Proptech Earnings Radar Pt. 1 - Q3 2026 (Series V, Part XIV)

Q3 results are in for many of proptech’s public companies.

Below is Part 1 for Q3 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, November 12th, 2026.

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COMPANY SNAPSHOTS

Airbnb reported revenue of $4.87B, up 18.90% YoY (16% ex-FX), on gross booking value (GBV) of $27.7B, up 20.96% YoY. Net income increased 37.55% YoY to $1.89B from $1.37B. Nights and seats booked increased 16.02% YoY to 155M, while average daily rate (ADR) rose 4% YoY to approximately $179 (5% ex-FX).
 
Market Cap: $108.09B (down from 109.15B)

Notable Takeaways:

• Adjusted EBITDA increased 22.33% YoY to $2.51B from $2.05B. Adjusted EBITDA margin was 51.53%, up approximately 144 bps YoY from 50.09%.
• Net income margin was 38.82%, up approximately 526 bps YoY from 33.55%. Net income benefited from a $135M YoY reduction in income tax provision.
• Total costs and expenses increased 15.30% YoY to $2.85B. Sales & Marketing expenses increased 19.25% YoY to $762M, while Product Development increased 13.12% YoY to $664M.
• Implied take rate declined approximately 30 bps YoY to 17.58% from 17.88%, primarily reflecting Reserve Now, Pay Later bookings increasing GBV ahead of revenue recognition.
• Latin America nights and seats booked increased more than 20% YoY, including over 30% growth in Brazil origin net nights booked. Asia Pacific grew more than 20%, including over 60% origin net nights growth in India. North America grew at a low-double-digit rate, while EMEA grew in the mid-teens.
• First-time bookers increased 13% YoY, the highest growth rate since early 2022, with Gen Z representing the fastest-growing segment. App-based nights booked grew 29% YoY, accounting for 66% of total nights booked.
• Expanded Reserve Now, Pay Later eligibility to more than 40% of GBV, contributing approximately three percentage points to Q3 nights and seats booked growth. Cancellation rates increased 200–300 bps YoY to approximately 19%. Management expects the product's contribution to booking growth to decline sequentially in Q4 as cancellations catch up with bookings.
• Completed its migration of nearly all remaining hosts to a single 15.5% service fee in October, replacing the split-fee structure.
• Free cash flow increased 5.71% YoY to $1.43B, representing a 29.29% FCF margin, down approximately 366 bps YoY. TTM free cash flow increased 7.78% YoY to $4.90B, representing an approximately 35% margin. Reserve Now, Pay Later continued to shift guest payment timing and affect working capital.
• Ended Q3 with $12.65B of cash and other liquid assets, up 7.94% YoY, alongside $7.42B of funds held on behalf of customers and $1.54B of unearned fees.
• Repurchased $700M of shares during Q3 and announced an additional $12B repurchase authorization, bringing total remaining capacity to $14.7B. Fully diluted share count declined 5.56% YoY to 628M from 665M.
• Expanded its Services offering to include meal delivery, laundry, baby gear, ski gear, and boat rentals. Car rentals, launched during the summer, became one of its most popular services, though booking figures were not disclosed.
• Appointed former Booking.com executive Pepijn Rijvers as Chief Business Officer in September to oversee Homes, Hotels, and international expansion. In October, Airbnb launched an exclusive American Express partnership, bringing more than 1M listings to Amex Travel. The partnership generated thousands of bookings, with nearly 25% from guests new to Airbnb.
• Increased boutique and independent hotel offering to thousands of properties across more than 60 destinations. Hotel bookings continued to outpace the Homes business, with approximately 35% of first-time hotel guests subsequently booking a home within one year.
• Outlined plans to eventually enable bookings across all travel categories directly within its app, moving beyond its current partner-based integrations. When asked about integrations with airlines and other travel providers, management confirmed its broader travel ambitions but did not announce a flight-booking product or launch timeline.
• Guest travel insurance revenue increased nearly 70% YoY, with attachment rates increasing across all regions. Insurance remained attached to a single-digit percentage of total bookings.
• Airbnb expects Q4 2026 revenue of $3.22B–$3.28B, representing 16%–18% YoY growth, including an approximately two-percentage-point FX tailwind. Management expects mid-teens GBV growth and at least low-double-digit nights and seats booked growth.
  • For full-year 2026, Airbnb raised its revenue outlook to high-teens growth from at least mid-teens and its Adjusted EBITDA margin outlook to approximately 36% from at least 35.5%, citing booking acceleration, product initiatives, and operating efficiencies.

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

Reporting Q3 revenue of $724M, up 7.10% YoY, Zillow's GAAP net loss was $158M, compared to $10M of net income last year. Adjusted EBITDA was $182M, up 10.30% YoY. Traffic to Zillow’s apps and sites declined 3% YoY to 215M average monthly unique users, with total visits down 5% YoY to 2.3B.

Market Cap: $6.51B (down from 8.09B)

Notable Takeaways: