Sunstone Hotel Investors, Inc. (SHO) 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	$0.82	$0.14	-82.9%	—	$277.1M	—
Q1 26	$0.02	$0.08	+300.0%	—	$259.7M	—
Q4 25	-$0.04	$0.02	+150.0%	—	$237M	—
Q3 25	-$0.01	-$0.02	-100.0%	—	$229.3M	—
Q2 25	$0.08	$0.05	-37.5%	—	$259.8M	—
Q1 25	$0.01	$0.03	+200.0%	—	$234.1M	—
Q4 24	-$0.03	-$0.02	+33.3%	—	$214.8M	—
Q2 24	$0.08	$0.11	+37.5%	—	$247.5M	—
Q1 24	$0.01	$0.05	+400.0%	—	$217.2M	—
Q4 23	-$0.03	$0.01	+133.3%	—	$219.2M	—
Q3 23	$0.02	$0.06	+200.0%	—	$247.7M	—
Q2 23	$0.13	$0.19	+46.2%	—	$276.1M	—
Q1 23	$0.01	$0.04	+300.0%	—	$243.4M	—
Q4 22	$0.02	$0.08	+300.0%	—	$244.1M	—
Q3 22	$0.05	$0.08	+60.0%	—	$244.3M	—
Q2 22	$0.05	$0.15	+200.0%	—	$251.3M	—

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	—	$0.04	—	—	$960.1M	—
FY24	—	$0.14	—	—	$905.8M	—
FY23	—	$0.93	—	—	$986.5M	—
FY22	—	$0.34	—	—	$912.1M

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	$1.2B	$1.2B	$1.1B	$267.9M	$509.1M	$912.1M	$986.5M	$905.8M	$960.1M
YoY change	-4.79%	+0.36%	-2.9%	-3.79%	-76%	+90%	+79.1%	+8.16%	-8.18%	+6%

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	1.2B	1.2B	1.1B	267.9M	509.1M	912.1M	986.5M	905.8M	960.1M
Cost of revenue	560M	560.9M	546.4M	530.8M	251.7M	302.3M	464.4M	509.5M	484.1M	518.2M
Gross profit	629.3M	632.7M	612.7M	584.4M	16.2M	206.8M	447.7M	477M	421.7M	442M
Gross margin	52.9%	53%	52.9%	52.4%	6.05%	40.6%	49.1%	48.3%	46.6%	46%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	60.1M	58.6M	55.5M	54.4M	23.7M	31.2M	47M	52M	52.2M	54.3M
Operating expenses	295.9M	293M	282.9M	274.5M	126.1M	163.6M	221.9M	231.2M	218.6M	231.7M
Operating income	170.4M	181.1M	183.3M	162.1M	-246.9M	-85.4M	99.3M	118.7M	78.6M	75.7M
Operating margin	14.3%	15.2%	15.8%	14.5%	-92.2%	-16.8%	10.9%	12%	8.68%	7.89%
Non-operating income, net	18.1M	4.6M	114.7M	18.2M	-106.5M	149.8M	18.5M	133.8M	516K	-8.9M
Pretax income	140.1M	138.2M	260.8M	142.6M	-403.9M	33.1M	91.1M	211.3M	42.2M	24.8M
Income tax	-616K	-7.8M	1.8M	-151K	6.6M	109K	359K	4.6M	-1.1M	216K
Net income	140.7M	153M	259.1M	142.8M	-410.5M	33M	90.8M	206.7M	43.3M	24.6M
Net margin	11.8%	12.8%	22.4%	12.8%	-153.2%	6.48%	9.95%	21%	4.78%	2.56%
EBITDA	333.7M	342.1M	337.4M	323.6M	-110.2M	43.7M	230.7M	253.6M	213.8M	217.4M
EPS	0.55	0.59	1.05	0.54	-1.93	0.06	0.34	0.93	0.14	0.04
Diluted EPS	0.55	0.59	1.05	0.54	-1.93	0.06	0.34	0.93	0.14	0.04

