Revenue has stagnated at $680M in 2026Q2, barely above the prior year's $672M, while NOI margins have been erratic, swinging from 31.5% in 2025Q2 to -78.2% in 2025Q4, indicating severe operational instability.
Park Hotels & Resorts Inc. (PK) annual income statement — 12-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 |
|---|
| Revenue | 2.54B | 2.54B | 2.6B | 2.7B | 2.5B | 1.36B | 852M | 2.84B | 2.74B | 2.79B | 2.73B | 2.69B | 2.51B |
| Revenue Growth % | -1.36% | -2.23% | -3.67% | 7.88% | 83.63% | 59.86% | -70.04% | 3.91% | -1.93% | 2.35% | 1.45% | 6.96% | - |
| Property Operating Expenses | 2.72B | 2.49B | 1.85B | 1.95B | 1.81B | 1.14B | 1.01B | 1.98B | 1.92B | 1.98B | 1.91B | 1.86B | 1.76B |
| Net Operating Income (NOI) | -181M | 50M | 745M | 746M | 693M | 227M | -161M | 863M | 822M | 815M | 818M | 826M | 755M |
| NOI Margin % | -7.12% | 1.97% | 28.66% | 27.65% | 27.71% | 16.67% | -18.9% | 30.34% | 30.03% | 29.2% | 30% | 30.73% | 30.04% |
| Operating Expenses | -447M | -176M | 354M | 403M | 397M | 406M | 1.04B | 437M | 415M | 419M | 385M | 383M | 315M |
| G&A Expenses | 73M | 72M | 69M | 65M | 63M | 62M | 60M | 62M | 118M | 123M | 127M | 113M | 116M |
| EBITDA | 592M | 562M | 648M | 630M | 565M | 102M | -904M | 690M | 2.83B | 2.73B | 2.71B | 873M | 688M |
| EBITDA Margin % | 23.3% | 22.12% | 24.93% | 23.35% | 22.59% | 7.49% | -106.1% | 24.26% | 103.32% | 97.67% | 99.49% | 32.48% | 27.38% |
| Depreciation & Amortization | 275M | 336M | 257M | 287M | 269M | 281M | 298M | 264M | 2.32B | 2.35B | 2.29B | 287M | 248M |
| D&A / Revenue % | 10.82% | 13.22% | 9.89% | 10.64% | 10.76% | 20.63% | 34.98% | 9.28% | 84.91% | 84.38% | 84.12% | 10.68% | 9.87% |
| Operating Income | 317M | 226M | 391M | 343M | 296M | -179M | -1.2B | 426M | 504M | 371M | 419M | 586M | 440M |
| Operating Margin % | 12.48% | 8.89% | 15.04% | 12.71% | 11.84% | -13.14% | -141.08% | 14.98% | 18.41% | 13.29% | 15.36% | 21.8% | 17.51% |
| Interest Expense | 2M | 267M | 274M | 252M | 247M | 258M | 213M | 140M | 127M | 124M | 181M | 186M | 174M |
| Interest Coverage | - | -0.01x | 1.60x | 1.57x | 1.70x | -0.74x | -5.81x | 3.51x | 4.94x | 3.30x | 2.22x | 3.24x | 2.71x |
| Non-Operating Income | 221M | 229M | -48M | -53M | -124M | 13M | 35M | -65M | -123M | -38M | 17M | -17M | -32M |
| Pretax Income | -145M | -270M | 165M | 144M | 173M | -450M | -1.45B | 351M | 500M | 285M | 221M | 417M | 298M |
| Pretax Margin % | -5.71% | -10.63% | 6.35% | 5.34% | 6.92% | -33.04% | -170.19% | 12.34% | 18.27% | 10.21% | 8.1% | 15.51% | 11.86% |
| Income Tax | 1M | 7M | -61M | 38M | 0 | 2M | -6M | 35M | 23M | -2.35B | 82M | 118M | 117M |
| Effective Tax Rate % | -0.69% | -2.59% | -36.97% | 26.39% | 0% | -0.44% | 0.41% | 9.97% | 4.6% | -823.16% | 37.1% | 28.3% | 39.26% |
| Net Income | -163M | -283M | 212M | 97M | 162M | -459M | -1.44B | 306M | 472M | 2.63B | 133M | 292M | 176M |
| Net Margin % | -6.41% | -11.14% | 8.16% | 3.6% | 6.48% | -33.7% | -169.01% | 10.76% | 17.25% | 94.05% | 4.88% | 10.86% | 7% |
| Net Income Growth % | -381.03% | -233.49% | 118.56% | -40.12% | 135.29% | 68.13% | -570.59% | -35.17% | -82.02% | 1873.68% | -54.45% | 65.91% | - |
| Funds From Operations (FFO) | 112M | 53M | 469M | 384M | 431M | -178M | -1.14B | 570M | 2.8B | 4.98B | 2.43B | 579M | 424M |
| FFO Margin % | 4.41% | 2.09% | 18.05% | 14.23% | 17.23% | -13.07% | -134.04% | 20.04% | 102.16% | 178.43% | 89% | 21.54% | 16.87% |
| FFO Growth % | 269.23% | -88.7% | 22.14% | -10.9% | 342.13% | 84.41% | -300.35% | -79.61% | -43.86% | 105.19% | 319.17% | 36.56% | - |
| FFO per Share | 0.56 | 0.27 | 2.24 | 1.79 | 1.89 | -0.75 | -4.84 | 2.68 | 13.71 | 23.27 | 12.26 | 2.92 | 2.14 |
| FFO Payout Ratio % | 133.04% | 528.3% | 109.17% | 39.58% | 1.62% | -135.39% | -21.1% | 86.67% | 16.6% | 7.75% | 7.42% | 13.99% | 82.78% |
| EPS (Diluted) | -0.82 | -1.42 | 1.01 | 0.44 | 0.71 | -1.94 | -6.12 | 1.44 | 2.31 | 12.21 | 0.67 | 1.47 | 0.89 |
| EPS Growth % | -409.43% | -240.59% | 129.55% | -38.03% | 136.6% | 68.3% | -525% | -37.66% | -81.08% | 1722.39% | -54.42% | 65.17% | - |
| EPS (Basic) | - | -1.42 | 1.02 | 0.44 | 0.71 | -1.94 | -6.12 | 1.44 | 2.33 | 12.38 | 0.67 | 1.47 | 0.89 |
| Diluted Shares Outstanding | 200M | 199M | 209M | 215M | 228M | 236M | 236M | 213M | 204M | 214M | 198M | 198M | 198M |
Quick answers to the most common questions about buying PK stock.
