New York, Feb 12, 2026, 18:56 ET — Trading after the bell.
- Airbnb stock bounced roughly 5% in after-hours trading, lifted by a first-quarter revenue forecast that beat expectations. Shares had ended the day down 3% at $115.97.
- The company cited strong demand for premium rentals, but noted there won’t be any margin expansion as it’s channeling resources back into growth.
- All eyes shift to Friday to see if gains stick, with Booking Holdings set to weigh in on the sector when it reports Feb. 18.
Airbnb Inc (ABNB) climbed roughly 5% in after-hours action Thursday, after putting out a first-quarter revenue forecast that cleared Wall Street’s bar. The company is banking on higher-end rentals to help counter cautious spending from budget travelers. Despite that, Airbnb doesn’t see margin expansion happening this year. Shares finished the regular session down 3% at $115.97. 1
The mixed response underlines just how high expectations have gotten. It’s not only about growth—spending to sustain it is under the microscope, too. Travel demand might check out in the data, but that alone doesn’t always cut it.
Marriott’s been flagging what it calls a “two-speed consumer.” CEO Anthony Capuano put it bluntly: “Internationally, there is an almost insatiable demand for luxury.” On the other hand, results on the budget end haven’t impressed—softer there, according to the company. 2
Expedia also weighed in Thursday, projecting 2026 bookings and revenue that topped forecasts, thanks largely to demand from business customers. CEO Ariane Gorin pointed out a “70% more partners participating” in Black Friday sales this year compared to previous years. 3
Airbnb reported a 12% jump in fourth-quarter revenue, with gross booking value climbing 16%. CEO Brian Chesky added, “we expect growth to accelerate in 2026.” Looking ahead, the company projected first-quarter revenue between $2.59 billion and $2.63 billion—about three percentage points of that comes from currency moves, giving reported growth an extra push. Airbnb sees its adjusted EBITDA margin holding roughly steady year-over-year. The company continues to push features like Reserve Now, Pay Later, and noted that nearly half of experience bookings don’t involve a stay. Airbnb is also piloting boutique hotel listings, and rolling out AI-powered customer support that can resolve some problems without human help. 4
During the call, CEO Brian Chesky pointed out just how quickly travel demand can shift: “Travel is influenced by everything from currency to macroeconomic conditions to global events.” CFO Ellie Mertz told analysts net income was trimmed by about $90 million due to one-off non-income tax expenses. Airbnb also bought back $1.1 billion in shares for the quarter. 5
Flat adjusted margins pay for the growth, sure, but they’ll also hold back any profit surge if investors expected more of it to flow through. That’s particularly the case as the company expands into hotels and extra services—categories notorious for sneaky cost increases.
The risk is straightforward: if the economy slips or the dollar gains strength, international travel could take a hit. Stricter urban regulations also threaten supply in Airbnb’s most in-demand markets. An uptick in hotel rooms doesn’t just boost competition—it edges Airbnb nearer to hotel chains on both pricing and amenities.
ABNB faces its first full day in the market on Friday, with both investors and analysts weighing the fresh guidance. Booking Holdings steps in next, dropping its quarterly report on Feb. 18. 6
