As of Q4'25, Airbnb's current contract liabilities stand at USD 1.74B, reflecting a decrease from the previous quarter's USD 1.82B. This latest data point marks the end of the period covered, which spans from Q1'23 to Q4'25. Throughout this timeframe, the chart reveals a recurring seasonal pattern, with contract liabilities peaking in Q2 each year (reaching as high as USD 2.86B in Q2'25) and subsequently declining in Q3 and Q4. This cyclical trend suggests strong advance bookings leading into peak travel seasons, followed by liability reductions as services are rendered. Overall, the data demonstrates both a consistent seasonality and a gradual upward trend in peak values over the observed period.