Park Hotels & Resorts Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Park 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,727	2,791	2,737	2,844	852	1,362	2,501	2,698	2,599	2,541
General and administrative	71	68	65	62	63	62	63	65	69	72
Operating income	419	371	504	426	-1,202	-179	296	343	391	-33
Interest expense	181	124	127	140	213	228	217	207	214	209
Interest income	2	2	6	6	2	1	13	38	21	10
Other non-operating income	-25		99	45	-15	-7	96
Pre-tax income	221	285	500	351	-1,450	-450	173	144	165	-270
Income tax	82	-2,346	23	35	-6	2	0	38	-61	7
Net income to minority interests	6	6	5	10	-4	7	11	9	14	6
Net income	133	2,625	472	306	-1,440	-459	162	97	212	-283
EBITDA	719	659	781	690	-904	102	565	630	648	303
EPS, basic	0.67	12.38	2.32	1.44	-6.11	-1.95	0.71	0.44	1.02	-1.43
EPS, diluted	0.67	12.21	2.31	1.44	-6.11	-1.95	0.71	0.44	1.01	-1.43
Shares, basic (weighted)	198	211	203	212	236	236	228	214	207	199
Shares, diluted (weighted)	198	214	204	213	236	236	228	215	209	199
Dividend per share		1.84	1.99	1.90	0.45		0.28	2.15	1.40	1.00

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	337	364	410	346	951	688	906	717	402	232
Property, plant and equipment	8,541	8,311	7,975	9,594	9,193	8,511	8,301	7,459	7,398	6,955
Lease right-of-use assets				248	229	210	214	197	191	170
Goodwill	604	606	607	607
Intangible assets	44	41	27	46	45	44	43	42	41	41
Total assets	9,834	9,714	9,363	11,290	10,587	9,743	9,731	9,419	9,161	7,700
Deferred revenue							103	107	120	127
Total liabilities	6,011	3,752	3,777	4,839	5,744	5,340	5,440	5,651	5,567	4,624
Total debt	3,012	2,973	2,958	3,886	5,156	4,706	4,644	3,786	3,865	3,856
Paid-in capital		3,825	3,589	4,575	4,519	4,533	4,321	4,156	4,063	4,031
Retained earnings		2,229	2,047	1,922	376	-83	16	-344	-420	-902
Other comprehensive income	-67	-45	-6	-3	-4	0
Shareholders' equity	3,872	6,011	5,632	6,496	4,893	4,452	4,339	3,814	3,645	3,131
Minority interests	-49	-49	-46	-45	-50	-49	-48	-46	-51	-55
Total equity	3,823	5,962	5,586	6,451	4,843	4,403	4,291	3,768	3,594	3,076
Total liabilities and equity	9,834	9,714	9,363	11,290	10,587	9,743	9,731	9,419	9,161	7,700
Shares outstanding		215	201	239	236	236	224	210	203	200

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	139	2,631	477	316	-1,444	-452	173	106	226	-277
Depreciation and amortization	300	288	277	264	298	281	269	287	257	336
Stock-based compensation		14	16	16	20	19	17	18	19	19
Deferred income tax	-66	-2,378	-20	5	-30	-1	-2	14	-62	4
Change in receivables	-9	4	-27	-3	152	-70	-33	9	-19	14
Change in payables	-1	20	-21	-28	-51	0	44	82	76	37
Cash from operations	399	653	444	499	-438	-137	409	503	429	398
Capital expenditures	-227	-185	-178	-240	-86	-54	-168	-285	-227	-296
Acquisitions						0	0	-11	0	0
Purchases of investments						-200
Cash from investing	-224	-165	419	-635	119	394	87	-217	-166	-209
Debt issued					0	14	30	0	0
Debt repaid				0	-6	-20	-64	-83	-22	-9
Share buybacks			-348	0	-66	0	-227	-180	-116	-45
Dividends paid	-180	-386	-464	-494	-241	0	-7	-152	-512	-280
Cash from financing	29	-459	-816	97	914	-475	-320	-475	-573	-365
Exchange rate effect	2
Net change in cash	206	29	46	-39	595	-218	176	-189	-310	-176
Free cash flow	172	468	266	259	-524	-191	241	218	202	102
Interest paid	169	118	123	135	187	242	245	215	185	212
Income taxes paid	0	16	63	15	23	31	7	7	15	3

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 $15.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	2.0%	Operating income / revenue.
EBITDA margin	12.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.7%	Pre-tax income / revenue.
Net margin	-6.4%	Net income / revenue.
FCF margin	3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.9%	Cash from operations / revenue.
Return on equity (ROE)	-5.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.1%	Net income / average total assets.
Return on invested capital (ROIC)	0.6%	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	12.7%	Capital expenditures / revenue.
D&A / revenue	10.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-108.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-53.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-18.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-233.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-241.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-7.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.9%	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	-49.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-24.9%	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	-28.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	52.9%	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	17.3%	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	-14.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-10.3%	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	-8.5%	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	-15.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.5%	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	-6.2%	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	-4.8%	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	-4.4%	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	-3.4%	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	1.27x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	51.1%	Total debt / total assets.
Liabilities / assets	60.6%	Total liabilities / total assets.
Net debt	$3.67B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	11.2x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.25x	Operating income / interest expense.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	0.37x	Revenue / average property, plant and equipment.
Capex / operating cash flow	80.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.82	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	$12.71	Revenue / diluted weighted shares.
FCF per share	$0.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.02	Cash from operations / diluted weighted shares.
Book value per share	$15.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.15	Tangible book value / shares outstanding.
Cash per share	$1.31	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	245.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.11B	Share price x shares outstanding.
Enterprise value	$6.77B	Market cap + total debt - cash - short-term investments.
P/S	1.22x	Market cap / revenue.
P/B	1.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.02x	Market cap / tangible book value, when positive.
P/FCF	38.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.69x	Market cap / cash from operations, when positive.
EV/Sales	2.67x	Enterprise value / revenue.
EV/EBIT	130x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	83.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.6%	Free cash flow / market cap.
Earnings yield	-5.2%	Net income / market cap (the inverse of P/E).
Dividend yield	6.4%	Dividends paid over the period / market cap.
Shareholder yield	6.4%	(Dividends paid + share buybacks) / market cap.

What was Park Hotels & Resorts Inc.'s revenue in fiscal 2025?

Park Hotels & Resorts Inc. reported revenue of $2.54B for fiscal 2025, 2.2% lower than the year before.

Was Park Hotels & Resorts Inc. profitable in fiscal 2025?

No. It reported a net loss of $283.0M.

How much free cash flow did Park Hotels & Resorts Inc. generate in fiscal 2025?

Cash from operations of $398.0M minus capital expenditures of $296.0M left free cash flow of $102.0M.

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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