RLJ Lodging Trust financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RLJ Lodging 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	1,160	1,356	1,761	1,566	473	786	1,194	1,326	1,369	1,350
General and administrative	31.5	40.5	49.2	45.3	41.1	47.5	56.3	59	54.8	47.6
Operating expenses	940	1,175	1,505	1,348	730	981	1,072	1,173	1,220	1,223
Operating income	220	181
Interest expense	58.8	78.3	102	91.3	100	106	93.2	98.8	111	112
Interest income	1.7	2.99	4.89	8.72	4.24	1	4.56	19.7	17.3	13.6
Other non-operating income	0.3	0.27	2.79	1.24	1.94	-7.61	9.5	4.36	5.34	3.48
Pre-tax income	210	118	200	126	-357	-310	43.7	77.9	69.8	29.7
Income tax	8.19	42.1	8.79	-3.75	52	1.19	1.52	1.26	1.6	1.15
Income from continuing operations	155
Net income	200	74.8	189	128	-404	-305	41.9	76.4	68	28.5
EBITDA	383	368
EPS, basic	1.61	0.47	0.93	0.59	-2.61	-2.01	0.10	0.32	0.27	0.01
EPS, diluted	1.61	0.47	0.93	0.59	-2.61	-2.01	0.10	0.32	0.27	0.01
Shares, basic (weighted)	124	141	174	171	165	164	162	156	153	150
Shares, diluted (weighted)	124	141	174	171	165	164	162	157	153	150
Dividend per share	1.32	1.32	1.32	1.32	0.04	0.04	0.12	0.36	0.50	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	457	586	320	882	900	665	481	517	410	410
Lease right-of-use assets			0	144	143	145	137	136	128	124
Intangible assets	0.9	133	52.4	0
Total assets	4,023	6,795	6,002	5,851	5,617	5,149	4,978	4,919	4,884	4,742
Total liabilities	1,788	3,225	2,505	2,625	2,930	2,735	2,550	2,569	2,586	2,559
Total debt	1,583	2,880	2,203	2,196	2,588	2,409	2,218	2,221	2,220	2,197
Paid-in capital	2,187	3,208	3,195	3,128	3,077	3,093	3,055	3,001	2,992	2,978
Retained earnings	38.2	-82.6	-150	-275	-710	-1,047	-1,049	-1,055	-1,090	-1,178
Other comprehensive income	-4.9	8.85	16.2	-19.5	-69.1	-17.1	40.6	22.7	13.8	1.92
Shareholders' equity	2,222	3,503	3,430	3,202	2,667	2,398	2,415	2,337	2,285	2,170
Minority interests	13.4	22.9	22.7	24.1	20.9	16.2	14	13.9	13.7	13.1
Total equity	2,235	3,570	3,497	3,226	2,687	2,414	2,429	2,351	2,298	2,183
Total liabilities and equity	4,023	6,795	6,002	5,851	5,617	5,149	4,978	4,919	4,884	4,742
Shares outstanding	124	175	174	174	165	167	162	155	153	151

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	201	75.7	191	129	-409	-311	42.2	76.6	68.2	28.6
Depreciation and amortization	163	187	242	212	194	188	185	179	179	186
Stock-based compensation	5.99	10.6	12.3	11.5	12.4	17.1	21.7	24.3	20.8	15.3
Deferred income tax	6.99	40.1	8.38	-6.82	51.4	0	0
Change in receivables	-0.26	-5.69	5.58	8.81	26.4	-18	-7.56	12.4	0.65	-4.32
Change in payables	2.87	-27.6	-20.6	-10.7	-48.8	7.2	13.1	-11.1	1.91	-5.17
Cash from operations	331	261	395	397	-169	43	257	315	285	244
Capital expenditures	-0.28	-0.22	-0.28	-157	-73.3	-48.3	-124	-132	-136	-126
Cash from investing	185	65	277	530	-66.7	-24.6	-136	-135	-276	-57.4
Debt issued				0	0	1,000	0	0
Stock issued	0
Share buybacks	-13.3	-2.61	-21.8	-77.8	-62.6	0	-57.6	-76	-22	-28.6
Dividends paid	-164	-170	-231	-228	-61	-6.7	-13.3	-49.2	-69.8	-91.4
Cash from financing	-182	-190	-946	-385	243	-239	-298	-161	-132	-178
Net change in cash	334	135	-274	542	7.63	-221	-177	18.9	-122	8.74
Free cash flow	331	260	395	240	-242	-5.3	132	183	149	117
Interest paid	56.3	65.2	114	97.3	98.5	92.7	87.2	89.8	104	104
Income taxes paid	1.29	1.18	1.84	4.09	1.5	0.48	1.26	2.54	2.22	0.83

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 $11.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	2.1%	Pre-tax income / revenue.
Net margin	2.0%	Net income / revenue.
FCF margin	12.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.3%	Cash from operations / revenue.
Effective tax rate	3.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.8%	Capital expenditures / revenue.
D&A / revenue	13.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-58.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-96.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-53.6%	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	-14.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.7%	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	-21.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.9%	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	20.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	71.0%	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	71.9%	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	-5.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.5%	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	-4.0%	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	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	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	-3.3%	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	-2.6%	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	-1.8%	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	1.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	51.5%	Total debt / total assets.
Liabilities / assets	58.6%	Total liabilities / total assets.
Net debt	$1.76B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$2.15B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
FCF conversion	628.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	35.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.18	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	$9.15	Revenue / diluted weighted shares.
FCF per share	$1.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.77	Cash from operations / diluted weighted shares.
Book value per share	$14.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.12	Tangible book value / shares outstanding.
Cash per share	$6.15	(Cash + short-term investments) / shares outstanding.
Payout ratio	331.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	52.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	16.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.71B	Share price x shares outstanding.
Enterprise value	$3.46B	Market cap + total debt - cash - short-term investments.
P/E	61.9x	Market cap / net income. Only when net income is positive.
P/S	1.24x	Market cap / revenue.
P/B	0.79x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.79x	Market cap / tangible book value, when positive.
P/FCF	9.84x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.39x	Market cap / cash from operations, when positive.
EV/Sales	2.51x	Enterprise value / revenue.
EV/FCF	20.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.2%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	5.4%	Dividends paid over the period / market cap.
Shareholder yield	7.0%	(Dividends paid + share buybacks) / market cap.

What was RLJ Lodging Trust's revenue in fiscal 2025?

RLJ Lodging Trust reported revenue of $1.35B for fiscal 2025, 1.4% lower than the year before.

Was RLJ Lodging Trust profitable in fiscal 2025?

Yes. Net income was $28.5M, a net margin of 2.1%.

How much free cash flow did RLJ Lodging Trust generate in fiscal 2025?

Cash from operations of $243.8M minus capital expenditures of $126.4M left free cash flow of $117.4M.

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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