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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Choice Hotels International reported revenue of $1.6B in the fiscal year ended Dec 2025, up 0.8% from the year before. Operating income was $448M, an operating margin of 28.1%, and net income was $370M. Operating cash flow of $270M less capital expenditure of $107M left free cash flow of $164M. Net debt was $1.9B.
Ranks among the 14 lodging 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 | 1,069 | 1,402 | 1,544 | 1,585 | 1,597 |
| Selling, general & admin | 146 | 168 | 313 | 312 | 329 |
| Operating income | 429 | 479 | 375 | 464 | 448 |
| Interest expense | 46.7 | 43.8 | 63.8 | 87.1 | 91.1 |
| Pre-tax income | 376 | 437 | 337 | 396 | 457 |
| Income tax | 87.5 | 105 | 78.4 | 96.0 | 86.9 |
| Net income | 289 | 332 | 259 | 300 | 370 |
| Diluted EPS | 5.15 | 5.99 | 5.07 | 6.20 | 7.90 |
| Diluted shares | 55.9 | 55.1 | 50.7 | 48.1 | 46.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 512 | 41.6 | 26.8 | 40.2 | 45.0 |
| Receivables | 153 | 217 | 196 | 177 | 207 |
| Current assets | 762 | 348 | 297 | 339 | 406 |
| Net PP&E | 377 | 427 | 493 | 604 | 649 |
| Goodwill | 159 | 219 | 220 | 220 | 306 |
| Total assets | 1,932 | 2,102 | 2,395 | 2,531 | 2,918 |
| Payables | 81.2 | 119 | 131 | 135 | 156 |
| Deferred revenue | 81.5 | 92.7 | 108 | 102 | 101 |
| Current liabilities | 570 | 436 | 943 | 463 | 467 |
| Short-term debt | 216 | 3.0 | 499 | 0.0 | – |
| Long-term debt | 844 | 1,201 | 1,069 | 1,769 | 1,906 |
| Total liabilities | 1,666 | 1,948 | 2,359 | 2,576 | 2,737 |
| Shareholders' equity | 266 | 155 | 35.6 | −45.3 | 181 |
| Backlog (remaining obligations) | 175 | 209 | 210 | 217 | 220 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 384 | 367 | 297 | 319 | 270 |
| Capital expenditure | – | 65.8 | 68.6 | 107 | 107 |
| Free cash flow | – | 301 | 228 | 213 | 164 |
| Depreciation & amortisation | 24.8 | 30.4 | 45.0 | 52.0 | 59.7 |
| Stock-based compensation | 23.4 | 40.5 | 40.5 | 38.4 | 38.3 |
| Acquisitions | 0.0 | 550 | 0.0 | 0.0 | 73.4 |
| Share buybacks | 13.4 | 435 | 363 | 381 | 138 |
| Dividends paid | 25.0 | 52.5 | 56.5 | 55.5 | 53.5 |
| Dividend per share | – | 0.95 | 1.15 | 1.15 | 1.15 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.1% | 10.1% | 2.6% | 0.8% |
| Operating income growth (YoY) | – | 11.6% | −21.6% | 23.7% | −3.3% |
| EPS growth (YoY) | – | 16.3% | −15.4% | 22.3% | 27.4% |
| Operating margin | 40.1% | 34.1% | 24.3% | 29.3% | 28.1% |
| Net margin | 27.0% | 23.7% | 16.7% | 18.9% | 23.2% |
| Return on equityBlank when equity is negative | 108.7% | 214.8% | 726.2% | – | 204.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 31.5% | 28.7% | 25.8% | 22.4% | 18.3% |
| Free cash flow margin | – | 21.5% | 14.8% | 13.4% | 10.2% |
| Cash conversion (CFO ÷ net income) | 1.33x | 1.11x | 1.15x | 1.07x | 0.73x |
| Receivable days | 52 | 56 | 46 | 41 | 47 |
| Interest cover | 9.19x | 10.9x | 5.88x | 5.32x | 4.92x |
| Debt ÷ equity | 3.99x | 7.78x | 44.0x | – | 10.5x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 549 | 1,162 | 1,541 | 1,728 | 1,861 |
| Current ratio | 1.34x | 0.80x | 0.31x | 0.73x | 0.87x |
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.