In the latest period of Q4'25, ABNB's Gross Margin stood at 82.5%, reflecting a slight decline from the peak of 86.6% in Q3'25 but remaining robust overall. Operating Margin was 9.7%, down from 39.7% in Q3'25, indicating seasonal pressures on operational efficiency. Net Profit Margin registered 12.3%, a moderate decrease from 33.6% in Q3'25, yet still positive and above the yearly average. Over the period from Q1'23 to Q4'25, Gross Margin exhibited a generally upward trend with quarterly fluctuations, averaging around 82% and peaking at 86.5% in Q3'23 and Q3'25, underscoring consistent cost control in core operations. Operating Margin showed high volatility, transitioning from a slight loss of -0.3% in Q1'23 to strong gains like 44.0% in Q3'23, but with notable dips such as -22.4% in Q4'23, suggesting sensitivity to seasonal demand and expenses. Net Profit Margin followed a similar volatile pattern, improving from 6.4% in Q1'23 to a high of 128.8% in Q3'23 before stabilizing around 12-37% in recent quarters, highlighting improving profitability amid periodic challenges.