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Park Hotels & Resorts

Park Hotels & Resorts (PK) Q4 2025 Earnings

Reported Feb 19, 2026 at 4:19 PM ET · SEC Source

Q4 25 EPS

$0.51

BEAT +427.40%

Est. $0.10

Q4 25 Revenue

$629.0M

BEAT +1.08%

Est. $622.3M

vs S&P Since Q4 25

+17.5%

BEATING MARKET

PK +27.0% vs S&P +9.5%

Full Year 2025 Results

FY 25 EPS

$1.97

BEAT +258.18%

Est. $0.55

FY 25 Revenue

$2.54B

BEAT +0.15%

Est. $2.54B

Market Reaction

Did PK Beat Earnings? Q4 2025 Results

Park Hotels & Resorts delivered a sharply positive Q4 2025, with Adjusted FFO per diluted share of $0.51 clearing the $0.06 consensus estimate by 801.06%, while revenue of $629.00 million edged ahead of the $625.19 million forecast and rose 0.6% year… Read more Park Hotels & Resorts delivered a sharply positive Q4 2025, with Adjusted FFO per diluted share of $0.51 clearing the $0.06 consensus estimate by 801.06%, while revenue of $629.00 million edged ahead of the $625.19 million forecast and rose 0.6% year-over-year. The headline driver was a robust recovery at the Hilton Hawaiian Village Waikiki Beach Resort, where RevPAR surged 22% as the prior-year labor strike fell out of comparisons, helping Core RevPAR advance 3.2% across the portfolio. The strong operating momentum was partly offset by $248.00 million in impairment charges tied to Non-Core asset dispositions, producing a GAAP diluted loss of $1.04 per share even as underlying performance improved. The appointment of Sean Dell'Orto as Chief Operating Officer, while retaining CFO duties, reflects a deliberate effort to tighten the link between capital allocation and hotel operations. Looking ahead, Park guided 2026 Adjusted EBITDA to $580.00 million to $610.00 million and RevPAR growth of 0% to 2%, with management citing World Cup and U.S. 250th anniversary demand tailwinds while acknowledging elevated geopolitical and policy uncertainty.

Key Takeaways

  • • Hilton Hawaiian Village Waikiki Beach Resort RevPAR surged 22% in Q4 as it lapped last year's labor strike, with group demand up nearly 78%
  • • Bonnet Creek complex RevPAR increased nearly 9% on stronger corporate demand following completed renovation projects
  • • New York Hilton Midtown delivered highest fourth quarter group revenue in history with 7% RevPAR growth
  • • Core RevPAR increased 5.7% excluding Royal Palm, driven by 15% increase in group revenues
  • • Food and beverage revenue at Hilton Hawaiian Village increased nearly 45%, or over $6 million, in Q4
  • • Bonnet Creek complex food and beverage revenue increased over 17%, or over $4 million, in Q4
24/7 Wall St

PK YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

PK Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“During the fourth quarter of 2025, our Core portfolio continued to generate solid gains, with Core RevPAR increasing nearly 6% year-over-year excluding the Royal Palm Miami resort, driven by a 15% increase in group revenues. RevPAR at the Hilton Hawaiian Village Waikiki Beach Resort increased by an impressive 22% as it lapped the labor strike last year, despite ongoing renovations and the impact of the extended government shutdown. The Bonnet Creek complex in Orlando also outperformed on stronger corporate demand, with combined RevPAR increasing nearly 9% year-over-year, and the New York Hilton Midtown delivered its highest fourth quarter group revenue in history, increasing RevPAR by 7% compared to last year.”

— Thomas J. Baltimore, Jr., Q4 2025 Earnings Press Release

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