HSTHost Hotels & Resorts
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
The biggest changes in the 10-K filed 2026-02-25, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
15.4% → 14.0% (-1.4 pts) Big change FY to 2025-12-31 vs 2024-12-31“Incentive management fees, which generally are based on the amount of operating profit at each hotel after we receive a priority return on our investment, increased $2 million, primarily due to the increase in incentive management fees at our comparable hotels of $2 million, or 2.4%, which was due to the improved operations at our properties.”
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Net income
+9.8% FY to 2025-12-31 vs 2024-12-31“Net income for Host Inc. increased $69 million, or 9.8%, to $776 million, primarily due to improvements in operating results and $148 million of gains on asset sales during the year, partially offset by the decrease in net gains on insurance settlements noted above and increases in wage and benefit expense, interest expense and income taxes.”
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“NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates.”
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Revenue
+7.6% FY to 2025-12-31 vs 2024-12-31“Total rooms revenues increased $182 million, or 5.3%, in 2025, reflecting a full year of operations for the 2024 Acquisitions and an increase in rooms revenue at our comparable hotels of $120 million, or 3.5%, primarily due to an increase in average room rate of 4.4% driven by transient demand.”
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“Total food and beverage ("F&B") revenues increased $87 million, or 5.1%, in 2025, due to a full year of operations for the 2024 Acquisitions and an increase in F&B revenues at our comparable hotels of $59 million, or 3.5%, driven by strong outlet revenues from our resorts, specifically our Maui resorts as the recovery continues, as well as the completion of ROI projects at several restaurant locations in other markets.”
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Cash from operations
+0.8% FY to 2025-12-31 vs 2024-12-31“Our net cash provided by operating activities for 2025 was $1,510 million, an increase of $12 million compared to 2024, reflecting improvements in our hotel operations, partially offset by an increase in cash paid for interest.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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.