Exhibit 99.1

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Q1 2023 Shareholder Letter

We had a strong start to 2023. In Q1, Nights and Experiences Booked hit a record high with over 120 million. Revenue of $1.8 billion grew 20% year-over-year (24% ex-FX). Net income was $117 million—our first profitable Q1 on a GAAP basis. Adjusted EBITDA was $262 million while Free Cash Flow was $1.6 billion, growing 32% year-over-year. We are now twice the size as we were before the pandemic on both a GBV and revenue basis — and with considerably higher profitability and cash flow.

Looking ahead, we remain focused on our three strategic priorities:

Q1 2023 Financial Results

Here is a snapshot of our Q1 2023 results:

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Business Highlights

Our strong quarter was driven by a number of positive business trends:

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2023 Summer Release

We’re making the most extensive set of improvements ever to the Airbnb service, based on feedback from our community.

To improve our service, we took a design-driven approach. We created a blueprint of the entire experience: including 150 screens across our app and website, 72 user policies, and every interaction with customer service. We analyzed millions of customer service calls, thousands of social media posts, and spoke to guests and hosts all over the world, prioritized the issues, and worked down the list. And on May 3, we launched our 2023 Summer Release.

As part of our release, we introduced Airbnb Rooms, an all-new take on the original Airbnb. Airbnb Rooms gets us back to the idea that started it all—back to our founding ethos of sharing. Airbnb Rooms are the one of the most affordable ways to travel, with an average price of only $67 per night. Over 80% of Airbnb Rooms are under $100 per night. Every Airbnb Room features a Host Passport, which helps guests get to know their Host before they book. In addition to Airbnb Rooms, we also introduced over 50 new features and upgrades. Here are just a few that we launched last week:

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Results from our 2022 Winter Innovations

Airbnb Setup

In November 2022, we introduced Airbnb Setup to make it easy for millions of people to Airbnb their home. With Airbnb Setup, prospective Hosts can connect with Superhosts for free one-to-one guidance. In less than six months, Airbnb Setup generated nearly 200,000 new Host matches, contributing to a 20% increase in new Hosts seeking help from Airbnb Setup compared to Q4 2022.

Airbnb-Friendly Apartments

In November 2022, we also announced Airbnb-Friendly Apartments, a program that helps long-term renters find apartments that they can host on Airbnb part-time. We began with renters being able to browse 175 Airbnb-friendly apartment buildings in 30 U.S. markets, and in less than six months, we have more than 250 properties on the platform with many more to come. We have seen strong interest in Airbnb-Friendly apartments across the country from both individuals looking to Host and buildings looking to join the program.

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Q1 2023 Business and Financial Performance

Q1 2023

During Q1 2023, we had 121 million Nights and Experiences Booked—our highest quarter ever. While we saw strong growth across all regions compared to Q1 2022, Asia Pacific once again increased the most with 48% growth. The combination of the increase in Nights and Experiences Booked, and sustained elevated ADR, drove another quarter of strong GBV growth. In Q1 2023, GBV was $20.4 billion, representing a year-over-year increase of 19% (22% ex-FX).

Geographic mix

In Q1 2023, we saw continued strength in all regions relative to the same period in 2022. Q1 2023 regional highlights include:

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Airbnb’s International Expansion

Airbnb is in over 220 countries and regions, and yet, we recognize that there is still a significant opportunity for growth in less mature markets. We have prioritized a number of markets and have been investing behind our brand to drive awareness and consideration. Based on our efforts, we are seeing great results. For example, Brazil and Germany have become two of our fastest growing markets. Brazil and Germany grew gross nights booked on an origin basis by 114% and 70% in Q1 2023, respectively, compared to the same pre-pandemic period in 2019. We are excited to continue this expansion across other destinations.

Travel corridors and distance

While domestic and short-distance travel continued to be strong, we saw even further improvement in both longer-distance and cross-border travel during Q1 2023 compared to the prior year. In Q1 2023, guests traveling more than 3,000 miles increased nearly 50% compared to Q1 2022 and cross-border represented 45% of total gross nights booked, up from 39% in Q1 2022, but still below 51% in Q1 2019.

Urban destinations

Consistent with recent quarters, we continue to see signs of travelers returning to cities (historically one of the strongest areas of our business). Gross nights booked in high-density urban areas represented 48% of our gross nights booked in Q1 2023, up from 46% in Q1 2022, but still below 58% in Q1 2019.

Trip length

During Q1 2023, long-term stays of 28 days or more accounted for 18% of gross nights booked, a decrease from 21% in Q4 2022 as growth in short-term stays accelerated relative to growth in long-term stays. For Q2 2023, we anticipate long-term stays to approximate the levels seen in Q1 2023. Overall, approximately 45% of gross nights booked in Q1 2023 were from stays of at least seven nights.

