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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Sunstone Hotel Investors reported revenue of $960M in the fiscal year ended Dec 2025, up 6.0% from the year before. Operating income was $78M, an operating margin of 8.1%, and net income was $25M. Operating cash flow of $182M less capital expenditure of $103M left free cash flow of $79M. Net debt was $809M.
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 | 509 | 912 | 986 | 906 | 960 |
| Operating incomederived: pre-tax income + interest | 64.0 | 123 | 263 | 92.3 | 77.7 |
| Interest expense | 30.9 | 32.0 | 51.7 | 50.1 | 53.0 |
| Pre-tax income | 33.1 | 91.1 | 211 | 42.2 | 24.8 |
| Income tax | 0.1 | 0.4 | 4.6 | −1.1 | 0.2 |
| Net income | 33.0 | 90.8 | 207 | 43.3 | 24.6 |
| Diluted EPS | 0.06 | 0.34 | 0.93 | 0.14 | 0.04 |
| Diluted shares | 216 | 213 | 206 | 203 | 194 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 120 | 101 | 426 | 107 | 109 |
| Receivables | 28.7 | 42.1 | – | – | – |
| Current assets | 282 | 214 | – | – | – |
| Net PP&E | 5.9 | 3.7 | 3.1 | 2.3 | 1.6 |
| Total assets | 3,041 | 3,083 | 3,149 | 3,107 | 3,029 |
| Payables | 47.7 | 56.8 | – | – | – |
| Deferred revenue | 33.8 | 44.2 | 45.4 | 48.6 | 47.0 |
| Current liabilities | 176 | 381 | – | – | – |
| Short-term debt | 20.7 | 222 | – | – | – |
| Long-term debt | 589 | 591 | 815 | 841 | 918 |
| Total liabilities | 801 | 998 | 983 | 1,003 | 1,084 |
| Shareholders' equity | 2,199 | 2,085 | 2,167 | 2,104 | 1,945 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 28.4 | 209 | 198 | 170 | 182 |
| Capital expenditure | 63.7 | 129 | 110 | 157 | 103 |
| Free cash flow | −35.3 | 80.8 | 88.0 | 13.0 | 78.7 |
| Depreciation & amortisation | 129 | 126 | 127 | 125 | 135 |
| Stock-based compensation | 12.8 | 10.9 | 10.8 | 10.5 | 8.7 |
| Share buybacks | – | 108 | 56.4 | 27.2 | 103 |
| Dividends paid | 13.7 | 24.8 | 59.8 | 91.0 | 86.4 |
| Dividend per share | – | 0.10 | 0.30 | 0.34 | 0.36 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 79.1% | 8.2% | −8.2% | 6.0% |
| Operating income growth (YoY) | – | 92.4% | 113.6% | −64.9% | −15.8% |
| EPS growth (YoY) | – | 466.7% | 173.5% | −84.9% | −71.4% |
| Operating margin | 12.6% | 13.5% | 26.7% | 10.2% | 8.1% |
| Net margin | 6.5% | 10.0% | 21.0% | 4.8% | 2.6% |
| Return on equityBlank when equity is negative | 1.5% | 4.4% | 9.5% | 2.1% | 1.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.2% | 4.6% | – | – | – |
| Free cash flow margin | −6.9% | 8.9% | 8.9% | 1.4% | 8.2% |
| Cash conversion (CFO ÷ net income) | 0.86x | 2.31x | 0.96x | 3.94x | 7.40x |
| Receivable days | 21 | 17 | – | – | – |
| Interest cover | 2.07x | 3.85x | 5.09x | 1.84x | 1.47x |
| Debt ÷ equity | 0.28x | 0.39x | 0.38x | 0.40x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 489 | 711 | 388 | 734 | 809 |
| Current ratio | 1.61x | 0.56x | – | – | – |
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.