Proptech Earnings Radar Pt. 1 - Q4 2025 (Series V, Part XI)

Q4 results are in for many of proptech’s public companies.

Below is Part 1 for Q4 2025, 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...

*All market cap figures taken end of day, March 13th.

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COMPANY SNAPSHOTS

Airbnb reported revenue of $2.8B, up 12% YoY (11% ex-FX), on gross booking value (GBV) of $20.4B, up 16% YoY (13% ex-FX). Net income was $341M, down 26% YoY from $461M. Nights and seats booked increased 10% YoY to 121.9M, while average daily rate (ADR) rose 6% YoY to $168 (3% ex-FX). Implied take rate (revenue/GBV) was 13.6%, down 50 bps YoY (vs. 14.1% in Q4 2024).

Market Cap: $76.88B

Notable Takeaways:

• Adjusted EBITDA increased $21M YoY (3%) to $786M. Adjusted EBITDA margin fell 300 bps YoY to 28%.
• Net income was impacted negatively by a one time $90M non-income tax. Net income margin fell 631 bps YoY to 12.28%.
• Total costs and expenses increased 22% YoY (+$459M), driven primarily by higher Sales & Marketing expense (+$148M, +27% YoY) and higher General & Administrative expense (+$163M, +66% YoY). 65% cost in general and administrative expenses.
• ADR for North America and EMEA grew 5% and 12% YoY, respectively. Net of FX, EMEA grew 4% YoY.
• Latin America and Asia Pacific ADR grew 9% and 2% 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% and the number of first-time bookers increasing 17% this quarter compared to this quarter last year.
• App engagement increased, with app-booked nights up 20% YoY and representing 64% of total nights booked.
• Summer Release adoption continued to scale, with Reserve Now, Pay Later adoption exceeding 70% across eligible bookings (based on global GBV).
• Experiences mix: nearly half of experiences bookings were made independently of a stay, following the initial launch in May.
• Introduced additional supply initiatives in select markets where hotel inventory is more relevant, launching partnerships with boutique and independent hotels in New York, Los Angeles, Madrid, and San Francisco, cities described as supply-constrained due to demand levels or regulatory factors. Currently the site has over 20,000 rooms across 100+ hotels in NYC on its own.
• Capital allocation: repurchased $1.1B of Class A common stock in Q4. $5.6B remains under authorization.
• On the earnings call, Brian Chesky, CEO, highlighted the recent hire of Ahmad Al-Dahle as CTO, framing it as a key step in making Airbnb more “AI-native,” citing Al-Dahle’s prior work leading generative AI at Meta (including Llama) and his 16 years at Apple.
• Q1 2026 revenue projected between $2.59B and $2.63B, up 14 -16% YoY, with implied take rate expected to be up slightly YoY. ADR is expected to increase moderately, and nights and seats booked are expected to grow high-single digits YoY. Adjusted EBITDA margin is expected to be approximately flat YoY.

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

Zillow reported Q4 revenue of $654M, up 18% YoY. GAAP net income was $3M compared to a GAAP net loss last year, while Adjusted EBITDA was $149M, up 33% YoY. Traffic to Zillow’s apps and sites increased 8% YoY to 221M average monthly unique users, with total visits up 2% YoY to 2.1B.

Market Cap: $9.04B

Notable Takeaways: