Service Properties Trust financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Service Properties 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	2,047	2,172	2,295	2,316	1,265	1,496	1,863	1,874	1,897	1,815
Cost of revenue	1,203	1,275	1,387	1,411	683	1,011	1,227	1,224	1,274	1,227
Gross profit	845	897	907	905	582	485	636	650	623	588
General and administrative	99.1	125	105	54.6	50.7	53.4	44.4	45.4	40.2	40.7
Operating income	387	380
Interest expense	162	182	195	225	306	366	342	336	384	414
Pre-tax income	227	211	186	262	-284	-545	-135	0	0	-213
Income tax	4.02	-3.28	1.2	2.79	17.2	-0.94	-0.2	-1.5	1.4	-10.7
Net income	223	215	186	260	-311	-545	-132	-32.8	-276	-202
EBITDA	744	767
EPS, basic	1.30	1.24	1.13	1.58	-1.89	-3.31	-0.80	-0.20	-1.67	-1.22
EPS, diluted	1.30	1.24	1.13	1.58	-1.89	-3.31	-0.80	-0.20	-1.67	-1.22
Shares, basic (weighted)	156	164	164	164	164	165	165	165	165	166
Shares, diluted (weighted)	156	164	164	164	164	165	165	165	165	166
Dividend per share	2.03	2.07	2.11	2.15	0.57	0.04	0.23	0.80	0.61	0.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.9	24.1	26	27.6	73.3	944	38.4	180	143	347
Lease right-of-use assets				75	84.9	177	177	157	151	147
Intangible assets	109	108	106	379	326	283	252	131	108	100
Total assets	6,634	7,150	7,177	9,034	8,687	9,153	7,488	7,356	7,120	6,492
Total liabilities	3,505	4,395	4,580	6,528	6,585	7,598	6,099	6,130	6,268	5,845
Total debt								5,634	5,832	5,505
Paid-in capital	4,540	4,542	4,545	4,548	4,550	4,553	4,555	4,557	4,560	4,565
Retained earnings	3,105	3,310	3,232	3,492	3,180	2,636	2,503	2,471	2,195	1,993
Other comprehensive income	39.6	79.4	-0.27	0	-0.76	0.78	2.38	2.32	1.87	2.07
Shareholders' equity	3,129	2,755	2,597	2,506	2,103	1,555	1,389	1,226	852	646
Total equity	3,129	2,755	2,597	2,506	2,103	1,555	1,389	1,226	852	646
Total liabilities and equity	6,634	7,150	7,177	9,034	8,687	9,153	7,488	7,356	7,120	6,492
Shares outstanding	164	164	164	165	165	165	165	166	167	33.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	223	215	186	260	-311	-545	-132	-32.8	-276	-202
Depreciation and amortization	357	387	403	428	499	486	401	384	372	315
Deferred income tax	0.01	-0.24	-1.05	-0.13	13.9	-1.97	-0.82	-1.9	-0.63	-13.1
Cash from operations	607	628	597	618	37.6	49.9	243	486	139	118
Capital expenditures	-188	-131	-183	-151	-69.1	-95	-104	-201	-304	-225
Sales and maturities of investments		0	0	93.9	0	0
Cash from investing	-520	-795	-428	-2,130	-51.8	-101	397	-29.6	-223	529
Debt issued	738	990	390	1,694	1,250	0	0	986	1,165
Debt repaid			0	0	-406	0	-500	-1,675	-1,163	-802
Stock issued	372	0	0
Share buybacks	-0.61	-0.53	-0.61	-0.8	-0.35	-0.79	-0.47	-0.8	-0.75	-0.66
Dividends paid	-314	-340	-347	-354	-93.8	-6.6	-38	-132	-101	-6.68
Cash from financing	-81	193	-191	1,518	24.4	907	-1,542	-304	43	-432
Net change in cash	6.46	26.1	-21.5	5.26	10.2	856	-902	152	-40.4	215
Free cash flow	420	497	414	467	-31.5	-45.1	139	285	-164	-107
Interest paid	146	173	174	191	281	344	334	314	366	380
Income taxes paid	2.73	2.83	3.22	2.93	2.12	3.41	1.64	1.37	4.19	-0.64

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 $6.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.9%	Gross profit / revenue.
Pre-tax margin	-25.9%	Pre-tax income / revenue.
Net margin	-25.4%	Net income / revenue.
FCF margin	-4.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.4%	Cash from operations / revenue.
Return on equity (ROE)	-52.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.2%	Net income / average total assets.
Capex / revenue	11.7%	Capital expenditures / revenue.
D&A / revenue	18.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.5%	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	0.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-21.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-93.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-44.2%	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	-41.2%	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	-24.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-22.5%	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	-21.0%	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	-8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.6%	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	-5.7%	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	0.4%	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	0.2%	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	0.2%	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
Liabilities / assets	86.2%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$714.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Capex / operating cash flow	156.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.30	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	$12.97	Revenue / diluted weighted shares.
FCF per share	-$0.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.96	Cash from operations / diluted weighted shares.
Book value per share	$6.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.51	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$853.5M	Share price x shares outstanding.
Enterprise value	$848.0M	Market cap + total debt - cash - short-term investments.
P/S	0.51x	Market cap / revenue.
P/B	1.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.20x	Market cap / tangible book value, when positive.
P/OCF	6.91x	Market cap / cash from operations, when positive.
EV/Sales	0.51x	Enterprise value / revenue.
FCF yield	-8.2%	Free cash flow / market cap.
Earnings yield	-49.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.

What was Service Properties Trust's revenue in fiscal 2025?

Service Properties Trust reported revenue of $1.81B for fiscal 2025, 4.3% lower than the year before.

Was Service Properties Trust profitable in fiscal 2025?

No. It reported a net loss of $202.3M.

How much free cash flow did Service Properties Trust generate in fiscal 2025?

Cash from operations of $117.8M minus capital expenditures of $224.8M left free cash flow of -$107.0M.

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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