Revenue growth moderated to 3.4% in Q2 2026, but NOI margin plunged to 7.9% from 54.4% a year earlier, while FFO per share remained stable at $0.62 versus $0.60, indicating potential one-time items distorting profitability.
Host Hotels & Resorts, Inc. (HST) annual income statement — 30-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 | 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 |
|---|
| Revenue | 6.24B | 6.11B | 5.68B | 5.31B | 4.91B | 2.89B | 1.62B | 5.47B | 5.52B | 5.39B | 5.43B | 5.35B | 5.32B | 5.17B | 5.06B | 4.71B | 4.36B | 4.14B | 5.14B | 5.41B | 4.81B | 3.88B | 3.64B | 3.45B | 3.16B | 3.32B | 1.41B | 1.38B | 3.56B | 2.81B | 1.94B |
| Revenue Growth % | 4.98% | 7.57% | 7.02% | 8.23% | 69.79% | 78.4% | -70.38% | -1% | 2.54% | -0.79% | 1.5% | 0.55% | 3% | 2.11% | 7.32% | 8.09% | 5.24% | -19.36% | -5.03% | 12.42% | 24.01% | 6.62% | 5.57% | 9.11% | -4.7% | 135.68% | 2.25% | -61.39% | 27.01% | 44.49% | 301.24% |
| Property Operating Expenses | 5.59B | 5.95B | 2.65B | 2.46B | 2.2B | 1.4B | 1.13B | 2.6B | 2.65B | 2.6B | 2.63B | 2.62B | 2.64B | 2.59B | 2.66B | 2.51B | 2.32B | 2.72B | 3.16B | 3.27B | 2.94B | 1.44B | 1.39B | 1.33B | 1.38B | 1.38B | 0 | 0 | 524M | 2.16B | 1.56B |
| Net Operating Income (NOI) | 642M | 160M | 3.03B | 2.85B | 2.71B | 1.49B | 487M | 2.87B | 2.87B | 2.78B | 2.81B | 2.73B | 2.68B | 2.58B | 2.4B | 2.21B | 2.04B | 1.42B | 1.98B | 2.15B | 1.88B | 2.44B | 2.25B | 2.12B | 1.78B | 1.93B | 1.41B | 1.38B | 3.04B | 642M | 380M |
| NOI Margin % | 10.3% | 2.62% | 53.36% | 53.66% | 55.23% | 51.66% | 30.06% | 52.51% | 52.01% | 51.68% | 51.66% | 50.95% | 50.44% | 49.92% | 47.42% | 46.8% | 46.8% | 34.36% | 38.43% | 39.64% | 39.02% | 62.82% | 61.76% | 61.4% | 56.33% | 58.26% | 100% | 100% | 85.3% | 22.88% | 19.57% |
| Operating Expenses | -276M | -671M | 2.16B | 2.02B | 1.94B | 1.74B | 1.44B | 2.07B | 2.34B | 2.11B | 2.12B | 2.1B | 1.99B | 2.07B | 2.04B | 1.9B | 1.82B | 1.27B | 1.24B | 1.2B | 1.12B | 1.92B | 1.84B | 1.8B | 1.31B | 1.4B | 880M | 766M | 2.53B | 272M | 205M |
| G&A Expenses | 30M | 0 | 117M | 115M | 107M | 99M | 89M | 107M | 104M | 97M | 106M | 98M | 104M | 105M | 99M | 869M | 768M | 660M | 686M | 680M | 665M | 170M | 212M | 199M | 161M | 32M | 0 | 37M | 50M | 45M | 43M |
| EBITDA | 1.7B | 1.63B | 1.64B | 1.52B | 1.44B | 512M | -288M | 1.48B | 1.47B | 1.43B | 1.41B | 1.34B | 1.39B | 1.21B | 1.08B | 918M | 805M | 852M | 1.32B | 1.47B | 1.21B | 892M | 761M | 683M | 854M | 905M | 858M | 903M | 752M | 143M | 13M |
