Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Airbnb Inc., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of long-term activity ratios reveals generally positive trends across the observed period. Efficiency in utilizing assets appears to be improving, though variations exist between different measures. Overall, the company demonstrates increasing effectiveness in generating revenue from its asset base and equity.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a significant increase from 38.27 in 2021 to 69.41 in 2022. While decreasing slightly to 61.98 in 2023, it resumes an upward trajectory, reaching 75.52 in 2024 and a substantial 114.40 in 2025. This indicates a growing ability to generate sales revenue from its fixed assets, suggesting improved operational efficiency or a shift towards less capital-intensive revenue generation.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When considering operating leases and right-of-use assets, the net fixed asset turnover ratio shows a similar pattern of improvement, though at lower levels. It increases from 13.98 in 2021 to 32.43 in 2022, and continues to rise, reaching 35.54 in 2023, 38.15 in 2024, and 47.63 in 2025. The inclusion of these lease obligations results in a lower turnover ratio, but the consistent upward trend remains, suggesting improved utilization of total fixed assets, including those acquired through operating leases.
- Total Asset Turnover
- The total asset turnover ratio demonstrates a more moderate, but consistent, increase. Starting at 0.44 in 2021, it rises to 0.52 in 2022, dips slightly to 0.48 in 2023, and then increases to 0.53 in 2024 and 0.55 in 2025. This suggests a gradual improvement in the efficiency with which all assets are used to generate revenue.
- Equity Turnover
- The equity turnover ratio fluctuates over the period. It increases from 1.25 in 2021 to 1.51 in 2022, decreases to 1.21 in 2023, rises to 1.32 in 2024, and concludes at 1.49 in 2025. This indicates the amount of revenue generated for each dollar of equity. The overall trend suggests an increasing ability to generate revenue from shareholder equity, though with some year-to-year variability.
In summary, the observed ratios generally indicate improving asset utilization and revenue generation efficiency over the five-year period. The most significant gains are evident in the net fixed asset turnover, while the total asset and equity turnover ratios show more modest, but consistent, improvements.
AI Ask an analyst for more
Net Fixed Asset Turnover
Airbnb Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 12,241) | 11,102) | 9,917) | 8,399) | 5,992) | |
| Property and equipment, net | 107) | 147) | 160) | 121) | 157) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 114.40 | 75.52 | 61.98 | 69.41 | 38.27 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Booking Holdings Inc. | 33.35 | 28.53 | 27.25 | 25.55 | 13.33 | |
| Chipotle Mexican Grill Inc. | 4.45 | 4.73 | 4.55 | 4.43 | 4.27 | |
| DoorDash, Inc. | 12.86 | 13.78 | 12.13 | 10.33 | 12.16 | |
| McDonald’s Corp. | 0.88 | 0.95 | 0.95 | 0.92 | 0.94 | |
| Starbucks Corp. | 4.38 | 4.17 | 4.87 | 4.92 | 4.56 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Consumer Services | 2.96 | 2.96 | 2.93 | 2.73 | 2.39 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | 2.79 | 3.24 | 3.51 | 3.48 | 3.32 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= 12,241 ÷ 107 = 114.40
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a generally increasing trend over the five-year period. Revenue consistently increased year-over-year, while net property and equipment fluctuated. This combination drove significant changes in the turnover ratio.
- Overall Trend
- The net fixed asset turnover ratio increased from 38.27 in 2021 to 114.40 in 2025. This indicates a growing efficiency in generating revenue from fixed assets. The most substantial increase occurred between 2024 and 2025.
- 2021 to 2022
- A substantial increase in the net fixed asset turnover ratio is observed, rising from 38.27 to 69.41. This improvement coincided with a significant increase in revenue and a decrease in net property and equipment. The decrease in fixed assets, coupled with higher revenue, contributed to the higher turnover.
- 2022 to 2023
- The net fixed asset turnover ratio decreased from 69.41 to 61.98. While revenue continued to grow, the net property and equipment increased, partially offsetting the revenue gain in terms of turnover efficiency.
- 2023 to 2024
- The ratio increased to 75.52, driven by continued revenue growth and a slight decrease in net property and equipment. This suggests a return to improved efficiency in asset utilization.
