Revenue growth remains inconsistent at 2.2% as of 2026Q1, while reported NOI margins of 100% appear anomalous and warrant skepticism regarding underlying property-level profitability.
| 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 | 1.08B | 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 % | 2.31% | 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 | 852.59M | 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) | 232.4M | 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 % | 21.42% | 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 | 61.12M | -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 | 36.99M | 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 | 242.7M | 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 % | 22.37% | 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 | 129.41M | 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 % | 11.93% | 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 | 113.29M | 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 % | 10.44% | 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 | 73.16M | 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 % | 6.74% | 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 | -511K | 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 % | -0.7% | 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 | 67.27M | 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 % | 6.2% | 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 % | 190.05% | 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) | 196.69M | 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 % | 18.13% | 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 % | 86.46% | 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 | - | 1.99 | 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 % | 14.24% | 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) | - | 0.64 | 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 % | 110.57% | 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 | 0 | 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 |
High Operating Cost Sensitivity
According to the provided quarterly data, XHR experienced a revenue growth rate of 2.2% in 2026Q1, following a period of inconsistent performance that suggests the company is struggling to maintain consistent top-line momentum across its luxury and upper-upscale portfolio in a cooling travel demand environment.
The revenue trajectory appears highly sensitive to seasonal leisure patterns, which complicates the assessment of organic growth versus acquisition-driven expansion. Investors should monitor whether the recent 2.2% growth rate represents a sustainable floor or if the portfolio remains vulnerable to further deceleration in discretionary travel spending.
As reported in financial statements, the NOI margin reached 100% in 2026Q1, an anomalous figure that warrants extreme skepticism and suggests potential accounting distortions or data reporting errors that mask the true underlying property-level profitability and the impact of rising service sector labor costs.
The extreme volatility in NOI margins, ranging from negative 60.4% in 2025Q4 to 100% in 2026Q1, indicates that the company's cost structure is not effectively managed or that the reporting methodology is inconsistent. This lack of margin stability suggests that XHR may struggle to protect its bottom line against inflationary pressures in insurance and labor.
Based on XHR's reported figures, FFO per share has exhibited significant quarterly fluctuations, with a notable 5.9% growth in 2026Q1, yet the persistent gap between FFO and AFFO suggests that recurring capital expenditure requirements are consuming a substantial portion of the company's generated cash flow.
The disparity between FFO and AFFO indicates that the company's headline earnings metrics may overstate the cash available for distribution to shareholders. Investors should remain cautious, as the high capital intensity of luxury assets may necessitate continued reinvestment that limits the safety of the current dividend yield.
Analysis of the provided income statement data reveals that AFFO frequently trails FFO, sometimes turning negative as seen in 2025Q3 and 2023Q4, which implies that the company's reliance on heavy capital reinvestment to maintain luxury standards may be structurally undermining its ability to generate true free cash flow.
The recurring negative AFFO periods suggest that the company's business model is highly capital-intensive, requiring constant cash outflows for property improvements that are not captured in standard FFO metrics. This dynamic warrants further investigation into whether the portfolio's long-term value creation is being eroded by the necessity of perpetual capital expenditures.
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.