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	247.7M	219.2M	217.2M	247.5M	226.4M	214.8M	234.1M	259.8M	229.3M	237M	259.7M	277.1M
Cost of revenue	131M	118.2M	117.7M	120.4M	123.1M	118M	126.8M	129.2M	128.4M	128.9M	136.7M	141.5M
Gross profit	116.7M	101M	99.5M	127M	103.3M	96.7M	107.2M	130.5M	101M	108.1M	123M	135.6M
Gross margin	47.1%	46.1%	45.8%	51.3%	45.6%	45%	45.8%	50.3%	44%	45.6%	47.4%	48.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.8M	12.3M	12.1M	13M	13.2M	13.9M	13.1M	14.2M	13.4M	13.5M	13.7M	14.6M
Operating expenses	56.7M	53.3M	53.2M	60.4M	55.2M	54.7M	58.5M	66M	55.1M	56.9M	60.4M	65.5M
Operating income	26.8M	18.6M	17.3M	35.5M	16.4M	9.4M	16.5M	30.4M	11.9M	16.9M	28.4M	35.8M
Operating margin	10.8%	8.48%	7.95%	14.4%	7.24%	4.37%	7.04%	11.7%	5.19%	7.14%	10.9%	12.9%
Non-operating income, net	9K	123.8M	478K	38K	—	0	—	-8.8M	-180K	0	—	-1.6M
Pretax income	16.2M	129.8M	12.2M	26.4M	2.8M	819K	5.4M	10.8M	1.5M	7.2M	18.7M	26.2M
Income tax	602K	2.8M	-855K	255K	-483K	-17K	98K	37K	137K	-56K	122K	187K
Net income	15.6M	127M	13M	26.1M	3.2M	836K	5.3M	10.8M	1.3M	7.2M	18.6M	26M
Net margin	6.28%	57.9%	6%	10.6%	1.44%	0.39%	2.25%	4.15%	0.58%	3.05%	7.15%	9.39%
EBITDA	62M	47.8M	53.1M	69.6M	49.7M	43.6M	49.4M	65.9M	48.5M	54M	65.2M	72.9M
EPS	0.06	0.6	0.05	0.11	-0	-0.02	0.01	0.03	-0.02	0.02	0.08	0.14
Diluted EPS	0.06	0.6	0.05	0.11	-0	-0.02	0.01	0.03	-0.02	0.02	0.08	0.14

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	3.3B	3.7B	2.9B	3.1B	2.4B	2.5B	2.1B	2.2B	2.4B	1.7B	2.1B
Enterprise value	3.9B	4.2B	3.1B	3.4B	2.9B	3.1B	2.8B	2.6B	3.1B	2.5B	3.2B
Shares outstanding	215M	221.9M	225.9M	225.7M	215.9M	216.3M	212.6M	205.6M	201.7M	193.6M	193.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23.3	24	11.3	22	—	76.9	22.6	10.7	55.2	70.5	51.2
P/S	2.76	3.07	2.54	2.82	9.13	4.98	2.25	2.24	2.64	1.8	2.09
P/B	1.29	1.42	1.08	1.2	1.17	1.13	0.99	1.02	1.14	0.89	1.28
EV/EBITDA	11.6	12.2	9.29	10.4	-26	69.8	12.1	10.3	14.7	11.7	14
EV/Sales	3.24	3.51	2.7	3.01	10.7	5.99	3.05	2.65	3.46	2.65	3.2
Earnings yield	4.29%	4.17%	8.81%	4.55%	—	1.3%	4.42%	9.37%	1.81%	1.42%	1.95%
FCF yield	8.7%	8.36%	9.76%	9.26%	-4.77%	1.12%	10.2%	8.98%	7.13%	10.5%	-5.41%
PEG	—	—	—	—	—	—	—	—	—	—	0.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	52.9%	53%	52.9%	52.4%	6.05%	40.6%	49.1%	48.3%	46.6%	46%	48.9%
Operating margin	14.3%	15.2%	15.8%	14.5%	-92.2%	-16.8%	10.9%	12%	8.68%	7.89%	12.8%
Net margin	11.8%	12.8%	22.4%	12.8%	-153.2%	6.48%	9.95%	21%	4.78%	2.56%	5.3%
ROE	5.56%	5.93%	9.56%	5.45%	-19.6%	1.47%	4.35%	9.54%	2.06%	1.26%	2.75%
ROA	3.76%	3.97%	6.52%	3.64%	-13.7%	1.08%	2.94%	6.56%	1.39%	10.2%	1.91%
ROIC	5.48%	5.83%	6.26%	5.71%	-9.83%	-3.09%	3.51%	4.51%	2.76%	2.72%	3.35%
Return on tangible assets	3.76%	3.97%	6.52%	3.64%	-13.7%	1.12%	2.95%	6.57%	1.39%	10.2%	1.75%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.32	2.78	3.7	2.81	4.79	1.6	0.67	3.27	2.49	2.3	5.43
Quick ratio	1.32	2.77	3.69	2.81	4.79	1.6	0.64	3.22	2.38	2.19	4.23
Debt / equity	0.37	0.39	0.37	0.4	0.38	0.28	0.4	0.38	0.41	0.48	0.52
Debt / assets	0.25	0.26	0.25	0.26	0.26	0.21	0.27	0.26	0.27	3.83	0.32
Net debt / EBITDA	1.73	1.52	0.58	0.68	-3.83	11.8	3.17	1.6	3.49	3.75	3.66
Interest coverage	3.91	3.8	6.83	3.77	-7.05	2.04	3.87	5.31	1.89	1.5	2.1
Effective tax rate	0%	0%	0.68%	0%	0%	0.33%	0.39%	2.16%	0%	0.87%	0.73%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.53	5.38	5.13	4.94	1.24	2.35	4.29	4.8	4.49	4.96	5.33
EPS (basic)	0.55	0.59	1.05	0.54	-1.93	0.06	0.34	0.93	0.14	0.04	0.04
EPS (diluted)	0.55	0.59	1.05	0.54	-1.93	0.06	0.34	0.93	0.14	0.04	0.22
Book value per share	11.8	11.6	12	11.6	9.68	10.4	9.81	10.5	10.4	10	8.8
FCF per share	1.33	1.38	1.27	1.29	-0.54	0.13	0.98	0.96	0.84	0.94	1.07
Cash per share	1.72	2.2	3.58	3.62	1.71	0.56	0.48	2.07	0.53	0.56	0.53

