New York, Feb 12, 2026, 18:56 ET — After-hours.
- Airbnb shares rose about 5% after hours on a first-quarter revenue outlook above estimates; the stock closed down 3% at $115.97.
- Company pointed to premium rentals demand but flagged no margin expansion as it reinvests in growth.
- Investors now look to Friday’s session for follow-through and Booking Holdings’ Feb. 18 report for a sector read.
Airbnb Inc (ABNB) shares rose about 5% in after-hours trading on Thursday after the company forecast first-quarter revenue above Wall Street estimates, leaning on premium rentals to offset softer demand from cost-conscious travelers. Airbnb also said it does not expect margin expansion this year, and the stock ended regular trade down 3% at $115.97. (Reuters)
The split reaction is a reminder of where the bar sits now. Growth matters, but so does the spending bill to keep it. Travel demand can look fine on paper, and still not be enough.
Hotel operator Marriott has been talking about a two-speed consumer. CEO Anthony Capuano said, “Internationally, there is an almost insatiable demand for luxury,” while the company pointed to softer results in its budget segment. (Reuters)
Expedia, also reporting Thursday, forecast 2026 bookings and revenue above expectations as it leaned on business clients. CEO Ariane Gorin said it had “70% more partners participating” in Black Friday sales than ever. (Reuters)
Airbnb said fourth-quarter revenue grew 12% and gross booking value — the value of trips booked on the platform — rose 16%, and CEO Brian Chesky said, “we expect growth to accelerate in 2026.” For the first quarter, it forecast revenue of $2.59 billion to $2.63 billion, including about a three-point boost from foreign-exchange moves, meaning currency swings lift reported growth, and guided to an adjusted EBITDA margin — a measure of operating profit before interest, tax and some costs — that should be roughly flat from a year earlier. The company is leaning on features such as Reserve Now, Pay Later, and said almost half of experiences bookings were not tied to a stay, while it pilots boutique hotel listings and rolls out AI customer support that can solve some issues without an agent. (Airbnb Newsroom)
On the earnings call, Chesky cautioned that travel can swing fast: “Travel is influenced by everything from currency to macroeconomic conditions to global events.” CFO Ellie Mertz said net income took a roughly $90 million hit from one-time non-income taxes and that Airbnb repurchased $1.1 billion of stock in the quarter. (The Motley Fool)
Flat adjusted margins buy growth, but they can also cap the upside if investors were hoping for a cleaner drop-through to profit. That is especially true when the company is pushing into hotels and add-on services, areas where costs can creep.
But the downside case is plain. A weaker economy or a stronger dollar could cool cross-border trips, and tighter city rules can squeeze supply in places where demand runs hottest. More hotel inventory helps, but it also pulls Airbnb closer to traditional rivals on price and service.
ABNB will get its first full-session test on Friday as investors and analysts digest the guidance. Next week’s travel read comes fast: Booking Holdings is set to report quarterly results on Feb. 18. (Bookingholdings)
