Sunstone Hotel Investors, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sunstone Hotel Investors, 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	1,189	1,194	1,159	1,115	268	509	912	986	906	960
General and administrative	26	28.8	30.2	30.3	28.1	40.3	35.2	31.4	29.1	31.6
Operating expenses	1,019	1,053	977	978	662	597	816	868	827	884
Operating income	189	186	299
Interest expense	50.3	51.8	47.7	54.2	53.3	30.9	32	51.7	50.1	53
Other non-operating income				16.6	2.84	-0.34	5.24	10.5	13.2	11
Pre-tax income	140	138	261	143	-404	33.1	91.1	211	42.2	24.8
Income tax	-0.62	-7.78	1.77	-0.15	6.59	0.11	0.36	4.56	-1.1	0.22
Net income to minority interests	6.48	7.63	8.61	7.06	-5.82	-1.3	3.48
Net income	117	132	236	122	-418	13.6	72.6	192	27.8	8.21
EBITDA	352	345	445
EPS, basic	0.55	0.59	1.05	0.54	-1.93	0.06	0.34	0.93	0.14	0.04
EPS, diluted	0.55	0.59	1.05	0.54	-1.93	0.06	0.34	0.93	0.14	0.04
Shares, basic (weighted)	215	222	226	226	216	216	213	206	202	194
Shares, diluted (weighted)	215	222	226	226	216	216	213	206	203	194
Dividend per share	0.68	0.73	0.69	0.74	0.05		0.10	0.30	0.34	0.36

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	370	488	809	817	368	120	101	426	107	109
Receivables	39.3	34.2	33.8	35.2	8.57	28.7	42.1
Inventory	1.23	1.32	1.08
Other current assets	10.5	10.5	12.3	13.6	10.4	14.3	14.7
Total current assets	568	728	908	914	435	282	214
Property, plant and equipment	0.78	0.58	8.43	7.64	6.77	5.91	3.69	3.12	2.27	1.57
Lease right-of-use assets				60.6	26.1	23.2	15	12.8	8.46	4.42
Goodwill	0.99	0.99	0.99
Other non-current assets	9.39	22.3	29.8	21.9	12.4	13.2	7.87
Total assets	3,739	3,858	3,973	3,919	2,986	3,041	3,083	3,149	3,107	3,029
Accounts payable						47.7	56.8
Accrued liabilities	24.9	26.7	25	25	15.4	19.8	22.8
Deferred revenue		13.5	16.7	18	13.3	33.8	44.2
Short-term debt	185	5.48	5.84	82.1	2.26	20.7	222
Total current liabilities	409	243	233	326	90.8	176	381
Long-term debt	746	977	971	889	743	589	591
Lease liabilities				49.7	30	25.1	14.4
Other non-current liabilities	36.7	29	30.7	18.1	17.5	11.7	12
Total liabilities	1,207	1,276	1,262	1,298	896	801	998	983	1,003	1,084
Total debt	936	990	983	975	748	611	813	815	841	918
Paid-in capital	2,597	2,679	2,729	2,684	2,586	2,631	2,466	2,416	2,396	2,298
Retained earnings	787	932	1,183	1,318	914	948	1,035
Shareholders' equity	2,483	2,534	2,663	2,575	2,049	2,199	2,085	2,167	2,104	1,945
Minority interests	49.1	48.4	47.7	46.2	40.7	40.8
Total equity	2,532	2,582	2,711	2,621	2,089	2,240	2,085	2,167	2,104	1,945
Total liabilities and equity	3,739	3,858	3,973	3,919	2,986	3,041	3,083	3,149	3,107	3,029
Shares outstanding	220	225	228	225	216	219	209	203	201	190

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	141	153	259	143	-411	33	90.8	207	43.3	24.6
Depreciation and amortization	163	159	146	148	137	129	126	127	125	135
Stock-based compensation	7.16	8.04	9.01	9.31	9.58	12.8	10.9	10.8	10.5	8.7
Deferred income tax	0	9.24	-1.13	-0.69	-7.42
Change in receivables	-8.4	3.18	0.91	-1.73	26.8	-20.5	-12.7	10.6	-0.17	0
Change in inventory	0.04	-0.02	0.12
Cash from operations	288	307	305	291	-117	28.4	209	198	170	182
Capital expenditures	-182	-115	-159	-96	-51.4	-63.7	-129	-110	-157	-103
Acquisitions	-2.45	-174
Cash from investing	-143	-139	156	-47.2	114	-240	-166	258	-386	-48.8
Debt issued	100	460	65				244	225	100	150
Debt repaid	-266	-406	-72.6	-7.97	-150	-79.9	-38.9	-222	-74.1	-64.6
Stock issued	55.1	79.4	45.1			38.4
Share buybacks				-50.1	-104		-108	-56.4	-27.2	-103
Dividends paid	-227	-163	-178	-170	-156	-13.7	-24.8	-59.8	-91	-86.4
Cash from financing	-283	-46.2	-159	-241	-446	-42.1	-49.2	-120	-97.5	-128
Net change in cash	-138	122	303	2.6	-449	-253	-5.51	336	-313	5.44
Free cash flow	106	192	146	195	-168	-35.3	80.8	88	13	78.7
Interest paid	50.1	41	44.8	45.3	40.3	31.4	31.7	49.3	48.9	48.8
Income taxes paid	1.24	1.43	0.69	-0.4	-1	0.04	0.71	1.73	3.14	-1.4

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 $11.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	5.3%	Pre-tax income / revenue.
Net margin	4.2%	Net income / revenue.
FCF margin	9.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.8%	Cash from operations / revenue.
Return on equity (ROE)	2.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.0%	Capital expenditures / revenue.
D&A / revenue	13.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-70.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-51.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-71.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-51.0%	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	6.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.6%	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	505.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.9%	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	5.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	53.3%	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	48.4%	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	-7.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.3%	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	-1.0%	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	-2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.6%	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	0.3%	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	-4.1%	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	-3.0%	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	-2.1%	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	0.51x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.9%	Total debt / total assets.
Liabilities / assets	38.0%	Total liabilities / total assets.
Net debt	$873.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$1.88B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	780x	Revenue / average property, plant and equipment.
FCF conversion	234.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	50.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.23	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	$5.41	Revenue / diluted weighted shares.
FCF per share	$0.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.07	Cash from operations / diluted weighted shares.
Book value per share	$10.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.11	Tangible book value / shares outstanding.
Cash per share	$0.51	(Cash + short-term investments) / shares outstanding.
Payout ratio	201.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	86.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	45.6%	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	$2.95B	Market cap + total debt - cash - short-term investments.
P/E	49.6x	Market cap / net income. Only when net income is positive.
P/S	2.07x	Market cap / revenue.
P/B	1.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.11x	Market cap / tangible book value, when positive.
P/FCF	21.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.5x	Market cap / cash from operations, when positive.
EV/Sales	2.95x	Enterprise value / revenue.
EV/FCF	30.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Dividend yield	4.1%	Dividends paid over the period / market cap.
Shareholder yield	6.2%	(Dividends paid + share buybacks) / market cap.

What was Sunstone Hotel Investors, Inc.'s revenue in fiscal 2025?

Sunstone Hotel Investors, Inc. reported revenue of $960.1M for fiscal 2025, 6% higher than the year before.

Was Sunstone Hotel Investors, Inc. profitable in fiscal 2025?

Yes. Net income was $8.2M, a net margin of 0.9%.

How much free cash flow did Sunstone Hotel Investors, Inc. generate in fiscal 2025?

Cash from operations of $181.8M minus capital expenditures of $103.0M left free cash flow of $78.7M.

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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