Revenue growth of 7.9% in 2026Q1 remains disconnected from operational profitability, as evidenced by the extreme NOI margin volatility that saw a trough of -10.6% in 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 |
|---|
| 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 % | 2.84% | 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 | 968.21M | 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) | 532.73M | -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 % | 35.49% | -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 | 371.75M | -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 | 48.29M | 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 | 277.55M | 302.91M | 313.56M | 278.45M | 254.31M | 134.46M | -68.15M | 464.22M | 765.44M | 769.32M | 816.42M | 223.51M | 159.59M | 113.42M | 80.13M | 60.46M | 4.25M | -147K |
| EBITDA Margin % | 18.49% | 20.53% | 21.58% | 19.61% | 18.27% | 18.34% | -15.39% | 28.79% | 92.37% | 100% | 100% | 28.99% | 26.65% | 23.19% | 21.05% | 21% | 7.37% | - |
| Depreciation & Amortization | 222.09M | 227.66M | 229.53M | 240.65M | 239.58M | 224.25M | 224.56M | 234.88M | 698.46M | 648.81M | 677.1M | 95.87M | 68.32M | 55.57M | 43.01M | 30.95M | 5.78M | 0 |
| D&A / Revenue % | 14.8% | 15.43% | 15.79% | 16.95% | 17.21% | 30.59% | 50.7% | 14.57% | 84.29% | 84.34% | 82.94% | 12.44% | 11.41% | 11.36% | 11.3% | 10.75% | 10% | - |
| Operating Income | 55.46M | 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 % | 3.69% | 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 | 1000K | 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 | -8.17M | 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 | -39.05M | -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 % | -2.6% | -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 | 9.47M | 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 % | -24.25% | -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 | -62.56M | -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 % | -4.17% | -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 % | -607.83% | -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) | 159.53M | 161.85M | 225.29M | 162.63M | 152.41M | 39.39M | -167.17M | 350.32M | 711.86M | 748.7M | 750.81M | 190.54M | 141.19M | 98.49M | 69.09M | 45.8M | -866K | -147K |
| FFO Margin % | 10.63% | 10.97% | 15.5% | 11.45% | 10.95% | 5.37% | -37.75% | 21.73% | 85.9% | 97.32% | 91.96% | 24.72% | 23.58% | 20.13% | 18.15% | 15.9% | -1.5% | - |
| FFO Growth % | 329.79% | -28.16% | 38.53% | 6.7% | 286.9% | 123.56% | -147.72% | -50.79% | -4.92% | -0.28% | 294.04% | 34.95% | 43.36% | 42.55% | 50.85% | 5388.8% | - | - |
| FFO per Share | 1.41 | 1.38 | 1.88 | 1.34 | 1.17 | 0.30 | -1.28 | 2.68 | 9.58 | 10.70 | 10.37 | 2.63 | 2.13 | 1.59 | 1.23 | 0.95 | -0.03 | -0.04 |
| FFO Payout Ratio % | 2.22% | 2.94% | 2.16% | 3.06% | 3.47% | 13.4% | -32.28% | 52.76% | 14.85% | 14.34% | 14.03% | 44.1% | 39.46% | 37.54% | 39.08% | 48.57% | 0% | 0% |
| EPS (Diluted) | -0.55 | -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 % | -64.1% | -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 | 113.33M | 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 |
Urban Gateway Demand Sensitivity
As reported in financial statements, Pebblebrook achieved a 7.9% revenue increase in 2026Q1, yet this top-line expansion appears disconnected from operational profitability, as the company continues to navigate a complex transition away from legacy urban assets toward a more diversified, lifestyle-oriented resort portfolio.
The revenue trajectory suggests that while the company maintains pricing power in its lifestyle segments, the reliance on high-barrier gateway markets creates significant volatility. Investors should monitor whether the recent revenue gains are sustainable or merely a function of seasonal recovery in specific resort submarkets.
Based on reported figures, the NOI margin fluctuated significantly, reaching a low of -10.6% in 2025Q4 before rebounding, which highlights the sensitivity of the company's cost structure to fixed labor and insurance obligations in union-heavy, high-cost urban markets like San Francisco and Seattle.
The extreme variance in NOI margins suggests that the company's operating leverage works against it during periods of lower occupancy or elevated renovation activity. This instability warrants further investigation into whether management can effectively control property-level expenses as inflationary pressures on insurance and labor persist.
According to recent SEC filings, FFO per share has exhibited erratic performance, dropping to $0.20 in 2026Q1 from a peak of $0.68 in 2024Q3, which may indicate that the company's earnings quality is heavily influenced by the timing of asset dispositions and non-recurring renovation impacts.
The inconsistency in FFO generation suggests that the company's ability to cover distributions may be more fragile than headline figures imply. Analysts should be cautious about relying on FFO as a proxy for cash flow given the recurring need for capital-intensive property re-brandings.
As indicated by the negative AFFO figures reported in multiple periods, such as the -$75.7M in 2024Q4, the company's aggressive renovation cycle appears to consume significant cash, potentially masking the true economic profitability of the underlying real estate assets when accounting for necessary maintenance CAPEX.
The persistent gap between FFO and AFFO suggests that the company's lifestyle strategy requires constant capital reinvestment to remain competitive. This dynamic may imply that the reported earnings are overstated relative to the actual cash available for debt reduction or shareholder returns.
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.