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Financial statementsHOST HOTELS & RESORTS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HOST HOTELS & RESORTS, INC. 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 | 5,430 | 5,387 | 5,524 | 5,469 | 1,620 | 2,890 | 4,907 | 5,311 | 5,684 | 6,114 |
| General and administrative | 106 | 98 | 104 | 107 | 89 | 99 | 107 | 132 | 123 | 124 |
| Operating income | 684 | 676 | 530 | 799 | -953 | -250 | 775 | 827 | 875 | 855 |
| Interest expense | 154 | 167 | 176 | 222 | 194 | 191 | 156 | 191 | 215 | 235 |
| Pre-tax income | 811 | 651 | 1,301 | 962 | -961 | -102 | 669 | 788 | 721 | 818 |
| Income tax | 40 | 80 | 150 | 30 | -220 | -91 | 26 | 36 | 14 | 42 |
| Net income to minority interests | 9 | 7 | 64 | 12 | -9 | 0 | 10 | 12 | 10 | 11 |
| Net income | 762 | 564 | 1,087 | 920 | -732 | -11 | 633 | 740 | 697 | 765 |
| EBITDA | 1,408 | 1,427 | 1,474 | 1,475 | -288 | 512 | 1,439 | 1,524 | 1,637 | 1,650 |
| EPS, basic | 1.03 | 0.76 | 1.47 | 1.26 | -1.04 | -0.02 | 0.89 | 1.04 | 0.99 | 1.11 |
| EPS, diluted | 1.02 | 0.76 | 1.47 | 1.26 | -1.04 | -0.02 | 0.88 | 1.04 | 0.99 | 1.10 |
| Shares, basic (weighted) | 743 | 0 | 0 | 0 | 0 | 710 | 715 | 710 | 702 | 691 |
| Shares, diluted (weighted) | 744 | 0 | 0 | 0 | 0 | 710 | 718 | 713 | 704 | 694 |
| Dividend per share | 0.85 | 0.85 | 0.85 | 0.85 | 0.20 | 0.00 | 0.53 | 0.90 | 0.90 | 0.95 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 372 | 913 | 1,542 | 1,573 | 2,335 | 807 | 667 | 1,144 | 554 | 768 |
| Property, plant and equipment | 10,145 | 9,692 | 9,760 | 9,671 | 9,416 | 9,994 | 9,748 | 9,624 | 10,906 | 10,636 |
| Lease right-of-use assets | 595 | 597 | 551 | 556 | 550 | 559 | 560 | |||
| Total assets | 11,408 | 11,693 | 12,090 | 12,305 | 12,890 | 12,352 | 12,269 | 12,243 | 13,048 | 13,049 |
| Lease liabilities | 606 | 610 | 564 | 568 | 563 | 560 | 563 | |||
| Total liabilities | 4,210 | 4,524 | 4,396 | 4,838 | 6,456 | 5,780 | 5,390 | 5,417 | 6,271 | 6,317 |
| Total debt | 1,215 | 1,496 | 455 | 445 | 442 | 436 | 758 | 746 | 896 | 1,274 |
| Paid-in capital | 8,077 | 8,097 | 8,156 | 7,675 | 7,568 | 7,702 | 7,717 | 7,535 | 7,462 | 7,289 |
| Retained earnings | -1,007 | -1,071 | -610 | -307 | -1,180 | -1,192 | -939 | -839 | -777 | -670 |
| Other comprehensive income | -83 | -60 | -59 | -56 | -74 | -76 | -75 | -70 | -83 | -68 |
| Shareholders' equity | 6,994 | 6,973 | 7,494 | 7,319 | 6,321 | 6,441 | 6,710 | 6,633 | 6,609 | 6,558 |
| Minority interests | 39 | 29 | 72 | 6 | 5 | 5 | 5 | 4 | 3 | 3 |
| Total equity | 7,033 | 7,002 | 7,566 | 7,325 | 6,326 | 6,446 | 6,715 | 6,637 | 6,612 | 6,561 |
| Total liabilities and equity | 11,408 | 11,693 | 12,090 | 12,305 | 12,890 | 12,352 | 12,269 | 12,243 | 13,048 | 13,049 |
| Shares outstanding | 738 | 739 | 740 | 713 | 705 | 714 | 713 | 704 | 699 | 688 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 771 | 571 | 1,151 | 932 | -741 | -11 | 643 | 752 | 707 | 776 |
| Depreciation and amortization | 724 | 751 | 944 | 676 | 665 | 762 | 664 | 697 | 762 | 795 |
| Stock-based compensation | 12 | 11 | 14 | 15 | 17 | 18 | 26 | 30 | 24 | 26 |
| Deferred income tax | 27 | 38 | 4 | 7 | -165 | -93 | 20 | 26 | 8 | 28 |
| Cash from operations | 1,302 | 1,230 | 1,300 | 1,250 | -307 | 292 | 1,416 | 1,441 | 1,498 | 1,510 |
| Capital expenditures | -293 | -205 | -274 | -336 | -343 | -293 | -307 | -195 | -260 | -282 |
| Acquisitions | -63 | -468 | ||||||||
| Cash from investing | -99 | -267 | 100 | 58 | -195 | -1,158 | -618 | -183 | -2,040 | -507 |
| Debt issued | 404 | 645 | 740 | 443 | 0 | 0 | 1,279 | 892 | ||
| Debt repaid | -650 | -450 | -400 | 0 | 0 | -400 | -900 | |||
| Stock issued | 4 | 0 | 0 | 138 | 1 | 1 | ||||
| Share buybacks | -218 | -482 | -147 | 0 | -27 | -182 | -107 | -205 | ||
| Dividends paid | -596 | -628 | -629 | -623 | -320 | 0 | -150 | -547 | -737 | -623 |
| Cash from financing | -1,037 | -402 | -748 | -1,315 | 1,231 | -657 | -874 | -771 | -13 | -868 |
| Exchange rate effect | 1 | 4 | -5 | 1 | -3 | 0 | -3 | 2 | -10 | 4 |
| Net change in cash | 167 | 565 | 647 | -6 | 726 | -1,523 | -79 | 489 | -565 | 139 |
| Free cash flow | 1,009 | 1,025 | 1,026 | 914 | -650 | -1 | 1,109 | 1,246 | 1,238 | 1,228 |
| Interest paid | 144 | 158 | 171 | 219 | 183 | 183 | 142 | 183 | 172 | 241 |
| Income taxes paid | 15 | 40 | 82 | 93 | 11.6 | 11.2 | 11.4 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 14.6% | Operating income / revenue. |
| EBITDA margin | 27.2% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 17.6% | Pre-tax income / revenue. |
| Net margin | 16.5% | Net income / revenue. |
| FCF margin | 21.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 25.8% | Cash from operations / revenue. |
| Effective tax rate | 4.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 16.1% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 7.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | 9.1% | 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%. |
| Stock-based pay / revenue | 0.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 4.4% | Capital expenditures / revenue. |
| D&A / revenue | 12.7% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 7.6% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 7.6% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 30.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -2.3% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 3.3% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 0.8% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 4.7% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 9.8% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 6.5% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | 11.1% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 7.7% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 0.8% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 2.2% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -0.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 3.5% | 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 | 5.6% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 21.5% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 36.6% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -0.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -0.8% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 0.7% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 0.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 2.1% | 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 | 0.2% | 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 | -1.4% | 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 | -1.1% | 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 | 1,480.0% | 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 |
|---|---|---|
| Debt / equity | 0.80x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 38.3% | Total debt / total assets. |
| Liabilities / assets | 50.1% | Total liabilities / total assets. |
| Net debt | $3.13B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 1.85x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 3.82x | Operating income / interest expense. |
| Tangible book value | $6.39B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.47x | Revenue / average total assets. |
| Fixed asset turnover | 0.65x | Revenue / average property, plant and equipment. |
| FCF conversion | 129.5% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 17.2% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.49 | 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 | $9.05 | Revenue / diluted weighted shares. |
| FCF per share | $1.94 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.34 | Cash from operations / diluted weighted shares. |
| Book value per share | $9.33 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $9.33 | Tangible book value / shares outstanding. |
| Cash per share | $2.85 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 63.5% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 49.0% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 5.6% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $15.36B | Share price x shares outstanding. |
| Enterprise value | $18.49B | Market cap + total debt - cash - short-term investments. |
| P/E | 15.0x | Market cap / net income. Only when net income is positive. |
| P/S | 2.47x | Market cap / revenue. |
| P/B | 2.40x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.40x | Market cap / tangible book value, when positive. |
| P/FCF | 11.5x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 9.56x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.97x | Enterprise value / revenue. |
| EV/EBIT | 20.4x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 10.9x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 13.9x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 8.7% | Free cash flow / market cap. |
| Earnings yield | 6.7% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 4.2% | Dividends paid over the period / market cap. |
| Shareholder yield | 4.7% | (Dividends paid + share buybacks) / market cap. |
| PEG | 1.94x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was HOST HOTELS & RESORTS, INC.'s revenue in fiscal 2025?
HOST HOTELS & RESORTS, INC. reported revenue of $6.11B for fiscal 2025, 7.6% higher than the year before.
Was HOST HOTELS & RESORTS, INC. profitable in fiscal 2025?
Yes. Net income was $765.0M, a net margin of 12.5%.
How much free cash flow did HOST HOTELS & RESORTS, INC. generate in fiscal 2025?
Cash from operations of $1.51B minus capital expenditures of $282.0M left free cash flow of $1.23B.