Proptech Earnings Radar Pt. 1 - Q2 2026 (Series V, Part XIII)

Q2 results are in for many of proptech’s public companies.

Below is Part 1 for Q2 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 26 companies in the GEM Proptech Index.

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

Note: All market cap figures are taken end of day, August 13th, 2026.

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COMPANY SNAPSHOTS

Airbnb reported revenue of $3.61B, up 16.54% YoY (13% ex-FX), on gross booking value (GBV) of $27.2B, up 15.74% YoY (15% ex-FX). Net income increased 27.10% YoY to $816M from $642M. Nights and seats booked increased 10.34% YoY to 148.3M, while average daily rate (ADR) rose 5.30% YoY to $183.73 (4% ex-FX). Implied take rate was 13.26%, compared to 13.17% in Q2 2025, an increase of approximately 9 bps YoY.
 
Market Cap: $109.15B (up from 78.85B)

Notable Takeaways:

• Adjusted EBITDA increased 20.9% YoY to $1.26B from $1.04B. Adjusted EBITDA margin was 34.95%, up approximately 126 bps YoY from 33.69%.
• Net income margin was 22.62%, up approximately 188 bps YoY from 20.74%. 
• Total costs and expenses increased 14.73% YoY to $2.85B from $2.48B. Sales & Marketing expense increased 26.63% YoY to $875M, Product Development increased 10.16% YoY to $672M.
• Latin America nights and seats booked increased approximately 20% YoY, including more than 30% YoY growth in Brazil origin net nights booked and 40% growth in first-time bookers. Asia Pacific nights and seats booked grew in the high teens, including 60% YoY origin net nights growth in India, where first-time bookers more than doubled.
• Marketplace engagement expanded beyond headline booking growth: first-time bookers increased 11% YoY, Airbnb’s highest growth rate in four years, while Bedroom Nights Booked grew more than 12% YoY versus 10% growth in Nights and Seats Booked. Entire homes, particularly listings with four or more bedrooms, continued to grow the fastest.
• Airbnb expanded Reserve Now, Pay Later to more listings and countries and increased its visibility throughout the booking flow. Most remaining hosts will migrate to a single 15.5% service fee during 2026 after previously moving most property-management software/API based hosts from the split-fee model to further simplify the pricing model.
• Airbnb Services expanded through the 2026 Summer Release to include grocery delivery, car rentals, airport pickups, luggage storage, and resort day passes. Management said it is seeing growth in guest bookings as it scales these partner-based offerings, though no booking figures were disclosed.
• Airbnb Experiences supply increased nearly 80% YoY. Seats booked for Experiences accelerated both YoY and sequentially during Q2, though absolute booking volume was not disclosed.
• Airbnb expanded its boutique and independent hotel offering by adding thousands of hotels across more than 20 destinations, including New York, Paris, London, Madrid, Rome, and Singapore. Hotels remain a single-digit percentage of total nights booked, but hotel nights grew approximately 3x as fast as the Homes business. Approximately 35% of first-time guests who initially book a hotel subsequently book a home.  Select hotel bookings also include a price-match guarantee and Airbnb credits of up to 15%.
• Guest travel insurance revenue increased more than 60% YoY in Q2. The product is available in 12 of Airbnb’s largest countries, with more pilots on the way. 
• Free cash flow increased 30.25% YoY to $1.25B from $962M, representing a 34.73% FCF margin, up approximately 366 bps YoY from 31.07%. TTM free cash flow increased 12.91% YoY to $4.83B and represented a 36.68% TTM FCF margin. Reserve Now, Pay Later continued to affect quarterly working capital by shifting guest payments closer to the date of stay.
• Ended Q2 with $12.14B of cash and other liquid assets, up 6.46% YoY from $11.40B, as well as $12.22B of funds held on behalf of customers and $2.83B of unearned fees.
• Capital allocation: Airbnb repurchased $1.1B of Class A common stock during Q2, with $3.4B remaining under its authorization. Fully diluted share count declined to 634M from 673M a year ago, down 5.79% YoY; since beginning share repurchases in Q3 2022, fully diluted share count has declined approximately 10%.
• Expects Q3 2026 revenue of $4.69B–$4.77B, representing 15.51% YoY growth at the midpoint compared with Q3 2025 revenue of $4.10B and including an approximately three percentage-point FX tailwind after hedging. Implied take rate is expected to remain relatively in line YoY. 
• For full-year 2026, Airbnb raised its outlook to at least mid-teens revenue growth and an Adjusted EBITDA margin of at least 35.5%, citing accelerated Nights and Seats Booked growth and traction from its product and growth initiatives while continuing to invest across its roadmap.

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

Reporting Q2 revenue of $772M, up 17.86% YoY, Zillow's GAAP net loss was $4M, compared to $2M of net income last year. Adjusted EBITDA was $176M, up 13.55% YoY. Traffic to Zillow’s apps and sites declined 2% YoY to 239M average monthly unique users, with total visits down 2% YoY to 2.5B.

Market Cap: $8.09B (down from 8.64B)

Notable Takeaways: