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Host Hotels & Resorts, Inc., herein referred to as we, Host Inc., or the Company, is a self-managed and self-administered real estate investment trust that owns hotel property. We conduct our operations as an umbrella partnership, REIT, through an operating partnership, Host Hotels & Resorts, L.P., of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of December 31, 2025, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Host Hotels & Resorts, Inc. is incorporated in 1927 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.1B | $1.8B | $765M | $866M | 11.7% | 7.6% | 9.8% |
| 2024 | $5.7B | $1.7B | $697M | $950M | 10.5% | 7.0% | -5.8% |
| 2023 | $5.3B | $1.7B | $740M | $795M | 11.2% | 8.2% | 16.9% |
| 2022 | $4.9B | $1.5B | $633M | $912M | 9.4% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,907 | 5,311 | 5,684 | 6,114 |
| Operating Revenue | - | 4,432 | 4,826 | 5,142 | 5,510 |
| Cost Of Revenue | - | 2,197 | 2,461 | 2,651 | 2,898 |
| Gross Profit | - | 2,710 | 2,850 | 3,033 | 3,216 |
| Operating Expense | - | 1,952 | 2,109 | 2,262 | 2,385 |
| Selling General And Administration | - | 107 | 115 | 117 | 124 |
| Total Expenses | - | 4,149 | 4,570 | 4,913 | 5,283 |
| Operating Income | - | 758 | 741 | 771 | 831 |
| Total Operating Income As Reported | - | 775 | 827 | 875 | 855 |
| EBITDA | - | 1,489 | 1,676 | 1,698 | 1,848 |
| Normalized EBITDA | - | 1,472 | 1,590 | 1,594 | 1,681 |
| EBIT | - | 825 | 979 | 936 | 1,053 |
| Interest Income | - | 30 | 75 | 54 | 32 |
| Interest Expense | - | 156 | 191 | 215 | 235 |
| Net Interest Income | - | -126 | -116 | -161 | -203 |
| Other Non Operating Income Expenses | 306 | 17 | 71 | - | 5 |
| Other Income Expense | - | 37 | 163 | 111 | 190 |
| Interest Income Non Operating | - | 30 | 75 | 54 | 32 |
| Interest Expense Non Operating | - | 156 | 191 | 215 | 235 |
| Net Non Operating Interest Income Expense | - | -126 | -116 | -161 | -203 |
| Pretax Income | - | 669 | 788 | 721 | 818 |
| Tax Provision | - | 26 | 36 | 14 | 42 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.66 | 3.93 | 2.02 | 8.57 |
| Net Income Continuous Operations | - | 643 | 752 | 707 | 776 |
| Net Income From Continuing And Discontinued Operation | - | 633 | 740 | 697 | 765 |
| Net Income From Continuing Operation Net Minority Interest | - | 633 | 740 | 697 | 765 |
| Net Income | - | 633 | 740 | 697 | 765 |
| Net Income Common Stockholders | - | 633 | 740 | 697 | 765 |
| Net Income Including Noncontrolling Interests | - | 643 | 752 | 707 | 776 |
| Normalized Income | - | 616.66 | 657.93 | 595.02 | 606.57 |
| Diluted NI Availto Com Stockholders | - | 633 | 740 | 697 | 765 |
| Basic Average Shares | - | 714.70 | 709.70 | 702.10 | 691.40 |
| Diluted Average Shares | - | 717.50 | 712.80 | 704 | 694.10 |
| Reconciled Depreciation | - | 664 | 697 | 762 | 795 |
| Reconciled Cost Of Revenue | - | 2,197 | 2,461 | 2,651 | 2,898 |
| Total Unusual Items | - | 17 | 86 | 104 | 167 |
| Total Unusual Items Excluding Goodwill | - | 17 | 86 | 104 | 167 |
| Minority Interests | - | -10 | -12 | -10 | -11 |
| Special Income Charges | - | 17 | 86 | 104 | 167 |
| Other Special Charges | - | -17 | -86 | -104 | -24 |
| Depreciation Amortization Depletion Income Statement | - | 664 | 697 | 762 | 795 |
| Depreciation And Amortization In Income Statement | - | 664 | 697 | 762 | 795 |
| General And Administrative Expense | - | 107 | 115 | 117 | 124 |
| Other Gand A | - | 81 | 85 | 93 | 98 |
| Salaries And Wages | - | 26 | 30 | 24 | 26 |
| Gain On Sale Of Ppe | 307 | 18 | - | 0 | 143 |
| Other Operating Expenses | - | 1,288 | 1,412 | 1,383 | 1,466 |
| Earnings From Equity Interest | - | 3 | 6 | 7 | 18 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Host Hotels & Resorts, Inc.this co. | HST | $17.0B | 22.17↓ discount | 2.59 | 11.7% | 11.82 |
| Essex Property Trust, Inc. | ESS | $19.6B | 29.29 | 3.54 | 12.1% | 16.82 |
| Weyerhaeuser Company | WY | $17.8B | 54.97 | 1.89 | 3.4% | 22.02 |
| Invitation Homes Inc. | INVH | $17.5B | 29.84 | 1.84 | 6.2% | 15.24 |
| Mid-America Apartment Communities, Inc. | MAA |
| - |
| - |
| - |
| - |
| - |
| - |
| $16.3B |
| 36.87 |
| 2.87 |
| 7.8% |
| 17.12 |
| Kimco Realty Corporation | KIM | $16.2B | 27.69 | 1.56 | 5.6% | 16.74 |
| UDR, Inc. | UDR | $14.4B | 38.16 | 4.44 | 11.6% | 15.94 |
| Regency Centers Corporation | REG | $14.3B | 27.90 | 2.08 | 7.4% | 16.98 |
| CoStar Group, Inc. | CSGP | $13.7B | 1963.61 | 1.65 | 0.1% | 69.61 |
| Peer Median | - | 33.35 | 1.98 | 6.8% | 16.90 | |