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REITs · Real Estate · Fiscal year ends Dec 31
Apple Hospitality REIT reported revenue of $1.4B in the fiscal year ended Dec 2025, down 1.3% from the year before. Operating income was $258M, an operating margin of 18.3%, and net income was $175M. Operating cash flow of $370M less capital expenditure of $88M left free cash flow of $282M. Net debt was $1.5B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 934 | 1,238 | 1,344 | 1,431 | 1,412 |
| Cost of revenue | 542 | 710 | 781 | 838 | 847 |
| Gross profit | 392 | 528 | 563 | 594 | 565 |
| Operating income | 87.0 | 206 | 247 | 293 | 258 |
| Net interest incomeBanks | −67.7 | −59.7 | −68.9 | −77.7 | −81.5 |
| Pre-tax income | 19.3 | 147 | 179 | 215 | 176 |
| Income tax | 0.5 | 1.9 | 1.1 | 0.9 | 1.0 |
| Net income | 18.8 | 145 | 177 | 214 | 175 |
| Diluted EPS | 0.08 | 0.63 | 0.77 | 0.89 | 0.74 |
| Diluted shares | 226 | 229 | 229 | 241 | 238 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 3.3 | 4.1 | 10.3 | 10.3 | 8.5 |
| Total assets | 4,791 | 4,773 | 4,937 | 4,970 | 4,902 |
| Long-term debt | 1,439 | 1,366 | 1,371 | 1,471 | 1,539 |
| Total liabilities | 1,643 | 1,594 | 1,613 | 1,704 | 1,754 |
| Shareholders' equity | 3,147 | 3,178 | 3,324 | 3,266 | 3,149 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 218 | 368 | 399 | 405 | 370 |
| Capital expenditure | 18.3 | 59.4 | 76.8 | 78.3 | 88.2 |
| Free cash flow | 199 | 309 | 322 | 327 | 282 |
| Depreciation & amortisation | 184 | 182 | 183 | 191 | 193 |
| Share buybacks | – | 2.7 | 6.9 | 34.7 | 58.3 |
| Dividends paid | 6.8 | 139 | 238 | 244 | 240 |
| Dividend per share | 0.04 | 0.76 | 1.01 | 1.01 | 0.96 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.6% | 8.5% | 6.5% | −1.3% |
| Operating income growth (YoY) | – | 137.2% | 19.9% | 18.3% | −11.9% |
| EPS growth (YoY) | – | 687.5% | 22.2% | 15.6% | −16.9% |
| Gross margin | 41.9% | 42.6% | 41.9% | 41.5% | 40.0% |
| Operating margin | 9.3% | 16.7% | 18.4% | 20.5% | 18.3% |
| Net margin | 2.0% | 11.7% | 13.2% | 15.0% | 12.4% |
| Return on equityBlank when equity is negative | 0.6% | 4.6% | 5.3% | 6.6% | 5.6% |
| Free cash flow margin | 21.3% | 25.0% | 24.0% | 22.8% | 20.0% |
| Cash conversion (CFO ÷ net income) | 11.6x | 2.54x | 2.25x | 1.89x | 2.11x |
| Debt ÷ equity | 0.46x | 0.43x | 0.41x | 0.45x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,435 | 1,362 | 1,361 | 1,461 | 1,530 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.