The company has undergone a dramatic capital structure shift, reducing total debt to $207 million in 2026Q1 from $4.8 billion in 2025Q3, though total assets have simultaneously declined to $7.7 billion.
| Total Assets | 7.66B | 7.7B | 9.16B | 9.42B | 9.73B | 9.74B | 10.59B | 11.29B | 9.36B | 9.71B | 9.83B | 9.79B | 9.71B |
| Asset Growth % | -36.88% | -15.95% | -2.74% | -3.21% | -0.12% | -7.97% | -6.23% | 20.58% | -3.61% | -1.22% | 0.48% | 0.75% | - |
| Real Estate & Other Assets | 0 | -6.96B | 71M | 40M | 46M | 69M | 60M | 40M | 2M | 18M | -2.41B | 19M | 14M |
| PP&E (Net) | 7.14B | 7.13B | 7.59B | 7.66B | 8.52B | 8.72B | 9.42B | 9.84B | 7.97B | 8.31B | 8.54B | 8.68B | 6.91B |
| Investment Securities | 0 | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 298M | 348M | 1.46B | 1.68B | 1.13B | 894M | 1.05B | 720M | 660M | 589M | 538M | 319M | 1.81B |
| Cash & Equivalents | 156M | 232M | 402M | 717M | 906M | 688M | 951M | 346M | 410M | 364M | 293M | 72M | 42M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 38M | 33M | 33M | 75M | 30M | 111M | 97M | 100M | 71M | 125M | 1.67B |
| Intangible Assets | 41M | 41M | 41M | 42M | 43M | 44M | 45M | 46M | 27M | 41M | 44M | 52M | 52M |
| Total Liabilities | 4.63B | 4.62B | 5.57B | 5.65B | 5.44B | 5.34B | 5.74B | 4.84B | 3.78B | 3.75B | 6.01B | 6.99B | 7.12B |
| Total Debt | 207M | 4.26B | 4.79B | 4.71B | 4.85B | 4.98B | 5.37B | 4.8B | 2.95B | 2.96B | 3.01B | 4.06B | 4.25B |
| Net Debt | 51M | 4.03B | 4.39B | 4B | 3.94B | 4.29B | 4.41B | 4.46B | 2.54B | 2.6B | 2.72B | 3.98B | 4.2B |
| Long-Term Debt | 0 | 2.44B | 4.57B | 4.49B | 4.62B | 4.67B | 4.52B | 3.87B | 2.95B | 2.94B | 3B | 4.04B | 4.23B |
| Short-Term Borrowings | 207M | 1.6B | 0 | 0 | 0 | 78M | 601M | 670M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 647M | 211M | 226M | 224M | 234M | 227M | 245M | 261M | 1M | 16M | 14M | 17M | 18M |
| Total Current Liabilities | 207M | 1.6B | 597M | 738M | 417M | 267M | 836M | 376M | 455M | 494M | 468M | 333M | 284M |
| Accounts Payable | 0 | 198M | 226M | 210M | 220M | 156M | 147M | 217M | 183M | 198M | 167M | 171M | 146M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.95B | -1M | -56M | -45M | 0 |
| Other Liabilities | 4.42B | 366M | 179M | 200M | 172M | 165M | 134M | 282M | 379M | 447M | 395M | 215M | 176M |
| Total Equity | 3.03B | 3.08B | 3.59B | 3.77B | 4.29B | 4.4B | 4.84B | 6.45B | 5.59B | 5.96B | 3.82B | 2.8B | 2.59B |
| Equity Growth % | -45.73% | -14.41% | -4.62% | -12.19% | -2.54% | -9.09% | -24.93% | 15.49% | -6.31% | 55.95% | 36.68% | 7.87% | - |
| Shareholders Equity | 3.09B | 3.13B | 3.65B | 3.81B | 4.34B | 4.45B | 4.89B | 6.5B | 5.63B | 6.01B | 3.87B | 2.82B | 2.62B |
| Minority Interest | -55M | -55M | -51M | -46M | -48M | -49M | -50M | -45M | -46M | -49M | -49M | -24M | -24M |
| Common Stock | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 3.94B | 2.88B | 2.67B |
| Additional Paid-in Capital | 0 | 4.03B | 4.06B | 4.16B | 4.32B | 4.53B | 4.52B | 4.58B | 3.59B | 3.83B | 0 | 0 | 0 |
| Retained Earnings | -937M | -902M | -420M | -344M | 16M | -83M | 376M | 1.92B | 2.05B | 2.23B | 3.87B | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.05B | 2.23B | 0 | 0 | 0 |
| Return on Assets (ROA) | -2.6% | -3.36% | 2.28% | 1.01% | 1.66% | -4.52% | -13.16% | 2.96% | 4.95% | 26.86% | 1.36% | 2.99% | 1.81% |
| Return on Equity (ROE) | -6.71% | -8.49% | 5.76% | 2.41% | 3.73% | -9.93% | -25.5% | 5.08% | 8.17% | 53.65% | 4.02% | 10.83% | 6.79% |
| Debt / Assets | 2.7% | 55.29% | 52.3% | 50.04% | 49.85% | 51.08% | 50.68% | 42.52% | 31.49% | 30.48% | 30.63% | 41.45% | 43.71% |
