Host Hotels & Resorts (HST) Q2 2025 earnings summary

Executive summary

• Achieved 4.2% growth in comparable hotel Total RevPAR and 3.0% in comparable hotel RevPAR for Q2 2025, driven by strong transient demand, higher ADR, and Maui recovery.

• Q2 2025 revenues were $1,586M, up 8.2% year-over-year; adjusted EBITDAre was $496M, up 3.1%; adjusted FFO/share was $0.58, up 1.8%.

• Net income for Q2 2025 was $225M, down 7.0% year-over-year, impacted by lower insurance gains and higher expenses.

• Raised full-year 2025 guidance for comparable hotel RevPAR growth to 1.5%-2.5% and Total RevPAR growth to 2.0%-3.0%, reflecting outperformance in the first half.

• Completed the sale of The Westin Cincinnati for $60M, recording a $21M gain, and repurchased $205M in shares YTD.

Financial highlights

• Q2 2025 comparable hotel revenues were $1,554M–$1,586M, up from $1,491M in Q2 2024; comparable hotel EBITDA was $481M, up from $479.6M.

• Q2 adjusted EBITDAre was $496M (up 3.1% YoY); year-to-date adjusted EBITDAre was $1,010M (up 4.1%).

• Q2 comparable hotel RevPAR: $239.64 (up 3.0% YoY); ADR: $324.87 (up from $313.17 YoY).

• Comparable hotel EBITDA margin for Q2 2025 was 31.0% (down 120 bps YoY); full-year forecast is 28.6%.

• Q2 diluted EPS: $0.32 (down 5.9% YoY); NAREIT FFO/share: $0.57 (flat); adjusted FFO/share: $0.58 (up 1.8%).

Outlook and guidance

• Full-year 2025 guidance: comparable hotel RevPAR growth of 1.5%-2.5%, Total RevPAR growth of 2.0%-3.0%, and total revenues of $6,054-$6,109M.

• Net income guidance for 2025 is $601-$631M; adjusted EBITDAre guidance is $1,690-$1,720M.

• Diluted EPS guidance for 2025 is $0.85-$0.90; adjusted FFO/share guidance is $1.98-$2.02.

• Margins expected to decline due to wage and benefit inflation, with wage growth projected at 6% for 2025.

• Expect negative YoY RevPAR in Q3, with slight growth in Q4; guidance reflects macroeconomic uncertainty.