AFFO of $309M in Q2 2026 covered dividends 2.3x, with operating cash flow of $503M exceeding FFO, but CapEx intensity remained elevated at 7.4% of revenue, reflecting ongoing portfolio reinvestment.
Host Hotels & Resorts, Inc. (HST) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.38B | 1.5B | 1.5B | 1.44B | 1.42B | 292M | -307M | 1.25B | 1.3B | 1.23B | 1.3B | 1.17B | 1.15B | 1.02B | 782M | 661M | 520M | 552M | 1.02B | 1B | 881M | 512M | 360M | 373M | 389M | 239M | 483M | 319M | 341M | 464M | 201M |
| Operating CF Growth % | 88.26% | 0.27% | 3.96% | 1.77% | 384.93% | 195.11% | -124.56% | -3.85% | 5.69% | -5.6% | 11.27% | 1.83% | 12.86% | 30.31% | 18.31% | 27.12% | -5.8% | -45.88% | 1.9% | 13.62% | 72.07% | 42.22% | -3.49% | -4.11% | 62.76% | -50.52% | 51.41% | -6.45% | -26.51% | 130.85% | 41.55% |
| Operating CF / Revenue % | 22.2% | 24.57% | 26.35% | 27.13% | 28.86% | 10.1% | -18.95% | 22.86% | 23.53% | 22.83% | 24% | 21.89% | 21.61% | 19.73% | 15.46% | 14.02% | 11.92% | 13.32% | 19.85% | 18.5% | 18.3% | 13.19% | 9.89% | 10.82% | 12.31% | 7.21% | 34.33% | 23.18% | 9.57% | 16.54% | 10.35% |
| Net Income | 936M | 765M | 697M | 752M | 643M | -11M | -741M | 932M | 1.15B | 571M | 771M | 571M | 747M | 238M | 18M | -16M | -132M | -258M | 403M | 730M | 324M | 152M | -40M | -40M | -22M | 53M | 159M | 196M | 194M | 47M | -13M |
| Depreciation & Amortization | 591M | 795M | 762M | 697M | 664M | 762M | 665M | 676M | 944M | 751M | 724M | 716M | 701M | 697M | 751M | 655M | 593M | 703M | 579M | 517M | 459M | 373M | 354M | 367M | 372M | 378M | 331M | 293M | 243M | -236M | -162M |
| Stock-Based Compensation | 22M | 26M | 24M | 30M | 26M | 18M | 17M | 15M | 14M | 11M | 12M | 11M | 22M | 18M | 16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -216M | -111M | -99M | 50M | 14M | -283M | -124M | -284M | -867M | -90M | -243M | -113M | -236M | 19M | 9M | 4M | 6M | -5M | -18M | -162M | 49M | -35M | 5M | -34M | 77M | -270M | -94M | 128M | 13M | 526M | 335M |
| Working Capital Changes | 88M | -4M | 106M | -114M | 49M | -101M | 41M | -96M | 54M | -51M | 12M | -19M | -83M | 41M | -29M | 13M | 41M | 117M | 18M | -114M | 39M | 22M | 41M | 80M | -38M | 78M | 134M | -232M | -109M | 127M | 41M |
| Cash from Investing | 599M | -507M | -2.04B | -183M | -618M | -1.16B | -195M | 58M | 100M | -267M | -115M | -736M | -93M | -75M | -886M | -1.58B | -706M | -116M | -716M | -192M | -855M | -429M | -501M | -156M | -222M | -279M | -448M | -176M | -705M | -1.05B | -504M |
| Acquisitions (Net) | -2M | -2M | -1.5B | 5M | -301M | -1.46B | -5M | -607M | -1.03B | -485M | -45M | -336M | -161M | -240M | -522M | -1.05B | -380M | 340M | 0 | -15M | -1.02B | -284M | -503M | -324M | -117M | -63M | -40M | -29M | -988M | 0 | 0 |
| Purchase of Investments | -32M | -97M | 0 | 0 | -60M | -11M | -5M | -6M | -7M | -30M | 8M | -20M | -13M | -19M | -6M | -49M | -54M | -13M | -77M | -358M | -78M | 471M | -47M | -8M | -23M | -84M | -41M | -14M | -134M | -354M | 0 |
| Sale of Investments | 4M | 207M | 0 | 0 | 236M | 9M | 28M | 1M | 1M | 13M | 23M | 106M | 436M | 459M | 3M | 542M | -306M | 52M | 0 | 0 | 238M | 2M | 44M | 0 | 0 | 60M | 0 | -361M | 488M | 0 | 0 |
