Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Airbnb Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The liquidity position exhibits a recurring seasonal pattern characterized by a contraction in the first half of the year followed by a recovery in the second half. While all liquidity metrics remained above critical thresholds through March 31, 2026, a gradual long-term decline in the overall liquidity buffers is evident when comparing the 2022 baseline to the 2025 and 2026 periods.
- Current Ratio
- A cyclical trend is observed, with ratios peaking in the fourth quarter of each year. The ratio reached a high of 1.86 in December 2022 before experiencing a general downward trajectory, hitting a minimum of 1.23 in June 2025. By March 31, 2026, the ratio recovered slightly to 1.44, indicating that current assets continue to sufficiently cover current liabilities, despite the reduction in the margin of safety compared to 2022.
- Quick Ratio
- The quick ratio closely mirrors the movement of the current ratio, with values ranging from a peak of 1.83 in December 2022 to a low of 1.20 in June 2025. The minimal variance between the current and quick ratios suggests that inventories or other less liquid current assets constitute a negligible portion of the total current asset base, meaning liquidity is primarily driven by cash and near-cash instruments.
- Cash Ratio
- This metric demonstrates the highest volatility and the most pronounced decline. After peaking at 1.21 in December 2022, the cash ratio fell significantly to 0.60 by June 2025. Although a moderate recovery occurred in the latter half of 2025, the ratio ended at 0.73 in March 2026. This trend indicates a strategic reduction in the proportion of immediate cash held relative to current liabilities over the analyzed period.
Overall, the organization maintains a stable liquidity profile, but the consistent compression of ratios from 2023 through 2025 suggests a tighter management of working capital or an increase in short-term obligations relative to cash accumulation. The persistent seasonality suggests that liquidity is predictably constrained during the second quarter and bolstered by the end of the calendar year.
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Current Ratio
Airbnb Inc., current ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 23,601) | 18,797) | 19,538) | 23,180) | 21,295) | 17,180) | 18,319) | 22,252) | 20,393) | 16,509) | 17,523) | 20,052) | 18,869) | 14,861) | 14,867) | 17,826) | 15,761) | ||||||
| Current liabilities | 16,364) | 13,649) | 14,039) | 18,816) | 16,730) | 10,161) | 11,336) | 15,828) | 14,139) | 9,950) | 9,821) | 13,624) | 12,212) | 7,978) | 8,015) | 11,287) | 9,774) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.44 | 1.38 | 1.39 | 1.23 | 1.27 | 1.69 | 1.62 | 1.41 | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | 1.06 | 1.33 | 1.33 | 1.25 | 1.22 | 1.31 | 1.23 | 1.17 | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | ||||||
| Chipotle Mexican Grill Inc. | 0.92 | 1.23 | 1.54 | 1.65 | 1.52 | 1.52 | 1.62 | 1.71 | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | ||||||
| DoorDash, Inc. | 1.43 | 1.41 | 2.04 | 2.07 | 1.72 | 1.66 | 1.65 | 1.64 | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | ||||||
| McDonald’s Corp. | 1.14 | 0.95 | 1.00 | 1.30 | 1.18 | 1.19 | 0.78 | 1.08 | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | ||||||
| Starbucks Corp. | 1.05 | 0.72 | 0.76 | 0.64 | 0.75 | 0.75 | 0.89 | 0.86 | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 23,601 ÷ 16,364 = 1.44
2 Click competitor name to see calculations.
The analysis of liquidity positions reveals a cyclical yet gradually declining trend in the current ratio over the period from March 2022 to March 2026. While a current ratio above 1.0 is consistently maintained, indicating a baseline capacity to cover short-term obligations, there is a visible compression of the liquidity margin over the observed timeframe.
- Liquidity Peaks and Early Stability
- The strongest liquidity position occurred in late 2022, with the current ratio peaking at 1.86 in December 2022. Throughout 2022 and 2023, the ratio remained relatively robust, generally fluctuating between 1.47 and 1.86, which provided a substantial cushion of current assets relative to current liabilities.
- Baseline Compression and Period Lows
- A progressive downward shift in the liquidity baseline is observed beginning in 2024. The current ratio reached its minimum value of 1.23 in June 2025. Despite a slight recovery to 1.44 by March 2026, the ratios in the latter half of the period remained consistently lower than those recorded in the 2022-2023 window.
- Cyclical Patterns in Asset and Liability Management
- The data indicates a recurring seasonal pattern where liquidity ratios tend to contract during the second quarter (June) and expand toward the end of the calendar year (December). This suggests that the fluctuations in the current ratio are driven by systemic operational cycles affecting the timing of asset accumulation and liability settlement.
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Quick Ratio
Airbnb Inc., quick ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 7,037) | 6,560) | 7,528) | 7,402) | 7,600) | 6,864) | 7,670) | 7,882) | 7,829) | 6,874) | 8,175) | 7,905) | 8,166) | 7,378) | 7,524) | 7,838) | 6,887) | ||||||
| Short-term investments | 4,968) | 4,454) | 4,156) | 3,954) | 3,892) | 3,747) | 3,583) | 3,369) | 3,264) | 3,197) | 2,787) | 2,435) | 2,428) | 2,244) | 2,104) | 2,057) | 2,436) | ||||||
| Customer receivables | 191) | 186) | 180) | 186) | 174) | 147) | 175) | 175) | 175) | 205) | 206) | 218) | 185) | 161) | 151) | 170) | 123) | ||||||
| Funds receivable and amounts held on behalf of customers | 10,550) | 6,959) | 7,209) | 11,067) | 9,175) | 5,931) | 6,573) | 10,342) | 8,737) | 5,869) | 5,986) | 9,144) | 7,760) | 4,783) | 4,805) | 7,466) | 6,105) | ||||||
| Total quick assets | 22,746) | 18,159) | 19,073) | 22,609) | 20,841) | 16,689) | 18,001) | 21,768) | 20,005) | 16,145) | 17,154) | 19,702) | 18,539) | 14,566) | 14,584) | 17,531) | 15,550) | ||||||
| Current liabilities | 16,364) | 13,649) | 14,039) | 18,816) | 16,730) | 10,161) | 11,336) | 15,828) | 14,139) | 9,950) | 9,821) | 13,624) | 12,212) | 7,978) | 8,015) | 11,287) | 9,774) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 1.39 | 1.33 | 1.36 | 1.20 | 1.25 | 1.64 | 1.59 | 1.38 | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | 0.99 | 1.26 | 1.26 | 1.18 | 1.15 | 1.24 | 1.16 | 1.11 | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | ||||||
| Chipotle Mexican Grill Inc. | 0.78 | 1.01 | 1.32 | 1.46 | 1.39 | 1.34 | 1.41 | 1.52 | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | ||||||
| DoorDash, Inc. | 1.14 | 1.12 | 1.80 | 1.83 | 1.49 | 1.41 | 1.36 | 1.35 | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | ||||||
| McDonald’s Corp. | 0.87 | 0.74 | 0.82 | 1.03 | 0.90 | 0.90 | 0.58 | 0.82 | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | ||||||
| Starbucks Corp. | 0.42 | 0.46 | 0.52 | 0.40 | 0.53 | 0.52 | 0.59 | 0.56 | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 22,746 ÷ 16,364 = 1.39
2 Click competitor name to see calculations.
The analysis of liquidity metrics from March 2022 through March 2026 indicates a consistently strong ability to meet short-term obligations, although a gradual long-term contraction in the liquidity margin is observable. The quick ratio has remained above 1.00 throughout the entire period, ensuring that liquid assets consistently exceed current liabilities.
- Asset and Liability Growth Trends
- Total quick assets demonstrated a general upward trajectory, increasing from 15,550 million USD in March 2022 to 22,746 million USD by March 2026. Parallel to this, current liabilities grew from 9,774 million USD to 16,364 million USD over the same period. While both figures expanded, the growth in current liabilities has occasionally outpaced the growth of quick assets, contributing to the overall decline in the quick ratio.
- Quick Ratio Trajectory and Volatility
- A cyclical pattern is evident in the quick ratio, characterized by periodic peaks and troughs. The ratio reached its highest point of 1.83 in December 2022, signaling a peak in short-term financial flexibility. However, subsequent years show a descending trend in these peaks; the ratio fluctuated between 1.45 and 1.75 in 2023, and between 1.38 and 1.64 in 2024. By 2025, the ratio reached its lowest levels, hitting a floor of 1.20 in June before recovering slightly to 1.39 by March 2026.
- Seasonal Liquidity Patterns
- The data reveals a recurring seasonal trend where liquidity tightens in the second quarter of each year. In 2023, 2024, and 2025, the quick ratio experienced its annual minimum in June. This is typically followed by a recovery in the third and fourth quarters, suggesting a consistent quarterly cycle in the management of short-term assets and liabilities.
