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Arphra AIPlain-English read on Host Hotels & Resorts, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.89B | $4.91B | $5.31B | $5.68B | $6.11B | $6.1B | $6.11B | $6.33B |
| Cost of revenue | $1.4B | $2.2B | $2.46B | $2.65B | $5.95B | $3.82B | $3.94B | $4.13B |
| Gross profit | $1.49B | $2.71B | $2.85B | $3.03B | $160M | $2.23B | $2.25B | $2.3B |
| Gross margin | +51.66% | +55.23% | +53.66% | +53.36% | +2.62% | +36.51% | +36.74% | +36.40% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $99M | $107M | $115M | $117M | $0 | $83.44M | $83.68M | $86.8M |
| Total operating expenses | $1.74B | $1.94B | $2.02B | $2.16B | -$671M | $1.34B | $1.3B | $1.39B |
| Operating income | -$250M | $775M | $827M | $875M | $831M | $925.25M | $883.66M | $916.74M |
| Operating margin | -8.65% | +15.79% | +15.57% | +15.39% | +13.59% | +15.16% | +14.46% | +14.49% |
| EBITDA | $851M | $1.49B | $1.67B | $1.7B | $1.85B | $1.91B | $1.92B | $1.95B |
| EBIT | $89M | $825M | $975M | $936M | $1.05B | $1.09B | $1.04B | $1.08B |
| Below the line | ||||||||
| Interest expense | $191M | $156M | $187M | $215M | $235M | $222.38M | $226.44M | $240.21M |
| Interest income | $2M | $30M | $75M | $54M | $32M | $60.35M | $59.73M | $60.62M |
| Other income / expense | $148M | -$106M | -$39M | -$154M | -$13M | — | — | — |
| Pre-tax income | -$102M | $669M | $788M | $721M | $818M | $839.06M | $833.43M | $852.33M |
| Income tax expense | -$91M | $26M | $36M | $14M | $42M | $31.71M | $31.86M | $34.22M |
| Earnings | ||||||||
| Net income | -$11M | $633M | $740M | $697M | $765M | $764.8M | $793.75M | $817.38M |
| Net income · continuing ops | -$11M | $643M | $752M | $707M | $776M | $797.81M | $820.28M | $833.86M |
| Net margin | -0.38% | +12.90% | +13.93% | +12.26% | +12.51% | +12.53% | +12.99% | +12.92% |
| EPS · basic | $-0.02 | $0.89 | $1.04 | $0.99 | $1.10 | $1.28 | $0.99 | $0.96 |
| EPS · diluted | $-0.02 | $0.88 | $1.04 | $0.99 | $1.10 | $1.29 | $0.99 | $0.96 |
| EPS · low estimate | — | — | — | — | — | $1.26 | $0.96 | $0.93 |
| EPS · high estimate | — | — | — | — | — | $1.31 | $1.03 | $1.00 |
| Shares · basic | 710.3M | 714.7M | 709.7M | 702.1M | 692.5M | 692.82M | 686.46M | 688.05M |
| Shares · diluted | 710.3M | 717.5M | 712.8M | 705.9M | 693.9M | 700.4M | 697.08M | 694.08M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 5 | 6 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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