Sunstone Hotel Investors (SHO) FY2024 results: revenue $906 million, down 8.2% on the year

Sunstone Hotel Investors, Inc. (SHO) reported revenue of $906 million for fiscal 2024, the year ended 31 December 2024, down 8.2% on the year before. Net income was $28 million, down 85.5%, and diluted earnings per share $0.14. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$906 million

-8.2% on the year

FY2017FY2024

Operating margin

8.7%

12.0% a year earlier

FY2017FY2024

Net income

$28 million

-85.5% on the year

FY2017FY2024

Diluted EPS

$0.14

-84.9% 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	906	986	912	-8.2%
Operating income	78.6	119	95.9	-33.8%
Operating margin	8.7%	12.0%	10.5%
Interest expense	50.1	51.7	32.0	-3.0%
Pre-tax income	42.2	211	91.1	-80.0%
Income tax	-1.1	4.6	0.4
Effective tax rate	-2.6%	2.2%	0.4%
Net income	27.8	192	72.6	-85.5%
Net margin	3.1%	19.4%	8.0%
Diluted EPS	$0.14	$0.93	$0.34	-84.9%

$ 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	170	198	209	-14.0%
Capital expenditure	157	110	129	+42.9%
Free cash flow	13.0	88.0	80.8	-85.2%
Free cash flow margin	1.4%	8.9%	8.9%
Cash from investing	-386	258	-166
Cash from financing	-97.5	-120	-49.2
Depreciation and amortisation	125	127	126	-2.0%
Share-based compensation	10.5	10.8	10.9	-3.0%
Buybacks	27.2	56.4	108	-51.7%
Dividends paid	91.0	59.8	24.8	+52.1%
Dividend per share	$0.34	$0.30	$0.10	+13.3%
Diluted shares, weighted	203m	206m	213m	-1.6%
Shares outstanding at period end	201m	203m	209m	-1.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,104	2,167	2,085	-2.9%
Debt	845	819	816	+3.2%
Operating lease liabilities	n/a	n/a	14.4
Other liabilities	158	164	167	-3.7%
Total liabilities and equity	3,107	3,149	3,083	-1.4%
Fixed assets	2.3	3.1	3.7	-27.3%
Cash and equivalents	107	426	101	-74.9%
Receivables	n/a	n/a	42.1
Other assets	2,997	2,720	2,936	+10.2%
Total assets	3,107	3,149	3,083	-1.4%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.