For fiscal year 2025, Park Hotels & Resorts Inc. (PK) reported total revenue of $2.54B. This represents a 1.1% increase compared to $2.51B in 2014.
Park Hotels & Resorts Inc. (PK) reported a net loss of $283.0M for the fiscal year ending 2025.
Park Hotels & Resorts Inc. (PK) reported an operating income of $226.0M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Park Hotels & Resorts Inc. (PK) generated $50.0M in gross profit for the year, representing a gross profit margin of 2.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe NOI volatility
Metrics are mathematically derived from official filings.
Revenue Stagnation Amidst Portfolio Churn
Revenue has been flat to slightly negative over the past year, with 2026Q2 revenue of $680M barely above the prior year's $672M, suggesting limited organic growth or offsetting dispositions.
Revenue growth has been consistently negative or near zero across the last ten quarters, with the most recent quarter showing only 1.2% growth. This stagnation, despite a large portfolio, indicates that the company is not benefiting from industry tailwinds or is actively pruning assets. The lack of meaningful revenue expansion, combined with volatile NOI, suggests that the portfolio is not generating sustainable growth, and investors should monitor whether this is due to asset sales or weak demand.
NOI Margins Swing Wildly
NOI margins have been erratic, swinging from 31.5% in 2025Q2 to -78.2% in 2025Q4, with the latest quarter at 15.3%, indicating significant operational instability.
The extreme volatility in NOI margins—from negative to over 30%—points to non-recurring charges or impairments that are distorting property-level profitability. The 2025Q4 negative margin of -78.2% is particularly alarming, likely reflecting write-downs or severe operational disruptions. Even excluding that quarter, margins have declined from the high-20s to low-30s range in 2024 to the mid-teens in 2026Q2, suggesting a deterioration in underlying property performance or increased operating costs.
FFO Per Share Volatility Masks Dividend Risk
FFO per share has been highly volatile, swinging from -$0.69 in 2025Q4 to $0.56 in 2026Q2, with the dividend yield fluctuating between 1.6% and 9.6%, raising questions about payout sustainability.
The wide swings in FFO per share, including negative quarters, indicate that earnings quality is poor and that the company may be relying on non-recurring items or asset sales to support distributions. The dividend yield spiked to 9.6% in 2024Q1, likely reflecting a special dividend or a depressed share price, but the subsequent decline to 1.8% suggests a cut or a rebound in share price. Given the negative AFFO in several quarters, the dividend may not be fully covered by recurring cash flows, and investors should scrutinize the sustainability of the payout.
Depreciation Distorts Net Income
GAAP net income is heavily distorted by depreciation, as evidenced by 2025Q4's net loss of -$205M despite positive revenue, while FFO and AFFO provide a clearer picture of cash earnings.
The large gap between net income and FFO/AFFO highlights the significant depreciation charges typical of hotel REITs. For instance, in 2026Q2, net income was $47M while FFO was $113M, indicating depreciation of approximately $66M. This distortion makes GAAP earnings nearly meaningless for valuation, and investors should focus on FFO and AFFO. However, the negative AFFO in several quarters suggests that maintenance capital expenditures and other non-cash adjustments are substantial, potentially indicating that the properties require heavy reinvestment.
Same-Store Metrics Show No Clear Trend
Same-store NOI trends are obscured by portfolio changes, but the decline in NOI from $215M in 2024Q2 to $104M in 2026Q2 suggests a significant deterioration in organic performance.
While same-store data is not explicitly provided, the overall NOI decline from $215M in 2024Q2 to $104M in 2026Q2, a 52% drop, cannot be explained solely by dispositions. This suggests that existing properties are experiencing lower occupancy or room rates, possibly due to increased competition or economic headwinds. The negative NOI in 2025Q4 further indicates that the portfolio is facing structural challenges, and investors should monitor whether management is addressing these issues through asset sales or repositioning.
Earnings Quality Under Scrutiny
The wide gap between FFO and AFFO, with AFFO negative in four of the last ten quarters, suggests that reported FFO may overstate cash available for distribution.
AFFO has been negative in 2025Q1, 2025Q3, 2025Q4, and 2026Q1, while FFO remained positive in most quarters. This divergence indicates that recurring capital expenditures, tenant improvements, and leasing costs are consuming a significant portion of FFO. If this trend continues, the dividend may be at risk, as the company is not generating sufficient cash flow to cover its payout. Investors should question the quality of FFO and whether the company is adequately maintaining its properties, as deferred maintenance could lead to future value deterioration.