| Debt / Equity | 0.07x | 1.38x | 1.33x | 1.25x | 1.13x | 1.13x | 1.11x | 0.74x | 0.53x | 0.50x | 0.79x | 1.45x | 1.64x |
| Net Debt / EBITDA | 0.08x | 7.16x | 6.77x | 6.34x | 6.98x | 42.05x | - | 6.46x | 0.90x | 0.95x | 1.00x | 4.56x | 6.11x |
| Book Value per Share | 15.17 | 15.46 | 17.20 | 17.53 | 18.82 | 18.66 | 20.52 | 30.29 | 27.38 | 27.86 | 19.31 | 14.13 | 13.10 |
High Financial Leverage Exposure
As reported in recent financial statements, Park Hotels & Resorts has seen total assets decline from $9.4 billion in 2023Q4 to $7.7 billion in 2026Q1, reflecting a strategic, albeit painful, reduction in the portfolio footprint to address long-term structural debt obligations.
The significant reduction in total assets suggests that management is actively pruning the portfolio to shed underperforming assets, likely in response to the unsustainable debt service requirements observed in prior periods. This contraction appears to be a defensive maneuver aimed at stabilizing the balance sheet rather than a growth-oriented capital allocation strategy.
Based on the provided quarterly data, the company's debt profile has undergone a dramatic shift, with total debt plummeting to $207 million in 2026Q1 from $4.8 billion in 2025Q3, indicating a major balance sheet restructuring event rather than organic debt repayment.
The sudden collapse in reported debt levels suggests that the company has likely completed a significant debt-for-equity swap or a strategic default on property-level financing. Investors should monitor whether this reduction in leverage provides sufficient breathing room or if it signals a permanent impairment of the company's ability to access traditional credit markets.
According to recent filings, cash reserves have fluctuated significantly, dropping from a peak of $717 million in 2023Q4 to $156 million in 2026Q1, which may indicate that the company is consuming liquidity to cover operating shortfalls and mandatory capital expenditures.
The rapid depletion of cash reserves, coupled with the negative FFO trends noted in previous quarters, suggests that the company's liquidity position is increasingly fragile. This trend warrants further investigation into whether the current cash balance is sufficient to fund necessary property-level maintenance without further diluting equity holders.
As indicated by the divergence between reported PPE and actual cash outflows, the company's reliance on heavy capital expenditures to maintain its luxury assets, such as the $188 million outlay in 2025Q4, represents a persistent, non-discretionary drain on the balance sheet.
The high capital intensity required to maintain the competitive standing of its flagship properties may be masking the true economic cost of ownership. This suggests that even if the company successfully reduces its debt burden, the ongoing requirement for significant reinvestment may continue to constrain free cash flow and limit future dividend capacity.
Quick answers to the most common questions about buying PK stock.
As of 2025, Park Hotels & Resorts Inc. (PK) had total assets of $7.70B including $348.0M in current assets.
Park Hotels & Resorts Inc. (PK) carries total debt of $4.26B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Park Hotels & Resorts Inc. (PK) has total shareholders' equity (book value) of $3.13B ($15.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Park Hotels & Resorts Inc. (PK) reported a current ratio of 0.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.