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REITs · Real Estate · Fiscal year ends Dec 31
RLJ Lodging Trust reported revenue of $1.3B in the fiscal year ended Dec 2025, down 1.4% from the year before. Operating income was $142M, an operating margin of 10.5%, and net income was $29M. Operating cash flow of $244M less capital expenditure of $126M left free cash flow of $117M. Net debt was $1.8B.
Ranks among the 78 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 | 786 | 1,194 | 1,326 | 1,369 | 1,350 |
| Operating incomederived: pre-tax income + interest | −204 | 137 | 177 | 181 | 142 |
| Interest expense | 106 | 93.2 | 98.8 | 111 | 112 |
| Pre-tax income | −310 | 43.7 | 77.9 | 69.8 | 29.7 |
| Income tax | 1.2 | 1.5 | 1.3 | 1.6 | 1.1 |
| Net income | −305 | 41.9 | 76.4 | 68.0 | 28.5 |
| Diluted EPS | −2.01 | 0.10 | 0.32 | 0.27 | 0.01 |
| Diluted shares | 164 | 162 | 157 | 153 | 150 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 665 | 481 | 517 | 410 | 410 |
| Total assets | 5,149 | 4,978 | 4,919 | 4,884 | 4,742 |
| Deferred revenue | 20.0 | 23.8 | 32.3 | 40.2 | 51.0 |
| Long-term debt | 2,409 | 2,218 | 2,221 | 2,220 | 2,197 |
| Total liabilities | 2,735 | 2,550 | 2,569 | 2,586 | 2,559 |
| Shareholders' equity | 2,398 | 2,415 | 2,337 | 2,285 | 2,170 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 43.0 | 257 | 315 | 285 | 244 |
| Capital expenditure | 48.3 | 124 | 132 | 136 | 126 |
| Free cash flow | −5.3 | 132 | 183 | 149 | 117 |
| Depreciation & amortisation | 188 | 185 | 179 | 179 | 186 |
| Stock-based compensation | 17.1 | 21.7 | 24.3 | 20.8 | 15.3 |
| Share buybacks | 0.0 | 57.6 | 76.0 | 22.0 | 28.6 |
| Dividends paid | 6.7 | 13.3 | 49.2 | 69.8 | 91.4 |
| Dividend per share | 0.04 | 0.12 | 0.36 | 0.50 | 0.60 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 51.9% | 11.1% | 3.3% | −1.4% |
| Operating income growth (YoY) | – | – | 29.1% | 2.5% | −21.6% |
| EPS growth (YoY) | – | – | 220.0% | −15.6% | −96.3% |
| Operating margin | −25.9% | 11.5% | 13.3% | 13.2% | 10.5% |
| Net margin | −38.8% | 3.5% | 5.8% | 5.0% | 2.1% |
| Return on equityBlank when equity is negative | −12.7% | 1.7% | 3.3% | 3.0% | 1.3% |
| Free cash flow margin | −0.7% | 11.1% | 13.8% | 10.9% | 8.7% |
| Cash conversion (CFO ÷ net income) | −0.14x | 6.12x | 4.12x | 4.20x | 8.55x |
| Interest cover | −1.91x | 1.47x | 1.79x | 1.63x | 1.26x |
| Debt ÷ equity | 1.00x | 0.92x | 0.95x | 0.97x | 1.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,744 | 1,736 | 1,704 | 1,810 | 1,787 |
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.