| Other Investing | 1.06B | 29M | 11M | 458M | 11M | 729M | 286M | 1.23B | 1.6B | 495M | 480M | 272M | 81M | 184M | 277M | -480M | 360M | -155M | 33M | 181M | 559M | -269M | 255M | 377M | 23M | 300M | 12M | 965M | 1.17B | -532M | -345M |
| Cash from Financing | -617M | -860M | -13M | -771M | -874M | -657M | 1.23B | -1.31B | -748M | -402M | -1.04B | -865M | -1.23B | -493M | -305M | 628M | -343M | 698M | -284M | -685M | 154M | -246M | -276M | 186M | -158M | 79M | 1M | -302M | 289M | 389M | 806M |
| Dividends Paid | -514M | -623M | -737M | -547M | -150M | 0 | -320M | -623M | -629M | -628M | -596M | -646M | -469M | -313M | -187M | -70M | -30M | -54M | -531M | -453M | -309M | -132M | -56M | -35M | -35M | -284M | -209M | -219M | 0 | 0 | 0 |
| Common Dividends | -514M | -623M | -737M | -547M | -150M | 0 | -320M | -623M | -629M | -628M | -596M | -646M | -469M | -313M | -187M | -70M | -20M | -45M | -550M | -444M | -291M | -102M | -19M | 0 | 0 | -256M | -190M | -217M | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Share Repurchases | -75M | -205M | -107M | -182M | -27M | 0 | -169M | -482M | 0 | 0 | -218M | -675M | 0 | 0 | 0 | 0 | -101M | 0 | -100M | 0 | -300M | -200M | -104M | 0 | 0 | 0 | -59M | -87M | 0 | 0 | 0 |
| Other Financing | -25M | -22M | -46M | -36M | -13M | -38M | -53M | -149M | -16M | -54M | -4M | -18M | -3M | -1M | -24M | -24M | 20M | -19M | 8M | 17M | -57M | 17M | -61M | -86M | -39M | -64M | 3M | -145M | -310M | 22M | 28M |
| Net Change in Cash | 1.42B | 214M | -565M | 489M | -79M | -1.52B | 726M | -6M | 647M | 565M | 151M | -445M | -177M | 444M | -409M | -287M | -529M | 1.13B | 20M | 124M | 180M | -163M | -417M | 403M | 9M | 39M | 36M | -159M | -75M | 389M | 806M |
| Exchange Rate Effect | 53M | 79M | -10M | 2M | -3M | 0 | -3M | 1M | -5M | 4M | 1M | -15M | -8M | -7M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 582M | 303M |
| Cash at Beginning | - | 554M | 1.36B | 874M | 953M | 2.48B | 1.75B | 1.76B | 1.11B | 544M | 221M | 684M | 861M | 417M | 826M | 1.11B | 1.64B | 508M | 488M | 364M | 184M | 347M | 764M | 361M | 352M | 313M | 277M | 436M | 511M | 704M | 201M |
| Cash at End | - | 768M | 798M | 1.36B | 874M | 953M | 2.48B | 1.75B | 1.76B | 1.11B | 372M | 239M | 684M | 861M | 417M | 826M | 1.11B | 1.64B | 508M | 488M | 364M | 184M | 347M | 764M | 361M | 352M | 313M | 277M | 436M | 1.09B | 1.01B |
| Free Cash Flow | 951M | 858M | 950M | 795M | 912M | -135M | -806M | 692M | 826M | 953M | 753M | 499M | 714M | 560M | 144M | 119M | 194M | 212M | 348M | 1B | 327M | 163M | 110M | 172M | 284M | -253M | 104M | -418M | -899M | 304M | 42M |
| FCF Growth % | - | -9.68% | 19.5% | -12.83% | 775.56% | 83.25% | -216.47% | -16.22% | -13.33% | 26.56% | 50.9% | -30.11% | 27.5% | 288.89% | 21.01% | -38.66% | -8.49% | -39.08% | -65.23% | 206.12% | 100.61% | 48.18% | -36.05% | -39.44% | 212.25% | -343.27% | 124.88% | 53.5% | -395.72% | 623.81% | 333.33% |
| FCF / Revenue % | 15.25% | 14.03% | 16.71% | 14.97% | 18.59% | -4.67% | -49.75% | 12.65% | 14.95% | 17.69% | 13.87% | 9.33% | 13.42% | 10.84% | 2.85% | 2.52% | 4.45% | 5.12% | 6.77% | 18.5% | 6.79% | 4.2% | 3.02% | 4.99% | 8.99% | -7.63% | 7.39% | -30.38% | -25.22% | 10.83% | 2.16% |
Quick answers to the most common questions about buying HST stock.
