Host Hotels & Resorts (HST) Q3 2026 earnings summary

Executive summary

• Q3 comparable RevPAR rose 8.8% and Total RevPAR 7.3%; Adjusted EBITDAre increased 8.8% to $347M and Adjusted FFO per diluted share rose 11.4% to $0.39.

• Q3 revenue increased 1.2% to $1.347B, while net income fell to $71M from $163M, mainly due to lower asset-sale gains.

• Broad-based market and demand strength supported performance; 23 of 24 domestic markets posted comparable RevPAR growth.

Financial highlights

• Comparable hotel EBITDA was $331M, up 11.4%; margin expanded 90 bps to 25.2%. Comparable hotel revenue was $1.312B, up 7.4%.

• YTD Adjusted EBITDAre increased 6.5% to $1.415B and Adjusted FFO per diluted share rose 8.3% to $1.69; YTD net income was $813M.

• Q3 diluted EPS was $0.10 versus $0.23; YTD diluted EPS was $1.16 versus $0.91, with YTD asset-sale gains contributing to net income growth.

• Q3 total expenses rose ~6%, expenses per occupied room increased 3%, and Adjusted EBITDAre flow-through was 38%.

Outlook and guidance

• FY2026 comparable RevPAR growth guidance increased to 6.75% and Total RevPAR growth to 6.0%; Adjusted EBITDAre guidance rose $35M to $1.865B.

• FY2026 comparable hotel EBITDA forecast is $1.757B, with margin expected to improve ~80 bps to 30%; revenue guidance is $6.213B.

• October comparable RevPAR growth was ~6.5%; Q4 outlook cited strong group pace, sustained rates and high-single-digit comparable RevPAR growth.

• FY2026 guidance includes $3M net income and $6M EBITDA from October acquisitions, plus an estimated $18M contribution from condominium sales; remaining sales are expected to shift to 2027.

• 2027 group revenue pace was 6% above the prior-year level; acquisitions, renovations, Maui and San Francisco recovery, business travel and moderating costs support the outlook.