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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Xenia Hotels & Resorts reported revenue of $1.1B in the fiscal year ended Dec 2025, up 3.8% from the year before. Operating income was $108M, an operating margin of 10.0%, and net income was $63M. Operating cash flow of $177M less capital expenditure of $87M left free cash flow of $90M. Net debt was $1.3B.
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 | 616 | 998 | 1,025 | 1,039 | 1,079 |
| Cost of revenue | 446 | 672 | 704 | 730 | 749 |
| Gross profit | 170 | 325 | 322 | 309 | 330 |
| Operating income | −60.9 | 111 | 97.6 | 86.8 | 108 |
| Interest expense | 81.3 | 82.7 | 85.0 | 80.9 | 86.7 |
| Pre-tax income | −146 | 59.8 | 21.3 | 13.1 | 68.3 |
| Income tax | 0.7 | 2.2 | 1.4 | −3.7 | 1.4 |
| Net income | −144 | 55.9 | 19.1 | 16.1 | 63.1 |
| Diluted EPS | −1.26 | 0.49 | 0.17 | 0.15 | 0.64 |
| Diluted shares | 114 | 114 | 108 | 102 | 97.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 517 | 305 | 165 | 78.2 | 140 |
| Goodwill | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 |
| Total assets | 3,087 | 3,080 | 2,902 | 2,832 | 2,809 |
| Long-term debt | 1,494 | 1,429 | 1,395 | 1,335 | 1,423 |
| Total liabilities | 1,649 | 1,620 | 1,585 | 1,551 | 1,625 |
| Shareholders' equity | 1,431 | 1,441 | 1,291 | 1,243 | 1,134 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 40.8 | 187 | 198 | 164 | 177 |
| Capital expenditure | 31.8 | 70.4 | 121 | 141 | 86.6 |
| Free cash flow | 8.9 | 117 | 77.2 | 23.2 | 89.9 |
| Depreciation & amortisation | 129 | 133 | 132 | 129 | 131 |
| Stock-based compensation | 11.6 | 11.4 | 13.2 | 13.7 | 13.1 |
| Share buybacks | 0.0 | 28.2 | 133 | 15.9 | 120 |
| Dividends paid | 0.1 | 0.6 | 0.6 | 0.4 | 0.6 |
| Dividend per share | – | 0.20 | 0.40 | 0.48 | 0.56 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 61.9% | 2.8% | 1.3% | 3.8% |
| Operating income growth (YoY) | – | – | −12.4% | −11.0% | 23.8% |
| EPS growth (YoY) | – | – | −65.3% | −11.8% | 326.7% |
| Gross margin | 27.6% | 32.6% | 31.4% | 29.7% | 30.6% |
| Operating margin | −9.9% | 11.2% | 9.5% | 8.4% | 10.0% |
| Net margin | −23.3% | 5.6% | 1.9% | 1.6% | 5.8% |
| Return on equityBlank when equity is negative | −10.0% | 3.9% | 1.5% | 1.3% | 5.6% |
| Free cash flow margin | 1.5% | 11.7% | 7.5% | 2.2% | 8.3% |
| Cash conversion (CFO ÷ net income) | −0.28x | 3.35x | 10.3x | 10.1x | 2.80x |
| Interest cover | −0.75x | 1.35x | 1.15x | 1.07x | 1.24x |
| Debt ÷ equity | 1.04x | 0.99x | 1.08x | 1.07x | 1.25x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 977 | 1,124 | 1,230 | 1,257 | 1,282 |
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.