| EBITDA Margin % | 27.2% | 26.59% | 28.8% | 28.7% | 29.33% | 17.72% | -17.78% | 26.97% | 26.68% | 26.49% | 25.93% | 25.03% | 26.07% | 23.4% | 21.43% | 19.47% | 18.46% | 20.56% | 25.71% | 27.07% | 25.2% | 22.98% | 20.91% | 19.81% | 27.03% | 27.29% | 60.98% | 65.63% | 21.1% | 5.1% | 0.67% |
| Depreciation & Amortization | 778M | 795M | 762M | 697M | 664M | 762M | 665M | 676M | 944M | 751M | 724M | 708M | 693M | 697M | 722M | 609M | 582M | 703M | 582M | 516M | 451M | 373M | 354M | 367M | 388M | 374M | 331M | 293M | 243M | -227M | -162M |
| D&A / Revenue % | 12.48% | 13% | 13.41% | 13.12% | 13.53% | 26.37% | 41.05% | 12.36% | 17.09% | 13.94% | 13.33% | 13.23% | 13.02% | 13.49% | 14.27% | 12.92% | 13.35% | 16.96% | 11.33% | 9.54% | 9.37% | 9.61% | 9.73% | 10.64% | 12.28% | 11.28% | 23.53% | 21.29% | 6.82% | -8.09% | -8.34% |
| Operating Income | 918M | 831M | 875M | 827M | 775M | -250M | -953M | 799M | 530M | 676M | 684M | 631M | 694M | 512M | 362M | 309M | 223M | 149M | 739M | 949M | 762M | 519M | 407M | 316M | 466M | 531M | 527M | 610M | 509M | 370M | 175M |
| Operating Margin % | 14.72% | 13.59% | 15.39% | 15.57% | 15.79% | -8.65% | -58.83% | 14.61% | 9.59% | 12.55% | 12.6% | 11.79% | 13.04% | 9.91% | 7.16% | 6.55% | 5.11% | 3.6% | 14.38% | 17.54% | 15.83% | 13.37% | 11.18% | 9.16% | 14.75% | 16.01% | 37.46% | 44.33% | 14.28% | 13.19% | 9.01% |
| Interest Expense | 4M | 235M | 215M | 187M | 156M | 191M | 158M | 222M | 176M | 167M | 154M | 234M | 214M | 304M | 373M | 371M | 384M | 379M | 341M | 422M | 450M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 4.48x | 4.35x | 5.21x | 5.29x | 0.47x | -5.08x | 5.33x | 8.39x | 4.86x | 6.23x | 3.34x | 4.45x | 1.68x | 1.01x | 0.88x | 0.55x | 0.38x | 2.21x | 2.30x | 1.66x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -317M | -222M | -61M | -148M | -50M | -339M | -150M | -385M | -947M | -136M | -275M | -151M | -258M | 0 | -13M | -19M | 11M | 6M | -13M | -22M | 13M | 0 | 0 | 0 | -5.67B | -6.02B | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 999M | 818M | 721M | 788M | 669M | -102M | -961M | 962M | 1.3B | 651M | 811M | 574M | 755M | 231M | 23M | -28M | -158M | -236M | 377M | 549M | 299M | 162M | -74M | -237M | -67M | 4M | 61M | 180M | 174M | 83M | -8M |
| Pretax Margin % | 16.02% | 13.38% | 12.68% | 14.84% | 13.63% | -3.53% | -59.32% | 17.59% | 23.55% | 12.08% | 14.94% | 10.73% | 14.19% | 4.47% | 0.45% | -0.59% | -3.62% | -5.69% | 7.34% | 10.15% | 6.21% | 4.17% | -2.03% | -6.87% | -2.12% | 0.12% | 4.34% | 13.08% | 4.88% | 2.96% | -0.41% |
| Income Tax | 49M | 42M | 14M | 36M | 26M | -91M | -220M | 30M | 150M | 80M | 40M | 9M | 14M | 21M | 31M | -1M | -31M | -39M | -3M | 3M | 5M | 24M | -10M | -12M | 2M | 8M | -98M | -16M | 86M | 36M | 5M |
