Proptech Earnings Radar Pt. 1 - Q1 2026 (Series V, Part XII)

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

Below is Part 1 for Q1 2026, where we share the earnings summaries for the ten companies we deem as the most important players in the broader category. Coming soon, Part 2 will be the wrap-up that includes a table covering the performance of the 25 companies in the GEM Proptech Index.

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

Note: All market cap figures are taken end of day, May 14th, 2026.

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COMPANY SNAPSHOTS

Airbnb reported revenue of $2.7B, up 18% YoY (15% ex-FX), on gross booking value (GBV) of $29.2B, up 19% YoY (13% ex-FX). Net income was $160M, up 3.8% YoY from $154M. Nights and seats booked increased 9% YoY to 156.2M, while average daily rate (ADR) rose 9% YoY to $187 (4% ex-FX). Implied take rate (revenue/GBV) was 9.2%, down 10 bps YoY (vs. 9.3% in Q1 2025).

Market Cap: $78.85B

Notable Takeaways:

• Adjusted EBITDA increased $102M YoY (24%) to $519M. Adjusted EBITDA margin increased 100 bps YoY to 19%.
• Net income included a one-time gain of approximately $70M related to the sale of a privately-held equity investment, offset by a one-time adjustment of approximately $70M to certain deferred tax assets related to changes in the U.S. Corporate Alternative Minimum Tax. Net income margin fell 100 bps YoY to 6%.
• Total costs and expenses increased 16% YoY or $358M, driven primarily by higher Sales & Marketing expense (+$188M, +33% YoY) and higher Product Development expense (+$70M, +12% YoY). General & Administrative expense increased $2M, up 1% YoY.
• ADR for North America and EMEA grew 7% and 15% YoY, respectively. Net of FX, EMEA grew 4% YoY.
• Latin America and Asia Pacific ADR grew 10% and 6% YoY, respectively. Net of FX, Latin America grew 3% YoY and Asia Pacific grew 2% YoY. Brazil continued to drive growth in Lat Am, with origin nights booked increasing over 20% for the third consecutive quarter and the number of first-time bookers increasing 22% compared to Q1 2025.
• App engagement increased, with app-booked nights up 22% YoY and representing 63% of total nights booked, up from 58% this period last year.
• Reserve Now, Pay Later adoption continued to scale, with roughly 20% of global GBV coming from Reserve Now, Pay Later bookings.
• Experiences mix: nearly a quarter of guests who are new to Airbnb and book an experience go on to book a stay or a service, and roughly one in three experience bookers book a stay within 90 days. No Hard figures were given around experience bookings. 
• Hotel supply expansion continued through the boutique and independent hotel pilot. Approximately 55% of guests who book a hotel on Airbnb come back to book a home within the following 365 days.
  • Hotels remain a single-digit percentage of total nights, but management said hotel top-line metrics have grown at more than double the rate of the overall business over the last couple quarters. Airbnb framed hotels as a way to fill inventory gaps, serve one-night or last-minute trips, and onboard new guests into homes over time.
• Major events remained a focus area. During the Olympic and Paralympic Winter Games Milano Cortina 2026, nearly 200,000 guests stayed with Airbnb, supply in host markets grew approximately 30%, and integrated global and local marketing campaigns generated around 1B impressions. For the FIFA World Cup 2026, over 100,000 homes across the 16 host cities have listed on Airbnb for the first time since outreach began in October, marking the biggest event ever in Airbnb’s history.
• Cost-per-booking decreased about 10% YoY in Q1, primarily driven by AI advancements.
• Capital allocation: repurchased $1.1B of Class A common stock in Q1. $4.5B remains under authorization.
• Free cash flow was $1.7B in Q1, representing a 64% FCF margin. TTM free cash flow was $4.5B, representing a 36% margin. Airbnb also received inaugural investment-grade ratings of A- from S&P Global Ratings and Baa1 from Moody’s and completed a $2.5B senior unsecured debt offering, using part of the proceeds to repay $2.0B of convertible senior notes that matured in March 2026
• Guest travel insurance revenue increased 45% YoY in Q1. The product is available in 12 of Airbnb’s largest countries, and Airbnb has begun piloting additional insurance products for guests and hosts.
• Expanded its Delta Air Lines partnership, allowing travelers to earn Delta miles on qualifying Airbnb Experiences and Services, in addition to homes. On the earnings call, CFO Ellie Mertz described the partnership as a revenue-share program and said it should not have a negative impact on 2026 take rate.
• Brian Chesky, CEO, discussed Airbnb’s management approach to new initiatives, highlighting “Project Hawaii” as the company’s operating blueprint: forming small, focused teams with clear mandates, starting with simple product improvements, shipping quickly, learning from results, and doubling down on what works.
• Q2 2026 revenue projected between $3.54B and $3.60B, up 14%–16% YoY, including an approximate 3% FX tailwind after hedging. Implied take rate is expected to be up slightly YoY. GBV is expected to increase low double digits YoY, driven by growth in nights and seats booked and a moderate increase in ADR. Nights and seats booked growth is expected to slightly decelerate relative to Q1 2026, including an estimated roughly 100 bps headwind related to the conflict in the Middle East.

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

Zillow reported Q1 revenue of $708M, up 18% YoY and GAAP net income was $46M, compared to $8M last year, while Adjusted EBITDA was $182M, up 19% YoY. Traffic to Zillow’s apps and sites declined 3% YoY to 220M average monthly unique users, with total visits down 3% YoY to 2.3B.

Market Cap: $8.64B

Notable Takeaways: