Software Stocks

“Nine Months Ended September 30, 2025 Compared with the Same Period in 2024 Sales and marketing expense increased $292 million, or 18%, primarily due to a $98 million increase in marketing activities, an $80 million increase in third-party service provider expenses, primarily related to our product launch, and a $78 million increase in payroll-related expenses.”

ABNB 10-Q · 2025-11-06

“41 Table of Contents (in millions, except percentages) 2024 2025 % Change Other expense, net $ (40) $ (112) 180 % The change in other expense, net of $72 million in 2025, was primarily due to net foreign exchange losses of $64 million, partially offset by lower impairment charges on investments in privately-held companies compared to the prior year.”

ABNB 10-K · 2026-02-12

“Cost of revenue may vary as a percentage of revenue from year to year based on activity on our platform and may also vary from quarter to quarter as a percentage of revenue based on the seasonality of our business and the difference in the timing of when bookings are made and when we recognize revenue. (in millions, except percentages) 2024 2025 % Change Cost of revenue $ 1,878 $ 2,086 11 % Percentage of revenue 16 % 17 % Cost of revenue increased $208 million, or 11%, primarily due to a $188 million increase in merchant fees, due to higher pay-in volumes, a $28 million increase in amortization costs related to capitalized internal-use software projects, and a $27 million increase in data hosting services.”

ABNB 10-K · 2026-02-12