Apple Hospitality REIT

APLE · NYSE · Real Estate · Financials, fiscal 2016 to 2025

APLE · Last close · November 6, 2026

$18.88

Apple Hospitality REIT's revenue fell 1.3% to $1.4 billion in fiscal 2025. Its operating margin was 18.2%, down from 20.4% a year earlier. Free cash flow was $282 million, down 13.8%. It paid out $299 million in dividends and buybacks, 106% of free cash flow. The diluted share count fell 1.4%.

APPLE HOSPITALITY REIT, INC. Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001193125-26-064008 Updated November 6, 2026

Revenue

$1.4B

1.3%

Operating margin

18.2%

2.2 pts

Net income

$175M

18.1%

Free cash flow

$282M

13.8%

Return on capital

5.3%

0.7 pts

Market cap

$4.5B

Nov 6 close

P/E

23.9x

On $0.79 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Apple Hospitality REIT does

Apple Hospitality REIT is a real estate investment trust, a company that owns property and pays out much of its income, that owns hotels in the United States. At the end of 2025 it owned 217 hotels with 29,583 guest rooms in 37 states and the District of Columbia. Almost all operate under Marriott or Hilton brands.

It makes money from the rooms and other hotel revenue. The company does not run the hotels itself: they are operated under management agreements by one of 16 hotel management companies that are not affiliated with it. It reports one segment and has no foreign operations.

It focuses on upscale hotels that are built around rooms, spread across many markets. It buys and sells hotels over time, and in 2025 it bought two and sold seven. It says it keeps debt low compared with other real estate companies.

Its biggest risks, as it describes them

Reliance on Marriott and Hilton brands for nearly all of its hotels.
Dependence on third-party managers to run its hotels well.
Hotel industry conditions it cannot control, and competition in its markets.
Not finding or closing acquisitions, or sales of hotels, as planned.
Failing to qualify as a REIT, which would bring tax costs.

From Apple Hospitality REIT's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 0.3% a year and net income grew 2.2% a year, as new shares raised the share count by 25% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3	4	10	10	8
Debt incl. finance leases	1,550	1,478	1,483	1,583	1,650
Net debt (negative means net cash)	1,547	1,474	1,473	1,573	1,641
Net debt to EBITDA	5.7x	3.8x	3.4x	3.2x	3.6x
Debt to equity	0.5x	0.5x	0.5x	0.5x	0.5x
Interest coverage	1.4x	3.6x	3.6x	3.9x	3.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Apple Hospitality REIT's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Apple Hospitality REIT's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 3 insiders bought $165,030 of Apple Hospitality REIT shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 11, 2026	Glade M KnightExecutive Chairman, Director	Bought	5,000	$13.97	$69,850	Form 4
Dec 11, 2025	Glade M KnightExecutive Chairman, Director	Bought	5,000	$11.91	$59,550	Form 4
Nov 13, 2025	Redd HughDirector	Bought	1,000	$11.75	$11,750	Form 4
Nov 11, 2025	Howard E. WoolleyDirector	Bought	2,000	$11.94	$23,880	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	32.5%	29.4%	18.6%
Altman Z''	—	—	—
Accruals ratio	−4.6%	−3.9%	−4.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Apple Hospitality REIT side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Apple Hospitality REIT	FY25	−1.3%	18.2%	20.0%	5.3%	3.6x	—
Pebblebrook Hotel Trust	FY25	1.5%	3.0%	10.3%	0.7%	—	—	Compare
DiamondRock Hospitality	FY25	−0.8%	—	14.5%	6.3%	6.5x	—	Compare
Xenia Hotels & Resorts	FY25	3.8%	10.0%	8.3%	4.2%	5.4x	—	Compare
Sunstone Hotel Investors	FY25	6.0%	—	8.2%	2.8%	3.8x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,041	1,239	1,271	1,267	602	934	1,238	1,344	1,432	1,412
Revenue growth	15.9%	19.0%	2.6%	−0.3%	−52.5%	55.2%	32.6%	8.5%	6.5%	−1.3%
Gross profit	458	541	555	542	200	392	528	563	594	565
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	185	231	258	234	−102	87	206	248	293	258
Net income	145	182	206	172	−173	19	145	178	214	175
Diluted EPS (US$)	0.76	0.82	0.90	0.77	−0.77	0.08	0.63	0.77	0.89	0.74
Diluted shares (millions)	191	224	230	224	224	226	229	229	241	238
Cash flow
Cash from operations	331	384	405	382	27	218	368	399	405	370
Capital expenditure	65	63	74	75	49	18	59	77	78	88
Free cash flow	266	321	331	307	−22	199	309	322	327	282
Dividends paid	229	268	276	269	67	7	140	238	244	240
Share buybacks	8	0	104	4	14	0	3	7	35	58
Acquisitions	82	0	0	0	0	0	0	0	0	0
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	0	0	0	0	6	3	4	10	10	8
Debt incl. finance leases	1,300	1,222	1,412	1,537	1,703	1,550	1,478	1,483	1,583	1,650
Total assets	4,980	4,902	4,929	4,942	4,830	4,790	4,773	4,937	4,970	4,902
Total liabilities	1,463	1,331	1,520	1,651	1,800	1,643	1,594	1,613	1,704	1,754
Shareholders' equity	3,517	3,571	3,409	3,291	3,029	3,147	3,178	3,324	3,266	3,149
Margins and ratios
Gross margin	44.0%	43.7%	43.6%	42.8%	33.2%	41.9%	42.6%	41.9%	41.5%	40.0%
Operating margin	17.8%	18.6%	20.3%	18.5%	−16.9%	9.3%	16.7%	18.4%	20.4%	18.2%
Net margin	13.9%	14.7%	16.2%	13.6%	−28.8%	2.0%	11.7%	13.2%	14.9%	12.4%
Free cash flow margin	25.6%	25.9%	26.0%	24.2%	−3.6%	21.3%	25.0%	24.0%	22.9%	20.0%
Rule of 40 (growth + FCF margin)	41.4%	44.9%	28.6%	23.9%	−56.1%	76.5%	57.6%	32.5%	29.4%	18.6%
Return on capital	4.4%	4.8%	5.3%	4.8%	−1.7%	1.8%	4.4%	5.2%	6.0%	5.3%
Return on equity	4.7%	5.2%	5.9%	5.1%	−5.5%	0.6%	4.6%	5.5%	6.5%	5.5%
Return on assets	3.3%	3.7%	4.2%	3.5%	−3.5%	0.4%	3.0%	3.7%	4.3%	3.5%
Net debt to EBITDA	3.9x	3.0x	3.2x	3.6x	17.4x	5.7x	3.8x	3.4x	3.2x	3.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Apple Hospitality REIT's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Apple Hospitality REIT.