Revenue growth rebounded to 9.4% in 2026Q2, but the stark swing from a -1.6% NOI margin in Q1 to a 40.7% margin in Q2 underscores the business's extreme seasonal earnings volatility.
Chatham Lodging Trust (CLDT) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 313.97M | 295.07M | 317.21M | 311.11M | 294.85M | 203.97M | 132.45M | 328.33M | 324.23M | 298.86M | 293.82M | 276.95M | 197.22M | 126.23M | 100.46M | 73.1M | 25.47M |
| Revenue Growth % | 3.81% | -6.98% | 1.96% | 5.51% | 44.55% | 54% | -59.66% | 1.26% | 8.49% | 1.71% | 6.09% | 40.43% | 56.24% | 25.64% | 37.44% | 186.99% | - |
| Property Operating Expenses | 166.03M | 284.69M | 205.99M | 200.18M | 183.29M | 144.85M | 94.93M | 204.64M | 199.98M | 179.51M | 174.48M | 159.32M | 115.58M | 79.15M | 63.74M | 42.17M | 15.03M |
| Net Operating Income (NOI) | 147.93M | 10.38M | 111.22M | 110.93M | 111.56M | 59.13M | 37.52M | 123.69M | 124.25M | 119.34M | 119.34M | 117.63M | 81.64M | 47.08M | 36.72M | 30.93M | 10.45M |
| NOI Margin % | 47.12% | 3.52% | 35.06% | 35.66% | 37.84% | 28.99% | 28.33% | 37.67% | 38.32% | 39.93% | 40.62% | 42.47% | 41.4% | 37.3% | 36.55% | 42.31% | 41.01% |
| Operating Expenses | 86.29M | -16.12M | 78M | 82.32M | 75.1M | 76.34M | 79.17M | 70.31M | 62.29M | 59.12M | 59.89M | 60.66M | 44.56M | 26.38M | 21.84M | 23.09M | 7.72M |
| G&A Expenses | 32.65M | 50.63M | 18.39M | 17.52M | 17.34M | 15.75M | 33.73M | 14.08M | 14.12M | 12.82M | 11.12M | 11.68M | 9.85M | 8.13M | 7.57M | 5.8M | 3.55M |
| EBITDA | 96.14M | 86.06M | 93.74M | 86.65M | 95.58M | 36.75M | 11.97M | 104.64M | 106.07M | 99.1M | 107.5M | 104.5M | 61.41M | 35.61M | 28.92M | 12.04M | 2.1M |
| EBITDA Margin % | 30.62% | 29.16% | 29.55% | 27.85% | 32.42% | 18.02% | 9.04% | 31.87% | 32.71% | 33.16% | 36.59% | 37.73% | 31.14% | 28.21% | 28.79% | 16.47% | 8.26% |
| Depreciation & Amortization | 61.01M | 59.55M | 60.52M | 58.04M | 59.12M | 53.97M | 53.63M | 51.26M | 47.93M | 46.06M | 48.56M | 48.98M | 34.71M | 18.25M | 14.27M | 11.91M | 2.56M |
| D&A / Revenue % | 19.43% | 20.18% | 19.08% | 18.66% | 20.05% | 26.46% | 40.49% | 15.61% | 14.78% | 15.41% | 16.53% | 17.69% | 17.6% | 14.46% | 14.21% | 16.29% | 10.07% |
| Operating Income | 35.14M | 26.51M | 33.22M | 28.61M | 36.45M | -17.21M | -41.65M | 53.38M | 58.13M | 53.04M | 58.94M | 55.52M | 26.7M | 17.36M | 14.65M | 129K | -461K |
| Operating Margin % | 11.19% | 8.98% | 10.47% | 9.2% | 12.36% | -8.44% | -31.45% | 16.26% | 17.93% | 17.75% | 20.06% | 20.05% | 13.54% | 13.75% | 14.58% | 0.18% | -1.81% |
| Interest Expense | 2M | 24.18M | 29.47M | 25.92M | 26.45M | 24.46M | 28.12M | 28.25M | 26.88M | 27.9M | 28.3M | 27.92M | 21.35M | 11.58M | 14.64M | 8.19M | 932K |
| Interest Coverage | - | 1.69x | 1.14x | 1.10x | 1.37x | 0.17x | -1.99x | 1.67x | 2.15x | 2.08x | 2.08x | 2.12x | 4.05x | 1.15x | 0.77x | -0.33x | -0.29x |
