Revenue growth slowed to 2.8% in 2026Q2, while NOI margin collapsed to 8.0% from 29.3% in 2025Q2, and FFO per share fell 85.8% year-over-year to $0.13, indicating severe profitability strain.
Xenia Hotels & Resorts, Inc. (XHR) annual income statement — 14-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 |
|---|
| Revenue | 1.09B | 1.08B | 1.04B | 1.03B | 997.61M | 616.19M | 369.78M | 1.15B | 1.06B | 945.28M | 950.16M | 976.14M | 926.67M | 651.87M | 466.88M |
| Revenue Growth % | 1.65% | 3.8% | 1.33% | 2.79% | 61.9% | 66.64% | -67.82% | 8.59% | 11.95% | -0.51% | -2.66% | 5.34% | 42.15% | 39.62% | - |
| Property Operating Expenses | 1.19B | 1.06B | 786.73M | 757.28M | 719.46M | 488.09M | 404.52M | 827.44M | 742.37M | 653.86M | 644.68M | 665.58M | 643.47M | 458.32M | 332.21M |
| Net Operating Income (NOI) | -100.2M | 15.81M | 252.31M | 268.17M | 278.15M | 128.1M | -34.74M | 321.64M | 315.84M | 291.42M | 305.48M | 310.57M | 283.2M | 193.55M | 134.67M |
| NOI Margin % | -9.17% | 1.47% | 24.28% | 26.15% | 27.88% | 20.79% | -9.4% | 27.99% | 29.85% | 30.83% | 32.15% | 31.82% | 30.56% | 29.69% | 28.84% |
| Operating Expenses | -185.87M | -91.22M | 165.48M | 170.55M | 167.97M | 188.98M | 206.95M | 210.16M | 184.02M | 187.8M | 193.98M | 206.5M | 188.75M | 181.84M | 110.2M |
| G&A Expenses | 37.37M | 36.79M | 36.24M | 37.22M | 34.25M | 30.78M | 30.4M | 30.73M | 30.46M | 31.55M | 32.02M | 25.56M | 40.37M | 26.19M | 19.82M |
| EBITDA | 202.18M | 237.74M | 215.58M | 229.42M | 244.04M | 68.51M | -95.14M | 266.61M | 289.94M | 256.94M | 264.42M | 252.32M | 272.12M | 166.58M | 180.25M |
| EBITDA Margin % | 18.5% | 22.04% | 20.75% | 22.37% | 24.46% | 11.12% | -25.73% | 23.2% | 27.4% | 27.18% | 27.83% | 25.85% | 29.37% | 25.55% | 38.61% |
| Depreciation & Amortization | 128.59M | 130.72M | 128.75M | 131.81M | 132.65M | 129.39M | 146.55M | 155.13M | 158.12M | 153.44M | 152.91M | 148.24M | 177.67M | 154.86M | 155.78M |
| D&A / Revenue % | 11.77% | 12.12% | 12.39% | 12.85% | 13.3% | 21% | 39.63% | 13.5% | 14.94% | 16.23% | 16.09% | 15.19% | 19.17% | 23.76% | 33.37% |
| Operating Income | 73.59M | 107.02M | 86.83M | 97.61M | 111.39M | -60.88M | -241.69M | 111.48M | 131.82M | 103.5M | 111.5M | 104.07M | 94.45M | 11.71M | 24.47M |
| Operating Margin % | 6.73% | 9.92% | 8.36% | 9.52% | 11.17% | -9.88% | -65.36% | 9.7% | 12.46% | 10.95% | 11.74% | 10.66% | 10.19% | 1.8% | 5.24% |
| Interest Expense | 2M | 86.02M | 80.88M | 85M | 82.73M | 81.28M | 61.98M | 48.6M | 51.4M | 46.29M | 48.11M | 50.82M | 57.43M | 52.79M | 45.06M |
| Interest Coverage | - | 1.79x | 1.16x | 1.15x | 1.72x | -0.79x | -3.90x | 2.29x | 2.48x | 2.23x | 2.31x | 2.58x | 1.76x | 1.16x | 0.85x |
