of '26, and we're obviously looking to expand upon.

當然。因此，當我們展望 2026 年的成長前景時，我們當然會考慮到我們之前提到的推動第四季業績成長的新產品發布所帶來的勢頭。我們預計這些因素將在 2026 年初繼續對營收產生正面影響，我們顯然希望在此基礎上進一步擴大規模。

Beyond those that I mentioned, we're obviously continuing to invest in several other growth levers. In particular, we're investing in incremental supply. We're investing in our expansion markets and several other key initiatives. In terms of the back half of the year, we'll obviously be comping some of the launches that we had in Q4. So we'll lap those, but intend to have incremental growth levers throughout the year to support that. You asked just about the major events.

除了我提到的那些之外，我們顯然還在繼續投資其他幾個成長槓桿。具體來說，我們正在投資增加供應。我們正在投資拓展市場和其他幾項關鍵措施。就下半年而言，我們顯然會把一些我們在第四季度推出的產品做比較。所以我們會超越這些目標，但打算在全年採取漸進式成長措施來支持這個目標。你問的只是一些重大事件。

Obviously, the Milan Olympics is happening right now, and we're looking forward to FIFA this summer. I would say those two events, in particular, they are large events on the platform, but in scale are very small portions of the overall business. So we're looking forward to them. They will be additive in the quarters that they hit. But I would say on the larger events, the benefit of those events is not just the bookings during the period of the event instead of the benefits we get from increasing overall awareness of the brand, driving incremental supply in those markets and more broadly, the brand halo we get from connecting our brand with such beloved global events.

顯然，米蘭奧運會正在進行中，我們也期待今年夏天的國際足總比賽。我認為，這兩個活動雖然是平台上的大型活動，但就整體業務規模而言，它們只佔一小部分。所以我們很期待他們的到來。它們在各自擊中的季度中會產生累加效應。但我想說，對於大型活動而言，這些活動帶來的好處不僅僅是活動期間的預訂量，而是我們從提高品牌整體知名度、推動這些市場供應增長以及更廣泛地通過將我們的品牌與這些備受喜愛的全球性活動聯繫起來而獲得的品牌光環。

What we've seen actually for the current Olympics and the past Olympics is that guests who know of the brand partnership between Airbnb and the Olympics have a more favorable impression of the brand. So many reasons that we do those only one is the in-period impact to the business. And then in terms of the contribution from AI, I would say, as Brian shared, we will be -- we are currently piloting AI search. We have nothing baked into our outlook in terms of the benefit from that deployment.

我們從本屆奧運和以往的奧運會中觀察到的情況是，了解 Airbnb 與奧運品牌合作關係的客人對品牌的印象更好。我們這樣做有很多原因，其中之一就是對業務的短期影響。至於人工智慧的貢獻，我想說，正如布萊恩分享的那樣，我們目前正在試行人工智慧搜尋。我們目前對此部署可能帶來的效益沒有任何預期。

Lloyd Walmsley, Mizuho.

勞埃德‧沃姆斯利，瑞穗銀行。

Two, if I can. First, just on hotel. When we talk to hotels and connectivity partners, we hear like an enthusiastic response on working with you guys, but there's also -- it sounds like a lot of friction with the connectivity APIs and sort of supporting multiple rates. It seems like there's a lot of friction today. Just wondering, are you sort of committed to building or rebuilding those connectivity layers? And what other things are you guys doing to sort of build foundations on hotel?

如果可以的話，我會選兩個。首先，就從飯店說起。當我們與飯店和網路連線合作夥伴交談時，我們聽到他們對與你們合作表現出極大的熱情，但同時也聽到了一些關於網路連線 API 和支援多種費率方面的摩擦。今天似乎摩擦很多。我只是好奇，您是否致力於建造或重建這些連接層？你們還在做哪些事情來為飯店的發展奠定基礎？

And then second question, just stepping back, opening up the aperture of inventory, whether that's more mainstream hotel or experiences, it would seem like you could unlock significant TAM by just going a bit more mainstream. Brian, how do you feel about having more of that type of content on the site and the trade-off between sort of keeping things unique versus addressing bigger and bigger portions of the market? Would love to just hear how you think about that.

