Airbnb, Inc. Fair Value Disclosure
| December 31, 2024 | ||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents: | ||||||||||||||
| Money market funds | $ | 1,635 | $ | — | $ | — | $ | 1,635 | ||||||
| Commercial paper | — | 152 | — | 152 | ||||||||||
| Government bonds | — | 33 | — | 33 | ||||||||||
| Corporate debt securities | — | 2 | — | 2 | ||||||||||
| Total cash and cash equivalents at fair value | 1,635 | 187 | — | 1,822 | ||||||||||
| Short-term investments: | ||||||||||||||
| Corporate debt securities | — | 2,177 | — | 2,177 | ||||||||||
| Mortgage-backed and asset-backed securities | — | 378 | — | 378 | ||||||||||
| Government bonds | — | 224 | — | 224 | ||||||||||
| Commercial paper | — | 214 | — | 214 | ||||||||||
| Certificates of deposit | — | 52 | — | 52 | ||||||||||
| Total short-term investments at fair value | — | 3,045 | — | 3,045 | ||||||||||
| Funds receivable and amounts held on behalf of customers: | ||||||||||||||
| Money market funds | 1,340 | — | — | 1,340 | ||||||||||
| Prepaids and other current assets: | ||||||||||||||
| Foreign exchange derivative assets | — | 114 | — | 114 | ||||||||||
| Other assets, noncurrent: | ||||||||||||||
Foreign exchange derivative assets | — | 6 | — | 6 | ||||||||||
| Total assets at fair value | $ | 2,975 | $ | 3,352 | $ | — | $ | 6,327 | ||||||
| Liabilities | ||||||||||||||
| Accrued expenses, accounts payable, and other current liabilities: | ||||||||||||||
| Foreign exchange derivative liabilities | $ | — | $ | 20 | $ | — | $ | 20 | ||||||
| December 31, 2025 | ||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents: | ||||||||||||||
| Money market funds | $ | 901 | $ | — | $ | — | $ | 901 | ||||||
| Commercial paper | — | 98 | — | 98 | ||||||||||
| Government bonds | — | 57 | — | 57 | ||||||||||
| Corporate debt securities | — | 7 | — | 7 | ||||||||||
| Total cash and cash equivalents at fair value | 901 | 162 | — | 1,063 | ||||||||||
| Short-term investments: | ||||||||||||||
| Corporate debt securities | — | 2,288 | — | 2,288 | ||||||||||
| Mortgage-backed and asset-backed securities | — | 441 | — | 441 | ||||||||||
| Government bonds | — | 262 | — | 262 | ||||||||||
| Commercial paper | — | 182 | — | 182 | ||||||||||
| Certificates of deposit | — | 149 | — | 149 | ||||||||||
| Total short-term investments at fair value | — | 3,322 | — | 3,322 | ||||||||||
| Funds receivable and amounts held on behalf of customers: | ||||||||||||||
| Money market funds | 2,164 | — | — | 2,164 | ||||||||||
| Prepaids and other current assets: | ||||||||||||||
| Foreign exchange derivative assets | — | 20 | — | 20 | ||||||||||
| Total assets at fair value | $ | 3,065 | $ | 3,504 | $ | — | $ | 6,569 | ||||||
| Liabilities | ||||||||||||||
| Accrued expenses, accounts payable, and other current liabilities: | ||||||||||||||
| Foreign exchange derivative liabilities | $ | — | $ | 68 | $ | — | $ | 68 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 25, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.