Apple Hospitality REIT (APLE) FY2025 results: revenue $1.4 billion, down 1.3% on the year
Apple Hospitality REIT, Inc. (APLE) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, down 1.3% on the year before. Net income was $175 million, down 18.1%, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.
Revenue
$1.4 billion
-1.3% on the year
FY2018FY2025
Operating margin
18.3%
20.5% a year earlier
FY2018FY2025
Net income
$175 million
-18.1% on the year
FY2018FY2025
Diluted EPS
$0.74
-16.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 7 new.
Full-year comparable RevPAR down 1.6%: Comparable Hotels RevPAR for 2025 was $117.95, down 1.6%. Occupancy was 74.1%, down 1.6%, and ADR was $159.09, down 0.1%. Comparable Hotels Adjusted Hotel EBITDA was $474,234 thousand, down 6.4%.
Fourth-quarter hotel margin fell 210 bps: Comparable Hotels Adjusted Hotel EBITDA was $99,179 thousand in the fourth quarter, down 8.4%, with a 31.1% margin. Comparable revenue fell 2.1% while operating expenses rose 1.0%.
Government travel pullback affected demand: Management said policy uncertainty and lower government travel disrupted demand during 2025, and that this interrupted the steady improvement in midweek occupancy seen in 2024.
January 2026 RevPAR down about 1.5%: Preliminary January 2026 Comparable Hotels RevPAR was down about 1.5% from January 2025, according to the company's preliminary figures.
2026 guidance ranges given: Management gave 2026 ranges for net income, Comparable Hotels RevPAR change, Adjusted EBITDAre and capital expenditures, as set out in the guidance section.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
370
405
399
-8.7%
Capital expenditure
88.2
78.3
76.8
+12.6%
Free cash flow
282
327
322
-13.8%
Free cash flow margin
20.0%
22.8%
24.0%
Cash from investing
-135
-216
-365
Cash from financing
-239
-189
-34.3
Depreciation and amortisation
193
191
183
+1.1%
Buybacks
58.3
34.7
6.9
+68.2%
Dividends paid
240
244
238
-1.4%
Dividend per share
$0.96
$1.01
$1.01
-5.0%
Diluted shares, weighted
238m
241m
229m
-1.4%
Shares outstanding at period end
236m
240m
242m
-1.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
3,149
3,266
3,324
-3.6%
Debt
1,539
1,471
1,371
+4.6%
Other liabilities
215
233
242
-7.6%
Total liabilities and equity
4,902
4,970
4,937
-1.4%
Cash and equivalents
8.5
10.3
10.3
-17.0%
Other assets
4,894
4,960
4,927
-1.3%
Total assets
4,902
4,970
4,937
-1.4%
10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.