CHOICE HOTELS INTERNATIONAL INC /DE financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CHOICE HOTELS INTERNATIONAL INC /DE files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	808	941	1,041	1,115	774	1,069	1,402	1,544	1,585	1,597
Selling, general and administrative	155	166	170	169	149	146	168	313	312	329
Operating income	187	290	318	319	122	429	479	375	464	448
Interest expense	44.4	45	45.9	46.8	49	46.7	43.8	63.8	87.1	91.1
Interest income	3.54	5.92	7.45	10	7.69	4.98	7.29	7.76	8.65	6.24
Other non-operating income	-38.9	-40.4	-45.2	-48.6	-68.7	-52.4	-41.8	-38.1	-68.1	8.49
Pre-tax income	148	249	273	270	53	376	437	337	396	457
Income tax	41.4	127	56.9	47.1	-22.4	87.5	105	78.4	96	86.9
Income from continuing operations	139
Net income	107	122	216	223	75.4	289	332	259	300	370
EBITDA	194	296	333	337	147	454	509	420	516	508
EPS, basic	2.48			4.00	1.36	5.20	6.05	5.11	6.26	7.97
EPS, diluted	2.46			3.98	1.35	5.15	5.99	5.07	6.20	7.90
Shares, basic (weighted)	55.9	56.1	56.1	55.4	55.2	55.4	54.6	50.3	47.7	46.2
Shares, diluted (weighted)	56.2	56.5	56.6	55.7	55.5	55.9	55.1	50.7	48.1	46.6
Dividend per share			0.22	0.22			0.95	1.15	1.15	1.15

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	202	235	26.6	33.8	235	512	41.6	26.8	40.2	45
Receivables	107	126	138	142	150	153	217	196	177	207
Other current assets	26.9	26	32.2	24.7	20	29.9	32.5	38.8	41.3	45.4
Total current assets	345	400	244	237	433	762	348	297	339	406
Property, plant and equipment	84.1	83.4	128	352	335	377	427	493	604	649
Lease right-of-use assets			0	24.1	17.7	34.2	69	85.1	83.5	77.7
Goodwill	78.9	80.8	169	159	159	159	219	220	220	306
Intangible assets	15.7	100	271	290	304	312	742	811	884	1,082
Other non-current assets	53.7	67.7	84.4	97.4	88.4	90	91.1	93.3	93.8	124
Total assets	908	995	1,138	1,387	1,587	1,932	2,102	2,395	2,531	2,918
Accounts payable	48.1	67.8	73.5	73.4	83.3	81.2	119	131	135	156
Accrued liabilities	80.4	84.3	92.7	90.4	78.9	104	131	109	137	125
Deferred revenue	133	52.1	67.6	38.6	23	81.5	92.7	108	102	101
Short-term debt	1.2	1.23	1.1	7.51	0	216	2.98	499	0
Total current liabilities	264	285	318	326	256	570	436	943	463	467
Long-term debt	839	725	754	844	1,059	844	1,201	1,069	1,769	1,906
Lease liabilities			0	21.3	12.7	35.5	71	109	113	108
Other non-current liabilities	38.9	42	37.1	3.47	9.13	9.13	6.39	7.25	5.11	3.49
Total liabilities	1,164	1,254	1,322	1,410	1,593	1,666	1,948	2,359	2,576	2,737
Total debt	841	727	755	852	1,059	1,060	1,204	1,568	1,769	1,906
Paid-in capital	159	182	213	231	234	259	298	331	370	404
Retained earnings	608	627	795	969	1,025	1,275	1,556	1,756	2,001	2,318
Treasury stock	-1,070	-1,065	-1,188	-1,220	-1,260	-1,265	-1,695	-2,047	-2,412	-2,536
Other comprehensive income	-8.52	-4.7	-5.45	-4.55	-4.65	-4.57	-5.21	-5.67	-6.19	-5.31
Shareholders' equity	-365	-259	-184	-23.5	-5.75	266	155	35.6	-45.3	181
Total equity	-365	-259	-184	-23.5	-5.75	266	155	35.6	-45.3	181
Total liabilities and equity	852	995	1,138	1,387	1,587	1,932	2,102	2,395	2,531	2,918
Shares outstanding	56.3	56.7	55.7	55.7	55.5	55.6	52.2	49.5	46.9	46

