HSTHost Hotels & Resorts

Real estate · REIT · Nasdaq

We are the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper-upscale hotels. 10-K, Item 1

Headquarters: Bethesda, MD
CEO: James F. Risoleo
Next results: around Feb 17, 2027

Compare with peers → Embed

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.35	Sales (ttm)	6.2B	Net income (ttm)	936.0M	Sales growth	+7.6%	EPS growth	+11.1%	Sales Q/Q	+1.2%
Free cash flow	-	Gross margin	-	Oper. margin	14.8%	Net margin	15.0%	FCF margin	-	ROE	14.8%
ROA	7.3%	R&D / sales	-	Dividend	0.95	Debt/Eq	0.20	Curr. ratio	-	Cash	1.5B
Op. cash flow (ttm)	1.7B	EBITDA	1.6B	EBITDA margin	27.0%	Net debt	-218.0M	Interest cover	3.64	ROIC	10.7%
Payout ratio	86.4%	Tax rate	5.1%	Stock pay / sales	0.4%	Shares out.	685.2M	Shares Y/Y	-1.4%	Book / share	9.25
Cash / share	2.18	Sales / share	9.10	Asset turnover	0.49	Sales 3Y CAGR	+7.6%	Sales 5Y CAGR	+30.4%	EPS 3Y CAGR	+7.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 42%$896.0M → $1.3B · Short-term + long-term debt at year end

What management wrote about it → · Every company →

HST against Real estate peers

Ten years, side by side → · All 30 →

HSTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.6%8th of 29 · median +5.1%

Net margin

15.0%20th of 29 · median 21.7%

Return on equity

14.8%7th of 27 · median 7.8%

Debt / equity (less is better)

0.204th of 24 · median 0.84

HST and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
HST Host Hotels & Resorts	$6.2B	+7.6%	-	15.0%	14.8%	-	0.20
SPG Simon Property Group	$7.2B	+6.7%	-	63.0%	110.4%	46.9%	6.96
WY Weyerhaeuser	$7.0B	-3.1%	15.0%	6.5%	4.8%	-	0.57
VTR Ventas	$6.8B	+18.5%	-	3.9%	1.7%	-15.0%	0.79
DLR Digital Realty	$6.3B	+10.0%	-	21.7%	5.9%	-	-
O Realty Income	$6.2B	+9.1%	-	21.8%	3.4%	-	0.04

Profitability

0 of 3

!
Net margin below the peer median15.0% vs 21.7%
!
Return on equity below 15%14.8%
!
A profit in 8 of 10 years

Net margin, FY2016 to FY2025: 14.0% → 12.5%

Balance sheet

2 of 3

!
Interest covered less than 5 timesOperating income is 3.6× interest expense
✓
Debt smaller than equityDebt / equity 0.20 on the latest balance sheet (peer median 0.84)
✓
More cash than debtNet cash $218.0M

Debt / equity at each year end, FY2016 to FY2025: 0.17 → 0.19

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 3 years$1.0B last year
✓
Share count down over 5 years−1.7%
✓
Dividend per share up over 5 years$0.20 → $0.95
✓
Cash from operations above net income$1.5B vs $765.0M

Free cash flow, FY2016 to FY2025: 1.0B → 1.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Senior Notes	Total of the lines	–	not stated	$4.1B
Series I senior notes, with a rate of 3½% due September 2030	Notes and bonds	3.50%	not stated	$741.0M
Series L senior notes, with a rate of 5.5% due April 2035	Notes and bonds	5.50%	not stated	$685.0M
Series H senior notes, with a rate of 3⅜% due December 2029	Notes and bonds	3.38%	not stated	$645.0M
Series K senior notes, with a rate of 5.7% due July 2034	Notes and bonds	5.70%	not stated	$586.0M
Series M senior notes, with a rate of 5.7% due June 2032	Notes and bonds	5.70%	not stated	$491.0M
Series J senior notes, with a rate of 2.9% due December 2031	Notes and bonds	2.90%	not stated	$443.0M
Series N senior notes, with a rate of 4.25% due December 2028	Notes and bonds	4.25%	not stated	$395.0M

From the debt note in the 10-K's XBRL (0001070750-26-000054), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 6.1B Net income 765.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $6.1B of revenue came from

by product, year to Dec 31, 2025

Occupancy $3.6B · 59%
Food and beverage $1.8B · 29%
Other $604.0M · 10%
Condominium sales $99.0M · 2%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

HST's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue6.1B

Net income765.0M

Free cash flow1.0B

EPS (diluted)1.10

Dividend per share0.95

Diluted shares694.1M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Hotel	6.0B	98.4%	+5.8%
Occupancy	3.6B	59.0%	+5.3%
Food and beverage	1.8B	29.5%	+5.1%
Other	604.0M	9.9%	+11.4%
Condominium sales	99.0M	1.6%	-

10-K 0001070750-26-000054, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	6.0B	98.3%	+7.6%
Canada	76.0M	1.2%	+1.3%
Brazil	28.0M	0.5%	+7.7%