第二個問題，退一步講，擴大庫存範圍，無論是更主流的酒店還是體驗，似乎只要稍微走主流路線，就能釋放巨大的潛在市場規模。Brian，你覺得網站上增加更多這類內容怎麼樣？保持內容獨特性與迎合越來​​越大的市場之間需要權衡什麼？很想聽聽你對此有何看法。

Yeah. It's a great question. Again, I've gone back to Amazon as a pretty good reference point for us. They started with one category books. They became synonymous with that single category and eventually, they rebuilt their platform to expand in many categories. That's our strategy. And so the answer to your question, yes, we are opening the aperture. We're opening the aperture and accommodations. We're opening the aperture beyond accommodations and beyond places to stay.

是的。這是一個很好的問題。我再次將亞馬遜作為我們很好的參考依據。他們最初只選擇一種類型的書。它們一度成為該單一類別的代名詞，最終，它們重建了平台，擴展到多個類別。這就是我們的策略。所以，對於你的問題，答案是肯定的，我們正在打開光圈。我們正在擴大視野和改善條件。我們將視野拓展到住宿和住宿場所之外。

One of the reasons we are able to do this is AI allows us to personalize. Some people come to Airbnb and all they want to see our unique homes. And before AI, like personalization was a little more primitive. So if they saw a hotel, it might be jarring.

我們之所以能夠做到這一點，其中一個原因是人工智慧使我們能夠進行個人化客製化。有些人來Airbnb只是為了看看我們獨特的房源。在人工智慧出現之前，個人化之類的技術還比較原始。所以如果他們看到的是飯店，可能會感到突兀。

Now we can really personalize. So people who just want to see Airbnbs can see Airbnbs. People just want to see hotels, we can eventually personalize, they can just see hotels. If people want to see both, we can know if you're booking last minute, night, then we're going to show you a hotel. If you're booking a family of five in Italy, we're going to show you a home.

現在我們可以真正實現個性化了。這樣，只想看愛彼迎房源的人就能看到愛彼迎房源了。人們只想看酒店，我們最終可以實現個性化，讓他們只看到酒店。如果人們想同時查看這兩家酒店，我們可以知道您是否是最後一刻預訂的，或者預訂的是晚上的酒店，那麼我們會向您展示一家酒店。如果您要預訂義大利的五口之家，我們將帶您參觀一棟房子。

So it really goes back to personalization. The more personalized we are, the more types of inventory we can offer. So this then, I think, goes to our broader strategy. What is our strategy for hotels? Our strategy for hotels used to be that we thought of them as filling in network guests when a home is booked and when homes are high occupancy, you can get a hotel.

所以，歸根究底還是個性化的問題。我們提供的服務越個人化，就能提供越多種類的庫存。所以，我認為這與我們更廣泛的策略息息相關。我們的酒店策略是什麼？我們過去對飯店的策略是，當民宿被預訂滿時，飯店可以用來填補網路客人的空缺；而當民宿入住率很高時，就可以安排飯店入住。

What we've now evolved to is a much bigger strategy, a much more expansive strategy. It turns out, obviously, as we spend a lot of time with our guests that a lot of guests love to book homes and hotels. And we ran an ad campaign, some trips are better on Airbnb, but it also means some trips are better in hotels. And so if you're booking last minute, if you're booking 1 night, if you're booking for business, if you're staying for a conference, this might be a really good reason for the hotel.

我們現在已經發展成一項規模更大、覆蓋範圍更廣的策略。很明顯，當我們花很多時間陪伴客人時，我們發現很多客人都喜歡預訂民宿和飯店。我們進行了廣告宣傳活動，有些旅行在 Airbnb 上更合適，但也意味著有些旅行在飯店更合適。因此，如果您是最後一刻預訂，如果您只預訂一晚，如果您是商務出行，如果您是參加會議，這可能是選擇這家酒店的一個非常好的理由。

But also, we're really focusing on boutiques and independence and a large percent of the inventory hotel inventory in the world are boutique and independent. They're providing threat hospitality. I mean these hotels really fit the ethos of the Airbnb brand. And these are not niche. This is a huge percentage of the hotels in the world.

但同時，我們也非常關注精品酒店和獨立酒店，世界上很大一部分酒店庫存都是精品酒店和獨立酒店。他們提供的是一種威脅性的款待。我的意思是，這些飯店真的非常符合愛彼迎的品牌理念。而且這些並非小眾產品。這佔全球酒店總數的很大一部分。

And as we spoke to these affiliates, they've been very, very enthusiastic. They want to list on their channel. They like their local mission. They love the merchandising. We love the type of travel work we have. So we think that as we add more offerings, as we add more category, it strengthens all the other businesses. So we think as we get more graft hotels, not only did it open up the aperture to a huge TAM of hotels have actually strengthened home.

