Revenue growth remains muted at 1.3% in 2026Q1, while NOI margins have experienced significant pressure, falling from historical averages near 55% to a low of 21.5% in 2025Q2.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Revenue | 1.12B | 1.12B | 1.13B | 1.07B | 1B | 567.13M | 299.49M | 938.09M | 863.7M | 870M | 896.56M | 930.99M | 872.86M | 799.69M | 749.65M | 638.23M | 624.37M | 575.68M | 693.23M | 710.93M | 491.89M | 229.45M | 7.07M |
| Revenue Growth % | -0.4% | -0.83% | 5.12% | 7.33% | 76.59% | 89.37% | -68.07% | 8.61% | -0.72% | -2.96% | -3.7% | 6.66% | 9.15% | 6.68% | 17.46% | 2.22% | 8.46% | -16.96% | -2.49% | 44.53% | 114.38% | 3143.63% | - |
| Property Operating Expenses | 381.97M | 502.14M | 511.95M | 781.76M | 432.36M | 284.99M | 340.63M | 690.76M | 599.5M | 581.27M | 587.87M | 618.47M | 594.1M | 572.02M | 530.91M | 464.46M | 457.87M | 433.42M | 479.52M | 476.19M | 335.34M | 181.27M | 6.17M |
| Net Operating Income (NOI) | 741.83M | 618.35M | 617.94M | 293.11M | 569.14M | 282.14M | -41.14M | 247.33M | 264.2M | 288.74M | 308.69M | 312.52M | 278.76M | 227.67M | 218.73M | 173.76M | 166.5M | 142.26M | 213.72M | 234.75M | 156.55M | 48.18M | 906.97K |
| NOI Margin % | 66.01% | 55.19% | 54.69% | 27.27% | 56.83% | 49.75% | -13.74% | 26.36% | 30.59% | 33.19% | 34.43% | 33.57% | 31.94% | 28.47% | 29.18% | 27.23% | 26.67% | 24.71% | 30.83% | 33.02% | 31.83% | 21% | 12.82% |
| Operating Expenses | 576.2M | 456.57M | 474.79M | 32.05M | 407.01M | 312.19M | -41.14M | 28.23M | 155.25M | 147.77M | 151.22M | 155.84M | 151.94M | 152.51M | 146.16M | 130.54M | 126.87M | 120.6M | 121.41M | 117.9M | 85.68M | 41.05M | 5.17M |
| G&A Expenses | 17.15M | 0 | 0 | 32.05M | 25.42M | 32.55M | 6.91M | 28.23M | 50.72M | 48.68M | 53.77M | 54.69M | 52.29M | 48.62M | 46.01M | 43.28M | 38.4M | 37.87M | 42.56M | 43.58M | 33.32M | 13.46M | 4.11M |
| EBITDA | 279.87M | 274.88M | 256.74M | 372.36M | 270.98M | 72.91M | -253.77M | 335.72M | 847.89M | 870.85M | 896.5M | 246.42M | 237.12M | 179.05M | 132.73M | 140.02M | 126.86M | 101.99M | 168.35M | 190.13M | 122.44M | 35.65M | -3.17M |
| EBITDA Margin % | 24.9% | 24.53% | 22.72% | 34.64% | 27.06% | 12.86% | -84.73% | 35.79% | 98.17% | 100.1% | 99.99% | 26.47% | 27.17% | 22.39% | 17.71% | 21.94% | 20.32% | 17.72% | 24.29% | 26.74% | 24.89% | 15.54% | -44.78% |
| Depreciation & Amortization | 113.75M | 113.11M | 113.59M | 111.3M | 108.85M | 102.96M | 114.72M | 116.62M | 743.05M | 731.06M | 739.02M | 101.14M | 99.65M | 103.89M | 101.59M | 99.31M | 88.67M | 82.87M | 76.04M | 73.28M | 51.57M | 28.52M | 1.09M |
| D&A / Revenue % | 10.12% | 10.09% | 10.05% | 10.35% | 10.87% | 18.15% | 38.3% | 12.43% | 86.03% | 84.03% | 82.43% | 10.86% | 11.42% | 12.99% | 13.55% | 15.56% | 14.2% | 14.4% | 10.97% | 10.31% | 10.48% | 12.43% | 15.45% |
| Operating Income | 137.01M | 161.78M | 143.15M | 261.06M | 162.13M | -30.05M | 0 | 219.09M | 104.84M | 139.78M | 157.47M | 145.27M | 137.47M | 75.16M | 31.14M | 40.71M | 38.2M | 19.12M | 92.31M | 116.85M | 70.87M | 7.13M | -4.26M |
| Operating Margin % | 12.19% | 14.44% | 12.67% | 24.29% | 16.19% | -5.3% | 0% | 23.36% | 12.14% | 16.07% | 17.56% | 15.6% | 15.75% | 9.4% | 4.15% | 6.38% | 6.12% | 3.32% | 13.32% | 16.44% | 14.41% | 3.11% | -60.23% |
| Interest Expense | 4M | 62.8M | 65.52M | 65.07M | 39.69M | 37.04M | 53.99M | 46.58M | 40.97M | 38.48M | 41.73M | 52.68M | 58.28M | 57.28M | 53.77M | 45.41M | 45.52M | 51.61M | 50.4M | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.57x | 1.76x | 2.34x | 3.83x | -4.19x | -6.82x | 2.17x | 3.22x | 3.65x | 4.05x | 2.85x | 3.90x | 1.40x | 0.54x | 0.85x | 0.58x | 0.38x | 1.86x | - | - | - | - |
