RLJ Lodging Trust (RLJ) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.11	$0.18	+63.6%	—	$383M	—
Q1 26	-$0.07	-$0.01	+85.7%	—	$340M	—
Q4 25	-$0.07	-$0.02	+71.4%	—	$328.6M	—
Q3 25	-$0.08	-$0.07	+12.5%	—	$330M	—
Q2 25	$0.13	$0.15	+15.4%	—	$363.1M	—
Q1 25	-$0.06	-$0.02	+66.7%	—	$328.1M	—
Q4 24	-$0.04	-$0.01	+75.0%	—	$330M	—
Q3 24	-$0.03	$0.07	+333.3%	—	$345.7M	—
Q2 24	$0.12	$0.18	+50.0%	—	$369.3M	—
Q1 24	-$0.01	-$0.01	0.0%	—	$324.4M	—
Q4 23	$0.01	$0.01	0.0%	—	$319.7M	—
Q3 23	$0.04	$0.06	+50.0%	—	$334.4M	—
Q2 23	$0.2	$0.22	+10.0%	—	$357M	—
Q1 23	-$0.01	$0.03	+400.0%	—	$314.5M	—
Q4 22	-$0.02	$0.01	+150.0%	—	$302.2M	—
Q3 22	$0.04	$0.07	+75.0%	—	$318.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.01	—	—	$1.3B	—
FY24	—	$0.27	—	—	$1.4B	—
FY23	—	$0.32	—	—	$1.3B	—
FY22	—	$0.1	—	—	$1.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.4B	$1.8B	$1.6B	$473.1M	$785.7M	$1.2B	$1.3B	$1.4B	$1.3B
YoY change	+2.08%	+16.9%	+29.9%	-11.1%	-69.8%	+66.1%	+51.9%	+11.1%	+3.31%	-1.43%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.4B	1.8B	1.6B	473.1M	785.7M	1.2B	1.3B	1.4B	1.3B
Cost of revenue	745.4M	903.3M	1.2B	1.1B	495M	600.4M	831.4M	934.9M	985M	988.8M
Gross profit	414.6M	453M	548.9M	489.7M	-21.9M	185.3M	362.3M	390.7M	384.5M	361M
Gross margin	35.7%	33.4%	31.2%	31.3%	-4.64%	23.6%	30.3%	29.5%	28.1%	26.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	31.5M	40.5M	49.2M	45.3M	41.1M	47.5M	56.3M	59M	54.8M	47.6M
Operating expenses	273.2M	345M	466.3M	45.3M	41.1M	47.5M	56.3M	59M	54.8M	47.6M
Operating income	220.6M	225.5M	258.1M	232.9M	-257.2M	-50M	121.1M	152.6M	150.2M	127M
Operating margin	19%	16.6%	14.7%	14.9%	-54.4%	-6.37%	10.1%	11.5%	11%	9.41%
Non-operating income, net	46M	-32.3M	38.3M	-25M	-3.3M	-154.5M	11.3M	4.4M	13.6M	1.4M
Pretax income	209.5M	117.9M	199.7M	125.6M	-356.8M	-309.9M	43.7M	77.9M	69.8M	29.7M
Income tax	8.2M	42.1M	8.8M	-3.8M	52M	1.2M	1.5M	1.3M	1.6M	1.1M
Net income	201.3M	75.7M	190.9M	129.4M	-408.8M	-311.1M	42.2M	76.6M	68.2M	28.6M
Net margin	17.4%	5.58%	10.8%	8.26%	-86.4%	-39.6%	3.54%	5.78%	4.98%	2.12%
EBITDA	381.9M	412.4M	504.6M	448.6M	-69.8M	126.4M	317.7M	355.1M	351.6M	327M
EPS	1.61	0.47	0.93	0.59	-2.61	-2.01	0.1	0.32	0.27	0.01
Diluted EPS	1.61	0.47	0.93	0.59	-2.61	-2.01	0.1	0.32	0.27	0.01