我們與這些合作夥伴交談時，他們都表現得非常熱情。他們想在自己的頻道上發布訊息。他們喜歡他們所在的本地機構。他們很喜歡這些商品。我們很喜歡我們現在從事的這種出差工作。所以我們認為，隨著我們增加更多產品，增加更多品類，這將增強所有其他業務。所以我們認為，隨著更多酒店開業，不僅為巨大的酒店市場打開了大門，實際上也加強了本土市場。

Stephen Ju, UBS.

Stephen Ju，瑞銀集團。

Great. So Brian, can we revisit the halo effect that you might have seen following the Paris Olympics and how that might have helped you from either an awareness or greater user, I guess, experience or comfort perspective and how that might go through after the World Cup here in the United States. And Ellie, even at the low end of your revenue guidance to keep margins flat, you have to figure out a way to spend some $800 million more year over year. So -- just wondering where the larger spend buckets are going to be for this year.

偉大的。那麼布萊恩，我們能否重新探討你在巴黎奧運會後可能感受到的光環效應，以及它如何從意識、用戶體驗或舒適度等方面幫助你，以及這種效應在美國世界盃之後會如何發展。艾莉，即使按照你設定的收入預期下限來保持利潤率不變，你也必須想辦法比上年多支出約 8 億美元。所以——我只是想知道今年的大筆支出會在哪裡。

All right. So let's start with the Paris Olympics and how it may -- what it might portend for the World Cup. Compares to Olympics was massive for our business, not just in tariffs, but really all over France and globally. One of the things that happened was events are likely the very best way for us to add new supply. And one of the great things about adding supply for events is it's usually everyday people listing homes that are often exclusive to Airbnb.

好的。那麼，讓我們先從巴黎奧運說起，看看它可能對世界盃產生怎樣的影響。奧運對我們的業務影響巨大，不僅體現在關稅方面，也體現在法國乃至全球。其中一件事情是，舉辦活動可能是我們增加新供應的最佳方式。為活動增加房源的一大好處是，通常是一般人發布的房源，這些房源往往是 Airbnb 獨家提供的。

So this is really, really compelling. And in fact, now we start Airbnb. As many of you know the founding story, we started to provide housing for events. And we designed and built our platform for them during the very beginning. The great thing about events in Airbnb is a lot of people have no intention of becoming a host.

這真的很有說服力。事實上，我們現在就開始做 Airbnb。正如你們許多人所知，我們的創立故事始於為各種活動提供住宿。我們從一開始就為他們設計並建立了平台。Airbnb 活動的好處在於，很多人並沒有成為房東的打算。

They have no intention in doing this year around. But an event come to town and they want to make money one week, and they list their place and they introduced the concept hosting and they realize they like it and they continue hosting. 40,000 people who list their homes in Paris have continued hosting, and that's been really, really powerful for us.

他們沒有打算全年都這樣做。但當某個活動來到小鎮，他們想利用一週時間賺錢，於是就把房子掛牌出租，引入了「房客接待」的概念。他們發現自己喜歡這種方式，於是就繼續做下去。在巴黎，有4萬人掛牌出租房屋後繼續做起了房客接待，這對我們來說真的非常非常有啟發意義。

So the other value is really powerful from a policy standpoint. I think everybody goes from sometimes a problem cities have to deal with to a solution to the problem. And what we know is these large events, hotels can't accommodate everyone. So it's a bit of a reset moment where we can actually come into all cities that we and we actually can be a solution to your challenge. And it is just a great way to experience Airbnb because it's a great way to bring cultures together.

因此，從政策角度來看，另一項價值也十分重要。我認為每個人都會從城市必須面對的問題，轉變為解決問題的方法。我們知道，對於這類大型活動，飯店無法容納所有人。所以這是一個重新開始的時刻，我們可以真正進入所有城市，我們真的可以成為你們挑戰的解決方案。而且，這是一種體驗愛彼迎的絕佳方式，因為它是一種促進文化交流的絕佳方式。

And the thing about the World Cup that's so powerful is obviously, as you know, it's in three countries, and so it allows us to handle really important markets. Not only important markets in the United States, but like Toronto and Mexico City, two of our most important markets in the world. So I think the World Cup will be massive. We have the Milan Olympics happening right now. The Milan Olympics was not only great for Milan, not only great for Northern Italy, but was great for our relationship with the Italian government.