10-K 0001070750-26-000054, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5.4B	5.4B	5.5B	5.5B	1.6B	2.9B	4.9B	5.3B	5.7B	6.1B
SG&A	106.0M	98.0M	104.0M	107.0M	89.0M	99.0M	107.0M	132.0M	123.0M	124.0M
Operating income	684.0M	676.0M	530.0M	799.0M	-953.0M	-250.0M	775.0M	827.0M	875.0M	855.0M
Interest expense	154.0M	167.0M	176.0M	222.0M	194.0M	191.0M	156.0M	191.0M	215.0M	235.0M
Pretax income	811.0M	651.0M	1.3B	962.0M	-961.0M	-102.0M	669.0M	788.0M	721.0M	818.0M
Income tax	40.0M	80.0M	150.0M	30.0M	-220.0M	-91.0M	26.0M	36.0M	14.0M	42.0M
Net income	762.0M	564.0M	1.1B	920.0M	-732.0M	-11.0M	633.0M	740.0M	697.0M	765.0M
EPS (diluted)	1.02	0.76	1.47	1.26	-1.04	-0.02	0.88	1.04	0.99	1.10
Diluted shares	743.7M	739	741	731	706	710.3M	717.5M	712.8M	704.0M	694.1M
Depreciation & amortization	724.0M	751.0M	944.0M	676.0M	665.0M	762.0M	664.0M	697.0M	762.0M	795.0M
EBITDA	1.4B	1.4B	1.5B	1.5B	-288.0M	512.0M	1.4B	1.5B	1.6B	1.6B
Operating margin	12.6%	12.5%	9.6%	14.6%	-58.8%	-8.7%	15.8%	15.6%	15.4%	14.0%
Net margin	14.0%	10.5%	19.7%	16.8%	-45.2%	-0.4%	12.9%	13.9%	12.3%	12.5%
Revenue growth	-	-0.8%	+2.5%	-1.0%	-70.4%	+78.4%	+69.8%	+8.2%	+7.0%	+7.6%
EPS growth	-	-25.5%	+93.4%	-14.3%	-183%	-	-	+18.2%	-4.8%	+11.1%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	372.0M	913.0M	1.5B	1.6B	2.3B	807.0M	667.0M	1.1B	554.0M	768.0M
Property & equipment	10.1B	9.7B	9.8B	9.7B	9.4B	10.0B	9.7B	9.6B	10.9B	10.6B
Total assets	11.4B	11.7B	12.1B	12.3B	12.9B	12.4B	12.3B	12.2B	13.0B	13.0B
Total debt	1.2B	1.5B	455.0M	445.0M	442.0M	436.0M	758.0M	746.0M	896.0M	1.3B
Total liabilities	4.2B	4.5B	4.4B	4.8B	6.5B	5.8B	5.4B	5.4B	6.3B	6.3B
Shareholders' equity	7.0B	7.0B	7.5B	7.3B	6.3B	6.4B	6.7B	6.6B	6.6B	6.6B
Retained earnings	-1.0B	-1.1B	-610.0M	-307.0M	-1.2B	-1.2B	-939.0M	-839.0M	-777.0M	-670.0M

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.3B	1.2B	1.3B	1.2B	-307.0M	292.0M	1.4B	1.4B	1.5B	1.5B
Capital spending	293.0M	205.0M	274.0M	-	-	-	-	-	-	-
Free cash flow	1.0B	1.0B	1.0B	-	-	-	-	-	-	-
Stock-based pay (added back)	12.0M	11.0M	14.0M	15.0M	17.0M	18.0M	26.0M	30.0M	24.0M	26.0M
Dividends paid	596.0M	628.0M	629.0M	623.0M	320.0M	0	150.0M	547.0M	737.0M	623.0M
Buybacks	218.0M	-	-	482.0M	147.0M	0	27.0M	182.0M	107.0M	205.0M
Acquisitions	63.0M	468.0M	-	-	-	-	-	-	-	-
Debt raised	-	404.0M	-	645.0M	740.0M	443.0M	0	0	1.3B	892.0M
Debt repaid	-	-	-	650.0M	450.0M	400.0M	0	0	400.0M	900.0M
Investing cash flow	-99.0M	-267.0M	100.0M	58.0M	-195.0M	-1.2B	-618.0M	-183.0M	-2.0B	-507.0M
Financing cash flow	-1.0B	-402.0M	-748.0M	-1.3B	1.2B	-657.0M	-874.0M	-771.0M	-13.0M	-868.0M
Dividend per share	0.85	0.85	0.85	0.85	0.20	0.00	0.53	0.90	0.90	0.95

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	12.0M	11.0M	14.0M	15.0M	17.0M	18.0M	26.0M	30.0M	24.0M	26.0M
Stock-based pay / revenue	0.2%	0.2%	0.3%	0.3%	1.0%	0.6%	0.5%	0.6%	0.4%	0.4%
Operating lease cost	-	-	-	47.0M	43.0M	43.0M	41.0M	42.0M	43.0M	44.0M
Operating lease cash paid	-	-	-	47.0M	43.0M	43.0M	41.0M	42.0M	43.0M	44.0M
Right-of-use assets	-	-	-	595.0M	597.0M	551.0M	556.0M	550.0M	559.0M	560.0M
Operating lease liabilities	-	-	-	606.0M	610.0M	564.0M	568.0M	563.0M	560.0M	563.0M
Finance lease liabilities	-	-	-	1.0M	-	-	-	-	-	-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on HST in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/HST/export.csv") into a cell.