HOST HOTELS & RESORTS, INC. HST
We are the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper-upscale hotels. As of February 20, 2026, our consolidated lodging portfolio consists of 76 primarily luxury and upper-upscale hotels containing approximately 41,700 rooms, with substantially all located in the United States (five of the hotels are located outside of the U.S. in Brazil and Canada). In addition, we own non-controlling interests in seven domestic joint ventures that focus on the lodging industry, see " - Other Real Estate Interests" for a further description.
Host Inc. was incorporated as a Maryland corporation in 1998 and operates as a self-managed and self-administered REIT. Host Inc. owns hotels and conducts operations through Host L.P., of which Host Inc. is the sole general partner and of which it holds approximately 99% of the partnership interests ("OP units") as of December 31, 2025. The remaining partnership interests are owned by various unaffiliated limited partners. Host Inc. has the exclusive and complete responsibility for Host L.P.'s day-to-day management and control.
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 | $6.11B | $5.68B | $5.31B | $4.91B | $2.89B | $1.62B | $5.47B | $5.52B | $5.39B | $5.43B |
| SG&A | $124.0M | $123.0M | $132.0M | $107.0M | $99.0M | $89.0M | $107.0M | $104.0M | $98.0M | $106.0M |
| Total operating expenses | $5.26B | $4.81B | $4.48B | $4.13B | $3.14B | $2.57B | $4.67B | $4.99B | $4.71B | $4.75B |
| Operating income | $855.0M | $875.0M | $827.0M | $775.0M | -$250.0M | -$953.0M | $799.0M | $530.0M | $676.0M | $684.0M |
| Interest expense | $235.0M | $215.0M | $191.0M | $156.0M | $191.0M | $194.0M | $222.0M | $176.0M | $167.0M | $154.0M |
| Pre-tax income | $818.0M | $721.0M | $788.0M | $669.0M | -$102.0M | -$961.0M | $962.0M | $1.30B | $651.0M | $811.0M |
| Income tax | $42.0M | $14.0M | $36.0M | $26.0M | $91.0M | $220.0M | $30.0M | $150.0M | $80.0M | $40.0M |
| Net income | $776.0M | $707.0M | $752.0M | $643.0M | -$11.0M | -$732.0M | $920.0M | $1.09B | $564.0M | $762.0M |
| EPS, basic | 1.11 | 0.99 | 1.04 | 0.89 | -0.02 | -1.04 | 1.26 | 1.47 | 0.76 | 1.03 |
| EPS, diluted | 1.10 | 0.99 | 1.04 | 0.88 | -0.02 | -1.04 | 1.26 | 1.47 | 0.76 | 1.02 |
| Shares, diluted (wtd. avg.) | $694.1M | $704.0M | $712.8M | $717.5M | $710.3M | $706 | $731 | $741 | $739 | $743.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $768.0M | $554.0M | $1.14B | $667.0M | $807.0M | $2.33B | $1.57B | $1.54B | $913.0M | $372.0M |
| Property, plant and equipment | $10.64B | $10.91B | $9.62B | $9.75B | $9.99B | $9.42B | $9.67B | $9.76B | $9.69B | $10.14B |
| Total assets | $13.05B | $13.05B | $12.24B | $12.27B | $12.35B | $12.89B | $12.30B | $12.09B | $11.69B | $11.41B |
| Long-term debt | $1.27B | $896.0M | $746.0M | $758.0M | $436.0M | $442.0M | $445.0M | $455.0M | $1.50B | $1.22B |
| Total liabilities | $6.32B | $6.27B | $5.42B | $5.39B | $5.78B | $6.46B | $4.84B | $4.40B | $4.52B | $4.21B |
| Retained earnings | -$670.0M | -$777.0M | -$839.0M | -$939.0M | -$1.19B | -$1.18B | -$307.0M | -$610.0M | -$1.07B | -$1.01B |
| Total equity | $6.56B | $6.61B | $6.64B | $6.71B | $6.45B | $6.33B | $7.32B | $7.49B | $6.97B | $6.99B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.51B | $1.50B | $1.44B | $1.42B | $292.0M | -$307.0M | $1.25B | $1.30B | $1.23B | $1.30B |
| Stock-based compensation | $26.0M | $24.0M | $30.0M | $26.0M | $18.0M | $17.0M | $15.0M | $14.0M | $11.0M | $12.0M |
| Capital expenditure | $282.0M | $260.0M | $195.0M | $307.0M | $293.0M | $343.0M | $336.0M | $200.0M | $72.0M | $293.0M |
| Investing cash flow | -$507.0M | -$2.04B | -$183.0M | -$618.0M | -$1.16B | -$195.0M | $58.0M | $100.0M | -$267.0M | -$99.0M |
| Financing cash flow | -$868.0M | -$13.0M | -$771.0M | -$874.0M | -$657.0M | $1.23B | -$1.31B | -$748.0M | -$402.0M | -$1.04B |
| Dividends paid | $623.0M | $737.0M | $547.0M | $150.0M | $0 | $320.0M | $623.0M | $629.0M | $628.0M | $596.0M |
| Buybacks | $205.0M | $107.0M | $182.0M | $27.0M | $0 | $147.0M | $482.0M | — | — | $218.0M |
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 0001070750-26-000062.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |