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REITs · Real Estate · Fiscal year ends Dec 31
Pebblebrook Hotel Trust reported revenue of $1.5B in the fiscal year ended Dec 2025, up 1.5% from the year before. Operating income was $44M, an operating margin of 3.0%, and net income was −$66M. Operating cash flow of $250M less capital expenditure of $97M left free cash flow of $152M. Net debt was $1.9B.
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 | 733 | 1,392 | 1,420 | 1,453 | 1,476 |
| Cost of revenue | 497 | 883 | 941 | 961 | 986 |
| Gross profit | 236 | 508 | 479 | 492 | 490 |
| Operating income | −89.8 | 14.7 | 37.8 | 84.0 | 43.8 |
| Interest expense | 96.6 | 100.0 | 116 | 112 | 103 |
| Pre-tax income | −186 | −84.7 | −73.6 | −25.6 | −55.9 |
| Income tax | 0.1 | 0.3 | 0.7 | −25.6 | 6.3 |
| Net income | −185 | −87.2 | −78.0 | −4.2 | −65.8 |
| Diluted EPS | −1.80 | −0.95 | −0.93 | −0.39 | −0.90 |
| Diluted shares | 131 | 130 | 122 | 120 | 117 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 58.5 | 41.0 | 184 | 207 | 184 |
| Total assets | 6,261 | 6,134 | 5,825 | 5,693 | 5,348 |
| Deferred revenue | 69.1 | 73.6 | 76.9 | 92.3 | 105 |
| Long-term debt | 2,442 | 2,387 | 2,320 | 2,247 | 2,124 |
| Total liabilities | 3,097 | 3,049 | 2,975 | 2,905 | 2,785 |
| Shareholders' equity | 3,156 | 2,997 | 2,764 | 2,697 | 2,469 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 70.8 | 279 | 236 | 275 | 250 |
| Capital expenditure | 83.8 | 117 | 201 | 129 | 97.4 |
| Free cash flow | −13.1 | 162 | 35.6 | 146 | 152 |
| Stock-based compensation | 11.4 | 11.4 | 12.5 | 13.6 | 13.7 |
| Share buybacks | 0.7 | 70.7 | 92.8 | 16.9 | 72.6 |
| Dividends paid | 5.3 | 5.3 | 5.0 | 4.9 | 4.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 89.9% | 2.0% | 2.3% | 1.5% |
| Operating income growth (YoY) | – | – | 156.8% | 122.2% | −47.9% |
| Gross margin | 32.3% | 36.5% | 33.7% | 33.9% | 33.2% |
| Operating margin | −12.2% | 1.1% | 2.7% | 5.8% | 3.0% |
| Net margin | −25.2% | −6.3% | −5.5% | −0.3% | −4.5% |
| Return on equityBlank when equity is negative | −5.9% | −2.9% | −2.8% | −0.2% | −2.7% |
| Free cash flow margin | −1.8% | 11.6% | 2.5% | 10.1% | 10.3% |
| Cash conversion (CFO ÷ net income) | −0.38x | −3.20x | −3.03x | −64.8x | −3.79x |
| Interest cover | −0.93x | 0.15x | 0.33x | 0.75x | 0.42x |
| Debt ÷ equity | 0.77x | 0.80x | 0.84x | 0.83x | 0.86x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,383 | 2,346 | 2,136 | 2,040 | 1,940 |
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.