Host Hotels & Resorts (HST) Q4 2025 earnings summary

Executive summary

• Delivered strong operational improvements in 2025, exceeding guidance on key metrics, with a $12.4B market cap and $17.0B enterprise value as of December 31, 2025.

• Achieved full year 2025 comparable hotel Total RevPAR growth of 4.2% and comparable hotel RevPAR growth of 3.8% year-over-year, driven by increased transient demand and higher room rates.

• Outperformed upper-tier industry RevPAR growth by 200 basis points and executed significant capital allocation through asset sales, reinvestment, share repurchases, and dividends.

• Sold high-profile assets at attractive multiples, generating substantial shareholder value and positioning for future opportunities.

• 2025 saw continued recovery in key markets, especially Maui, following 2023 wildfires, and strong demand in major urban and resort destinations.

Financial highlights

• Full-year 2025 comparable hotel revenues were $5,856.2M, up from $5,636.9M in 2024; full year revenues reached $6.11 billion, up 7.6%.

• Net income for 2025 was $776M, up 9.8% from 2024, with comparable hotel EBITDA at $1,694M and EBITDA margin of 29.2%.

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

• Fourth quarter 2025 revenues were $1.60 billion, up 12.3% year-over-year; Q4 comparable hotel RevPAR was $227.14, up from $217.11 in Q4 2024.

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

Outlook and guidance

• 2026 guidance: comparable hotel total RevPAR growth of 2.5%-4%, RevPAR growth of 2%-3.5%.

• Net income forecast for 2026 is $865M, with comparable hotel EBITDA of $1,682M; Adjusted EBITDAre between $1,740 million and $1,800 million.

• 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.