S&P 500
7,588.60
+0.51%
Dow Jones
52,758.90
+0.47%
Nasdaq 100
29,885.70
+0.46%
Russell 2000
2,982.51
-0.27%
FTSE 100
10,543.60
+0.61%
Nikkei 225
69,317.20
+0.42%
Park Hotels & Resorts

Park Hotels & Resorts (PK) Q3 2025 Earnings

Reported Oct 30, 2025 at 4:16 PM ET · SEC Source

Q3 25 EPS

$0.35

BEAT +708.31%

Est. $0.04

Q3 25 Revenue

$610.0M

BEAT +0.05%

Est. $609.7M

vs S&P Since Q3 25

+26.5%

BEATING MARKET

PK +37.1% vs S&P +10.7%

Market Reaction

Did PK Beat Earnings? Q3 2025 Results

Park Hotels & Resorts delivered a sharply mixed third quarter, posting Adjusted FFO of $0.35 per diluted share that cleared the $0.04 consensus estimate by 708.31%, yet the underlying business told a more complicated story. Total revenue of $610.00 m… Read more Park Hotels & Resorts delivered a sharply mixed third quarter, posting Adjusted FFO of $0.35 per diluted share that cleared the $0.04 consensus estimate by 708.31%, yet the underlying business told a more complicated story. Total revenue of $610.00 million edged past the $609.71 million consensus by just 0.05% but fell 6.0% from $649.00 million a year ago, as softer leisure and government transient demand compounded tough group comparisons against strong 2024 citywide calendars. Comparable RevPAR declined 6.1% to $180.93, with Hawaii down 11.6%, New Orleans off 15.2%, and Washington D.C. Sliding 16.1%, driving Adjusted EBITDA 18.2% lower to $130.00 million. On the balance sheet, Park upsized its revolving credit facility to $1.00 billion and secured an $800.00 million term loan, lifting total liquidity to roughly $2.10 billion ahead of $1.40 billion in 2026 mortgage maturities. Looking ahead, the company trimmed its full-year Adjusted EBITDA guidance to $595.00 million to $620.00 million, though a Q4 group revenue pace projected to rise more than 12% offers some encouragement heading into year-end.

Key Takeaways

  • • Comparable RevPAR declined 6.1% (4.9% excluding Royal Palm) driven by softer leisure and government transient demand and weaker group demand due to tough citywide calendar comparisons
  • • Strong performance in San Francisco (+13.5% RevPAR), Puerto Rico (+11.7%), New York (+3.9%), Orlando (+1.9%), and Key West (+0.6%) partially offset declines
  • • Hawaii RevPAR fell 11.6% due to lower occupancy
  • • Disciplined cost controls limited total Comparable hotel expense growth to just 10 basis points
  • • Government shutdown impacted group and transient demand in Hawaii, Washington D.C., and Southern California with estimated 180 bps RevPAR impact in October
24/7 Wall St

PK YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

PK Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“During the third quarter, we remained laser-focused on our strategic objective to preserve a strong and flexible balance sheet. We significantly increased our liquidity to $2.1 billion to address maturing loans. In addition, we continued to reshape our portfolio through non-core asset dispositions, with the permanent closure of the Embassy Suites Kansas City Plaza at the end of September, while continuing to invest in our core portfolio with significant renovations ongoing at our two Hawaii resorts and the Hilton New Orleans Riverside, and our transformative ROI project at the Royal Palm in Miami.”

— Thomas J. Baltimore, Jr., Q3 2025 Earnings Press Release

Back to PK Stock Page