Host Hotels & Resorts (HST) FY2023 results: revenue $5.3 billion, up 8.2% on the year

Host Hotels & Resorts, Inc. (HST) reported revenue of $5.3 billion for fiscal 2023, the year ended 31 December 2023, up 8.2% on the year before. Net income was $740 million, up 16.9%, and diluted earnings per share $1.04. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$5.3 billion

+8.2% on the year

FY2016FY2023

Operating margin

15.6%

15.8% a year earlier

FY2016FY2023

Net income

$740 million

+16.9% on the year

FY2016FY2023

Diluted EPS

$1.04

+18.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	5,311	4,907	2,890	+8.2%
Operating income	827	775	-250	+6.7%
Operating margin	15.6%	15.8%	-8.7%
Interest expense	191	156	191	+22.4%
Pre-tax income	788	669	-102	+17.8%
Income tax	36.0	26.0	-91.0	+38.5%
Effective tax rate	4.6%	3.9%	n/a
Net income	740	633	-11.0	+16.9%
Net margin	13.9%	12.9%	-0.4%
Diluted EPS	$1.04	$0.88	-$0.02	+18.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,441	1,416	292	+1.8%
Capital expenditure	195	307	293	-36.5%
Free cash flow	1,246	1,109	-1.0	+12.4%
Free cash flow margin	23.5%	22.6%	-0.0%
Cash from investing	-183	-618	-1,158
Cash from financing	-771	-874	-657
Depreciation and amortisation	697	664	762	+5.0%
Share-based compensation	30.0	26.0	18.0	+15.4%
Buybacks	182	27.0	0.0	+574.1%
Dividends paid	547	150	0.0	+264.7%
Dividend per share	$0.90	$0.53	$0.00	+69.8%
Diluted shares, weighted	713m	718m	n/a	-0.7%
Shares outstanding at period end	704m	713m	714m	-1.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	6,633	6,710	6,441	-1.1%
Non-controlling interest	4.0	5.0	5.0	-20.0%
Redeemable equity	189	164	126	+15.2%
Debt	4,209	4,215	4,891	-0.1%
Operating lease liabilities	563	568	564	-0.9%
Other liabilities	645	607	325	+6.3%
Total liabilities and equity	12,243	12,269	12,352	-0.2%
Fixed assets	9,624	9,748	9,994	-1.3%
Cash and equivalents	1,144	667	807	+71.5%
Other assets	1,475	1,854	1,551	-20.4%
Total assets	12,243	12,269	12,352	-0.2%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.