- 2024 to 2025
- A marked increase in the net fixed asset turnover ratio to 114.40 is apparent. This substantial rise is attributable to a combination of continued revenue growth and a notable decrease in net property and equipment. The reduction in fixed assets significantly amplified the impact of revenue growth on the turnover ratio.
The fluctuations in net property and equipment suggest potential changes in asset management strategies, such as asset disposals or depreciation patterns, which warrant further investigation. The overall trend indicates increasing efficiency in utilizing fixed assets to generate revenue.
AI Ask an analyst for more
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Airbnb Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 12,241) | 11,102) | 9,917) | 8,399) | 5,992) | |
| Property and equipment, net | 107) | 147) | 160) | 121) | 157) | |
| Operating lease right-of-use assets | 150) | 144) | 119) | 138) | 272) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 257) | 291) | 279) | 259) | 429) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 47.63 | 38.15 | 35.54 | 32.43 | 13.98 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Booking Holdings Inc. | 18.71 | 17.07 | 14.35 | 13.01 | 8.31 | |
| Chipotle Mexican Grill Inc. | 1.67 | 1.77 | 1.72 | 1.64 | 1.54 | |
| DoorDash, Inc. | 9.12 | 9.19 | 7.52 | 6.14 | 6.62 | |
| McDonald’s Corp. | 0.63 | 0.67 | 0.66 | 0.64 | 0.61 | |
| Starbucks Corp. | 2.09 | 2.02 | 2.28 | 2.21 | 1.99 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Consumer Services | 1.82 | 1.81 | 1.77 | 1.63 | 1.36 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | 2.22 | 2.53 | 2.69 | 2.66 | 2.52 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 12,241 ÷ 257 = 47.63
2 Click competitor name to see calculations.
The analysis reveals a consistently increasing trend in net fixed asset turnover alongside fluctuating values in property and equipment, net. Revenue demonstrates a steady upward trajectory throughout the observed period.
- Revenue
- Revenue increased from US$5,992 million in 2021 to US$12,241 million in 2025. This represents a substantial growth rate over the five-year period, indicating increasing sales generation.
- Property and Equipment, Net (including operating lease, right-of-use asset)
- Property and equipment, net, experienced a decrease from US$429 million in 2021 to US$259 million in 2022. It then showed a modest increase to US$279 million in 2023 and US$291 million in 2024 before declining again to US$257 million in 2025. This suggests potential asset disposals or depreciation outpacing acquisitions, followed by limited reinvestment, and then a further reduction in net fixed assets.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- Net fixed asset turnover exhibited a significant and consistent increase throughout the period. Starting at 13.98 in 2021, it rose to 32.43 in 2022, 35.54 in 2023, 38.15 in 2024, and peaked at 47.63 in 2025. This indicates a growing efficiency in utilizing fixed assets to generate revenue. The increasing ratio, despite the fluctuating net fixed asset value, suggests that the company is becoming more effective at generating sales from its existing asset base. The substantial increase in 2022 likely reflects the decrease in net fixed assets combined with the increase in revenue.
The combination of increasing revenue and fluctuating, but generally decreasing, net fixed assets results in a markedly improving net fixed asset turnover ratio. This suggests enhanced operational efficiency and a stronger ability to generate revenue with a relatively stable or diminishing asset base.
AI Ask an analyst for more
Total Asset Turnover
Airbnb Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 12,241) | 11,102) | 9,917) | 8,399) | 5,992) | |
| Total assets | 22,208) | 20,959) | 20,645) | 16,038) | 13,708) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.55 | 0.53 | 0.48 | 0.52 | 0.44 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Booking Holdings Inc. | 0.92 | 0.86 | 0.88 | 0.67 | 0.46 | |
| Chipotle Mexican Grill Inc. | 1.33 | 1.23 | 1.23 | 1.25 | 1.13 | |
| DoorDash, Inc. | 0.70 | 0.83 | 0.80 | 0.67 | 0.72 | |
| McDonald’s Corp. | 0.45 | 0.47 | 0.45 | 0.46 | 0.43 | |
| Starbucks Corp. | 1.16 | 1.15 | 1.22 | 1.15 | 0.93 | |
| Total Asset Turnover, Sector | ||||||
| Consumer Services | 0.75 | 0.76 | 0.74 | 0.70 | 0.60 | |
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | 0.86 | 0.93 | 0.97 | 0.96 | 0.88 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Total asset turnover = Revenue ÷ Total assets
= 12,241 ÷ 22,208 = 0.55
2 Click competitor name to see calculations.
The analysis reveals a fluctuating, yet generally increasing, trend in total asset turnover over the five-year period. Revenue demonstrated consistent growth annually, while total assets also increased, though at a varying rate. The interplay between these two figures resulted in the observed turnover pattern.
