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DiamondRock Hospitality Company (DRH) investor relations material
DiamondRock Hospitality Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Finished 2025 ahead of guidance, achieving record FFO per share, outperforming peers by over 1,300 basis points in total shareholder return, and celebrating 20 years as a public REIT with a board leadership transition to Bruce D. Wardinski.
Fourth quarter net income attributable to common stockholders rose 273.7% year-over-year to $23.8 million ($0.12 per diluted share).
Adjusted EBITDA for Q4 was $71.9 million, up 3.3% year-over-year; full-year Adjusted EBITDA was $297.6 million, down 0.1%.
Adjusted FFO per diluted share for Q4 increased 12.5% to $0.27; full-year Adjusted FFO per share rose 3.8% to $1.08.
Portfolio repositioning, cost discipline, and a rebound in transient demand contributed to exceeding high-end 2025 guidance.
Financial highlights
2025 Adjusted EBITDA: $297.6M; Adjusted FFO per share: $1.08 (record); free cash flow per share: $0.69, up 6% over 2024 and 22% since 2023.
Q4 comparable RevPAR was $201.83 (down 0.3% year-over-year); full-year comparable RevPAR was $207.38 (up 0.4%).
Q4 comparable Total RevPAR was $311.00 (up 0.6%); full-year comparable Total RevPAR was $319.06 (up 1.2%).
Q4 comparable Hotel Adjusted EBITDA was $76.6 million (up 3.7%); full-year comparable Hotel Adjusted EBITDA was $316.5 million (up 1.1%).
Food & beverage revenues up 1.4% in Q4, with margins expanding 120 bps and profits up over 5%.
Outlook and guidance
2026 guidance: comparable RevPAR growth of 1.0%–3.0%, comparable Total RevPAR growth of 1.25%–3.25%.
2026 Adjusted EBITDA expected between $287 million and $302 million; Adjusted FFO per share between $1.09 and $1.16.
Free cash flow per share projected to rise 4% in 2026; Q1 2026 expected to be the toughest comparison, with flat RevPAR.
Quarterly dividend for 2026 expected at $0.09 per share, with potential for a sub-dividend.
Guidance assumes $25–26 million in corporate expenses and $57.5–58.5 million in cash interest expense.
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