| Non-Operating Income | -2.56M | -47.28M | -7.18M | 218K | -31.17M | 3.73M | 0 | 266K | 4.28M | 0 | 0 | -26.89M | -5.09M | -49.61M | 0 |
| Pretax Income | -6.45M | 68.29M | 13.13M | 21.32M | 59.84M | -145.9M | -182.75M | 62.61M | 204.53M | 108.65M | 91.81M | 95.43M | 40.54M | -42.22M | -24.1M |
| Pretax Margin % | -0.59% | 6.33% | 1.26% | 2.08% | 6% | -23.68% | -49.42% | 5.45% | 19.33% | 11.49% | 9.66% | 9.78% | 4.38% | -6.48% | -5.16% |
| Income Tax | -888K | 1.39M | -3.74M | 1.45M | 2.21M | 718K | -15.87M | 5.37M | 5.99M | 7.83M | 5.08M | 6.29M | 5.87M | 3.62M | 3.69M |
| Effective Tax Rate % | 13.77% | 2.04% | -28.48% | 6.79% | 3.69% | -0.49% | 8.68% | 8.57% | 2.93% | 7.21% | 5.53% | 6.6% | 14.47% | -8.57% | -15.33% |
| Net Income | -7.22M | 63.09M | 16.14M | 19.14M | 55.92M | -143.52M | -163.33M | 55.4M | 193.69M | 98.86M | 85.86M | 88.76M | 109.8M | -51.47M | -46.15M |
| Net Margin % | -0.66% | 5.85% | 1.55% | 1.87% | 5.61% | -23.29% | -44.17% | 4.82% | 18.3% | 10.46% | 9.04% | 9.09% | 11.85% | -7.9% | -9.88% |
| Net Income Growth % | -111.46% | 290.81% | -15.67% | -65.77% | 138.97% | 12.13% | -394.82% | -71.4% | 95.92% | 15.15% | -3.27% | -19.16% | 313.33% | -11.53% | - |
| Funds From Operations (FFO) | 121.37M | 193.81M | 144.89M | 150.95M | 188.57M | -14.12M | -16.78M | 210.53M | 351.8M | 252.3M | 238.77M | 237M | 287.47M | 103.39M | 109.63M |
| FFO Margin % | 11.11% | 17.97% | 13.94% | 14.72% | 18.9% | -2.29% | -4.54% | 18.32% | 33.25% | 26.69% | 25.13% | 24.28% | 31.02% | 15.86% | 23.48% |
| FFO Growth % | -85.48% | 33.76% | -4.01% | -19.95% | 1435.1% | 15.81% | -107.97% | -40.16% | 39.44% | 5.67% | 0.74% | -17.56% | 178.04% | -5.69% | - |
| FFO per Share | 1.31 | 1.99 | 1.42 | 1.39 | 1.65 | -0.12 | -0.15 | 1.86 | 3.19 | 2.36 | 2.21 | 2.11 | 2.57 | 0.93 | 0.98 |
| FFO Payout Ratio % | 33.72% | 27.96% | 33.07% | 29.55% | 6.19% | -0.38% | -376.5% | 59.79% | 34.6% | 46.94% | 48.22% | 28.57% | 1450.13% | 1567.91% | 1123.18% |
| EPS (Diluted) | -0.08 | 0.64 | 0.15 | 0.17 | 0.49 | -1.29 | -1.47 | 0.49 | 1.75 | 0.92 | 0.79 | 0.79 | 0.98 | -0.46 | -0.41 |
| EPS Growth % | -111.42% | 326.67% | -11.76% | -65.31% | 137.98% | 12.24% | -400% | -72% | 90.22% | 16.46% | 0% | -19.39% | 313.04% | -12.2% | - |
| EPS (Basic) | - | 0.65 | 0.15 | 0.17 | 0.49 | -1.29 | -1.47 | 0.49 | 1.76 | 0.92 | 0.79 | 0.79 | 0.98 | -0.46 | -0.41 |
| Diluted Shares Outstanding | 92.72M | 97.16M | 102.27M | 108.41M | 114.42M | 113.8M | 113.49M | 112.92M | 110.38M | 107.02M | 108.14M | 112.14M | 111.66M | 111.66M | 111.66M |
Quick answers to the most common questions about buying XHR stock.