Average daily rates

ADR was $168 in Q1 2023, flat compared to Q1 2022. Excluding the impact of FX, ADR in Q1 2023 increased 3% from Q1 2022. ADR remained stable on a year-over-year basis as price appreciation was offset by the impact of foreign exchange, willingness to pay, and mix shift into urban and other types of bookings, which tend to carry lower ADR. On an FX-neutral basis, Q1 2023 ADR was flat to up across all regions year-over-year.

Supply

Active listings grew 18% in Q1 2023 compared to a year ago, in-line with global demand and accelerating relative to Q4 2022.⁴ We saw growth in supply across all market types in Q1 2023 compared to a year ago, including both non-urban and urban supply. We also saw an increase in supply across all regions in Q1 2023 compared to Q1 2022, with the highest growth rates in North America and Latin America. Overall, our supply base remains highly distributed and the number of individual Hosts on our platform continues to grow. Approximately 90% of our Hosts are individual Hosts, and they comprised the majority of both active listings and Nights and Experiences Booked in Q1 2023.

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In Q1 2023, revenue was $1.8 billion, representing a year-over-year increase of 20% (24% ex-FX). The increase in revenue was driven by the strong growth in Nights and Experiences Booked and stable ADR. In Q1 2023, approximately 46% of our GAAP revenue was denominated in non-USD currencies, while a minority of our total costs and expenses were denominated in non-USD currencies.

Operating expenses in Q1 2023 included the impact of $240 million of stock-based compensation expense, which is excluded from Adjusted EBITDA. Total costs and expenses (excluding the impact of stock-based compensation) increased roughly in line year-over-year with revenue demonstrating continued cost control.

Net income in Q1 2023 was $117 million, a significant increase compared with a net loss of $19 million in Q1 2022, primarily driven by substantially higher revenue and interest income. Relative to Q1 2022, net profit margin increased 7 percentage points (from negative 1% in Q1 2022 to positive 6% in Q1 2023).

Adjusted EBITDA for Q1 2023 was $262 million, an improvement compared to Adjusted EBITDA of $229 million in Q1 2022.⁵ Our Q1 2023 Adjusted EBITDA demonstrated the continued strength of our revenue recovery and strong ADRs, coupled with our disciplined spending. Relative to Q1 2022, Adjusted EBITDA margin decreased 1 percentage point (from 15% in Q1 2022 to 14% in Q1 2023). As shared in our Q1 2023 outlook, our Adjusted EBITDA margin for the first quarter of 2023 was slightly down on a year-over-year basis due to changes in timing of our brand spend.

In 2023, we have pulled forward the timing of marketing spend to be more heavily weighted in the first half of the year as compared to 2022. In addition, we are increasing our brand marketing investment in more countries around the world. We believe spending earlier in the year helps to support the peak summer travel season. We continue to see great results from our brand marketing and high ROIs on our performance marketing.

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Balance Sheet and Cash Flows

For the three months ended March 31, 2023, we reported $1.6 billion of net cash provided by operating activities and $1.6 billion of FCF, compared to $1.2 billion and $1.2 billion, respectively, for the three months ended March 31, 2022.⁶ The year-over-year increase in FCF was driven by revenue and bookings growth as well as net margin expansion.

Due to seasonality, first quarter cash flow typically benefits from unearned fees that are generated by bookings in the quarter, but are not recognized as revenue until future periods. Unearned fees totaled $2.2 billion at the end of Q1 2023, compared to $1.2 billion at the end of Q4 2022 and $1.7 billion at the end of Q1 2022.

As of March 31, 2023, we had $10.6 billion of cash, cash equivalents, short-term investments, and restricted cash. We also had $7.8 billion of funds held on behalf of guests as of March 31, 2023.

During Q1 2023, we repurchased $0.5 billion of common stock under the current authorization. The share repurchase program has enabled us to offset dilution from our employee stock programs.

We are announcing today that our Board of Directors approved a new share repurchase authorization of up to $2.5 billion of our Class A common stock. The share repurchase program will enable us to continue to offset dilution from our employee stock programs.

Outlook

We are looking forward to another strong summer travel season. We expect to deliver revenue of $2.35 billion to $2.45 billion in Q2 2023. This represents year-over-year growth of between 12% and 16%. We anticipate that our implied take rate (defined as revenue divided by GBV) in Q2 2023 will be above Q2 2022.

