Park Hotels & Resorts (PK) FY2025 results: revenue $2.5 billion, down 2.2% on the year
Park Hotels & Resorts Inc. (PK) reported revenue of $2.5 billion for fiscal 2025, the year ended 31 December 2025, down 2.2% on the year before. Net income was -$283 million, and diluted earnings per share $-1.43. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$2.5 billion
-2.2% on the year
FY2018FY2025
Operating margin
-1.3%
15.0% a year earlier
FY2018FY2025
Net income
-$283 million
FY2018FY2025
Diluted EPS
-$1.43
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 13 new, 1 kept.
Full-year Comparable RevPAR declined: Full-year Comparable RevPAR was $185.00, down 2.0% from 2024, or down 0.9% excluding the Royal Palm, which suspended operations in mid-May 2025 for renovation.
Impairment drove the quarterly net loss: Net loss was $(204) million in the fourth quarter, including $248 million of impairment, primarily Non-Core hotels; full-year impairment was $318 million.
Royal Palm closure weighed on Core: Suspended operations at the Royal Palm reduced Core RevPAR by over 250 basis points in the quarter, offsetting gains at other Core hotels.
Full-year 2026 guidance issued: Management gave full-year 2026 operating expectations, including RevPAR of $190 to $194 and Adjusted EBITDA of $580 million to $610 million.
Liquidity about $2.0 billion: Liquidity was about $2.0 billion at year-end, including $1 billion of Revolver capacity and the undrawn $800 million 2025 Delayed Draw Term Loan.
Park Hotels & Resorts is a lodging real estate investment trust (REIT) that owns and leases hotels and resorts, mainly in the upper upscale chain scale, all in the U.S. and its territories. As of February 20, 2026 its portfolio consisted of 34 branded hotels and resorts with approximately 23,000 rooms. It became an independent, publicly traded company when it was spun off from Hilton on January 3, 2017. It is structured as an umbrella partnership REIT, holding its assets and running its operations through Park Intermediate Holdings LLC.
$ 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
398
429
503
-7.2%
Capital expenditure
296
227
285
+30.4%
Free cash flow
102
202
218
-49.5%
Free cash flow margin
4.0%
7.8%
8.1%
Cash from investing
-209
-166
-217
Cash from financing
-365
-573
-475
Depreciation and amortisation
336
257
287
+30.7%
Share-based compensation
19.0
19.0
18.0
0.0%
Buybacks
45.0
116
180
-61.2%
Dividends paid
280
512
152
-45.3%
Dividend per share
$1.00
$1.40
$2.15
-28.6%
Diluted shares, weighted
199m
209m
215m
-4.8%
Shares outstanding at period end
200m
203m
210m
-1.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
3,131
3,645
3,814
-14.1%
Non-controlling interest
-55.0
-51.0
-46.0
Debt
3,856
3,865
3,786
-0.2%
Other liabilities
768
1,702
1,865
-54.9%
Total liabilities and equity
7,700
9,161
9,419
-15.9%
Fixed assets
6,955
7,398
7,459
-6.0%
Intangible assets
41.0
41.0
42.0
0.0%
Cash and equivalents
232
402
717
-42.3%
Other assets
472
1,320
1,201
-64.2%
Total assets
7,700
9,161
9,419
-15.9%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.