世界盃之所以如此強大，顯然是因為，正如你所知，它在三個國家舉行，因此它使我們能夠開拓非常重要的市場。不僅是美國的重要市場，像多倫多和墨西哥城這樣的全球最重要的市場也同樣重要。所以我認為世界盃將會非常盛大。米蘭奧運會正在進行中。米蘭奧運不僅對米蘭意義重大，對義大利北部地區意義重大，對我們與義大利政府的關係也大有裨益。

And I think that we don't just need the World Cup. We don't just need the Olympics. We actually can work with smaller events, like Lollapalooza. We can work with really local event. So the event strategy scales from big global events, down to local events, and we think they're one of the best ways to recruit supply, and that's what we're going to do to grow our supply in Airbnb.

我認為我們需要的不僅僅是世界盃。我們需要的不僅僅是奧運。我們其實也可以參與規模較小的活動，例如 Lollapalooza 音樂節。我們可以參與真正在地化的活動。因此，我們的活動策略涵蓋了從大型全球活動到本地活動的各個層面，我們認為這是招募人才的最佳方式之一，而這正是我們將在 Airbnb 中增加人才供應的方式。

Let me answer the second question about EBITDA. As we look at the construction of the '26 P&L relative to 25, obviously, the top of our P&L in terms of cost of revenue and option support will scale. If somewhat lately, we'll have some efficiencies there, but they will be overly with -- obviously, the growth in revenue. Where you will see some incremental investment to drive growth is obviously in sales and marketing. This is both in the form of percentage, but more so in terms of our go-to-market efforts, what this means is of our efforts around acquiring supply, not just homes but obviously also for experienced services and hotels. And then we will also continue to grow our investments in product development. to allow for a greater accelerated pace of innovation.

讓我來回答關於 EBITDA 的第二個問題。當我們把 2026 年的損益表與 2025 年的損益表進行比較時，很明顯，就收入成本和選擇權支持而言，我們損益表的頂部將會擴大。如果最近一段時間內，我們在這方面會有一些效率提升，但顯然，這些提升幅度會過大——與收入成長相比。顯然，在銷售和行銷方面，將會增加一些投資以推動成長。這既體現在百分比上，但更重要的是體現在我們的市場推廣工作中，這意味著我們在獲取供應方面的努力，不僅是住宅，顯然也包括經驗豐富的服務和酒店。此外，我們也將持續加大對產品研發的投入，以加速創新步伐。

I would say more broadly talking about the '26 P&L. Hopefully, it was clear in our opening remarks as well as in the letter. Our ambition needs to accelerate the top line, and we're giving ourselves the flexibility within the stable margin compared to last year to invest to achieve that acceleration. We're quite proud of the level of profitability that we have achieved historically. And the focus right now is, again, accelerating growth within those very strong stable margins.

更廣泛地說，我想談談 2026 年的損益表。希望這一點在我們的開場白和信中都已明確說明。我們的目標是加快營收成長，與去年相比，我們在穩定的利潤率範圍內給予自己更大的靈活性，以便進行投資來實現這一目標。我們對公司歷史上取得的獲利水準感到非常自豪。而目前的重點仍是在這些非常強勁且穩定的利潤率範圍內加速成長。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Brian, in your prepared remarks, you talked about app improvements and obviously moving supply. Are you seeing any improvement in repeat rates or customer service scores? Or what kind of feedback are you getting on that? And then Ellie, maybe you could talk about the US room net growth. It definitely has got back to mid-singles. What's your outlook for that as we look forward?

Brian，在你事先準備好的演講稿中，你談到了應用程式的改進，顯然也談到了轉移供應的問題。您是否看到回頭客數量或客戶服務評分有任何改善？或者說，你在這方面得到了什麼樣的回饋？然後艾莉，或許你可以談談美國客房淨增長情況。它肯定已經回到單打中段的水平了。展望未來，您對此有何看法？

Yeah. I mean I can start with one of the things we noticed is the repeat rate of Airbnb is pretty much you can simplify it down to the satisfaction of the gap. The gap satisfaction to guests first and foremost is attach to home. And then if something goes wrong, the satisfaction of customer service. That's why we focus first and foremost on just quality.

