Revenue growth has flattened to roughly 1% year over year with a 2026Q3 NOI margin of 28.3%, yet the sharp swings between quarters, including a -10.6% margin in 2025Q4, suggest property-level profitability remains highly sensitive to cost timing.
Pebblebrook Hotel Trust (PEB) annual income statement — 17-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 |
|---|
| Revenue | 1.5B | 1.48B | 1.45B | 1.42B | 1.39B | 733.04M | 442.89M | 1.61B | 828.68M | 769.32M | 816.42M | 770.86M | 598.78M | 489.22M | 380.69M | 287.99M | 57.76M | 0 |
| Revenue Growth % | 2.76% | 1.53% | 2.35% | 2.02% | 89.88% | 65.51% | -72.53% | 94.55% | 7.72% | -5.77% | 5.91% | 28.74% | 22.39% | 28.51% | 32.19% | 398.58% | - | - |
| Property Operating Expenses | 1.22B | 1.57B | 1.09B | 1.07B | 1.01B | 608.25M | 493.76M | 1.1B | 566.02M | 516.47M | 534.41M | 515.02M | 410.87M | 355.25M | 281.77M | 201.35M | 45.06M | 0 |
| Net Operating Income (NOI) | 280.01M | -98.73M | 366.12M | 354.27M | 382.28M | 124.79M | -50.87M | 513.03M | 262.65M | 252.84M | 282.01M | 255.84M | 187.91M | 133.97M | 98.92M | 86.63M | 12.7M | 0 |
| NOI Margin % | 18.61% | -6.69% | 25.19% | 24.95% | 27.46% | 17.02% | -11.49% | 31.82% | 31.7% | 32.87% | 34.54% | 33.19% | 31.38% | 27.38% | 25.98% | 30.08% | 21.98% | - |
| Operating Expenses | 228.31M | -173.98M | 282.1M | 316.46M | 367.56M | 214.58M | 241.84M | 283.69M | 130.99M | 126.34M | 130.54M | 123.52M | 94.67M | 72.74M | 59.57M | 57.11M | 14.22M | 262K |
| G&A Expenses | 47.33M | 49.47M | 48.08M | 44.79M | 39.19M | 38.17M | 45.16M | 34.05M | 22.51M | 24.05M | 28.11M | 27.65M | 26.35M | 17.17M | 16.78M | 13.27M | 8.44M | 262K |
| EBITDA | 262.36M | 302.91M | 313.56M | 278.45M | 254.31M | 134.46M | -68.15M | 464.22M | 175.45M | 222.79M | 241.76M | 223.51M | 159.59M | 113.42M | 80.13M | 60.46M | 4.25M | -147K |
| EBITDA Margin % | 17.44% | 20.53% | 21.58% | 19.61% | 18.27% | 18.34% | -15.39% | 28.79% | 21.17% | 28.96% | 29.61% | 28.99% | 26.65% | 23.19% | 21.05% | 21% | 7.37% | - |
| Depreciation & Amortization | 210.66M | 227.66M | 229.53M | 240.65M | 239.58M | 224.25M | 224.56M | 234.88M | 108.47M | 102.29M | 102.44M | 95.87M | 68.32M | 55.57M | 43.01M | 30.95M | 5.78M | 0 |
| D&A / Revenue % | 14% | 15.43% | 15.79% | 16.95% | 17.21% | 30.59% | 50.7% | 14.57% | 13.09% | 13.3% | 12.55% | 12.44% | 11.41% | 11.36% | 11.3% | 10.75% | 10% | - |
| Operating Income | 51.7M | 75.25M | 84.03M | 37.81M | 14.72M | -89.79M | -292.71M | 229.34M | 66.97M | 120.5M | 139.32M | 127.64M | 91.27M | 57.85M | 37.11M | 29.52M | -1.52M | -262K |
| Operating Margin % | 3.44% | 5.1% | 5.78% | 2.66% | 1.06% | -12.25% | -66.09% | 14.23% | 8.08% | 15.66% | 17.06% | 16.56% | 15.24% | 11.83% | 9.75% | 10.25% | -2.63% | - |
| Interest Expense | 4M | 103.33M | 102.48M | 107.56M | 83.52M | 86.89M | 0 | 108.47M | 53.92M | 37.3M | 43.62M | 38.77M | 27.07M | 23.68M | 14.93M | 13.65M | 1.64M | 0 |
| Interest Coverage | - | 0.46x | 0.75x | 0.32x | -0.01x | -1.14x | - | 2.05x | 1.23x | 3.63x | 2.63x | 3.52x | 3.84x | 2.88x | 2.90x | 2.15x | -3.10x | - |