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	334.4M	319.7M	324.4M	369.3M	345.7M	330M	328.1M	363.1M	330M	328.6M	340M	383M
Cost of revenue	240.5M	232.2M	241.3M	253.6M	247.8M	242.3M	244.3M	252.6M	250M	242M	252M	265.9M
Gross profit	93.9M	87.5M	83.1M	115.7M	98M	87.6M	83.9M	110.5M	80M	86.6M	88M	117.1M
Gross margin	28.1%	27.4%	25.6%	31.3%	28.3%	26.6%	25.6%	30.4%	24.2%	26.4%	25.9%	30.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.7M	16M	15.1M	13.9M	12.8M	13M	12.6M	11.1M	11.8M	12.1M	13M	13.4M
Operating expenses	14.7M	16M	15.1M	13.9M	12.8M	13M	12.6M	11.1M	11.8M	12.1M	13M	13.4M
Operating income	34.5M	27M	23.3M	57.3M	40.3M	29.3M	25.4M	53M	21.3M	27.3M	27.8M	56.2M
Operating margin	10.3%	8.46%	7.19%	15.5%	11.7%	8.87%	7.75%	14.6%	6.44%	8.32%	8.19%	14.7%
Non-operating income, net	1.7M	759K	3.4M	4.3M	5.1M	833K	2.3M	493K	94K	-1.5M	-3.2M	230K
Pretax income	16.7M	8.3M	5.1M	37.7M	21M	6M	3.5M	29M	-3.5M	723K	-85K	31.6M
Income tax	332K	228K	309K	393K	379K	518K	294K	339K	341K	174K	264K	286K
Net income	16.3M	8M	4.7M	37.3M	20.6M	5.5M	3.2M	28.6M	-3.8M	549K	-349K	31.3M
Net margin	4.89%	2.51%	1.46%	10.1%	5.97%	1.67%	0.97%	7.89%	-1.15%	0.17%	-0.1%	8.18%
EBITDA	86.1M	73.4M	76.1M	106.6M	89.8M	79.1M	74.8M	102.8M	71.3M	78.1M	77.8M	107M
EPS	0.06	0.01	-0.01	0.2	0.09	-0.01	-0.02	0.15	-0.07	-0.04	-0.05	0.16
Diluted EPS	0.06	0.01	-0.01	0.2	0.09	-0.01	-0.02	0.15	-0.07	-0.04	-0.05	0.16

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3B	—	—	3B	2.3B	2.3B	1.7B	1.8B	1.6B	1.1B	1.7B
Enterprise value	5.7B	—	—	4.5B	4.1B	4.2B	3.6B	3.7B	3.5B	3B	3.9B
Shares outstanding	123.7M	140.6M	174.2M	171.3M	164.5M	164M	161.9M	155.9M	152.9M	149.7M	149.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15	—	—	23.5	—	—	40.6	23.9	22.9	39	1.1K
P/S	2.61	—	—	1.94	4.92	2.91	1.44	1.38	1.14	0.83	1.2
P/B	1.35	—	—	0.94	0.87	0.95	0.71	0.78	0.68	0.51	0.91
EV/EBITDA	15	—	—	9.96	-59.3	32.8	11.2	10.3	9.92	9.24	12.1
EV/Sales	4.95	—	—	2.85	8.75	5.28	2.99	2.76	2.55	2.24	2.84
Earnings yield	6.65%	—	—	4.26%	—	—	2.46%	4.19%	4.37%	2.56%	0.09%
FCF yield	10.9%	—	—	13.1%	-7.25%	1.88%	15%	17.2%	18.3%	21.9%	12.9%
PEG	—	—	—	—	—	—	—	—	—	—	162.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.7%	33.4%	31.2%	31.3%	-4.64%	23.6%	30.3%	29.5%	28.1%	26.7%	30.6%
Operating margin	19%	16.6%	14.7%	14.9%	-54.4%	-6.37%	10.1%	11.5%	11%	9.41%	14.5%
Net margin	17.4%	5.58%	10.8%	8.26%	-86.4%	-39.6%	3.54%	5.78%	4.98%	2.12%	2%
ROE	9.01%	2.12%	5.46%	4.01%	-15.2%	-12.9%	1.74%	3.26%	2.97%	1.31%	1.26%
ROA	5%	1.11%	3.18%	2.21%	-7.28%	-6.04%	0.85%	1.56%	1.4%	0.6%	1.66%
ROIC	4.29%	2.47%	4.59%	5%	-5.72%	-1.17%	2.73%	3.59%	3.47%	2.99%	3.16%
Return on tangible assets	5.01%	1.16%	3.24%	2.21%	-7.28%	-6.04%	0.85%	1.56%	1.4%	0.6%	0.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.15	2.33	1.67	3.33	4.47	3.84	3.04	2.84	2.02	2.04	1.48
Quick ratio	3.15	2.33	1.67	3.33	4.47	3.84	3.04	2.84	2.02	2.04	4.15
Debt / equity	1.42	0.81	0.63	0.72	1.01	1.05	0.96	1	1.02	1.06	1.3
Debt / assets	0.79	0.42	0.37	0.4	0.48	0.49	0.47	0.48	0.48	0.49	0.54
Net debt / EBITDA	7.09	5.56	3.73	3.2	-25.9	14.8	5.83	5.14	5.49	5.83	5.62
Interest coverage	4.82	2.58	3.03	2.45	-2.71	-2.03	1.5	1.84	1.67	1.28	1.27
Effective tax rate	3.91%	35.7%	4.4%	0%	0%	0%	3.47%	1.61%	2.29%	3.87%	3.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.38	9.65	10.1	9.14	2.88	4.79	7.37	8.5	8.96	9.02	9.25
EPS (basic)	1.61	0.47	0.93	0.59	-2.61	-2.01	0.1	0.32	0.27	0.01	0.01
EPS (diluted)	1.61	0.47	0.93	0.59	-2.61	-2.01	0.1	0.32	0.27	0.01	0.01
Book value per share	18.1	25.4	20.1	18.8	16.3	14.7	15	15.1	15	14.6	11.9
FCF per share	2.68	1.85	2.27	2.32	-1.03	0.26	1.58	2.02	1.87	1.63	1.77
Cash per share	3.69	4.17	1.84	5.15	5.47	4.06	2.97	3.31	2.68	2.74	6.3
Capex per share	0	0	0	—	—	—	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.02%	0.02%	0.02%	—	—	—	—	—	—	—	—
Capex / operating cash flow	0.07%	0.08%	0.06%	—	—	—	—	—	—	—	—
Payout ratio	81.6%	233.3%	135.1%	196.1%	-21.1%	-10.2%	91%	97%	139.2%	407.9%	6K%
Dividend yield	5.43%	—	—	8.36%	3.7%	1.39%	2.24%	4.07%	6.08%	10.4%	5.42%

