Host Hotels Resorts Inc (0J66.L) Q3 2025 Earnings Report

Host Hotels & Resorts delivered a mixed QQ3 2025 performance, underscoring the ongoing revenue normalization in the US lodging market. Revenue for the quarter stood at $1.331 billion, a modest YoY increase of 0.9% but a material QoQ decline of 16.1%, reflecting seasonal dynamics and a softer near-term demand environment. Gross profit was $123 million, producing a thin gross margin of 9.2%, and operating income of $101 million with an operating margin of 7.6%. Net income totaled $161 million, driving a 12.1% net margin, aided by a notable contribution from other income and non-operating items (total other income of $71 million) that lifted pretax income to $172 million and pushed EPS to $0.23.

From a profitability and cash-flow lens, EBITDA reached $292 million (EBITDA margin ~21.9%), signaling meaningful抓asset-level earnings despite compressed gross margins. However, interest coverage remained negative, with an implied near-term refinancing and debt-service risk noted in the reported metrics. Balance-sheet metrics show moderate leverage with a debt ratio of 0.389 and long-term debt-to-capitalization at 0.433, alongside a healthy current ratio of 1.68. Enterprise value multiple sits at 15.6x, suggesting the stock trades at a mid-range multiple given the current earnings profile and asset base. Cash-flow measures such as operating cash flow per share and free cash flow per share are not presented, underscoring a need to monitor FFO/Adjusted FFO in upcoming releases.

Overall, the QQ3 2025 results affirm a stabilizing portfolio with improving operating performance starting to emerge as seasonality normalizes, but the near-term profitability is highly sensitive to non-operating income contributions and financing costs. The absence of formal forward guidance in the provided data means investors should focus on occupancy trends, RevPAR progression, and debt-management actions as primary drivers of the next leg of profitability.