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	161.7%	106.5%	68.6%	119.2%	-38.1%	41.5%	27.3%	28.9%	210.3%	351.6%	163.6%
Dividend yield	6.94%	4.44%	6.04%	5.42%	6.39%	0.54%	1.21%	2.71%	3.81%	4.99%	3.18%

Yield

3.18%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.09

ex-dividend Jun 30, 2026

Payout ratio

164%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.09
Mar 31, 2026	$0.09
Dec 31, 2025	$0.09

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	$247.7M	$219.2M	$217.2M	$247.5M	$226.4M	$214.8M	$234.1M	$259.8M	$229.3M	$237M	$259.7M	$277.1M
YoY change	+1.39%	-10.2%	-10.8%	-10.4%	-8.6%	-2.03%	+7.78%	+4.97%	+1.29%	+10.3%	+11%	+6.67%

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	369.5M	488M	809.3M	816.9M	368.4M	120.5M	101.2M	426.4M	107.2M	109.2M
Receivables	39.3M	34.2M	33.8M	35.2M	8.6M	28.7M	42.1M	31.2M	34.1M	33.7M
Inventory	1.2M	1.3M	1.1M	—	—	—	7.9M	9.2M	10.5M	11.6M
Total current assets	567.6M	728.1M	908.5M	913.7M	435.1M	282.1M	213.7M	542.2M	235.4M	241.6M
Property, plant & equipment	-9.2M	584K	8.4M	57.1M	20.2M	29.1M	18.7M	15.9M	10.7M	6M
Goodwill & intangibles	2M	2M	2M	0	—	85.4M	1.9M	1.9M	1.9M	1.9M
Total assets	3.7B	3.9B	4B	3.9B	3B	3B	3.1B	3.1B	3.1B	241.6M
Accounts payable	36.1M	31.8M	30.4M	35.6M	37.3M	47.7M	73.7M	48.4M	52.7M	63.1M
Short-term debt	184.9M	5.5M	5.8M	82.1M	2.3M	20.7M	220M	74M	—	—
Total current liabilities	428.6M	262.1M	245.7M	325.6M	90.8M	175.8M	320.2M	165.7M	94.7M	105M
Long-term debt	761.9M	1B	998.2M	954.2M	788.1M	613.9M	611.7M	757.2M	853.1M	925.4M
Total liabilities	1.2B	1.3B	1.3B	1.3B	896.3M	801.3M	997.9M	982.7M	1B	1.1B
Shareholders' equity	2.5B	2.6B	2.7B	2.6B	2.1B	2.2B	2.1B	2.2B	2.1B	1.9B
Total debt	946.9M	1B	1B	1B	790.3M	634.6M	831.7M	831.3M	853.1M	925.4M
Net debt	577.3M	521.6M	194.8M	219.5M	421.9M	514.1M	730.5M	404.9M	745.9M	816.2M

