Proptech Earnings Radar Pt. 1 - Q1 2025 (Series V, Part VIII)

Q1 results are in for many of proptech’s public companies.

Last quarter, we split the Proptech Earnings Radar into two parts (Part 1 & Part 2). Below is Part 1 for Q1 2025, where we share the earnings summaries for the ten companies we deem as the most important players in the broader category (Rocket was subbed for Redfin this quarter, and will remain going forward). Part 2 will be the wrap-up that includes a table covering the performance of the 27 companies in the GEM Proptech Index once all companies have released their earnings.

Without further ado, let’s get to it...

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COMPANY SNAPSHOTS

Airbnb reported revenue of $2.272B and gross bookings of $24.5B, reflecting 6% and 7% YoY increases, respectively. Net income was $154M, decreasing 42% from Q1 2024, impacted by higher stock-based compensation, investment write-downs, and lower interest income. Average daily rate (ADR) declined 1% YoY to $171. Nights and experiences booked totaled 143.1M, up 8% YoY.

Notable Takeaways:

• Adjusted EBITDA was $417M, down 2% YoY, driven primarily by calendar tailwinds present in Q1FY24. Adjusted EBITDA margin declined from 20% to 18%.
• Take rate (revenue/GBV) held steady at 9.3%, flat YoY.
• App bookings increased 17% YoY and represented 58% of total nights booked.
• Nights booked at Superhost-managed listings rose 15% YoY.
• Growth in expansion markets (Spain, Italy, Germany, Mexico, Brazil, China, India, Korea, and Japan) was more than double that of core markets (US, Canada, UK, Australia, and France).
• Free cash flow for the quarter was $1.8B, with a trailing twelve-month total of $4.4B.
• Repurchased $807M of Class A common stock during the quarter. Over the trailing twelve months, $3.5B of shares have been repurchased, reducing fully diluted share count from 677M at the end of Q1 2024 to 660M at the end of Q1 2025. As of March 31, 2025, $2.5B remained authorized for future Class A share repurchases.
• ❇️As first announced in the Q4 Update❇️, Airbnb’s Spring/Summer product release is set for May 13th, and is expected to take the marketplace beyond just stays and experiences.
• CFO Ellie Mertz noted in Q&A that foreign travel to the U.S. declined, particularly from Canada, though this segment accounts for just 2–3% of total bookings. Many Canadian travelers are instead choosing destinations like Mexico and Japan. In the U.S., higher-income travelers continue to book steadily, with strength in short-term bookings. The softness is primarily in longer lead-time bookings, as some travelers are delaying plans rather than opting for lower-cost or shorter stays.
• Q2 FY25 guidance revenue is set between $2.99B and $3.05B, reflecting 9%–11% YoY growth. Q2 Adjusted EBITDA is set to increase on a YoY Basis, but adjusted EBITDA margin is expected to decline slightly due to increased investment in marketing and product development for the spring/summer release.

Learn More: Shareholder’s Letter // Earnings Call Transcript // Inman // PhocusWire // CNBC

With Q1 revenue coming in at $598M, a 13% YoY increase, Zillow surpassed the midpoint of guidance expectations by $15M. GAAP net income was $8M (1% margin) in Q1 2025, marking a return to profitability for the first time since Q2 FY22. Traffic reached 227M average monthly unique users, up 5% YoY, while visits rose 2% YoY to 2.4B. 

Notable Takeaways: