ABNB: Summer Release reinforces the LT brand monetization thesis

研报英文原文证据摘录

ABNB: Summer Release reinforces the LT brand monetization thesis

RBC Capital Markets, LLC

Brad Erickson (Analyst)

(971) 842-9607, brad.erickson@rbccm.com

Khadijah Gibson, CFA (AVP)

(347) 610-7116, khadijah.gibson@rbccm.com

Audrey Stuart (Associate)

(212) 437-9151, audrey.stuart@rbccm.com

May 20, 2026

Airbnb, Inc. Outperform

NASDAQ: ABNB; USD 135.55RESEARCH Summer Release reinforces the LT brand Price Target USD 173.00

monetization thesis Scenario Analysis*

Our view: Today, ABNB unveiled a comprehensive platform update

expanding beyond homes & hotels with new services (groceries, airport DownsideScenario CurrentPrice TargetPrice ScenarioUpside

pickups, luggage storage, car rentals), thousands of Experiences including

exclusive FIFA World Cup access, boutique/independent hotels, and AI- 100.0026% 135.55 173.0028% 205.0051%

powered features across 200+ launches this year. Our bullish thesis remains

*Implied Total ReturnsEQUITY ABNB is an underappreciated brand monetization story with hotels and Key Statistics

booking policies & procedures coming up to level par with OTA's being Shares O/S (MM): 641.0 Market Cap (MM): 86,888

drivers for '26 and '27 and today's adjacencies highlighting a longer-term Dividend: 0.00 Yield: 0.0%

runway for further expansion. We recognize product-market fit will vary Enterprise Val. (MM): 111,913 Avg. Daily Volume: 3,696,224

product to product for today's announcements, but big-picture, ABNB's

ownership of the customer in an AI-dominated world is the scarcest of RBC Estimates

assets in internet at the moment - we'd own that. FY Dec 2024A 2025A 2026E 2027E

Revenue 11,102.0 12,241.0 13,889.9 15,406.6

Key points: EBITDA, Adj 4,041.0 4,297.0 4,982.7 5,566.6

Event summary: Today, Airbnb held its Summer Release 2026 event to Revenue Q1 Q2 Q3 Q4