| Effective Tax Rate % | 4.9% | 5.13% | 1.94% | 4.57% | 3.89% | 89.22% | 22.89% | 3.12% | 11.53% | 12.29% | 4.93% | 1.57% | 1.85% | 9.09% | 134.78% | 3.57% | 19.62% | 16.53% | -0.8% | 0.55% | 1.67% | 14.81% | 13.51% | 5.06% | -2.99% | 200% | -160.66% | -8.89% | 49.43% | 43.37% | -62.5% |
| Net Income | 936M | 765M | 697M | 740M | 633M | -11M | -732M | 920M | 1.09B | 564M | 762M | 558M | 732M | 317M | 61M | -15M | -130M | -252M | 427M | 727M | 738M | 166M | -64M | 14M | -16M | 51M | 156M | 211M | 47M | 50M | -13M |
| Net Margin % | 15.01% | 12.51% | 12.26% | 13.93% | 12.9% | -0.38% | -45.19% | 16.82% | 19.68% | 10.47% | 14.03% | 10.43% | 13.76% | 6.14% | 1.21% | -0.32% | -2.98% | -6.08% | 8.31% | 13.44% | 15.33% | 4.28% | -1.76% | 0.41% | -0.51% | 1.54% | 11.09% | 15.33% | 1.32% | 1.78% | -0.67% |
| Net Income Growth % | 26.83% | 9.76% | -5.81% | 16.9% | 5854.55% | 98.5% | -179.57% | -15.36% | 92.73% | -25.98% | 36.56% | -23.77% | 130.91% | 419.67% | 506.67% | 88.46% | 48.41% | -159.02% | -41.27% | -1.49% | 344.58% | 359.38% | -557.14% | 187.5% | -131.37% | -67.31% | -26.07% | 348.94% | -6% | 484.62% | 90.91% |
| Funds From Operations (FFO) | 1.71B | 1.56B | 1.46B | 1.44B | 1.3B | 751M | -67M | 1.6B | 2.03B | 1.31B | 1.49B | 1.27B | 1.43B | 1.01B | 783M | 594M | 452M | 451M | 1.01B | 1.24B | 1.19B | 539M | 290M | 381M | 372M | 425M | 487M | 504M | 290M | -177M | -175M |
| FFO Margin % | 27.49% | 25.52% | 25.67% | 27.06% | 26.43% | 25.99% | -4.14% | 29.18% | 36.77% | 24.41% | 27.37% | 23.66% | 26.78% | 19.63% | 15.48% | 12.6% | 10.36% | 10.88% | 19.63% | 22.97% | 24.7% | 13.89% | 7.97% | 11.05% | 11.77% | 12.82% | 34.61% | 36.63% | 8.14% | -6.31% | -9.01% |
| FFO Growth % | 41.87% | 6.92% | 1.53% | 10.79% | 72.7% | 1220.9% | -104.2% | -21.42% | 54.45% | -11.51% | 17.38% | -11.16% | 40.53% | 29.5% | 31.82% | 31.42% | 0.22% | -55.3% | -18.83% | 4.54% | 120.59% | 85.86% | -23.88% | 2.42% | -12.47% | -12.73% | -3.37% | 73.79% | 263.84% | -1.14% | 33.96% |
| FFO per Share | 2.49 | 2.25 | 2.07 | 2.02 | 1.81 | 1.06 | -0.09 | 2.18 | 2.74 | 1.78 | 2.00 | 1.68 | 1.81 | 1.36 | 1.09 | 0.86 | 0.69 | 0.77 | 1.91 | 2.19 | 2.40 | 1.48 | 0.83 | 1.24 | 1.36 | 1.44 | 2.13 | 2.10 | 1.33 | -0.84 | -0.98 |
| FFO Payout Ratio % | 29.99% | 39.94% | 50.51% | 38.07% | 11.57% | 0% | -477.61% | 39.04% | 30.97% | 47.76% | 40.11% | 51.03% | 32.91% | 30.87% | 23.88% | 11.78% | 4.42% | 9.98% | 54.51% | 35.72% | 24.47% | 18.92% | 6.55% | 9.19% | 9.41% | 60.24% | 39.01% | 43.06% | 0% | 0% | 0% |
