Airbnb, Inc. (ABNB) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Airbnb, Inc. surfaced in its latest filing.

• As of March 31, 2026, we had $2.5 billion of long-term debt outstanding, all of which consisted of our unsecured senior notes.March 31, 2026
• We have access to $1.0 billion of commitments and a $200 million sub-limit for letters of credit under the 2022 Credit Facility; as of March 31, 2026, no amounts were drawn and outstanding letters of credit totaled $20 million.March 31, 2026
• The 2022 Credit Facility restricts our ability to incur additional indebtedness at non-guarantor subsidiaries, create liens, enter sale/leaseback transactions, engage in fundamental changes, and enter negative pledge clauses or clauses restricting subsidiary distributions.
• The indenture governing the Senior Notes contains limited covenants and does not restrict our ability to incur additional debt, pay dividends, repurchase securities, or engage in corporate transactions; covenants restricting liens or sale and leaseback transactions apply only to 'principal properties', and as of March 31, 2026, we do not own any principal properties.March 31, 2026
• A default under the 2022 Credit Facility or Senior Notes indenture may allow creditors to accelerate the related debt and trigger cross-acceleration or cross-default provisions in other debt.
• We entered into interest rate swaps with an aggregate notional amount of approximately $1.7 billion to exchange fixed-for-floating rate interest payments, effectively converting fixed rates on a portion of our Senior Notes to floating rates based on SOFR.