| Non-Operating Income | 483K | 240K | 27.84M | 109.03M | 10.13M | 125.05M | 368.48M | 118.11M | -27.02M | -782K | -11.46M | -4.62M | -89.82M | -4.84M | 2.23M | 2.22M | -783K | -368K | -1.65M | 0 | 1.13M | 582.24K | 0 |
| Pretax Income | 104.22M | 100.71M | 49.79M | 86.95M | 112.31M | -192.14M | -422.48M | 206.24M | 90.9M | 102.08M | 127.19M | 97.2M | 169.01M | 22.71M | -22.18M | -4.08M | -6.53M | -32.12M | 43.55M | 68.16M | 38.59M | -8.69M | -3.7M |
| Pretax Margin % | 9.27% | 8.99% | 4.41% | 8.09% | 11.21% | -33.88% | -141.07% | 21.98% | 10.52% | 11.73% | 14.19% | 10.44% | 19.36% | 2.84% | -2.96% | -0.64% | -1.05% | -5.58% | 6.28% | 9.59% | 7.85% | -3.79% | -52.3% |
| Income Tax | -435K | -1.23M | 1.54M | 317K | 2.61M | 3.27M | -26.45M | 22.03M | 3.1M | 10.21M | 12.4M | 11.57M | 5.64M | -1.11M | -6.16M | 3.65M | 2.64M | -21.03M | -9.38M | 5.26M | 3.38M | -1.35M | -1.58M |
| Effective Tax Rate % | -0.42% | -1.22% | 3.09% | 0.36% | 2.32% | -1.7% | 6.26% | 10.68% | 3.41% | 10% | 9.75% | 11.91% | 3.33% | -4.9% | 27.76% | -89.47% | -40.46% | 65.47% | -21.53% | 7.72% | 8.77% | 15.57% | 42.76% |
| Net Income | 104.04M | 101.43M | 48.05M | 86.34M | 109.33M | -194.58M | -394.38M | 183.49M | 87.78M | 91.88M | 114.8M | 85.63M | 163.38M | 49.06M | -16.59M | -7.68M | -9.17M | -11.09M | 52.93M | 68.31M | 35.21M | -7.34M | -2.12M |
| Net Margin % | 9.26% | 9.05% | 4.25% | 8.03% | 10.92% | -34.31% | -131.68% | 19.56% | 10.16% | 10.56% | 12.8% | 9.2% | 18.72% | 6.14% | -2.21% | -1.2% | -1.47% | -1.93% | 7.64% | 9.61% | 7.16% | -3.2% | -29.94% |
| Net Income Growth % | 101.72% | 111.11% | -44.35% | -21.03% | 156.19% | 50.66% | -314.93% | 109.02% | -4.45% | -19.96% | 34.06% | -47.59% | 232.98% | 395.71% | -116.1% | 16.29% | 17.29% | -120.95% | -22.52% | 94% | 579.98% | -246.42% | - |
| Funds From Operations (FFO) | 217.79M | 214.54M | 161.63M | 197.64M | 218.18M | -91.62M | -279.66M | 300.11M | 830.83M | 822.94M | 853.82M | 186.77M | 263.03M | 152.96M | 85M | 91.63M | 79.5M | 71.78M | 128.97M | 141.59M | 86.78M | 21.18M | -1.02M |
| FFO Margin % | 19.38% | 19.15% | 14.31% | 18.39% | 21.79% | -16.16% | -93.38% | 31.99% | 96.19% | 94.59% | 95.23% | 20.06% | 30.13% | 19.13% | 11.34% | 14.36% | 12.73% | 12.47% | 18.6% | 19.92% | 17.64% | 9.23% | -14.48% |
| FFO Growth % | 241.25% | 32.73% | -18.22% | -9.41% | 338.13% | 67.24% | -193.19% | -63.88% | 0.96% | -3.62% | 357.14% | -28.99% | 71.96% | 79.95% | -7.24% | 15.26% | 10.74% | -44.34% | -8.91% | 63.16% | 309.71% | 2167.29% | - |
| FFO per Share | 1.05 | 1.03 | 0.77 | 0.93 | 1.02 | -0.43 | -1.39 | 1.48 | 4.03 | 4.08 | 4.23 | 0.93 | 1.34 | 0.78 | 0.47 | 0.55 | 0.55 | 0.67 | 1.39 | 1.50 | 1.28 | 0.54 | -0.06 |
| FFO Payout Ratio % | 22.84% | 45.83% | 15.84% | 16.14% | 2.94% | -0.13% | -9.14% | 34% | 12.36% | 12.22% | 11.8% | 51.46% | 29.31% | 42.94% | 65.89% | 44.05% | 5.44% | 0.11% | 72.15% | 58.14% | 50.36% | 50.61% | 0% |
| EPS (Diluted) | 0.50 | 0.44 | 0.18 | 0.36 | 0.47 | -0.96 | -1.97 | 0.91 | 0.43 | 0.46 | 0.57 | 0.43 | 0.83 | 0.25 | -0.09 | -0.05 | -0.06 | -0.10 | 0.56 | 0.72 | 0.51 | -0.19 | -0.12 |
| EPS Growth % | 148.55% | 144.44% | -50% | -23.4% | 148.96% | 51.27% | -316.48% | 111.63% | -6.52% | -19.3% | 32.56% | -48.19% | 232% | 372.33% | -99.13% | 27.4% | 36.5% | -117.86% | -22.22% | 41.18% | 368.42% | -58.33% | - |
| EPS (Basic) | - | 0.44 | 0.18 | 0.36 | 0.47 | -0.96 | -1.97 | 0.91 | 0.43 | 0.46 | 0.57 | 0.43 | 0.83 | 0.25 | -0.09 | -0.05 | -0.06 | -0.10 | 0.56 | 0.72 | 0.51 | -0.19 | -0.12 |