Nights and Experiences Booked will have unfavorable year-over-year comparisons in Q2 2023 as we overlap pent-up 2022 demand following the COVID Omicron variant. We expect year-over-year growth in Nights and Experiences Booked in Q2 2023 to be lower than our revenue growth during the quarter. Although ADR continues to demonstrate greater than expected resilience, particularly in EMEA and North America, we anticipate a slightly lower ADR in Q2 2023 than Q2 2022 driven by mix shifts and the introduction of new Host pricing tools as part of our 2023 Summer Release.

In Q2 2023, we expect Adjusted EBITDA to be similar to Adjusted EBITDA in Q2 2022 on a nominal basis, but lower on a margin basis. This anticipated year-over-year decline in Adjusted EBITDA margin is primarily driven by changes in the expected timing of our marketing spend relative to the prior year. Compared to Q2 2022, we expect that Sales and Marketing expense in Q2 2023 will be approximately 400 basis points higher as a percent of revenue as we deploy marketing earlier in the year than last year. We continue to anticipate a full year Adjusted EBITDA margin that is broadly in-line with full-year 2022.

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Earnings Webcast

Airbnb will host an audio webcast to discuss its first quarter results at 1:30 p.m. PT / 4:30 p.m. ET on Tuesday, May 9, 2023. The link to the webcast will be made available on Airbnb’s Investor Relations website at https://investors.airbnb.com.

Interested parties can register for the call in advance by visiting https://conferencingportals.com/event/ fpwMcjDU. After registering, instructions will be shared on how to join the call.

Following the call, a replay of the webcast will be available on the Airbnb Investor Relations website. A telephonic replay will be also available for three weeks following the call at (800) 770-2030 using conference ID: 24053.

Investor Relations Contact:

ir@airbnb.com

Press Contact:

contact.press@airbnb.com

About Airbnb

Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home, and has since grown to over 4 million Hosts who have welcomed 1.4 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.

Forward-Looking Statements

This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding the future performance of Airbnb, Inc. and its consolidated subsidiaries (the “Company”), including its financial outlook for the second quarter of 2023 and the fiscal year 2023; the other expectations described under “Outlook” above; the Company’s expectations regarding travel trends and the travel industry generally; the Company’s strategic priorities and investments; the Company’s expectations with respect to the demand for bookings, and expectations with respect to increases in active listings and expectations of sufficient additional supply of listings to meet demand; the Company’s expectations regarding cross-border travel; the impact of the lifting of travel restrictions; the Company’s expectation of attracting and retaining more Hosts; the growth of active listings in cities; the Company’s expectations regarding long-term and short-term stays through its platform; the Company’s expectations regarding its financial performance, including its revenue, implied take rate, Adjusted EBITDA, Adjusted EBITDA margin, and Sales and Marketing expense; the Company’s expectations regarding future operating performance, including Nights and Experiences Booked and GBV; the Company’s expectations regarding ADR; the Company’s share repurchase program; the Company’s expectations regarding the Company’s 2023 Summer Release; expectations for product and services growth and enhancements; and the Company’s business strategy, plans, and objectives for future operations. In some cases, forward-looking statements can be identified by terms such as “may,”

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“will,” “appears,” “should,” “expects,” “plans,” “anticipates,” “could,” “outlook,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause the Company’s actual results, performance, or achievements to differ materially from results expressed or implied in this letter. Investors are cautioned not to place undue reliance on these statements, and reported results should not be considered as an indication of future performance.

Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the effects of the COVID-19 pandemic on the Company’s business, including as a result of new strains or variants of the virus, the travel industry, travel trends, and the global economy generally; the Company’s ability to retain existing Hosts and guests and add new Hosts and guests; any further and continued decline or disruption in the travel and hospitality industries or economic downturn; the Company’s ability to compete successfully; changes to the laws and regulations that may limit the Company’s Hosts’ ability and willingness to provide their listings, and/or result in significant fines, liabilities, and penalties to the Company; the effect of extensive regulation and oversight, litigation, and other proceedings related to the Company’s business in a variety of areas; the Company’s ability to maintain its brand and reputation, and effectively drive traffic to its platform; the effectiveness of the Company’s strategy and business initiatives, including measures to improve trust and safety; the Company’s operations in international markets; the Company’s substantial level of indebtedness; and changes in political, business, and economic conditions; as well as other risks listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and any subsequent filings, which are or will be on file with the SEC and available on the investor relations page of the Company’s website. All forward looking statements are based on information and estimates available to the Company at the time of this letter and are not guarantees of future performance. Except as required by law, the Company assumes no obligation to update any of the statements in this letter.

