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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Wyndham Hotels & Resorts reported revenue of $1.4B in the fiscal year ended Dec 2025, up 1.8% from the year before. Operating income was $402M, an operating margin of 28.1%, and net income was $193M. Operating cash flow of $367M less capital expenditure of $46M left free cash flow of $321M. Net debt was $2.5B.
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 | 1,245 | 1,354 | 1,384 | 1,404 | 1,429 |
| Operating income | 446 | 558 | 503 | 495 | 402 |
| Interest expense | 93.0 | 80.0 | 102 | 124 | 139 |
| Pre-tax income | 335 | 476 | 398 | 368 | 263 |
| Income tax | 91.0 | 121 | 109 | 79.0 | 70.0 |
| Net income | 244 | 355 | 289 | 289 | 193 |
| Diluted EPS | 2.60 | 3.91 | 3.41 | 3.61 | 2.50 |
| Diluted shares | 93.9 | 90.8 | 84.9 | 80.1 | 77.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 171 | 161 | 66.0 | 103 | 64.0 |
| Receivables | 246 | 234 | 241 | 271 | 291 |
| Current assets | 720 | 545 | 373 | 467 | 435 |
| Net PP&E | 106 | 99.0 | 88.0 | 94.0 | 104 |
| Goodwill | 1,525 | 1,525 | 1,525 | 1,525 | 1,525 |
| Total assets | 4,269 | 4,123 | 4,033 | 4,223 | 4,182 |
| Payables | 31.0 | 39.0 | 32.0 | 37.0 | 38.0 |
| Deferred revenue | 70.0 | 83.0 | 91.0 | 121 | 134 |
| Current liabilities | 397 | 406 | 459 | 466 | 507 |
| Long-term debt | 2,063 | 2,057 | 2,164 | 2,420 | 2,515 |
| Total liabilities | 3,180 | 3,161 | 3,287 | 3,573 | 3,714 |
| Shareholders' equity | 1,089 | 962 | 746 | 650 | 468 |
| Backlog (remaining obligations) | 235 | 247 | 258 | 290 | 354 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 426 | 399 | 376 | 290 | 367 |
| Capital expenditure | 37.0 | 39.0 | 37.0 | 49.0 | 46.0 |
| Free cash flow | 389 | 360 | 339 | 241 | 321 |
| Depreciation & amortisation | 95.0 | 77.0 | 76.0 | 71.0 | 62.0 |
| Stock-based compensation | 28.0 | 33.0 | 39.0 | 45.0 | 43.0 |
| Share buybacks | 107 | 448 | 393 | 310 | 266 |
| Dividends paid | 82.0 | 116 | 118 | 122 | 127 |
| Dividend per share | 0.88 | 1.28 | 1.40 | 1.52 | 1.64 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.8% | 2.2% | 1.4% | 1.8% |
| Operating income growth (YoY) | – | 25.1% | −9.9% | −1.6% | −18.8% |
| EPS growth (YoY) | – | 50.4% | −12.8% | 5.9% | −30.7% |
| Operating margin | 35.8% | 41.2% | 36.3% | 35.3% | 28.1% |
| Net margin | 19.6% | 26.2% | 20.9% | 20.6% | 13.5% |
| Return on equityBlank when equity is negative | 22.4% | 36.9% | 38.7% | 44.5% | 41.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 15.0% | 14.1% | 13.2% | 10.9% |
| Free cash flow margin | 31.2% | 26.6% | 24.5% | 17.2% | 22.5% |
| Cash conversion (CFO ÷ net income) | 1.75x | 1.12x | 1.30x | 1.00x | 1.90x |
| Receivable days | 72 | 63 | 64 | 70 | 74 |
| Interest cover | 4.80x | 6.97x | 4.93x | 3.99x | 2.89x |
| Debt ÷ equity | 1.89x | 2.14x | 2.90x | 3.72x | 5.37x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,892 | 1,896 | 2,098 | 2,317 | 2,451 |
| Current ratio | 1.81x | 1.34x | 0.81x | 1.00x | 0.86x |
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.