Sunstone Hotel Investors (SHO) FY2025 results: revenue $960 million, up 6.0% on the year
Sunstone Hotel Investors, Inc. (SHO) reported revenue of $960 million for fiscal 2025, the year ended 31 December 2025, up 6.0% on the year before. Net income was $8 million, down 70.4%, and diluted earnings per share $0.04. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$960 million
+6.0% on the year
FY2018FY2025
Operating margin
7.9%
8.7% a year earlier
FY2018FY2025
Net income
$8 million
-70.4% on the year
FY2018FY2025
Diluted EPS
$0.04
-71.4% 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: 1 raised, 13 new, 1 kept.
Adjusted EBITDA re rose in both periods: Adjusted EBITDA re rose 17.6% to $56.6 million in the fourth quarter and 3.0% to $236.6 million for the full year.
Adjusted FFO per share up 25% in quarter: Adjusted FFO attributable to common stockholders per diluted share rose 25.0% to $0.20 in the quarter and 7.5% to $0.86 for the year. Full-year Adjusted FFO was $167.8 million.
Full-year results above prior guidance midpoints: Against guidance given November 7, 2025, full-year net income, Adjusted EBITDA re and Adjusted FFO were above the midpoints. Total RevPAR growth of 3.8% was 20 basis points below its midpoint.
Andaz and Wailea led fourth-quarter demand: Management said Andaz Miami Beach and Wailea Beach Resort showed stronger performance and robust festive-period demand, with momentum continuing into 2026.
2026 net income guided at $21M to $46M: Net income guidance for 2026 is $21 million to $46 million. Adjusted FFO per diluted share is guided at $0.81 to $0.94 on 190,000,000 diluted shares.
$ 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
182
170
198
+6.7%
Capital expenditure
103
157
110
-34.5%
Free cash flow
78.7
13.0
88.0
+505.6%
Free cash flow margin
8.2%
1.4%
8.9%
Cash from investing
-48.8
-386
258
Cash from financing
-128
-97.5
-120
Depreciation and amortisation
135
125
127
+8.0%
Share-based compensation
8.7
10.5
10.8
-16.8%
Buybacks
103
27.2
56.4
+276.6%
Dividends paid
86.4
91.0
59.8
-5.0%
Dividend per share
$0.36
$0.34
$0.30
+5.9%
Diluted shares, weighted
194m
203m
206m
-4.1%
Shares outstanding at period end
190m
201m
203m
-5.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,945
2,104
2,167
-7.6%
Debt
930
845
819
+10.1%
Other liabilities
154
158
164
-2.1%
Total liabilities and equity
3,029
3,107
3,149
-2.5%
Fixed assets
1.6
2.3
3.1
-30.7%
Cash and equivalents
109
107
426
+1.9%
Other assets
2,918
2,997
2,720
-2.6%
Total assets
3,029
3,107
3,149
-2.5%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.