| Non-Operating Income | 5.98M | 27.85M | 7.16M | 3.88M | 15.9M | 9.63M | 6.78M | 7.09M | 487K | -14.84M | 24.61M | -8.72M | -12.59M | -10.24M | -6.19M | 103K | -1.64M | -115K |
| Pretax Income | -55.58M | -55.94M | -25.61M | -73.62M | -84.7M | -186.31M | -396.29M | 120.9M | 15.13M | 100.44M | 73.83M | 97.58M | 76.79M | 44.42M | 28.37M | 15.76M | -6.72M | 0 |
| Pretax Margin % | -3.69% | -3.79% | -1.76% | -5.18% | -6.09% | -25.42% | -89.48% | 7.5% | 1.83% | 13.06% | 9.04% | 12.66% | 12.83% | 9.08% | 7.45% | 5.47% | -11.64% | - |
| Income Tax | 9.51M | 6.29M | -25.63M | 655K | 277K | 61K | -3.7M | 5.17M | 1.74M | 181K | -134K | 2.59M | 3.25M | 1.23M | 1.87M | 564K | -80K | 147K |
| Effective Tax Rate % | -17.11% | -11.25% | 100.06% | -0.89% | -0.33% | -0.03% | 0.93% | 4.28% | 11.52% | 0.18% | -0.18% | 2.65% | 4.23% | 2.76% | 6.58% | 3.58% | 1.19% | - |
| Net Income | -68.52M | -65.81M | -4.24M | -78.02M | -87.17M | -184.86M | -391.73M | 115.44M | 13.39M | 99.89M | 73.7M | 94.67M | 72.87M | 42.92M | 26.08M | 14.86M | -6.64M | -147K |
| Net Margin % | -4.55% | -4.46% | -0.29% | -5.49% | -6.26% | -25.22% | -88.45% | 7.16% | 1.62% | 12.98% | 9.03% | 12.28% | 12.17% | 8.77% | 6.85% | 5.16% | -11.5% | - |
| Net Income Growth % | 30.4% | -1451.41% | 94.56% | 10.5% | 52.84% | 52.81% | -439.33% | 761.96% | -86.59% | 35.53% | -22.14% | 29.92% | 69.78% | 64.57% | 75.55% | 323.67% | -4418.37% | - |
| Funds From Operations (FFO) | 142.14M | 161.85M | 225.29M | 162.63M | 152.41M | 39.39M | -167.17M | 350.32M | 121.87M | 202.18M | 176.14M | 190.54M | 141.19M | 98.49M | 69.09M | 45.8M | -866K | -147K |
| FFO Margin % | 9.45% | 10.97% | 15.5% | 11.45% | 10.95% | 5.37% | -37.75% | 21.73% | 14.71% | 26.28% | 21.57% | 24.72% | 23.58% | 20.13% | 18.15% | 15.9% | -1.5% | - |
| FFO Growth % | 348.85% | -28.16% | 38.53% | 6.7% | 286.9% | 123.56% | -147.72% | 187.46% | -39.72% | 14.78% | -7.56% | 34.95% | 43.36% | 42.55% | 50.85% | 5388.8% | - | - |
| FFO per Share | 1.27 | 1.38 | 1.88 | 1.34 | 1.17 | 0.30 | -1.28 | 2.68 | 1.64 | 2.89 | 2.43 | 2.63 | 2.13 | 1.59 | 1.23 | 0.95 | -0.03 | -0.04 |
| FFO Payout Ratio % | 3.23% | 2.94% | 2.16% | 3.06% | 3.47% | 13.4% | -32.28% | 52.76% | 86.76% | 53.09% | 59.79% | 44.1% | 39.46% | 37.54% | 39.08% | 48.57% | 0% | 0% |
| EPS (Diluted) | -0.61 | -0.90 | -0.39 | -0.93 | -0.95 | -1.80 | -3.25 | 0.63 | 0.18 | 1.19 | 0.64 | 0.94 | 0.71 | 0.32 | 0.14 | 0.08 | -0.23 | -0.04 |
| EPS Growth % | 26.75% | -130.77% | 58.06% | 2.11% | 47.22% | 44.62% | -615.87% | 250% | -84.87% | 85.94% | -31.91% | 32.39% | 121.88% | 128.57% | 75% | 134.78% | -528.42% | - |
| EPS (Basic) | - | -0.90 | -0.39 | -0.93 | -0.95 | -1.80 | -3.25 | 0.63 | 0.18 | 1.20 | 0.65 | 0.95 | 0.72 | 0.32 | 0.14 | 0.08 | -0.23 | -0.04 |
| Diluted Shares Outstanding | 112.17M | 117.03M | 119.78M | 121.81M | 130.45M | 130.8M | 130.61M | 130.72M | 74.29M | 69.98M | 72.37M | 72.38M | 66.26M | 61.84M | 55.96M | 47.97M | 28.67M | 4.01M |
Quick answers to the most common questions about buying PEB stock.