是的。我的意思是，我可以先從我們注意到的一件事說起，那就是 Airbnb 的回頭率基本上可以簡化為滿足客戶對房源滿意度的提升。讓客人滿意，首先要考慮的是家的氛圍。如果出現問題，客戶服務滿意度也會受到影響。這就是為什麼我們始終把品質放在首位的原因。

Now that guest favorites are approximately half of our bookings. The quality -- the trip quality, which is the score we look at, has gone up significantly. That means satisfaction has gone up. That means satisfaction has gone up. That means that repeat use is stronger. It's really strong. And I think that explains a bunch of our re-acceleration.

現在，顧客最喜歡的菜色大約占我們預訂量的一半。旅行品質——也就是我們關注的分數——已經顯著提高。這意味著滿意度提高了。這意味著滿意度提高了。這意味著重複使用效果更強。它真的很強。我認為這可以解釋我們重新加速發展的許多原因。

And customer service is better than ever. We track NPS and it's the strongest it's been since pandemic by far, and it's accelerating. And I think, again, it's not just the hard work the team is doing -- but again, I think the quality of the management of our marketplace, all the supply management we do. We think it's unprecedented in our category, what we do. We're moving more than 500,000 listings, you have Guest Favorites.

客戶服務也比以往任何時候都好。我們追蹤了 NPS 指標，目前該指標已達到疫情爆發以來的最高水平，並且還在加速成長。而且我認為，這不僅僅是團隊的辛勤工作——而且我認為，這也與我們市場管理的品質以及我們所做的所有供應管理有關。我們認為我們所做的事情，在我們這個領域是前所未見的。我們正在處理超過 50 萬個房源，您有訪客收藏。

We're really, really tight on quality control and then the customer service that we have, which is best in class, we think, in our category and with AI supporting it, I think it's going to continue to improve. So yes, it's been a huge tailwind for us.

我們對品質控制非常嚴格，而且我們的客戶服務也是同類產品中最好的，我們認為，在人工智慧的支援下，它還會繼續改進。所以，是的，這對我們來說是一股巨大的順風。

US or more broadly North America, certainly, at the beginning of '25, so Q1 and Q2, the growth in that region was quite modest low single digits. We're excited to be able to accelerate that in Q3 and then once again in Q4. That is a byproduct, I think one of a slightly stronger macro, but more importantly, the product changes that we have discussed in the letter and on the call. I would say heading into '26, we continue to see great momentum for North America at large. And it is one of the underpinnings of our opportunities around like this.

就美國或更廣泛意義上的北美而言，當然，在 2025 年初，也就是第一季和第二季度，該地區的成長相當溫和，只有個位數。我們很高興能夠在第三季度加快這一進程，然後在第四季度再次加快。我認為這是宏觀經濟略微走強帶來的副產品，但更重要的是，這是我們在信中和電話會議中討論過的產品變化帶來的副產品。我認為展望 2026 年，北美整體仍將保持強勁的發展動能。而這正是我們周遭各種機會的基石之一。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Two questions, please. When do you think -- what's a realistic expectation for when hotels will be big enough to actually start moving the needle in terms of that revenue growth acceleration? Or do you think that, that is one of the factors behind the revenue growth acceleration this year?

請問兩個問題。您認為飯店何時才能發展到足夠大的規模，從而真正開始在營收成長加速方面產生顯著影響？或者您認為這是今年營收成長加速的因素之一嗎？

And then secondly, could you just talk about the take rate dynamics in Q1 what's embedded in your guidance, your revenue growth is sort of accelerating versus Q4, but your room night growth seems like it's slightly decelerating or similar growth and your bookings growth ex FX is slightly decelerating. So is there something that's boosting take rate in Q1 that caused that revenue growth to accelerate?

其次，您能否談談第一季的佣金率動態，以及您在業績指引中所體現的內容？您的營收成長與第四季相比有所加速，但客房夜數成長似乎略有放緩或保持穩定，不計匯率影響的預訂量成長也略有放緩。那麼，第一季的漲價率是否上升，導致營收成長加速？

Sure. In terms of hotels, just to size hotels today. So as of Q4, hotels was a single-digit percentage of total Night's book. but growing nearly double that of the overall platform. So it will take some time for that business to scale them a meaningful contribution to growth, but the current momentum is quite strong. What we -- as Brian share period they will be expanding the hotel supply over the course of the year. And intend to exit '26 with hotels being a meaningfully larger percent of the overall business going forward.