- Total Asset Turnover
- The total asset turnover ratio began at 0.44 in 2021. An improvement was noted in 2022, rising to 0.52, indicating increased efficiency in utilizing assets to generate revenue. This represented the highest value within the observed period. A slight decrease followed in 2023, with the ratio falling to 0.48. The ratio then recovered in 2024, reaching 0.53, and continued its upward trajectory in 2025, reaching 0.55. This final value suggests a strengthening ability to generate sales from its asset base.
- The initial increase in 2022 likely reflects successful strategies in maximizing revenue generation relative to the asset base. The subsequent dip in 2023 could be attributed to a faster growth rate in total assets compared to revenue, or potentially, a temporary slowdown in sales efficiency. The recovery in 2024 and 2025 indicates a return to improved asset utilization.
Overall, the trend suggests that while asset growth is occurring, the company is generally becoming more effective at converting its investments in assets into revenue. The consistent revenue growth alongside the increasing asset turnover ratio is a positive indicator.
AI Ask an analyst for more
Equity Turnover
Airbnb Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 12,241) | 11,102) | 9,917) | 8,399) | 5,992) | |
| Stockholders’ equity | 8,199) | 8,412) | 8,165) | 5,560) | 4,776) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.49 | 1.32 | 1.21 | 1.51 | 1.25 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Booking Holdings Inc. | — | — | — | 6.14 | 1.77 | |
| Chipotle Mexican Grill Inc. | 4.21 | 3.09 | 3.22 | 3.65 | 3.29 | |
| DoorDash, Inc. | 1.37 | 1.37 | 1.27 | 0.97 | 1.05 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Equity Turnover, Sector | ||||||
| Consumer Services | 23.02 | 25.84 | 42.99 | 34.91 | 10.21 | |
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | 2.67 | 3.21 | 3.82 | 4.14 | 3.70 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Equity turnover = Revenue ÷ Stockholders’ equity
= 12,241 ÷ 8,199 = 1.49
2 Click competitor name to see calculations.
Analysis of the presented financial information reveals fluctuating performance in equity turnover over the five-year period. Revenue demonstrates a consistent upward trajectory, while stockholders’ equity exhibits a more variable pattern. The equity turnover ratio, calculated from these figures, reflects these dynamics.
- Revenue Trend
- Revenue increased steadily from US$5,992 million in 2021 to US$12,241 million in 2025. This represents a substantial overall growth rate, indicating expanding business activity. The year-over-year increases were consistently positive, though the rate of growth appears to moderate slightly in the later years of the period.
- Stockholders’ Equity Trend
- Stockholders’ equity increased from US$4,776 million in 2021 to US$8,165 million in 2023, representing significant growth. However, it experienced a slight decrease in 2024 to US$8,412 million, followed by a further decrease in 2025 to US$8,199 million. This suggests potential shifts in capital structure or the use of equity for other purposes, such as share repurchases or dividend payments, though further investigation would be required to confirm this.
- Equity Turnover Ratio Analysis
- The equity turnover ratio, which measures how efficiently a company uses its equity to generate revenue, initially increased from 1.25 in 2021 to 1.51 in 2022. This indicates improved efficiency in utilizing equity. A subsequent decline to 1.21 in 2023 suggests a reduced efficiency. The ratio recovered somewhat in 2024 to 1.32, before increasing again to 1.49 in 2025. The fluctuations in the ratio correlate with the changes in stockholders’ equity, as the ratio is sensitive to both revenue and equity levels. The 2025 value is the second highest in the period, suggesting a return to improved efficiency in equity utilization.
In summary, while revenue consistently increased, the equity turnover ratio’s performance was more variable, influenced by fluctuations in stockholders’ equity. The ratio’s recent increase in 2025 is a positive indicator, but the overall trend suggests a need for continued monitoring of equity management practices.
AI Ask an analyst for more