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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Park Hotels & Resorts reported revenue of $2.5B in the fiscal year ended Dec 2025, down 2.2% from the year before. Operating income was −$33M, an operating margin of −1.3%, and net income was −$283M. Operating cash flow of $398M less capital expenditure of $296M left free cash flow of $102M. Net debt was $3.6B.
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 | 1,362 | 2,501 | 2,698 | 2,599 | 2,541 |
| Operating income | −179 | 296 | 343 | 391 | −33.0 |
| Interest expense | 228 | 217 | 207 | 214 | 209 |
| Pre-tax income | −450 | 173 | 144 | 165 | −270 |
| Income tax | 2.0 | 0.0 | 38.0 | −61.0 | 7.0 |
| Net income | −459 | 162 | 97.0 | 212 | −283 |
| Diluted EPS | −1.95 | 0.71 | 0.44 | 1.01 | −1.43 |
| Diluted shares | 236 | 228 | 215 | 209 | 199 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 688 | 906 | 717 | 402 | 232 |
| Net PP&E | 8,511 | 8,301 | 7,459 | 7,398 | 6,955 |
| Total assets | 9,743 | 9,731 | 9,419 | 9,161 | 7,700 |
| Deferred revenue | – | 103 | 107 | 120 | 127 |
| Long-term debt | 4,706 | 4,644 | 3,786 | 3,865 | 3,856 |
| Total liabilities | 5,340 | 5,440 | 5,651 | 5,567 | 4,624 |
| Shareholders' equity | 4,452 | 4,339 | 3,814 | 3,645 | 3,131 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −137 | 409 | 503 | 429 | 398 |
| Capital expenditure | 54.0 | 168 | 285 | 227 | 296 |
| Free cash flow | −191 | 241 | 218 | 202 | 102 |
| Depreciation & amortisation | 281 | 269 | 287 | 257 | 336 |
| Stock-based compensation | 19.0 | 17.0 | 18.0 | 19.0 | 19.0 |
| Acquisitions | 0.0 | 0.0 | 11.0 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 227 | 180 | 116 | 45.0 |
| Dividends paid | 0.0 | 7.0 | 152 | 512 | 280 |
| Dividend per share | – | 0.28 | 2.15 | 1.40 | 1.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 83.6% | 7.9% | −3.7% | −2.2% |
| Operating income growth (YoY) | – | – | 15.9% | 14.0% | −108.4% |
| EPS growth (YoY) | – | – | −38.0% | 129.5% | −241.6% |
| Operating margin | −13.1% | 11.8% | 12.7% | 15.0% | −1.3% |
| Net margin | −33.7% | 6.5% | 3.6% | 8.2% | −11.1% |
| Return on equityBlank when equity is negative | −10.3% | 3.7% | 2.5% | 5.8% | −9.0% |
| Free cash flow margin | −14.0% | 9.6% | 8.1% | 7.8% | 4.0% |
| Cash conversion (CFO ÷ net income) | 0.30x | 2.52x | 5.19x | 2.02x | −1.41x |
| Interest cover | −0.79x | 1.36x | 1.66x | 1.83x | −0.16x |
| Debt ÷ equity | 1.06x | 1.07x | 0.99x | 1.06x | 1.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,018 | 3,738 | 3,069 | 3,463 | 3,624 |
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.