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	107	122	216	223	75.4	289	332	259	300	370
Depreciation and amortization	7	6.68	14.3	18.8	25.8	24.8	30.4	45	52	59.7
Stock-based compensation	14.6	24.9	15	16.6	7.24	23.4	40.5	40.5	38.4	38.3
Change in receivables	-21.9	-23.1
Change in payables	-13.7	12.5
Cash from operations	152	257	243	271	110	384	367	297	319	270
Capital expenditures	-25.2	-23.4	-47.7	-57.3			-65.8	-68.6	-107	-107
Acquisitions	-1.34	0	-231	0	0	0	-550	0	0	-73.4
Cash from investing	-98.5	-90.1	-321	-251	-24.5	-78.9	-442	-266	-84.6	-218
Debt issued	0	0	9.04	422	448	0	0
Debt repaid	-0.99	-0.66	-0.6	-250	-474	0	-217	0	-500	0
Stock issued	13	14.1	41.4	21.4	10.2	11.1	3.81	6.35	17.5	6.84
Share buybacks	-35.9	-9.81	-149	-50.6	-55.5	-13.4	-435	-363	-381	-138
Dividends paid	-46.2	-48.7	-48.7	-48.1	-25.3	-25	-52.5	-56.5	-55.5	-53.5
Cash from financing	-44.1	-136	-129	-12.5	115	-27.7	-394	-45.9	-222	-50.1
Exchange rate effect	-0.46	1.39	-0.92	0.23	0.03	-0.22	-0.52	0.2	0.3	2.74
Net change in cash		31.5	-208	6.89	201	277	-470	-15	13.1	2.08
Free cash flow	127	234	195	213			301	228	213	164
Interest paid	42	42.4	43.3	48.2	45.1	43.9	46.9	60.8	67.2	90.3
Income taxes paid	65.7	39.2	77.4	41.9	8.61	107	116	94.3	108

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $101.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	25.2%	Operating income / revenue.
EBITDA margin	29.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.0%	Pre-tax income / revenue.
Net margin	20.3%	Net income / revenue.
FCF margin	9.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.7%	Cash from operations / revenue.
Effective tax rate	18.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	230.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.0%	Net income / average total assets.
Return on invested capital (ROIC)	15.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	21.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	29.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	28.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	37.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	27.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	42.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-23.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-18.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	15.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.93x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	14.1x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	67.0%	Total debt / total assets.
Liabilities / assets	95.2%	Total liabilities / total assets.
Net debt	$1.96B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.28x	Operating income / interest expense.
Working capital	-$34.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	47.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.27B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	2.48x	Revenue / average property, plant and equipment.
Receivables turnover	5.79x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
FCF conversion	46.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.66	Revenue / diluted weighted shares.
FCF per share	$3.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.88	Cash from operations / diluted weighted shares.
Book value per share	$3.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$28.03	Tangible book value / shares outstanding.
Cash per share	$0.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	34.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	86.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.60B	Share price x shares outstanding.
Enterprise value	$6.56B	Market cap + total debt - cash - short-term investments.
P/E	14.0x	Market cap / net income. Only when net income is positive.
P/S	2.84x	Market cap / revenue.
P/B	32.4x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	30.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.7x	Market cap / cash from operations, when positive.
EV/Sales	4.05x	Enterprise value / revenue.
EV/EBIT	16.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	42.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	7.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CHOICE HOTELS INTERNATIONAL INC /DE's revenue in fiscal 2025?

CHOICE HOTELS INTERNATIONAL INC /DE reported revenue of $1.60B for fiscal 2025, 0.8% higher than the year before.

Was CHOICE HOTELS INTERNATIONAL INC /DE profitable in fiscal 2025?

Yes. Net income was $369.9M, a net margin of 23.2%.

How much free cash flow did CHOICE HOTELS INTERNATIONAL INC /DE generate in fiscal 2025?

Cash from operations of $270.4M minus capital expenditures of $106.9M left free cash flow of $163.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to CHOICE HOTELS INTERNATIONAL INC /DE