#$ABNB

Airbnb guides up sales & margin in welcome sign as margin leverage is key bugbear here. But most impressive: free cash flow +30% & hit 35% of revenue, with net cash 10% of market cap. Despite 'high' valuation, $ABNB trades on trailing FCF yield of 5.5%. FCF will grow from here 🔥

Marriott lifts revpar, profit guide on US upside. US accelerated to +4.7% revpar, on higher room rates, taking global revpar +3.4%, despite full Q of Middle East hit. Ex ME, overseas occupancy & rates up. Consumer, corporate demand both healthy $MAR $HLT $ABNB $BKNG $AXP $V $MA

Marriott US acceleration driven by luxury chains with revpar +9% on both corporate & high end leisure. But growth broadened to include economy hotels +4.4% as even cost conscious US travel is picking up. 💪 $MAR $HLT $ABNB $AXP $V $MA $XLY $XLF $XLI $BKNG

Unlike Booking, Airbnb nights accelerated in all major regions by 100bp to +10%. And the key is faster growth in Asia & Lat Am, with solid trends in US, Europe. In sign of robust demand, room rates +5% with underlying even higher as lower priced destinations grew faster. $ABNB $BKNG $EXPE

Booking.com alternative accom slowed further to +4% this Q, for which it blames ME & lower exposure to US. Expect Airbnb to continue to outperform $BKNG on this metric (which started in Q4 2025), despite larger $ABNB base.