As of the most recent data point for Q4'25, Airbnb's operation income stands at USD 269M, marking a significant sequential decline from the Q3'25 peak of USD 1.63B. The year-over-year growth rate for Q4'25 is -37.4%, indicating a notable contraction compared to the same period in the previous year. From Q1'23 to Q4'25, Airbnb's operation income exhibits a pronounced seasonal pattern, with strong peaks in Q3 of each year (USD 1.50B in Q3'23, USD 1.53B in Q3'24, and USD 1.63B in Q3'25) and weaker or negative results in Q1 and Q4. Despite intermittent volatility—such as the sharp YoY decline of -311% in Q4'23 and the extraordinary 2,120% YoY surge in Q1'24—the overall trend shows growth in peak quarters but persistent variability in off-peak periods. This highlights the cyclical nature of Airbnb's operational performance, with significant fluctuations both quarter-over-quarter and year-over-year.