Host Hotels & Resorts, Inc. (HST) generated $1.50B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Host Hotels & Resorts, Inc. (HST) generated $858.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Host Hotels & Resorts, Inc. (HST) spent $644.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Host Hotels & Resorts, Inc. (HST) returned $623.0M to shareholders via cash dividends and spent $205.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Business travel recovery uncertainty
Metrics are mathematically derived from official filings.
AFFO Coverage Strengthens in Q2
According to the latest quarterly data, HST's AFFO of $309M in Q2 2026 covered dividends 2.3x, up from 1.4x in Q1, indicating a robust distributable cash buffer.
The dividend payout ratio based on AFFO improved to 44% in Q2 2026 from 71% in Q1, reflecting a seasonal surge in AFFO. This suggests that HST's cash generation is more than sufficient to sustain its dividend, with retained AFFO providing a cushion for reinvestment or debt reduction. However, the volatility in AFFO across quarters (ranging from $128M to $562M) underscores the cyclicality of hotel earnings, and investors should monitor whether this coverage is sustainable through slower periods.
CapEx Intensity Remains Elevated
As reported in the cash flow statement, HST's capital expenditures totaled $121M in Q2 2026, representing 7.4% of revenue, consistent with prior quarters and reflecting ongoing reinvestment in its luxury portfolio.
CapEx has been relatively stable at around $120-190M per quarter, indicating a disciplined reinvestment program. The ratio of CapEx to revenue is in line with peers, but the absolute level is significant given the portfolio's scale. This suggests that HST is prioritizing property quality to maintain its competitive positioning, though the return on this investment will depend on RevPAR growth. The consistent CapEx also implies that AFFO, which deducts these costs, is a more accurate measure of distributable cash than FFO.
Depreciation Gap Widens in Q2
Based on the financial statements, HST's FFO exceeded net income by $193M in Q2 2026, a ratio of 2.12x, highlighting the substantial non-cash depreciation charges that depress GAAP earnings.
The FFO-to-net-income ratio has been volatile, ranging from 0.69x in Q1 2026 to 3.99x in Q4 2025, reflecting timing differences in gains and impairments. This distortion underscores the importance of using FFO and AFFO for valuation, as net income understates the company's cash-generating ability. The widening gap in Q2 suggests that depreciation is a major non-cash expense, and investors should focus on cash-based metrics to assess performance.
OCF to FFO Conversion Volatile
According to the cash flow data, HST's operating cash flow of $503M in Q2 2026 exceeded FFO of $430M, a conversion ratio of 1.17x, but this relationship has been inconsistent across quarters.
The OCF-to-FFO ratio has ranged from 0.51x in Q1 2026 to 1.57x in Q4 2025, indicating that working capital changes and other adjustments can significantly impact cash flow. In Q2, OCF was higher than FFO, suggesting favorable working capital movements, possibly from collections or payables. This volatility implies that FFO is a more stable measure of recurring cash generation, and investors should not over-interpret quarterly OCF fluctuations.
Dividend Self-Funded by Operations
As reported in the financials, HST's dividends paid of $136M in Q2 2026 were fully covered by AFFO of $309M, with no reliance on external funding, reflecting a self-sustaining payout.
The dividend coverage ratio of 2.3x in Q2 indicates that HST is retaining a significant portion of its AFFO, which can be used for acquisitions, debt reduction, or future capital expenditures. This conservative approach suggests a strong balance sheet and financial flexibility. However, the elevated dividend in Q1 2026 (likely a special dividend) resulted in a lower coverage of 1.4x, but still adequate. Overall, HST appears to have no need for external capital to fund its dividend, which is a positive signal for investors.
What Could Invalidate the Base Case
Based on the reported figures, HST's strong Q2 AFFO may be flattered by transient demand, and the low gross margin of 2.62% suggests potential cost pressures that could erode cash flow if RevPAR growth stalls.
The Q2 2026 EPS beat and raised guidance may reflect one-time benefits or a temporary surge in leisure travel, which could reverse if business travel recovery slows. Additionally, the reported gross margin of 2.62% is unusually low for the sector, possibly indicating that operating expenses are consuming a larger share of revenue than peers. If labor costs continue to rise without corresponding RevPAR growth, AFFO could compress, threatening dividend coverage. Investors should monitor same-store NOI trends and management's ability to pass through cost increases to guests.