- Overall Liquidity Position
- Despite the gradual decrease from the 2022 highs, the liquidity position remains healthy. The maintenance of a quick ratio consistently above 1.20 indicates a sustainable buffer, though the downward trend suggests a shift toward a leaner liquidity structure or an increase in the scale of current obligations relative to the most liquid asset holdings.
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Cash Ratio
Airbnb Inc., cash ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 7,037) | 6,560) | 7,528) | 7,402) | 7,600) | 6,864) | 7,670) | 7,882) | 7,829) | 6,874) | 8,175) | 7,905) | 8,166) | 7,378) | 7,524) | 7,838) | 6,887) | ||||||
| Short-term investments | 4,968) | 4,454) | 4,156) | 3,954) | 3,892) | 3,747) | 3,583) | 3,369) | 3,264) | 3,197) | 2,787) | 2,435) | 2,428) | 2,244) | 2,104) | 2,057) | 2,436) | ||||||
| Total cash assets | 12,005) | 11,014) | 11,684) | 11,356) | 11,492) | 10,611) | 11,253) | 11,251) | 11,093) | 10,071) | 10,962) | 10,340) | 10,594) | 9,622) | 9,628) | 9,895) | 9,322) | ||||||
| Current liabilities | 16,364) | 13,649) | 14,039) | 18,816) | 16,730) | 10,161) | 11,336) | 15,828) | 14,139) | 9,950) | 9,821) | 13,624) | 12,212) | 7,978) | 8,015) | 11,287) | 9,774) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.73 | 0.81 | 0.83 | 0.60 | 0.69 | 1.04 | 0.99 | 0.71 | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | 0.81 | 1.03 | 1.02 | 0.94 | 0.95 | 1.03 | 0.95 | 0.90 | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | ||||||
| Chipotle Mexican Grill Inc. | 0.70 | 0.88 | 1.24 | 1.37 | 1.30 | 1.22 | 1.32 | 1.43 | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | ||||||
| DoorDash, Inc. | 0.97 | 0.94 | 1.62 | 1.65 | 1.32 | 1.25 | 1.21 | 1.21 | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | ||||||
| McDonald’s Corp. | 0.28 | 0.18 | 0.40 | 0.44 | 0.31 | 0.28 | 0.19 | 0.20 | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | ||||||
| Starbucks Corp. | 0.31 | 0.34 | 0.40 | 0.29 | 0.41 | 0.39 | 0.44 | 0.42 | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 12,005 ÷ 16,364 = 0.73
2 Click competitor name to see calculations.
The analysis of the liquidity position reveals a cyclical pattern in the cash ratio, driven primarily by significant fluctuations in current liabilities despite a steady increase in total cash assets. While the absolute volume of cash has grown over the analyzed period, the ability to cover immediate obligations with cash exhibits recurring seasonal volatility.
- Cash Asset Trends
- Total cash assets demonstrate a consistent long-term upward trajectory, increasing from 9,322 million USD in March 2022 to 12,005 million USD by March 2026. This steady growth indicates a sustained accumulation of liquid reserves over the period.
- Current Liability Volatility
- Current liabilities exhibit high volatility with a distinct cyclical pattern. Obligations tend to peak during the second quarter of each year, reaching a maximum of 18,816 million USD in June 2025. These peaks are typically followed by a contraction in liabilities during the third and fourth quarters, suggesting a recurring operational or financial cycle.
- Cash Ratio Performance and Seasonality
- The cash ratio oscillates between a peak of 1.21 in December 2022 and a low of 0.60 in June 2025. A clear seasonal trend is evident, with the ratio consistently declining in the June quarters (0.88 in 2022, 0.76 in 2023, 0.71 in 2024, and 0.60 in 2025). Conversely, liquidity levels typically recover during the September and December periods, often returning to a ratio of 1.00 or higher, which indicates that cash assets are sufficient to cover all current liabilities at those specific intervals.
- Liquidity Correlation
- The divergence between the steady rise in total cash assets and the declining trend in the June cash ratios suggests that current liabilities are growing at a faster rate during peak periods than the company is accumulating cash. The most recent data point in March 2026 shows a cash ratio of 0.73, continuing the pattern of mid-year liquidity pressure despite the highest recorded cash balance of 12,005 million USD.
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