In Q4'25, ABNB's operating expenses reached $1.20B, with R&D expenses at $589M and SG&A expenses at $1.11B, marking a slight sequential increase from Q3'25's total of $1.56B and reflecting ongoing cost pressures in administrative functions. Over the period from Q1'23 to Q4'25, total operating expenses exhibited an upward trend, growing from $1.11B to $1.20B, driven primarily by steady rises in both R&D (from $420M to $589M, with notable acceleration in 2024-2025) and SG&A (from $693M to $1.11B, featuring spikes in Q4'23 to $1.63B and Q4'25). Key patterns include quarterly volatility, such as R&D's peak at $610M in Q2'25 followed by a dip, and SG&A's dominance in the stack (averaging 65% of total), underscoring scalable investments amid business expansion; however, the overall growth rate moderated in late 2025, suggesting potential efficiency gains. ## Analysis Summary - **Latest Point**: Q4'25 total at $1.20B, up modestly from prior quarter. - **Trend Insight**: Long-term growth with SG&A as the larger component; bar chart highlights stacked increases, ideal for expense allocation review. - **Key Metric**: Cumulative rise of ~8% over 12 quarters, with fiscal anomalies in Q4 periods.