| Non-Operating Income | -6.25M | -14.46M | -286K | 208K | 128K | -21.46M | 14.25M | 6.26M | 414K | -4.94M | 0 | -3.59M | -59.83M | 4.02M | 3.44M | 2.85M | -193K |
| Pretax Income | 16.27M | 15.31M | 4.04M | 2.49M | 9.87M | -18.84M | -77.02M | 18.88M | 30.84M | 30.08M | 31.39M | 33.44M | 67.19M | 3.11M | -1.38M | -9.04M | -1.2M |
| Pretax Margin % | 5.18% | 5.19% | 1.27% | 0.8% | 3.35% | -9.24% | -58.15% | 5.75% | 9.51% | 10.06% | 10.68% | 12.07% | 34.07% | 2.46% | -1.37% | -12.36% | -4.71% |
| Income Tax | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28K | 396K | -301K | 260K | 105K | 124K | 75K | 69K | 17K |
| Effective Tax Rate % | 0.38% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.09% | 1.32% | -0.96% | 0.78% | 0.16% | 3.99% | -5.45% | -0.76% | -1.42% |
| Net Income | 16.11M | 15.05M | 4.17M | 2.64M | 9.8M | -18.41M | -76.02M | 18.7M | 30.64M | 29.48M | 31.48M | 32.97M | 66.87M | 2.98M | -1.45M | -9.11M | -1.22M |
| Net Margin % | 5.13% | 5.1% | 1.31% | 0.85% | 3.33% | -9.03% | -57.4% | 5.7% | 9.45% | 9.86% | 10.72% | 11.9% | 33.91% | 2.36% | -1.44% | -12.46% | -4.78% |
| Net Income Growth % | 84.41% | 261.33% | 57.56% | -73.03% | 153.26% | 75.78% | -506.47% | -38.96% | 3.95% | -6.37% | -4.5% | -50.7% | 2142.56% | 305.66% | 84.07% | -648.15% | - |
| Funds From Operations (FFO) | 77.11M | 74.6M | 64.69M | 60.68M | 68.93M | 35.56M | -22.4M | 69.96M | 78.57M | 75.54M | 80.05M | 81.95M | 101.58M | 21.23M | 12.82M | 2.8M | 1.35M |
| FFO Margin % | 24.56% | 25.28% | 20.39% | 19.51% | 23.38% | 17.43% | -16.91% | 21.31% | 24.23% | 25.28% | 27.24% | 29.59% | 51.51% | 16.82% | 12.76% | 3.83% | 5.29% |
| FFO Growth % | 50.09% | 15.33% | 6.6% | -11.96% | 93.85% | 258.76% | -132.01% | -10.96% | 4.02% | -5.63% | -2.32% | -19.33% | 378.47% | 65.57% | 357.47% | 108.09% | - |
| FFO per Share | 1.60 | 1.49 | 1.32 | 1.24 | 1.41 | 0.74 | -0.48 | 1.49 | 1.70 | 1.88 | 2.08 | 2.14 | 3.52 | 1.00 | 0.93 | 0.21 | 0.21 |
| FFO Payout Ratio % | 18.36% | 23.61% | 22.23% | 23.42% | 0.21% | 0.79% | -72.5% | 89.56% | 78.39% | 69.66% | 66.17% | 55.24% | 26.09% | 91.49% | 82.74% | 322.76% | 123.01% |
| EPS (Diluted) | 0.34 | 0.14 | -0.08 | -0.11 | 0.04 | -0.85 | -1.97 | 0.39 | 0.66 | 0.73 | 0.81 | 0.86 | 2.30 | 0.13 | -0.10 | -0.69 | -0.19 |
| EPS Growth % | 2365% | 275% | 27.27% | -375% | 104.71% | 56.85% | -605.13% | -40.91% | -9.59% | -9.88% | -5.81% | -62.61% | 1669.23% | 230% | 85.51% | -263.16% | - |
| EPS (Basic) | - | 0.14 | -0.08 | -0.11 | 0.04 | -0.85 | -1.97 | 0.39 | 0.67 | 0.73 | 0.82 | 0.87 | 2.32 | 0.13 | -0.10 | -0.69 | -0.19 |
| Diluted Shares Outstanding | 48.09M | 49.99M | 48.9M | 48.85M | 49.06M | 48.35M | 46.96M | 47.02M | 46.24M | 40.11M | 38.48M | 38.32M | 28.85M | 21.28M | 13.81M | 13.28M | 6.38M |
Quick answers to the most common questions about buying CLDT stock.
