Host Hotels & Resorts (HST) Q4 2025 earnings summary

Executive summary

• Delivered strong operational improvements in 2025, exceeding guidance for RevPAR, Adjusted EBITDAre, and Adjusted FFO per share, with continued recovery in key markets, especially Maui, and robust demand in major urban and resort destinations.

• Operates as a self-managed REIT with 76 luxury and upper-upscale hotels totaling 41,700 rooms in 21 top U.S. markets, with a $12.4B market cap and $17.0B enterprise value as of December 31, 2025.

• Sold $1.4 billion in real estate across five properties in 2025 and early 2026, and reinvested $644 million in capital expenditures and resiliency investments.

• Returned nearly $860 million to shareholders in 2025 through dividends and share repurchases.

Financial highlights

• Full-year 2025 Adjusted EBITDAre reached $1.757 billion, up 4.6% year-over-year; Adjusted FFO per share was $2.07, up 3.5%.

• Comparable hotel total RevPAR grew 4.2% and comparable hotel RevPAR grew 3.8% year-over-year; full-year comparable hotel revenues were $5,856.2M.

• Net income for 2025 was $776 million, up 9.8% from 2024, with operating profit margin at 14.0%.

• Fourth quarter 2025 revenues were $1.60 billion, up 12.3% year-over-year; Q4 comparable hotel RevPAR was $227.14.

• Comparable hotel EBITDA margin for 2025 was 28.9%, down 40 bps due to prior year business interruption proceeds.

Outlook and guidance

• 2026 guidance: comparable hotel total RevPAR growth of 2.5%-4%, RevPAR growth of 2%-3.5%, and net income expected between $836 million and $891 million.

• Comparable hotel EBITDA margin expected to be flat to up 20 bps; Adjusted EBITDAre midpoint of $1.77 billion, up 1% year-over-year despite asset sales.

• Diluted EPS guidance for 2026 is $1.19 to $1.27; Adjusted FFO per diluted share is $2.03 to $2.11.

• Capital expenditure guidance for 2026 is $525-$625 million, with $250-$300 million focused on redevelopment and ROI projects.

• Dispositions of The St. Regis Houston and two Four Seasons properties in Q1 2026 expected to generate ~$500M capital gain.