| Diluted Shares Outstanding | 206.8M | 208.26M | 211.24M | 212.3M | 213.19M | 212.06M | 201.67M | 202.74M | 206.13M | 201.52M | 201.68M | 201.46M | 196.68M | 195.86M | 180.83M | 166.67M | 144.46M | 107.4M | 93.12M | 94.27M | 67.72M | 39.15M | 18.16M |
Cyclical RevPAR sensitivity
As reported in recent financial filings, DiamondRock's revenue growth has turned volatile, with the most recent quarterly figures showing a 1.3% increase following a period of contraction, suggesting that the portfolio's reliance on discretionary leisure travel may be reaching a cyclical plateau in key gateway markets.
The shift from negative growth in late 2025 to a modest positive in 2026Q1 indicates that the company is struggling to maintain consistent top-line momentum. This performance suggests that the underlying demand for premium lifestyle assets may be softening as corporate group travel recovery remains uneven across the urban portfolio.
Based on the company's reported quarterly data, FFO per share has fluctuated significantly, ranging from a low of $0.09 in 2024Q4 to a peak of $0.33 in 2025Q2, highlighting the inherent sensitivity of the REIT's earnings to seasonal demand shifts and property-level operating leverage.
The wide variance in FFO suggests that investors should look past headline quarterly figures to understand the underlying cash generation capability. While the recent FFO per share of $0.21 in 2026Q1 appears stable, the historical volatility warrants further investigation into how management balances incentive-based management fees with fixed overhead.
According to the provided income statement data, NOI margins have experienced notable compression, dropping from historical averages near 55% to as low as 21.5% in 2025Q2, which may indicate rising labor costs and property-level expenses outpacing the company's ability to drive incremental room rate growth.
The sharp decline in NOI margin during mid-2025 suggests that the company's high fixed-cost structure is becoming a liability during periods of stagnant revenue. Investors should monitor whether management can successfully implement cost-containment strategies to protect property-level profitability against ongoing inflationary pressures in the hospitality sector.
As evidenced by the significant gap between FFO and AFFO, particularly the negative $12.7M AFFO reported in 2024Q4, DiamondRock faces a substantial recurring maintenance CapEx requirement that effectively reduces the cash available for distribution to shareholders and limits the company's financial flexibility.
The recurring need to reinvest in 'lifestyle' assets to maintain their competitive positioning appears to be a structural drag on cash flow. This suggests that the true economic earnings of the portfolio are lower than FFO metrics might imply, necessitating a cautious view on dividend sustainability.
Quick answers to the most common questions about buying DRH stock.
For fiscal year 2025, DiamondRock Hospitality Company (DRH) reported total revenue of $1.12B. This represents a 15739.9% increase compared to $7.1M in 2004.
DiamondRock Hospitality Company (DRH) is profitable, generating $101.4M in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
DiamondRock Hospitality Company (DRH) reported an operating income of $161.8M, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
DiamondRock Hospitality Company (DRH) generated $618.3M in gross profit for the year, representing a gross profit margin of 55.2%. This demonstrates the company's core pricing power and production efficiency.