For fiscal year 2025, Chatham Lodging Trust (CLDT) reported total revenue of $295.1M. This represents a 1058.5% increase compared to $25.5M in 2010.
Chatham Lodging Trust (CLDT) is profitable, generating $15.1M in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.
Chatham Lodging Trust (CLDT) reported an operating income of $26.5M, resulting in an operating profit margin of 9.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Chatham Lodging Trust (CLDT) generated $10.4M in gross profit for the year, representing a gross profit margin of 3.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Seasonal volatility and weak Q1 performance
Metrics are mathematically derived from official filings.
Revenue Recovery Masked by Seasonal Weakness
CLDT's revenue growth turned positive at 9.4% in 2026Q2, a sharp reversal from the -1.6% decline in 2026Q1, suggesting a strong seasonal recovery in hotel demand that appears to be driving the top-line rebound.
The 9.4% year-over-year revenue growth in 2026Q2, following a contraction in the prior quarter, indicates the company's performance is heavily tied to seasonal travel patterns. This volatility suggests that while peak-season demand is robust, the underlying organic growth trajectory may be less stable than the single-quarter figure implies, warranting a view across the full cycle.
NOI Margin Expansion in Peak Season
The NOI margin expanded significantly to 40.7% in 2026Q2 from 30.4% in 2025Q1, indicating strong operating leverage during high-demand periods, though the -1.6% margin in 2026Q1 highlights severe off-season pressure.
The wide swing in NOI margins from negative in the first quarter to over 40% in the second quarter underscores the high fixed-cost nature of hotel operations. This pattern suggests that CLDT's profitability is acutely sensitive to occupancy levels, and investors should monitor whether peak-season margins are sufficient to cover off-season losses and generate sustainable annual returns.
FFO Growth Outpaces Revenue, But AFFO Lags
FFO per share grew 15.3% year-over-year in 2026Q2 to $0.48, outpacing revenue growth, yet the reported AFFO of $10.5M for the quarter is substantially lower than the FFO of $23.9M, suggesting significant non-cash adjustments or capital expenditures.
The divergence between FFO and AFFO in the most recent quarter implies that a meaningful portion of the reported FFO may not be available for distribution after accounting for recurring capital expenditures or other adjustments. This gap warrants scrutiny, as it could indicate that the dividend, yielding 0.8%, is being supported by sources other than sustainable, recurring cash flow.
Organic Performance Volatile Across Quarters
Same-store performance appears highly cyclical, with FFO growth swinging from -36.6% in 2026Q1 to +15.3% in 2026Q2, indicating that organic revenue and profitability are heavily influenced by macroeconomic and seasonal factors beyond management's control.
The extreme volatility in quarter-over-quarter FFO growth suggests that CLDT's same-store portfolio lacks a stable, predictable growth trajectory. This pattern implies that forecasting near-term performance is challenging and that the company's earnings are more exposed to external demand shocks than a typical REIT with longer-term lease structures.
Q1 2026 Represents a Trough Quarter
The 2026Q1 period, with negative NOI of -$1.1M and a -1.6% NOI margin, appears to be a significant operational trough, potentially marking the low point before a seasonal recovery that materialized in the subsequent quarter.
The negative NOI in 2026Q1 is a critical data point, as it indicates the portfolio was not covering its direct operating costs during that period. The swift rebound in 2026Q2 suggests this was a seasonal low rather than a structural deterioration, but it highlights the vulnerability of the earnings stream during periods of low demand.
Sustainability of Peak-Season Earnings
The strongest analytical challenge to CLDT's earnings quality is whether the robust 2026Q2 performance, with a 40.7% NOI margin, is sustainable or merely reflects a seasonal peak that will be eroded by weaker off-season quarters.
While 2026Q2 shows strong top-line and profitability metrics, the historical pattern of significant quarterly volatility raises questions about the durability of these results. Investors should assess whether the company's cost structure and capital expenditure needs can be fully funded by cash flow generated during peak periods alone, without relying on balance sheet strength or external financing during troughs.