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Park Hotels & Resorts

Park Hotels & Resorts (PK) Q2 2025 Earnings

Reported Jul 31, 2025 at 4:18 PM ET · SEC Source

Q2 25 EPS

$0.64

BEAT +156.00%

Est. $0.25

Q2 25 Revenue

$672.0M

BEAT +0.45%

Est. $669.0M

vs S&P Since Q2 25

+19.7%

BEATING MARKET

PK +40.6% vs S&P +20.9%

Market Reaction

Did PK Beat Earnings? Q2 2025 Results

Park Hotels & Resorts delivered a sharply stronger-than-expected second quarter, with diluted Adjusted FFO per share of $0.64 far ahead of the $0.25 consensus estimate, a beat of 156.00%, even as total revenues slipped 2.0% year over year to $672.00 … Read more Park Hotels & Resorts delivered a sharply stronger-than-expected second quarter, with diluted Adjusted FFO per share of $0.64 far ahead of the $0.25 consensus estimate, a beat of 156.00%, even as total revenues slipped 2.0% year over year to $672.00 million, edging past the $669.02 million analyst forecast. The headline earnings outperformance came against a backdrop of real operational pressure: the company swung to a net loss of $2.00 million from net income of $67.00 million a year earlier, with a near-doubling of depreciation and amortization to $122.00 million weighing heavily on GAAP results. A 1.6% decline in Comparable RevPAR to $195.68 reflected in part the suspension of the Royal Palm South Beach Miami for a $103.00 million renovation, which alone is expected to cause roughly $17.00 million in Hotel Adjusted EBITDA disruption this year. Looking ahead, Park trimmed its full-year 2025 outlook, now projecting Adjusted FFO per diluted share of $1.82 to $2.08 and Adjusted EBITDA of $595.00 million to $645.00 million, with Comparable RevPAR expected to range from $184 to $187.

Key Takeaways

  • • Urban portfolio Comparable RevPAR increased 3% YoY, led by JW Marriott San Francisco Union Square (+17%) and Hilton New York Midtown (+10%)
  • • Waldorf Astoria Orlando RevPAR increased nearly 24% on stronger group and transient demand
  • • Hilton Caribe Puerto Rico RevPAR increased nearly 18% on transient demand growth
  • • Effective cost controls limited total expense growth to just 40 basis points
  • • Group revenues at Hilton Waikoloa Village increased 57% YoY
  • • Group revenues at Hilton New York Midtown increased over 16% YoY
24/7 Wall St

PK YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

PK Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“We remain laser-focused on our strategic objective of reshaping the portfolio through non-core asset dispositions, as evidenced by the successful closing on the sale of the Hyatt Centric Fisherman's Wharf for total proceeds of $80 million, representing a 64.0x multiple on 2024 EBITDA of the hotel, and with several other non-core assets in various stages of the marketing process, while reallocating and investing this capital in our iconic portfolio, like the Royal Palm hotel in Miami, which recently commenced a transformative renovation. With liquidity of approximately $1.3 billion, we remain well-positioned for long-term growth and committed to creating long-term shareholder value.”

— Thomas J. Baltimore, Jr., Q2 2025 Earnings Press Release

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