當然。就酒店而言，僅就目前酒店的規模而言。因此，截至第四季度，飯店業務僅佔Nights總預訂量的個位數百分比，但其成長速度幾乎是整個平台的兩倍。因此，該業務需要一些時間才能擴大規模，為成長做出有意義的貢獻，但目前的勢頭相當強勁。我們——正如布萊恩所說，他們將在一年內擴大酒店供應。並計劃在 2026 年底前，使飯店業務在整體業務中所佔比例顯著提高。

In terms of the take rate expansion in Q1 and what's going on with the, I would say, high level of growth in Q1 relative to Q4. A couple of dynamics. First is the impact of ADR and FX. As we called out in the letter, the realized tailwind of FX in Q1 will be quite strong at nearly 3 percentage-points. We're also getting the benefit of earlier lead times of bookings in Q4 that will realize in states and hit revenue in Q1.

就第一季的收購率擴張而言，我認為第一季相對於第四季而言，成長水準很高。一些動態因素。首先是ADR和外匯的影響。正如我們在信中所提到的，第一季外匯市場的實際利多因素將相當強勁，接近 3 個百分點。我們也受惠於第四季更早的預訂提前期，這些預訂將在美國實現，並在第一季產生收入。

And then in terms of the implied take rate it should be modestly above where we were in Q1 of last year, mostly due to some timing consideration. One other small components to give you both. The laundry list is Easter this year is on the kind of -- in the middle, effectively is on April 5. So you don't see as big a quarterly swing as we have seen in prior years when Easter moved materially in and out of Q1, but we anticipate it will support about 50 basis points of incremental revenue in Q1 and 50 basis points less revenue in Q2.

至於隱含的成交率，應該會略高於去年第一季的成交率，這主要是由於一些時間因素的考量。還需要另外一些小部件才能同時滿足這兩個需求。今年復活節的安排比較複雜——實際上是在4月5日。因此，我們不會像往年那樣看到季度波動如此之大，因為復活節假期會在第一季前後大幅變動，但我們預計它將在第一季帶來約 50 個基點的增量收入，並在第二季帶來約 50 個基點的減少收入。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Just, I guess, going back to hotels. And I get how the company was built unique supply, but can you just talk about like why not lean into more brand hotels just because it could give the user and open up more supply and potentially bring in more new users to the platform?

偉大的。我想，大概就是又要住回飯店了吧。我理解公司是如何建立起獨特的供應體系的，但是你能不能談談為什麼不更多地引進品牌酒店，因為這可以為用戶帶來更多選擇，開拓更多供應渠道，並有可能為平台吸引更多新用戶？

Yeah. I mean we're a large percent of hotels are boutiques and independent. And we want to just start there. We're not saying what we will we not do in the future, but we think that we want to like just start with a huge number of boutiques and independents that are typically paying a higher commission in the chain and have been really aggressive with us reaching a saying that they would love to have another channel. So that's our starting place.

是的。我的意思是，我們很大一部分酒店都是精品酒店和獨立酒店。我們想就從這裡開始。我們不說將來會做什麼或不會做什麼，但我們認為，我們想先從大量的精品店和獨立零售商開始，這些零售商通常在連鎖店支付更高的佣金，並且一直非常積極地與我們合作，表示他們很樂意擁有另一個管道。這就是我們的出發點。

We're not saying where we're eventually going, but this is where we're focused right now. So we're focused on our top markets in the world where there's a proliferation of great fatigue, great independent. We had more than 100 hotels in New York with more than 20,000 rooms available on the site, just New York City alone.

我們不透露最終目標，但這是我們目前關注的重點。因此，我們專注於全球最重要的市場，這些市場普遍存在著嚴重的疲勞和嚴重的獨立性問題。光是在紐約市，我們就擁有超過 100 家飯店，網站上提供超過 20,000 間客房。

Kevin Kopelman, TD Cowen.

Kevin Kopelman，TD Cowen。

Great. I wanted to ask about the new all-in commission structure for PMS connected host or some of the benefits you're seeing from that change? And could you see Airbnb moving all of its host over to that structure longer term?