For fiscal year 2025, Xenia Hotels & Resorts, Inc. (XHR) reported total revenue of $1.08B. This represents a 131.0% increase compared to $466.9M in 2012.
Xenia Hotels & Resorts, Inc. (XHR) is profitable, generating $63.1M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Xenia Hotels & Resorts, Inc. (XHR) reported an operating income of $107.0M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Xenia Hotels & Resorts, Inc. (XHR) generated $15.8M in gross profit for the year, representing a gross profit margin of 1.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
FFO volatility and negative AFFO
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Amidst Volatility
XHR's revenue growth has decelerated sharply, with 2026Q2 showing only 2.8% growth, down from 8.0% in 2025Q1, as per the latest quarterly data.
Revenue growth has been inconsistent, with a peak of 8.0% in 2025Q1 followed by a decline to 2.8% in 2026Q2. This suggests that the company's ability to drive organic growth is weakening, possibly due to market saturation or competitive pressures. The lack of consistent acceleration may indicate that acquisitions are not contributing as expected, or that same-store performance is faltering.
NOI Margins Plummet to Single Digits
NOI margin collapsed to 8.0% in 2026Q2, a dramatic fall from 29.3% in 2025Q2, based on reported financials, indicating severe profitability strain.
The NOI margin has deteriorated significantly, from 29.3% in 2025Q2 to 8.0% in 2026Q2. This suggests that operating expenses are rising faster than revenue, or that there are significant one-time costs. The negative NOI in 2025Q4 (-60.4%) further highlights the volatility. This trend may indicate that the company is facing higher property taxes, insurance, or labor costs, which are eroding property-level profitability.
FFO Per Share Plunges on Weakness
FFO per share dropped to $0.13 in 2026Q2, an 85.8% decline year-over-year, as per the income statement, signaling a severe earnings quality issue.
FFO per share has been highly volatile, with a sharp decline in 2026Q2 to $0.13 from $0.86 in 2025Q2. This suggests that the company's core earnings are unstable, possibly due to non-recurring items or operational disruptions. The negative AFFO in 2026Q2 (-$2.9M) indicates that the dividend may not be fully covered by cash flows, raising concerns about dividend sustainability.
Depreciation Distorts Net Income
Net income swung to -$19.3M in 2026Q2, while FFO remained positive at $12.5M, highlighting the impact of depreciation on GAAP earnings.
The large gap between net income and FFO underscores the significant depreciation charges typical of REITs. In 2026Q2, net income was -$19.3M while FFO was $12.5M, indicating that depreciation and other non-cash items are heavily impacting GAAP results. This suggests that the company's properties are aging, and the depreciation charge may not reflect economic reality, but investors should monitor whether maintenance CAPEX is sufficient to sustain property values.
Same-Store Performance Shows Weakness
Same-store NOI appears to be declining, as overall NOI fell from $84.2M in 2025Q2 to $23.5M in 2026Q2, based on reported figures.
The sharp drop in NOI from $84.2M to $23.5M year-over-year suggests that same-store properties are underperforming, possibly due to lower occupancy or room rates. This may indicate that the company is losing market share or facing increased competition. The negative NOI in 2025Q4 further suggests that the portfolio is experiencing significant operational challenges.
Earnings Quality Under Scrutiny
The negative AFFO in 2026Q2 and 2025Q3 raises questions about the sustainability of the dividend, as per the latest financial data.
AFFO turned negative in 2026Q2 (-$2.9M) and 2025Q3 (-$1.0M), indicating that the company is not generating enough cash to cover its capital expenditures and dividends. This may suggest that the company is relying on external financing or asset sales to maintain distributions. Investors should monitor whether this trend persists, as it could signal a dividend cut or increased leverage.