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Host Hotels & Resorts (HST) FY2025 results: revenue $6.1 billion, up 7.6% on the year

Host Hotels & Resorts, Inc. (HST) reported revenue of $6.1 billion for fiscal 2025, the year ended 31 December 2025, up 7.6% on the year before. Net income was $765 million, up 9.8%, and diluted earnings per share $1.10. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$6.1 billion
+7.6% on the year
FY2018FY2025
Operating margin
14.0%
15.4% a year earlier
FY2018FY2025
Net income
$765 million
+9.8% on the year
FY2018FY2025
Diluted EPS
$1.10
+11.1% 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: 18 new, 1 kept.

  • Full-year comparable RevPAR rose 3.8%: Full-year comparable hotel RevPAR was $229.24, up 3.8%, driven mainly by higher room rates and transient leisure demand.
  • GAAP net income rose 9.8%: Full-year GAAP net income was $776 million, helped by hotel operations, asset-sale gains and condominium unit sales, partly offset by lower insurance settlement gains.
  • Hotel EBITDA margin fell 40 basis points: Full-year comparable hotel EBITDA margin was 28.9%. Management attributed the decline to $21 million of 2024 Maui wildfire business interruption proceeds that did not recur.
  • 2026 guidance assumes stable operating environment: Guidance assumes stable conditions continuing second-half 2025 trends, including leisure transient strength, special events such as FIFA World Cup games, and modest improvement in short-term group booking trends.
  • 2026 capital spending forecast set: The 2026 capital expenditure forecast is $525 million to $625 million. Inventory spend for condominium development is separate and forecast at $15 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Host Hotels & Resorts owns hotels that are operated for it by third-party managers under long-term agreements. The filing describes it as the largest publicly traded lodging REIT. Host Inc. was incorporated in Maryland in 1998 and holds the hotels through Host L.P., of which it was sole general partner and held about 99 percent of the partnership interests at the end of 2025, with unaffiliated limited partners holding the rest.

Host Hotels & Resorts, Inc., the 10-K for 2025

Host Hotels & Resorts owns hotels that are operated for it by third-party managers under long-term agreements. The filing describes it as the largest publicly traded lodging REIT. Host Inc. was incorporated in Maryland in 1998 and holds the hotels through Host L.P., of which it was sole general partner and held about 99 percent of the partnership interests at the end of 2025, with unaffiliated limited partners holding the rest.

The portfolio

As of 20 February 2026 the consolidated portfolio was 76 primarily luxury and upper-upscale hotels containing approximately 41,700 rooms. Substantially all are in the United States; five are in Brazil and Canada. Host also holds non-controlling interests in seven domestic joint ventures focused on the lodging industry.

Most of the hotels operate under Marriott and Hyatt brands, and the filing describes Host as one of the largest owners of both. It also owns several unbranded or soft-branded hotels aimed at particular customer profiles in certain submarkets.

How the money actually reaches Host

Host's managers typically earn base and incentive management fees tied to the revenues and profitability of each hotel. Host provides the operating funds, meaning the working capital the managers use to buy inventory and pay wages, utilities, property taxes and other hotel-level expenses. Host then generally receives a cash distribution from its managers each month, which reflects hotel-level sales less property-level operating expenses, excluding depreciation.

Who stays in the hotels

Customers fall into three groups. Transient business was about 61 percent of 2025 room sales. Group business was about 34 percent, and contract business about 5 percent.

What Host buys

Three types of asset are named. Resorts in destination locations with limited supply growth, which the filing describes as featuring superior amenities and unique experiential offerings. Convention destination hotels, group-oriented, in urban and resort markets, with extensive meeting facilities and often connected to prominent convention centres. And high-end urban hotels in prime locations with multiple demand drivers for both business and leisure travellers.

The company has historically targeted acquisitions in the top 25 US markets but the company says it also considers hotels in other markets it believes have high growth potential and diverse demand generators. The stated aim is to target markets with diverse demand generators, high barriers to entry, favourable supply and demand dynamics and long-term projected revenue per available room growth it rates highly.

The four stated pillars

A geographically diverse portfolio of US hotels in major urban and resort destinations. Scale and an integrated platform, used through enterprise analytics, asset management and capital investment, and also as a competitive advantage in acquiring assets, with capital allocated and recycled to seek returns above the cost of capital and returned to stockholders. An investment grade balance sheet, kept flexible enough to execute through all phases of the lodging cycle. And being an employer of choice and a responsible corporate citizen.

From Host Hotels & Resorts' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,1145,6845,311+7.6%
Operating income855875827-2.3%
Operating margin14.0%15.4%15.6%
Interest expense235215191+9.3%
Pre-tax income818721788+13.5%
Income tax42.014.036.0+200.0%
Effective tax rate5.1%1.9%4.6%
Net income765697740+9.8%
Net margin12.5%12.3%13.9%
Diluted EPS$1.10$0.99$1.04+11.1%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,5101,4981,441+0.8%
Capital expenditure282260195+8.5%
Free cash flow1,2281,2381,246-0.8%
Free cash flow margin20.1%21.8%23.5%
Cash from investing-507-2,040-183
Cash from financing-868-13.0-771
Depreciation and amortisation795762697+4.3%
Share-based compensation26.024.030.0+8.3%
Buybacks205107182+91.6%
Dividends paid623737547-15.5%
Dividend per share$0.95$0.90$0.90+5.6%
Diluted shares, weighted694m704m713m-1.4%
Shares outstanding at period end688m699m704m-1.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity6,5586,6096,633-0.8%
Non-controlling interest3.03.04.00.0%
Redeemable equity171165189+3.6%
Debt5,0775,0834,209-0.1%
Operating lease liabilities563560563+0.5%
Other liabilities677628645+7.8%
Total liabilities and equity13,04913,04812,243+0.0%
Fixed assets10,63610,9069,624-2.5%
Cash and equivalents7685541,144+38.6%
Other assets1,6451,5881,475+3.6%
Total assets13,04913,04812,243+0.0%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.