Yield

5.42%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Jun 30, 2026

Payout ratio

6000%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.15
Mar 31, 2026	$0.15
Dec 31, 2025	$0.15

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$334.4M	$319.7M	$324.4M	$369.3M	$345.7M	$330M	$328.1M	$363.1M	$330M	$328.6M	$340M	$383M
YoY change	+5.14%	+5.8%	+3.15%	+3.46%	+3.39%	+3.22%	+1.14%	-1.68%	-4.54%	-0.42%	+3.61%	+5.48%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	456.7M	586.5M	320.1M	882.5M	899.8M	665.3M	481.3M	516.7M	409.8M	410.2M
Receivables	26M	60M	52.1M	39.8M	13.3M	31.1M	38.5M	26.2M	25.5M	29.6M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	610.1M	789M	504.3M	1B	981M	778.4M	654M	639.5M	497.8M	498.9M
Property, plant & equipment	318.6M	1B	—	144.4M	143M	145M	136.9M	136.1M	128.1M	123.5M
Goodwill & intangibles	1.8M	266.4M	104.9M	0	—	—	—	—	—	—
Total assets	4B	6.8B	6B	5.9B	5.6B	5.1B	5B	4.9B	4.9B	4.7B
Accounts payable	137.1M	225.7M	203.8M	183.4M	172.3M	155.1M	155.9M	147.8M	154.6M	141.6M
Short-term debt	1.6B	—	—	—	—	—	—	—	—	—
Total current liabilities	194M	338.5M	302.7M	308.1M	219.5M	202.6M	215M	225.1M	246.4M	244.1M
Long-term debt	1.6B	2.9B	2.2B	2.3B	2.7B	2.5B	2.3B	2.3B	2.3B	2.3B
Total liabilities	1.8B	3.2B	2.5B	2.6B	2.9B	2.7B	2.5B	2.6B	2.6B	2.6B
Shareholders' equity	2.2B	3.6B	3.5B	3.2B	2.7B	2.4B	2.4B	2.4B	2.3B	2.2B
Total debt	3.2B	2.9B	2.2B	2.3B	2.7B	2.5B	2.3B	2.3B	2.3B	2.3B
Net debt	2.7B	2.3B	1.9B	1.4B	1.8B	1.9B	1.9B	1.8B	1.9B	1.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	494.6M	516.7M	350.2M	371.1M	385.4M	409.8M	347.5M	373.9M	374.8M	410.2M	353.1M	937.6M
Receivables	48M	26.2M	26.8M	30.9M	26.4M	25.5M	27.5M	27.7M	30.4M	29.6M	31.4M	30M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	653.1M	639.5M	417.7M	438.1M	450.8M	497.8M	457.2M	475.5M	470.2M	498.9M	484.4M	1.1B
Property, plant & equipment	137.5M	136.1M	132.3M	130.9M	129.5M	128.1M	126.9M	125.8M	124.6M	123.5M	122.4M	122.8M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	4.9B	4.9B	4.9B	4.9B	4.9B	4.9B	4.8B	4.8B	4.8B	4.7B	4.7B	5.2B
Accounts payable	150.7M	147.8M	138.6M	149.7M	154.9M	154.6M	148M	155.5M	162.2M	141.6M	137.1M	156.6M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	216.7M	225.1M	210.2M	227.7M	234.1M	246.4M	229.7M	243.2M	244.6M	244.1M	230.1M	254.3M
Long-term debt	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.8B
Total liabilities	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.5B	3.1B
