CHOICE HOTELS INTERNATIONAL INC /DE CHH
We are primarily a hotel franchisor operating in 49 states, the District of Columbia, and 50 countries and territories. As of December 31, 2025, we had 7,575 hotels with 656,825 rooms open and operating, and 825 hotels with 77,862 rooms under construction, awaiting conversion or approved for development, or committed to future franchise development on outstanding
master development agreements (collectively, "pipeline") in our global system. Our brand names include Clarion®, Clarion Pointe™, Comfort Inn®, Comfort Suites®, Country Inn & Suites® by Radisson, Sleep Inn®, Quality®, Park Inn by Radisson®, Everhome Suites®, WoodSpring Suites®, MainStay Suites®, Suburban Studios™, Radisson Blu®, Park Plaza®, Cambria® Hotels, Ascend Collection®, Radisson RED®, Radisson Individuals®, Radisson®, Radisson Collection®, Radisson Inn & SuitesSM, Econo Lodge®, and Rodeway Inn®.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.60B | $1.58B | $1.54B | $1.40B | $1.07B | $772.6M | $1.11B | $1.04B | $941.3M | $807.9M |
| SG&A | $329.0M | $312.4M | $312.7M | $167.7M | $145.6M | $148.9M | $168.9M | $170.0M | $165.8M | $154.7M |
| Total operating expenses | $1.15B | $1.12B | $1.17B | $939.6M | $640.1M | $637.7M | $781.4M | $718.6M | $651.9M | $621.5M |
| Operating income | $448.4M | $463.8M | $375.0M | $478.6M | $428.9M | $121.7M | $318.5M | $318.5M | $289.7M | $187.1M |
| Interest expense | $91.1M | $87.1M | $63.8M | $43.8M | $46.7M | $49.0M | $46.8M | $45.9M | $45.0M | $44.4M |
| Pre-tax income | $456.9M | $395.6M | $337.0M | $436.8M | $376.5M | $53.0M | $269.9M | $273.3M | $249.2M | $148.1M |
| Income tax | $86.9M | $96.0M | $78.4M | $104.7M | $87.5M | $22.4M | $47.1M | $56.9M | $126.9M | $41.4M |
| Net income | $369.9M | $299.7M | $258.5M | $332.2M | $289.0M | $75.4M | $222.9M | $216.4M | $122.3M | $106.7M |
| EPS, basic | 7.97 | 6.26 | 5.11 | 6.05 | 5.20 | 1.36 | 4.00 | — | — | 2.48 |
| EPS, diluted | 7.90 | 6.20 | 5.07 | 5.99 | 5.15 | 1.35 | 3.98 | — | — | 2.46 |
| Shares, diluted (wtd. avg.) | $46.6M | $48.1M | $50.7M | $55.1M | $55.9M | $55.5M | $55.7M | $56.6M | $56.5M | $56.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $45.0M | $40.2M | $26.8M | $41.6M | $511.6M | $234.8M | $33.8M | $26.6M | $235.3M | $202.5M |
| Receivables | $207.5M | $176.7M | $195.9M | $216.6M | $153.1M | $149.9M | $141.6M | $138.0M | $125.9M | $107.3M |
| Total current assets | $406.0M | $339.1M | $296.5M | $347.9M | $761.7M | $432.9M | $236.6M | $243.8M | $400.4M | $344.9M |
| Property, plant and equipment | $649.3M | $604.3M | $493.5M | $427.3M | $377.4M | $334.9M | $351.5M | $127.5M | $83.4M | $84.1M |
| Goodwill | $305.8M | $220.2M | $220.2M | $218.7M | $159.2M | $159.2M | $159.2M | $169.0M | $80.8M | $78.9M |
| Other intangibles | $1.08B | $884.0M | $811.1M | $742.2M | $312.4M | $303.7M | $290.4M | $271.2M | $100.5M | $15.7M |
| Total assets | $2.92B | $2.53B | $2.39B | $2.10B | $1.93B | $1.59B | $1.39B | $1.14B | $995.2M | $908.5M |
| Accounts payable | $156.3M | $134.9M | $131.3M | $118.9M | $81.2M | $83.3M | $73.4M | $73.5M | $67.8M | $48.1M |
| Short-term debt | — | $0 | $499.3M | $3.0M | $216.4M | $0 | — | — | — | — |
| Total current liabilities | $467.3M | $462.7M | $942.7M | $435.9M | $570.3M | $255.8M | $325.9M | $318.4M | $284.7M | $263.7M |
| Long-term debt | $1.91B | $1.77B | $1.07B | $1.20B | $844.1M | $1.06B | — | — | — | — |
| Total liabilities | $2.74B | $2.58B | $2.36B | $1.95B | $1.67B | $1.59B | $1.41B | $1.32B | $1.25B | $1.16B |
| Retained earnings | $2.32B | $2.00B | $1.76B | $1.56B | $1.28B | $1.02B | $968.8M | $795.2M | $627.3M | $607.6M |
| Total equity | $181.2M | -$45.3M | $35.6M | $154.7M | $265.9M | -$5.8M | -$23.5M | -$183.8M | -$258.6M | -$365.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $270.4M | $319.4M | $296.6M | $367.1M | $383.7M | $110.1M | $270.6M | $242.9M | $257.4M | $152.0M |
| Depreciation and amortisation | $59.7M | $52.0M | $45.0M | $30.4M | $24.8M | $25.8M | $18.8M | $14.3M | $6.7M | $7.0M |
| Capital expenditure | $106.9M | $106.8M | $68.6M | $65.8M | — | — | $57.3M | $47.7M | $23.4M | $25.2M |
| Investing cash flow | -$218.3M | -$84.6M | -$265.6M | -$442.4M | -$78.9M | -$24.5M | -$251.2M | -$321.3M | -$90.1M | -$98.5M |
| Financing cash flow | -$50.1M | -$221.7M | -$45.9M | -$394.1M | -$27.7M | $115.4M | -$12.5M | -$129.4M | -$135.8M | -$44.1M |
| Dividends paid | $53.5M | $55.5M | $56.5M | $52.5M | $25.0M | $25.3M | $48.1M | $48.7M | $48.7M | $46.2M |
| Buybacks | $138.3M | $380.7M | $362.8M | $434.8M | $13.4M | $55.5M | $50.6M | $148.7M | $9.8M | $35.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001046311-26-000013.
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| MAR | MARRIOTT INTERNATIONAL INC /MD/ | $87.75B | 35.4x | 4.3% |
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| H | Hyatt Hotels Corp | $15.64B | — | 6.8% |
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| WYNN | WYNN RESORTS LTD | $9.43B | 29.2x | 0.1% |
| CZR | Caesars Entertainment, Inc. | $6.05B | — | 2.1% |
| BYD | BOYD GAMING CORP | $5.67B | 3.5x | 4.1% |