ABNB

The travel industry has received some not-so-encouraging news in the last couple of days. First, Skift reported that international travel to the US went down for eight consecutive months.

Yesterday, I stumbled onto this time-series chart of Adobe and Airbnb’s EV to LTM Gross Profit (GP) multiple. I thought it was quite interesting that they trade at almost the same LTM EV/GP multiple.

My first Airbnb Experience can be found here. One of the benefits of living in Sacramento is it’s just two hours driving distance from both San Francisco and Lake Tahoe.

Brian Chesky has made quite the uproar in re-launching Airbnb Experiences in the last 6 months. As far as I can tell, almost none of the investors shares remotely the same enthusiasm about experiences as Chesky appears to do.

Airbnb had a notable acceleration in Gross Booking Value (GBV) growth as it increased from 10.8% in 2Q’25 to 14.3% in 3Q’25.

A programming note: I will publish my Deep Dive on Instacart tomorrow. As a reminder, I only send one email per day; therefore, on the day I publish my Deep Dive on a company, I won’t publish anything else.

One of the more interesting, gradual shifts that have happened over the last five years in Airbnb is their geographic mix shift. The impact of geographic mix itself is often an underappreciated factor among investors for Airbnb’s recent operating performance.