Revenue growth remains positive at 3.2% in 2026Q1, yet NOI margins have experienced extreme volatility, dropping from 54.4% in 2025Q2 to 1.6% by 2025Q4.
| 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 | 6.17B | 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 % | 6.17% | 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 | 4.45B | 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) | 1.71B | 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 % | 27.8% | 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 | 832M | -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 | 52M | 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 | 1.67B | 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 % | 27.1% | 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 | 789M | 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 % | 12.8% | 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 | 882M | 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 % | 14.31% | 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 | -441M | -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 | 1.09B | 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 % | 17.62% | 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 | 60M | 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 % | 5.52% | 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 | 1.01B | 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 % | 16.4% | 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 % | 49.34% | 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) | 1.8B | 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 % | 29.2% | 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 % | 91.89% | 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 | 2.59 | 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 % | 22.94% | 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) | 1.46 | 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 % | 51.04% | 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 | 693.9M | 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 |
Operating margin volatility
As reported in financial statements, HST experienced a sharp contraction in NOI margin to 1.6% in 2025Q4, a significant deviation from the 50% plus levels observed in prior quarters, suggesting that rising operating costs or seasonal revenue shifts are severely impacting the company's core property-level profitability.
The dramatic fluctuation in NOI margins indicates that the company's high-fixed-cost structure is highly sensitive to even minor revenue variances. Investors should monitor whether this margin compression is a temporary seasonal anomaly or a structural shift driven by persistent labor and utility cost inflation.
Based on reported figures, FFO per share reached $0.99 in 2026Q1, representing a 54.1% growth rate, yet this figure appears disconnected from the more modest revenue growth of 3.2%, suggesting that non-recurring items or accounting adjustments may be significantly inflating the reported FFO metrics for the period.
The divergence between top-line revenue growth and FFO expansion warrants further investigation into the sustainability of these earnings. Reliance on non-operating gains to drive FFO growth may obscure the true operational health of the portfolio, particularly as the company navigates a challenging labor environment.
According to recent SEC filings, the significant gap between FFO and AFFO, such as the $201 million AFFO versus $357 million FFO in 2025Q3, highlights the substantial recurring capital expenditure requirements necessary to maintain the competitive positioning of the company's luxury and upper-upscale hotel assets.
This persistent spread suggests that a large portion of reported FFO is effectively committed to property maintenance and brand-mandated renovations rather than available for distribution or growth. Consequently, the quality of earnings may be lower than headline FFO figures imply, as the company must continuously reinvest to prevent asset obsolescence.
As indicated by the data, revenue growth has remained positive, peaking at 12.3% in 2025Q4, yet this top-line expansion has failed to translate into consistent NOI growth, suggesting that the company is struggling to achieve operating leverage amidst rising costs in its primary gateway markets.
The inability to convert revenue gains into proportional NOI growth may indicate that the company is facing a ceiling on its pricing power or that operating expenses are rising faster than ADR. This trend suggests that future growth may be increasingly difficult to achieve without significant improvements in operational efficiency.
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.