Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here. Charlie always insisted we begin by asking whether we can explain the business to a reasonably intelligent teenager in two minutes. With Airbnb, we can. Airbnb operates a global two-sided marketplace that connects people who have space — a spare room, an apartment, a home, and increasingly a hotel room — with people who want to stay somewhere. The company doesn't own the real estate. It doesn't employ the hosts. It collects a service fee — roughly 13 cents of every dollar booked — for making the match, processing the payment, providing insurance-like protections (AirCover), and standing behind the transaction with its brand. In the second quarter of 2026, guests booked 148 million nights and seats producing $27.2 billion of gross booking value, on which Airbnb recognized $3.6 billion of revenue — a take rate of 13.3%, stable with prior years.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-08-06), 8-K (2026-06-11), 10-Q (2026-05-07).
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