偉大的。我想諮詢PMS聯網主機的新全包佣金結構，或者您從這項改變中看到了哪些好處？你認為從長遠來看，Airbnb 是否有可能將所有房東轉移到這種架構上？

So I think you're probably aware of our historical structure. The business was set up with a dual structure where there was a 3% host fee and then a variable debt fee on top of that. What we found over time is that, that dual key structure makes it difficult for house to effectively price their listing. It's frankly a little bit complicated. And in particular, for those lists that are cross-listed and property managers, it often leads to incorrect pricing, meaning what they get fees is not what the host intend. And in many cases, that means that listing can sometimes be more expensive on Airbnb, but it's crosses somewhere else.

所以我想您應該了解我們的歷史結構。該企業採用雙重結構，收取 3% 的主機費，然後在此基礎上再收取浮動債務費。我們逐漸發現，這種雙鑰匙結構使得房屋難以有效地為其掛牌定價。坦白說，這有點複雜。尤其是對於那些交叉發布的房源清單和物業經理來說，這往往會導致定價錯誤，這意味著他們收到的費用與房東的期望不符。在許多情況下，這意味著在 Airbnb 上發布房源的價格有時會更高，但在其他地方卻會更低。

So for the migration that we completed back in October, which was to migrate all of our API connected post to the single-service fee, we've seen great results. Number one is we obviously very delicately manage the communication with our host to ensure that they did not perceive this as a fee increase. And in making the migration, what we found is that many of the host did not take up their rates instead the effected ADR to guests came down modestly, which, obviously, you can conclude is really great from an affordability perspective as well as elasticity. And that is the reason our contributor to growth in Q4.

因此，對於我們在 10 月完成的遷移（即將我們所有 API 連接的 post 遷移到單一服務費用），我們已經看到了很好的結果。第一，我們顯然會非常巧妙地處理與房東的溝通，以確保他們不會將此視為費用增加。在遷移過程中，我們發現許多房東並沒有提高房價，而是讓房客的平均房價略有下降，這顯然從可負擔性和彈性角度來看是非常好的。這就是我們第四季成長的貢獻因素。

We are currently piloting in certain countries, a further migration for our individual homes. Again, from the July structure to the single service game we think a more expansive migration, number one, allows it to be easier for the host to understand what they should price it allows us to make sure that we are pricing all of our listings contently. And we also think it's a foundational move that will allow us to one being more dynamic with our pricing tools as well as our fees.

我們目前正在某些國家進行試點，進一步推動個人家庭的遷移。再次強調，從七月份的結構到單一服務模式，我們認為更廣泛的遷移，首先，可以讓房東更容易理解他們應該如何定價，其次，可以確保我們所有房源的定價都合理。我們也認為這是一個基礎性的舉措，它將使我們在定價工具和收費方面更加靈活。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Two if I may, please. First, with on loyalty. Brian, could you talk a little bit about -- you on past calls, have talked a little bit about a different approach to loyalty. It really hasn't come up as much, I don't think, on this call. and I apologize if I missed it. But could you talk a little bit about your vision for loyalty and how that spans across the different products and services that you aspire to offer on the platform?

如果可以的話，請給我兩個。首先，要注重忠誠度。Brian，你可以稍微談談──你在之前的電話會議中談到過一種不同的忠誠度方法嗎？我想，這次通話中似乎並沒有太多提及此事。如果我錯過了什麼，我深表歉意。您能否談談您對客戶忠誠度的願景，以及這種願景如何貫穿您希望在平台上提供的各種產品和服務？

And the second thing is maybe referring back to the shareholder letter, where you talk about the speed -- and I think you called out the Project Why in terms of the speed of decision-making and new product releases, will this impact at all the way you think about -- you've been on a biannual, every 6-month cadence for new product releases, consumer, either to the consumer or to the host, could you talk a little bit about how you may be what you've learned or the experience you've had with this new more efficient decision-making has -- could inform the product release going forward?

第二點，或許可以回顧一下您在致股東的信中提到的速度——我認為您特別提到了「Project Why」在決策速度和新產品發布方面的作用，這是否會對您思考新產品發布的方式產生任何影響？ ——您一直以來都是每半年或每六個月發布一次新產品，無論是面向消費者還是面向主機，您能否談談您在這種更有效率的新決策過程中所學到的經驗或收穫，將如何指導未來的產品發布？

Yeah, sure. Maybe I'll start with the second question and then with the first. So we're scoping to do final product release moments, but our methodology is going to be a little bit different. Last May was kind of a once a onetime like build in the platform, we had to basically rebuild our app from a home platform to a platform you can focus any part of the trim hence total nation more need more than Airbnb basically, every caveat change.

