Apple Hospitality REIT (APLE) FY2024 results: revenue $1.4 billion, up 6.5% on the year

Apple Hospitality REIT, Inc. (APLE) reported revenue of $1.4 billion for fiscal 2024, the year ended 31 December 2024, up 6.5% on the year before. Net income was $214 million, up 20.6%, and diluted earnings per share $0.89. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2025.

Revenue

$1.4 billion

+6.5% on the year

FY2017FY2024

Operating margin

20.5%

18.4% a year earlier

FY2017FY2024

Net income

$214 million

+20.6% on the year

FY2017FY2024

Diluted EPS

$0.89

+15.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,431	1,344	1,238	+6.5%
Cost of revenue	838	781	710	+7.3%
Gross profit	594	563	528	+5.4%
Gross margin	41.5%	41.9%	42.6%
Operating income	293	247	206	+18.3%
Operating margin	20.5%	18.4%	16.7%
Pre-tax income	215	179	147	+20.4%
Income tax	0.9	1.1	1.9	-16.6%
Effective tax rate	0.4%	0.6%	1.3%
Net income	214	177	145	+20.6%
Net margin	15.0%	13.2%	11.7%
Diluted EPS	$0.89	$0.77	$0.63	+15.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	405	399	368	+1.6%
Capital expenditure	78.3	76.8	59.4	+2.0%
Free cash flow	327	322	309	+1.5%
Free cash flow margin	22.8%	24.0%	25.0%
Cash from investing	-216	-365	-136
Cash from financing	-189	-34.3	-229
Depreciation and amortisation	191	183	182	+4.0%
Buybacks	34.7	6.9	2.7	+403.7%
Dividends paid	244	238	139	+2.3%
Dividend per share	$1.01	$1.01	$0.76	0.0%
Diluted shares, weighted	241m	229m	229m	+5.2%
Shares outstanding at period end	240m	242m	229m	-0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,266	3,324	3,178	-1.7%
Debt	1,471	1,371	1,366	+7.3%
Other liabilities	233	242	228	-3.8%
Total liabilities and equity	4,970	4,937	4,773	+0.7%
Cash and equivalents	10.3	10.3	4.1	-0.3%
Other assets	4,960	4,927	4,769	+0.7%
Total assets	4,970	4,937	4,773	+0.7%

10-K for the year ended 31 December 2024, filed 24 February 2025: the filing.