The information that can be accessed through hyperlinks or website addresses included herein is deemed not to be incorporated in or part of this letter.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we review financial measures that are not calculated and presented in accordance with GAAP (“non-GAAP financial measures”). We believe our non-GAAP financial measures are useful in evaluating our operating performance. We use the following non-GAAP financial information, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance

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with GAAP is provided below. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, trailing twelve months (“TTM”) Free Cash Flow, TTM Free Cash Flow Margin, revenue change excluding the effect of changes in foreign exchange rates (“ex-FX”), net income ex-FX, and Adjusted EBITDA ex-FX.

Adjusted EBITDA is defined as net income or loss adjusted for (i) provision for (benefit from) income taxes; (ii) interest income, interest expense, and other income (expense), net; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) acquisition-related impacts consisting of gains (losses) recognized on changes in the fair value of contingent consideration arrangements; (vi) net changes to the reserves for lodging taxes for which management believes it is probable that we may be held jointly liable with Hosts for collecting and remitting such taxes; and (vii) restructuring charges.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. Reconciliations of expected Adjusted EBITDA and Adjusted EBITDA margins to corresponding net income (loss) and net income (loss) margins have not been provided because of the unpredictability of certain of the items excluded from Adjusted EBITDA and because we cannot determine their probable significance. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA in this letter because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluating performance, and performing strategic planning and annual budgeting. Adjusted EBITDA also excludes certain items related to transactional tax matters, for which management believes it is probable that we may be held jointly liable with Hosts in certain jurisdictions.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

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Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial performance measures, including net income (loss) and our other GAAP results.

Free Cash Flow represents net cash provided by (used in) operating activities less purchases of property and equipment. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business, growth through acquisitions, and strengthening our balance sheet. Our Free Cash Flow is impacted by the timing of GBV because we collect our service fees at the time of booking, which is generally before a stay or experience occurs. Funds held on behalf of our Hosts and guests and amounts payable to our Hosts and guests do not impact Free Cash Flow, except interest earned on these funds. Free Cash Flow Margin is defined as Free Cash Flow divided by revenue. We track our TTM Free Cash Flow to account for the timing difference in when we receive cash from service fees, which is at the time of booking. Free Cash Flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by (used in) operating activities. Free Cash Flow does not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure. TTM Free Cash Flow Margin is defined as TTM Free Cash Flow divided by TTM revenue.

In addition to the actual amount or percentage change, we disclose the amount or percentage change in our current period results for revenue, GBV, net income (loss), Adjusted EBITDA, and ADR from the corresponding prior period results by comparing results using constant currencies. We present constant currency amounts and change rate information to provide a framework for assessing how our revenue, GBV, net income (loss), Adjusted EBITDA, and ADR performed excluding the effect of changes in foreign exchange rates. We use the amounts and percentage change in constant currency revenues, GBV, net income (loss), Adjusted EBITDA, and ADR for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of results on a constant currency basis in addition to the U.S. GAAP presentation helps improve the ability to understand our performance because it excludes the effects of foreign currency volatility that are not indicative of our core operating

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results. We calculate the percentage change in constant currency by determining the change in the current period over the prior comparable period where current period foreign currency amounts are translated using the exchange rates of the comparative period.

Share Repurchases

Share repurchases under our share repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions, or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. Our share repurchase program does not obligate us to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at our discretion.

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Quarterly Summary

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Condensed Consolidated Statements of Operations

Unaudited (in millions, except per share amounts)

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Condensed Consolidated Balance Sheets

Unaudited (in millions)

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Condensed Consolidated Statements of Cash Flows

Unaudited (in millions)

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Key Business Metrics

We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions. Our key business metrics include GBV and Nights and Experiences Booked. GBV represents the dollar value of bookings on our platform in a period and is inclusive of Host earnings, service fees, cleaning fees, and taxes, net of cancellations and alterations that occurred during that period. Nights and Experiences Booked on our platform in a period represents the sum of the total number of nights booked for stays and the total number of seats booked for experiences, net of cancellations and alterations that occurred in that period. We are not aware of any uniform standards for calculating these key metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way.

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Reconciliations of Non-GAAP Financial Measures

The following is a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss).

Adjusted EBITDA Reconciliation

(in millions, except percentages)

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The following is a reconciliation of Free Cash Flow to the most comparable GAAP measure, net cash provided by (used in) operating activities.

Free Cash Flow Reconciliation

(in millions, except percentages)

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The following is a reconciliation of operating expense line items less stock-based compensation and acquisition-related impacts consisting of gains (losses) recognized on changes in the fair value of contingent consideration arrangements.

Reconciliation of Non-GAAP Operating Expenses

(in millions)

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