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	113.8M	426.4M	400.7M	159.2M	115.5M	107.2M	72.3M	73.6M	121.1M	109.2M	91.1M	94.4M
Receivables	28.6M	31.2M	36.7M	37.8M	34.1M	34.1M	50.4M	42.8M	29.4M	33.7M	45.4M	50.8M
Inventory	8.4M	9.2M	9.4M	9.9M	10.5M	10.5M	10.8M	11.4M	11.5M	11.6M	11.7M	11.8M
Total current assets	481.6M	542.2M	531.4M	290.9M	250.4M	235.4M	227.8M	210.6M	252.3M	241.6M	240.7M	515.9M
Property, plant & equipment	17.2M	15.9M	14.6M	13.2M	11.8M	10.7M	9.9M	8.5M	7.2M	6M	5.5M	5.3M
Goodwill & intangibles	1.9M	1.9M	1.9M	1.9M	1.9M	1.9M	1.9M	1.9M	1.9M	1.9M	1.9M	1.9M
Total assets	3.1B	3.1B	3.1B	3.1B	3.1B	3.1B	3.1B	3B	3B	3B	3B	3B
Accounts payable	60.9M	48.4M	48.1M	57.1M	63.6M	52.7M	58.3M	56.7M	63.9M	63.1M	52.5M	53.6M
Short-term debt	575M	74M	575M	575M	575M	—	325M	—	—	—	—	25M
Total current liabilities	676.8M	165.7M	648.3M	675M	681.4M	94.7M	421.8M	98.4M	106.9M	105M	92.1M	119.1M
Long-term debt	257.6M	757.2M	255M	253.6M	252.2M	853.1M	527.8M	878.5M	926M	925.4M	949.5M	949.9M
Total liabilities	1B	982.7M	980.8M	984.8M	991.7M	1B	1B	1B	1.1B	1.1B	1.1B	1.2B
Shareholders' equity	2.1B	2.2B	2.2B	2.2B	2.1B	2.1B	2.1B	2B	2B	1.9B	1.9B	1.9B
Total debt	832.6M	831.3M	830M	828.6M	827.2M	853.1M	852.8M	878.5M	926M	925.4M	949.5M	974.9M
Net debt	718.8M	404.9M	429.3M	669.5M	711.6M	745.9M	780.4M	805M	804.9M	816.2M	858.4M	880.5M

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	140.7M	153M	259.1M	142.8M	-410.5M	33M	90.8M	206.7M	43.3M	24.6M
Depreciation & amortization	163.7M	159.1M	146.5M	147.7M	137.1M	128.7M	126.3M	127M	124.5M	134.5M
Stock-based compensation	7.2M	8M	9M	9.3M	9.6M	12.8M	10.9M	10.8M	10.5M	8.7M
Change in working capital	9.7M	6.3M	4.3M	427K	29.6M	3.8M	-1.4M	-10.3M	-7.3M	1.7M
Operating cash flow	322M	323M	420.7M	309.8M	-219M	177.8M	222.5M	333.4M	173.6M	181.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	41.8M	150.1M	349.1M	49.5M	166.6M	187.5M	195.4M	368.2M	430K	55.5M
Dividends paid	-227.5M	-163M	-177.6M	-170.2M	-156.3M	-13.7M	-24.8M	-59.8M	-91M	-86.4M
Share repurchases	-124.3M	-3.8M	-4.2M	-54.5M	-107.9M	-202.2M	-111.8M	-59.8M	-31.4M	-108.1M
Financing cash flow	-282.8M	-46.2M	-158.6M	-241.2M	-745.9M	-152.1M	-279.2M	-119.7M	-97.5M	-127.5M
Net change in cash	81.1M	426.9M	611.3M	118.2M	-798.3M	213.1M	138.7M	581.9M	76.5M	109.8M
Free cash flow	285.3M	306.8M	286.7M	290.9M	-116.7M	28.4M	209.4M	198.1M	170.4M	181.8M

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	15.6M	127M	13M	26.1M	3.2M	836K	5.3M	10.8M	1.3M	7.2M	18.6M	26M
Depreciation & amortization	33.2M	29.1M	29M	31.1M	31.7M	32.7M	32.3M	34.1M	33.9M	34.2M	34.2M	34.3M
Stock-based compensation	2.5M	2.5M	2.8M	3.2M	2.4M	2.1M	2.1M	2.8M	1.9M	2M	1.9M	3.6M
Change in working capital	16.7M	-13.9M	1.7M	-11.3M	9.5M	-7.2M	-1.8M	-4.8M	19.3M	-11M	-1.8M	-6.6M
Operating cash flow	67.2M	149.1M	45.3M	49.4M	51M	28M	39.6M	58.7M	54.4M	36.6M	45.4M	62M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	354.5M	—	—	146K	116K	73K	4M	776K	50.6M	4.1M	25.1M
Dividends paid	-14.7M	-17.6M	-29.8M	-17.4M	-22.5M	-21.3M	-23.1M	-21.2M	-21.8M	-20.3M	-22.7M	-19.9M
Share repurchases	-14M	-20.9M	-3.2M	-3.6M	-23.6M	-944K	-12.3M	-90.5M	-2.3M	-3.1M	-39.6M	-32.9M
Financing cash flow	-29.3M	-39M	-33.5M	-21.6M	-46.6M	5.3M	-35.4M	-84.7M	16.4M	-23.4M	-37.6M	-27.7M
Net change in cash	37.9M	464.6M	11.8M	27.8M	4.5M	33.4M	4.3M	-21.9M	71.6M	63.9M	12M	59.4M
Free cash flow	61.8M	29.4M	38.5M	54.8M	46.6M	30.5M	32M	58.7M	54.4M	36.6M	45.4M	62M

Sunstone Hotel Investors, Inc. 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