當然可以。或許我可以先回答第二個問題，然後再回答第一個問題。所以我們正在規劃最終產品發布環節，但我們的方法會略有不同。去年五月，我們進行了一次平台建設的重大調整，基本上必須將我們的應用程式從一個家庭平台重建為一個可以專注於任何部分的平台，因此整個國家的需求比 Airbnb 更迫切，每個注意事項都發生了變化。

What we're now doing is we're not waiting for a release to ship. We're shipping every minute and every hour of every day. So the teams are shipping. We still will have a release where we'll showcase the stuff we're doing, but we're not holding back when they're ready, we will ship them and we used may a bit more to showcase of what the product improvements are you can affect this summer. So that makes sense.

我們現在採取的做法是，不等產品正式發布就立即出貨。我們每時每刻都在出貨。所以各隊都在正常出隊。我們仍然會發布一些內容來展示我們正在做的事情，但我們不會等到一切就緒才發布，我們會盡快發貨，而且我們可能還會花更多時間來展示今年夏天您可以體驗到的產品改進。這說得通。

It's more of a potentially marketing showcase, a product marketing showcase versus us holding back features. But we still do think telling a story a couple of times a year to our guest, our host and our shareholders and not the improvement innovation we make. It's a really good thing. I think releases are a really good way to tell the story. But again, why it means that we don't wait for release to ship. We shipped a moment it's ready. And especially in each of AI, giant moments aren't the way to do it. You want to iterate it consistently.

這更像是一次潛在的行銷展示，一次產品行銷展示，而不是我們故意隱瞞功能。但我們仍然認為，一年幾次向我們的客人、主人和股東講述故事，而不是我們所做的改進創新，才是最重要的。這是件好事。我認為發行是講述故事的一種非常好的方式。但話說回來，這意味著我們無需等到產品正式發布就立即發貨。一準備好我們就出貨了。尤其是在人工智慧領域，一次性取得巨大成功並不是正確的方法。你需要持續迭代。

I think the second question was on loyalty, right? That was the first question. So yes, so we -- and I think the thing that I would like to point out is the results we've had without loyalty without sponsor listing. So I think that with loyalty, we think that to be a massive accelerant for our company. We are absolutely looking at this. I've said before that if we do a loyalty perk, you wouldn't want to do an out-of-shopping program. We want to do something much more unique. And we are actually testing a lot of different tracks.

我認為第二個問題是關於忠誠度的，對嗎？這是第一個問題。所以，是的，我們——我想指出的是，在沒有忠誠度、沒有贊助商名單的情況下，我們也取得了成功。所以我認為，忠誠度是我們公司發展的巨大加速器。我們絕對會認真考慮這件事。我之前說過，如果我們推出會員獎勵計劃，你絕對不想推出購物外獎勵計劃。我們想做一些更獨特的事情。我們實際上正在測試很多不同的賽道。

So we're attempting different benefits that could be in a loyalty program. And based on results of those tests will eventually package them and release a loyalty program. But right now, we are investing. So I think that was the last question. I think now we can go to closing remarks. So we are out of time. I just want to thank everyone for joining us today. I also -- I'm incredibly proud of what our team here we delivered in 2025. We developed the blueprint innovation that we're now using across the company, and you are starting to see that in our results. As this momentum builds, we believe the opportunity ahead is even bigger than what you're seeing today. I look forward to seeing you next quarter. Thank you.

所以我們正在嘗試在會員忠誠度計劃中加入不同的福利。根據這些測試結果，最終會將它們打包並推出會員忠誠度計劃。但現在，我們正在進行投資。我想那應該是最後一個問題了。我想現在我們可以進入總結發言環節了。時間到了。我只想感謝今天到場的各位。我也—我為我們團隊在 2025 年所取得的成就感到無比自豪。我們制定了創新藍圖，現在公司正在全面推行，您也開始從我們的業績中看到這一點。隨著這股勢頭不斷增強，我們相信未來的機會將比您今天看到的還要大。期待下個季度見到你。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。