Shareholders' equity	2.4B	2.4B	2.3B	2.3B	2.3B	2.3B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B
Total debt	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.8B
Net debt	1.8B	1.8B	2B	2B	2B	1.9B	2B	2B	2B	1.9B	2B	1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	201.3M	75.7M	190.9M	129.4M	-408.8M	-311.1M	42.2M	76.6M	68.2M	28.6M
Depreciation & amortization	163.3M	184.9M	238.6M	209.5M	191.8M	185.7M	188.1M	184.1M	184.9M	190.5M
Stock-based compensation	6M	10.6M	12.3M	11.5M	12.4M	17.1M	21.7M	24.3M	20.8M	15.3M
Change in working capital	2.9M	-43.9M	-14.9M	33.9M	-47.7M	-23.9M	8.9M	9.8M	10.5M	1.4M
Operating cash flow	384.5M	271M	438.6M	381.9M	-196.8M	-115.7M	261M	300.9M	291M	243.8M
Capital expenditure	-283K	-219K	-279K	—	—	—	—	—	—	—
Investing cash flow	-12M	-12.3M	-629K	-603K	-100K	-331K	0	-2.4M	-158.7M	0
Dividends paid	-164.4M	-176.7M	-257.8M	-253.7M	-86.1M	-31.8M	-38.4M	-74.3M	-94.9M	-116.5M
Share repurchases	-18.8M	-5.7M	-25.4M	-125.2M	-64.2M	-2.5M	-61.2M	-80.4M	-31M	-32.1M
Financing cash flow	-182.3M	-190.4M	-946.2M	-525.4M	243M	-439.3M	-498.5M	-161.5M	-131.7M	-177.7M
Net change in cash	190.2M	68.3M	-508.2M	-144.1M	46.1M	-555.2M	-237.5M	137M	570K	66.1M
Free cash flow	331.1M	260.6M	394.8M	397.3M	-168.7M	43M	256.5M	315.1M	285.4M	243.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	16.3M	8M	4.7M	37.3M	20.6M	5.5M	3.2M	28.6M	-3.8M	549K	-349K	31.3M
Depreciation & amortization	46.2M	45.8M	46.1M	45.9M	46.2M	46.7M	46.9M	47.4M	48M	48.2M	48.1M	48.3M
Stock-based compensation	6.2M	6.3M	6.4M	5.3M	4.6M	4.5M	4.3M	2.9M	4M	4.1M	3.7M	4M
Change in working capital	20.7M	13.2M	-3.7M	5.1M	12.9M	-3.7M	-5.1M	4.5M	14.3M	-12.3M	4.5M	10.3M
Operating cash flow	91.1M	74.8M	55.1M	95.1M	85.9M	54.8M	51.1M	101.3M	63.3M	62.9M	26.2M	114.6M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	0	—	-124.2M	-36.2M	-399K	-5K	-1M	0	0	0	—	—
Dividends paid	-18.9M	-21.9M	-21.8M	-22M	-21.8M	-29.3M	-29.5M	-29.1M	-29M	-28.9M	-29.5M	-29.1M
Share repurchases	-14.8M	-9.2M	-5.3M	-7.9M	-14.8M	-3M	-23.9M	-6.8M	-1.4M	0	-3.1M	-367K
Financing cash flow	-33.8M	-31.3M	-27.2M	-30.2M	-41.8M	-32.6M	-53.6M	-138M	-30.5M	-55.6M	-52.4M	-38.1M
Net change in cash	57.2M	43.6M	-96.2M	28.7M	43.8M	22.3M	-3.5M	-36.7M	32.8M	7.3M	-26.2M	76.5M
Free cash flow	89.1M	89M	20.8M	113.5M	80.1M	71M	16.3M	101.3M	63.3M	62.9M	26.2M	114.6M

RLJ Lodging Trust Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement