Pebblebrook Hotel Trust financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Pebblebrook Hotel Trust 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	816	769	829	1,612	443	733	1,392	1,420	1,453	1,476
Cost of revenue	484	468	512	974	379	497	883	941	961	986
Gross profit	332	301	317	638	63.5	236	508	479	492	490
General and administrative	27.9	20.1	20.9	34	45.2	38.2	39.2	44.8	48.1	49.5
Operating income	180	135	67	229	-293	-89.8	14.7	37.8	84	43.8
Interest expense	43.6	37.3	53.9	108	104	96.6	100	116	112	103
Interest income	2	0.1	0.18
Other non-operating income	0.28	2.36	2.08	0.03	0.52	0.11	0.56	4.23	2.79	3.6
Pre-tax income	73.8	100	15.1	121	-396	-186	-84.7	-73.6	-25.6	-55.9
Income tax	-0.13	0.18	1.74	5.17	-3.7	0.06	0.28	0.66	-25.6	6.29
Net income to minority interests	0.26	0.37	-0.01	0.28	-0.86	-1.51	2.19	3.74	4.26	3.58
Net income	73.7	99.9	13.4	115	-392	-185	-87.2	-78	-4.24	-65.8
EBITDA	282	238	175	464
EPS, basic	0.65	1.20	-0.06	0.63	-3.25	-1.80	-0.95	-0.93	-0.39	-0.90
EPS, diluted	0.64	1.19	-0.06	0.63	-3.25	-1.80	-0.95	-0.93	-0.39	-0.90
Shares, basic (weighted)	71.9	69.6	74.3	130	131	131	130	122	120	117
Shares, diluted (weighted)	72.4	70	74.3	131	131	131	130	122	120	117

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	33.4	25.4	83.4	30.1	124	58.5	41	184	207	184
Lease right-of-use assets			0	335	321	379	370	361	351	354
Intangible assets	29.6	29	200	0
Total assets	2,809	2,591	6,978	6,499	6,076	6,261	6,134	5,825	5,693	5,348
Total liabilities	1,200	1,087	3,208	2,867	2,812	3,097	3,049	2,975	2,905	2,785
Total debt	996	885	2,747	2,229	2,280	2,442	2,387	2,320	2,247	2,124
Paid-in capital	1,776	1,685	4,066	4,069	4,170	4,268	4,182	4,079	4,072	3,970
Retained earnings	-169	-191	-309						-1,393	-1,503
Other comprehensive income	-2.31	3.69	1.33	-24.7	-60.1	-19.4	35.7	24.4	16.6	0.61
Shareholders' equity	1,606	1,499	3,760	3,621	3,257	3,156	2,997	2,764	2,697	2,469
Minority interests	3.43	4.63	10.1	10.7	6.99	7.72	88	86.8	90.5	94.1
Total equity	1,609	1,504	3,770	3,632	3,264	3,164	3,085	2,850	2,788	2,563
Total liabilities and equity	2,809	2,591	6,978	6,499	6,076	6,261	6,134	5,825	5,693	5,348
Shares outstanding	71.9	68.8	130	130	131	131	126	120	119	113

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	74	100	13.4	116	-393	-186	-85	-74.3	0.02	-62.2
Depreciation and amortization	102	102	108	235
Stock-based compensation	8.47	5.65	6.23	8.24	22.8	11.4	11.4	12.5	13.6	13.7
Deferred income tax							0	0	-28.5	4.2
Change in receivables	1.26	-1.27	3.68	8.65	38.5	-27.5	-7.97	1.17	5.04	4.02
Change in payables	4.49	-9.18	-34.5	-0.61	-60.7	51.8	24.8	-5.86	-14.5	-8.54
Cash from operations	240	194	136	395	-202	70.8	279	236	275	250
Capital expenditures	-0.07	-0.04	-0.16	-0.75	0			-201	-129	-97.4
Acquisitions	0	0	-1,373	0	0
Purchases of investments	0	0	-356	0	0
Sales and maturities of investments	0	0	6.66	0	0
Cash from investing	298	132	-1,778	300	250	-81.6	-109	142	-92.8	10.3
Debt issued	150	0	1,850	0	513	269	1,380	140	400	400
Debt repaid	-366	-72.3	-102	-518	-213	-392	-1,435	-211	-465	-511
Stock issued	0
Share buybacks	-2.5	-96	-2.51	-4.01	-1.26	-0.72	-70.7	-92.8	-16.9	-72.6
Dividends paid	-105	-107	-106	-185	-54	-5.28	-5.29	-4.97	-4.87	-4.76
Cash from financing	-533	-334	1,718	-746	31.1	-33.3	-209	-237	-158	-281
Net change in cash	7.07	-8.3	75.3	-50.9	79.4	-44.1	-40	141	24	-21.4
Free cash flow	240	194	136	394	-202			35.6	146	152
Interest paid	41.4	34	48.7	91.9	90.7	84.5	82.9	106	100	99.2
Income taxes paid	0.37	0.58	4.05	4.57	3.47	-0.26	-2.3	-2.55	2.58	1.41

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 $18.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.1%	Gross profit / revenue.
Operating margin	4.3%	Operating income / revenue.
Pre-tax margin	-2.2%	Pre-tax income / revenue.
Net margin	-3.1%	Net income / revenue.
FCF margin	13.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.6%	Cash from operations / revenue.
Return on equity (ROE)	-1.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.9%	Net income / average total assets.
Return on invested capital (ROIC)	1.2%	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	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	50.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-47.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	43.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-9.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.6%	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	4.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-8.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.3%	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	-5.4%	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	-6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.5%	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	-2.5%	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	-2.3%	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	-3.6%	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	-2.2%	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	0.86x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.4%	Total debt / total assets.
Liabilities / assets	52.4%	Total liabilities / total assets.
Net debt	$1.82B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	0.63x	Operating income / interest expense.
Tangible book value	$2.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Capex / operating cash flow	25.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.37	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	$11.81	Revenue / diluted weighted shares.
FCF per share	$1.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.20	Cash from operations / diluted weighted shares.
Book value per share	$21.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.51	Tangible book value / shares outstanding.
Cash per share	$2.32	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	2.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	34.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.08B	Share price x shares outstanding.
Enterprise value	$3.90B	Market cap + total debt - cash - short-term investments.
P/S	1.39x	Market cap / revenue.
P/B	0.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.86x	Market cap / tangible book value, when positive.
P/FCF	10.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.44x	Market cap / cash from operations, when positive.
EV/Sales	2.60x	Enterprise value / revenue.
EV/EBIT	61.0x	Enterprise value / operating income, when both are positive.
EV/FCF	18.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.0%	Free cash flow / market cap.
Earnings yield	-2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.

What was Pebblebrook Hotel Trust's revenue in fiscal 2025?

Pebblebrook Hotel Trust reported revenue of $1.48B for fiscal 2025, 1.5% higher than the year before.

Was Pebblebrook Hotel Trust profitable in fiscal 2025?

No. It reported a net loss of $65.8M.

How much free cash flow did Pebblebrook Hotel Trust generate in fiscal 2025?

Cash from operations of $249.7M minus capital expenditures of $97.4M left free cash flow of $152.3M.

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.

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