Park Hotels & Resorts (PK) Q3 2026 earnings summary

Executive summary

• Q3 comparable hotel revenue rose 5.7% to $565M and Hotel Adjusted EBITDA increased 7.7% to $146M; reported net loss attributable to stockholders was $18M.

• FY2026 outlook was raised to Comparable RevPAR growth of 5.5%–6.0% and Adjusted EBITDA of $635M–$645M.

Financial highlights

• Q3 revenue was $602M vs. $610M YoY; operating income was $38M vs. $59M, and diluted EPS was $(0.10) vs. $(0.08).

• Q3 Adjusted EBITDA was $135M vs. $130M; diluted Adjusted FFO per share was $0.39 vs. $0.35.

• Nine-month revenue was $1.904B vs. $1.912B; net income was $47M vs. a $73M loss, while net income attributable to stockholders was $40M vs. a $78M loss.

• Nine-month Adjusted EBITDA was $476M vs. $457M; diluted Adjusted FFO per share was $1.54 vs. $1.45.

Outlook and guidance

• FY2026 Comparable RevPAR outlook increased to $205–$206, or 5.5%–6.0% growth; midpoint growth guidance rose 200 bps.

• FY2026 net income outlook is $70M–$80M; net income attributable to stockholders $62M–$72M; diluted EPS $0.31–$0.36.

• FY2026 Adjusted EBITDA guidance is $635M–$645M and diluted Adjusted FFO per share is $2.00–$2.05; midpoint increases were $13M and $0.08, respectively.

• Assumptions include Q4 Comparable RevPAR growth of 5.5%–7.5%, full-year hotel operating expense growth of 4.5%–5.0%, and ~$13M incremental interest expense from $1.5B of refinancing.

• 2027 Core group revenue pace was nearly 6% above the comparable prior booking position, with average group rates projected to increase nearly 4%.