Park Hotels & Resorts Inc. PK
We are one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. As of February 20, 2026, our portfolio consists of 34 premium-branded hotels and resorts with approximately 23,000 rooms, located in prime United States ("U.S.") markets with high barriers to entry. Our strategic focus is on our 21 Core hotels, including one unconsolidated joint venture, with our consolidated Core hotels contributing approximately 90% of our Hotel Adjusted EBITDA. All of our rooms are located in the U.S. and its territories, and over 96% of rooms in our Core portfolio are luxury and upper upscale. We are focused on consistently delivering superior risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy, with a strategic focus on our Core portfolio, while maintaining a strong and flexible balance sheet.
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 | $2.54B | $2.60B | $2.70B | $2.50B | $1.36B | $852.0M | $2.84B | $2.74B | $2.79B | $2.73B |
| SG&A | $72.0M | $69.0M | $65.0M | $63.0M | $62.0M | $63.0M | $62.0M | $65.0M | $68.0M | $71.0M |
| Total operating expenses | $2.63B | $2.28B | $2.59B | $2.22B | $1.54B | $2.12B | $2.44B | $2.33B | $2.42B | $2.31B |
| Operating income | -$33.0M | $391.0M | $343.0M | $296.0M | -$179.0M | -$1.20B | $426.0M | $504.0M | $371.0M | $419.0M |
| Interest expense | $209.0M | $214.0M | $207.0M | $217.0M | $228.0M | $213.0M | $140.0M | $127.0M | $124.0M | $181.0M |
| Pre-tax income | -$270.0M | $165.0M | $144.0M | $173.0M | -$450.0M | -$1.45B | $351.0M | $500.0M | $285.0M | $221.0M |
| Income tax | $7.0M | $61.0M | $38.0M | $0 | $2.0M | $6.0M | $35.0M | $23.0M | $2.35B | $82.0M |
| Net income | -$283.0M | $212.0M | $97.0M | $162.0M | -$459.0M | -$1.44B | $306.0M | $472.0M | $2.62B | $133.0M |
| EPS, basic | -1.43 | 1.02 | 0.44 | 0.71 | -1.95 | -6.11 | 1.44 | 2.32 | 12.38 | 0.67 |
| EPS, diluted | -1.43 | 1.01 | 0.44 | 0.71 | -1.95 | -6.11 | 1.44 | 2.31 | 12.21 | 0.67 |
| Shares, diluted (wtd. avg.) | $199.0M | $209.0M | $215.0M | $228.0M | $236.0M | $236.0M | $213.0M | $204.0M | $214.0M | $198.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $232.0M | $402.0M | $750.0M | $939.0M | $763.0M | $981.0M | $346.0M | $410.0M | $364.0M | $337.0M |
| Property, plant and equipment | $6.96B | $7.40B | $7.46B | $8.30B | $8.51B | $9.19B | $9.59B | $7.97B | $8.31B | $8.54B |
| Goodwill | — | — | — | — | — | — | $607.0M | $607.0M | $606.0M | $604.0M |
| Other intangibles | $41.0M | $41.0M | $42.0M | $43.0M | $44.0M | $45.0M | $46.0M | $27.0M | $41.0M | $44.0M |
| Total assets | $7.70B | $9.16B | $9.42B | $9.73B | $9.74B | $10.59B | $11.29B | $9.36B | $9.71B | $9.83B |
| Long-term debt | $3.86B | $3.87B | $3.79B | $4.64B | $4.71B | $5.16B | $3.89B | $2.96B | $2.97B | — |
| Total liabilities | $4.62B | $5.57B | $5.65B | $5.44B | $5.34B | $5.74B | $4.84B | $3.78B | $3.75B | $6.01B |
| Retained earnings | -$902.0M | -$420.0M | -$344.0M | $16.0M | -$83.0M | $376.0M | $1.92B | $2.05B | $2.23B | — |
| Total equity | $3.13B | $3.65B | $3.77B | $4.29B | $4.40B | $4.84B | $6.45B | $5.59B | $5.96B | $3.82B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $398.0M | $429.0M | $503.0M | $409.0M | -$137.0M | -$438.0M | $499.0M | $444.0M | $653.0M | $399.0M |
| Stock-based compensation | $19.0M | $19.0M | $18.0M | $17.0M | $19.0M | $20.0M | $16.0M | $16.0M | $14.0M | — |
| Capital expenditure | $296.0M | $227.0M | $285.0M | $168.0M | $54.0M | $86.0M | $240.0M | $178.0M | $185.0M | $227.0M |
| Investing cash flow | -$209.0M | -$166.0M | -$217.0M | $87.0M | $394.0M | $119.0M | -$635.0M | $419.0M | -$165.0M | -$224.0M |
| Financing cash flow | -$365.0M | -$573.0M | -$475.0M | -$320.0M | -$475.0M | $914.0M | $97.0M | -$816.0M | -$459.0M | $29.0M |
| Dividends paid | $280.0M | $512.0M | $152.0M | $7.0M | $0 | $241.0M | $494.0M | $464.0M | $386.0M | $180.0M |
| Buybacks | $45.0M | $116.0M | $180.0M | $227.0M | $0 | $66.0M | $0 | $348.0M | — | — |
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 0001617406-26-000006.
Others in SIC 7011
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|---|---|---|---|---|
| MAR | MARRIOTT INTERNATIONAL INC /MD/ | $87.75B | 35.4x | 4.3% |
| HLT | Hilton Worldwide Holdings Inc. | $70.04B | 50.8x | 7.7% |
| LVS | LAS VEGAS SANDS CORP | $28.74B | 18.9x | 15.2% |
| H | Hyatt Hotels Corp | $15.64B | — | 6.8% |
| MGM | MGM Resorts International | $10.37B | 54.2x | 1.7% |
| 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% |