| EPS (Diluted) | 1.36 | 1.10 | 0.99 | 1.04 | 0.88 | -0.02 | -1.05 | 1.26 | 1.47 | 0.76 | 1.02 | 0.74 | 0.96 | 0.42 | 0.08 | -0.02 | -0.20 | -0.43 | 0.72 | 1.30 | 1.45 | 0.37 | -0.18 | -0.07 | -0.06 | 0.08 | 0.62 | 0.90 | 0.22 | 0.23 | -0.07 |
| EPS Growth % | 27.62% | 11.11% | -4.81% | 18.18% | 5777.42% | 98.52% | -183.33% | -14.29% | 93.42% | -25.49% | 37.84% | -22.92% | 128.57% | 425% | 470.37% | 89.2% | 53.49% | -159.72% | -44.62% | -10.34% | 291.89% | 305.56% | -162.77% | -17.5% | -174.46% | -87.37% | -31.11% | 309.09% | -4.35% | 416.37% | 91.74% |
| EPS (Basic) | - | 1.10 | 0.99 | 1.04 | 0.89 | -0.02 | -1.05 | 1.26 | 1.47 | 0.76 | 1.03 | 0.74 | 0.97 | 0.43 | 0.08 | -0.02 | -0.20 | -0.43 | 0.74 | 1.35 | 1.46 | 0.37 | -0.18 | -0.07 | -0.06 | 0.08 | 0.63 | 0.93 | 0.22 | 0.23 | -0.07 |
| Diluted Shares Outstanding | 687.3M | 693.9M | 705.9M | 712.8M | 717.5M | 710.3M | 705.9M | 731.1M | 740.6M | 739.1M | 743.7M | 752.9M | 786.8M | 747.9M | 719.6M | 693M | 656.1M | 587.2M | 527.4M | 566.88M | 494.42M | 363.06M | 349.17M | 306.58M | 274.31M | 294.63M | 228.72M | 239.94M | 218.33M | 210.07M | 178.84M |
Quick answers to the most common questions about buying HST stock.
For fiscal year 2025, Host Hotels & Resorts, Inc. (HST) reported total revenue of $6.11B. This represents a 214.8% increase compared to $1.94B in 1996.
Host Hotels & Resorts, Inc. (HST) is profitable, generating $765.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
Host Hotels & Resorts, Inc. (HST) reported an operating income of $831.0M, resulting in an operating profit margin of 13.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Host Hotels & Resorts, Inc. (HST) generated $160.0M in gross profit for the year, representing a gross profit margin of 2.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Business travel recovery uncertainty
Metrics are mathematically derived from official filings.
Revenue Growth Stabilizes After Volatility
HST's revenue growth has moderated to 3.4% in Q2 2026 from double-digit rates in late 2025, suggesting a normalization in demand. According to the latest quarterly data, revenue reached $1.6B, reflecting a deceleration from the 12.3% growth in Q4 2025.
The sequential slowdown in revenue growth from 12.3% in Q4 2025 to 3.4% in Q2 2026 indicates that the post-pandemic rebound is maturing. While Q1 and Q2 2026 both show ~3% growth, this is a marked deceleration from the 8%+ growth seen throughout 2025. This suggests that HST is transitioning from a recovery phase to a more stable, but slower, growth trajectory. Investors should monitor whether this stabilization is due to tougher comps or a softening in demand, particularly in urban and group segments.
NOI Margin Volatility Raises Questions
NOI margin swung from 54.4% in Q2 2025 to 7.9% in Q2 2026, a dramatic decline that appears to be driven by one-time items or accounting adjustments. As reported in the income statement data, Q2 2026 NOI was only $129M versus $863M a year earlier.
The collapse in NOI margin from 54.4% to 7.9% year-over-year is not indicative of operational deterioration but likely reflects a significant non-cash charge or reclassification in Q2 2026. The FFO and AFFO figures for the same quarter remain robust at $430M and $309M, respectively, suggesting that property-level cash flows are intact. This discrepancy warrants further investigation into the components of NOI, as such volatility could distort quarterly comparisons. If this is a one-time event, margins should revert to the mid-50s range in subsequent quarters.
FFO Per Share Shows Resilience
FFO per share of $0.62 in Q2 2026 is stable compared to $0.60 in Q2 2025, despite a 3.4% revenue growth. Based on the latest financials, FFO growth has been positive in 2026, contrasting with negative growth in 2025, indicating improved earnings quality.
The stability in FFO per share, despite the revenue growth slowdown, suggests that HST is effectively managing costs and that the earnings beat in Q2 2026 (EPS $0.34 vs. estimate $0.07) is supported by operational efficiency. The dividend yield of 0.8% is low, but the payout ratio based on FFO is approximately 77% (using annualized FFO of $2.48 per share and a dividend of $0.08 per quarter), which appears sustainable. However, the volatility in FFO growth (from -4.1% in Q4 2024 to +54.1% in Q1 2026) indicates that quarterly earnings can be lumpy, and investors should focus on annual trends.
Depreciation Distorts Net Income
GAAP net income of $237M in Q2 2026 is significantly lower than FFO of $430M, highlighting the impact of depreciation. As reported in the financial statements, the gap between net income and FFO has widened, underscoring the need to focus on FFO for valuation.
The difference between net income and FFO is primarily due to depreciation and amortization, which is a non-cash charge. In Q2 2026, the gap was $193M, indicating that depreciation is a substantial drag on GAAP earnings. This is typical for REITs, but the magnitude suggests that HST's assets are being depreciated aggressively, possibly reflecting the high cost of its luxury properties. Investors should note that while depreciation reduces net income, it does not impact cash flows, and FFO remains the more relevant metric for assessing earnings power.
Same-Store Performance Under Pressure
Same-store NOI appears to be declining, as total NOI in Q2 2026 was $129M versus $863M in Q2 2025, a 85% drop. According to the quarterly data, this suggests that organic growth is negative, though the anomaly may be due to asset sales or reclassifications.
The dramatic decline in NOI is unlikely to be purely same-store, as revenue only fell slightly from $1.6B to $1.6B. This suggests that the NOI figure may include unusual items or that HST has sold properties that contributed to NOI in the prior year. Without a same-store metric, it's difficult to assess organic performance, but the revenue growth of 3.4% indicates that occupancy and rates are still growing. Investors should look for management's disclosure on same-store RevPAR and NOI to understand the underlying trends.
Earnings Quality Could Be Overstated
The Q2 2026 EPS beat may be flattered by one-time gains or lower depreciation, as FFO per share only grew 3.3% year-over-year. Based on the reported figures, the $0.34 EPS versus $0.07 estimate suggests a non-recurring benefit that may not be sustainable.
The massive EPS beat of $0.27 per share is not reflected in FFO per share, which only increased from $0.60 to $0.62. This implies that the beat was driven by items below the FFO line, such as gains on asset sales or lower taxes. Such items are not indicative of core operating performance and may reverse in future quarters. Additionally, the low NOI margin in Q2 2026 raises concerns about the quality of earnings, as it suggests that property-level expenses may be rising or that revenue is being recognized differently. Investors should scrutinize the components of net income to determine if the beat is sustainable.