For fiscal year 2025, Pebblebrook Hotel Trust (PEB) reported total revenue of $1.48B.
Pebblebrook Hotel Trust (PEB) reported a net loss of $65.8M for the fiscal year ending 2025.
Pebblebrook Hotel Trust (PEB) reported an operating income of $75.2M, resulting in an operating profit margin of 5.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Pebblebrook Hotel Trust (PEB) generated $-98.7M in gross profit for the year, representing a gross profit margin of -6.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage and urban exposure
Metrics are mathematically derived from official filings.
Revenue Recovery Stalls Near Plateau
Based on reported quarterly figures, PEB's revenue of $402.7M in 2026Q3 grew only 1.0% year over year after a 7.9% rise in 2026Q1, suggesting top-line momentum has become uneven across the year.
The shift from double-digit recovery in early 2026 to low-single-digit growth in the latest quarter may indicate that post-pandemic pricing power is maturing. Given the portfolio's concentration in West Coast gateway markets, investors should monitor whether urban demand recovery is broadening or whether growth is being carried by resort assets. The flat trajectory warrants further investigation into the mix of transient versus group revenue.
NOI Margin Volatility Masks Underlying Trend
As reported in the income statement, PEB's NOI margin swung from 23.4% in 2026Q1 to 30.1% in 2026Q2 and then to -10.6% in 2025Q4, indicating that property-level profitability is highly sensitive to period-specific cost timing.
The negative NOI margin in 2025Q4 appears to reflect a concentration of property-level expenses, potentially including renovation disruption, insurance, or tax items, rather than a sustained operating deterioration. Recent quarters have recovered to 28.3% in 2026Q3, which suggests underlying cost discipline may be improving. Investors should monitor whether the 2025Q4 anomaly recurs, as repeated swings would weaken confidence in the stability of property-level economics.
FFO Per Share Trajectory Turns Negative
Based on reported figures, PEB's FFO per share fell from 0.60 in 2026Q2 to -0.03 in 2026Q3, with FFO declining 113.3% year over year, a sharp reversal that warrants scrutiny of its drivers.
A swing to negative FFO in a single quarter, despite stable revenue, may indicate that interest costs, non-recurring charges, or renovation-related revenue losses are weighing on recurring earnings power. The gap between positive EPS commentary and negative FFO in the latest period suggests the metrics are diverging and should be reconciled. Dividend coverage appears uncertain until FFO stabilizes, and investors should monitor AFFO, which was negative at -$19.1M in the same quarter.
Net Income Distorted by Depreciation Charges
As reported in the financial statements, PEB posted net income of -$55.0M in 2026Q3 against NOI of $113.8M, a gap that largely reflects non-cash depreciation on its hotel real estate rather than operational weakness alone.
For a hotel REIT with a heavy asset base, depreciation can dominate the difference between NOI and reported net income, making GAAP earnings a poor guide to operating health. The quarterly net income series is highly volatile, which may be driven by impairment or disposition timing as well as depreciation. Analysts should rely on FFO and AFFO while separately assessing maintenance capital needs for the lifestyle portfolio.
Earnings Beats Versus Negative Margins
Based on reported figures, PEB's recent EPS strength is difficult to reconcile with a portfolio-level net margin of -4.5% and a negative ROE of -2.5%, suggesting headline earnings may overstate underlying profitability.
The reported EPS beats may rest on one-time items, asset sales, or favorable timing rather than sustained margin expansion, which the negative net and gross margins do not support. Elevated leverage, with Debt/Equity at 0.96, could amplify any earnings volatility and limit flexibility. This divergence warrants further investigation before treating the recent earnings momentum as durable.