Sunstone Hotel Investors, Inc. (SHO) Income Statement
SHO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSHO revenue and net income
Where SHO's revenue goes
2025Each bar shows an amount and its share of revenue. SHO kept 2.6% of revenue as net income.
SHO profit margins
SHO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.0% | +1.7% | +29.1% | −2.6% |
| Gross profit | −89.2% | −53.3% | +23.0% | −23.4% |
| Operating income | −4.8% | −9.0% | — | −8.4% |
| Net income | −43.2% | −34.5% | — | −23.3% |
| EPS (diluted) | −50.0% | −30.7% | — | −16.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SHO quarterly EPS vs estimates
Sunstone Hotel Investors beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 6, 2026 (estimate $0.18).
SHO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $960.1M | $905.8M | $986.5M | $912.1M | $509.1M | $267.9M | $1.12B | $1.16B | $1.19B | $1.19B |
| Cost of revenue | $914.5M | $484.1M | $509.5M | $464.4M | $302.3M | $251.7M | $530.8M | $546.4M | $560.9M | $560.0M |
| Gross profit | $45.6M | $421.7M | $477.0M | $447.7M | $206.8M | $16.2M | $584.4M | $612.7M | $632.7M | $629.3M |
| Research & development | — | — | $0 | $0 | $0 | $2 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $54.3M | $104.4M | $203.6M | $195.6M | $142.8M | $78.0M | $215.0M | $218.2M | $225.9M | $228.8M |
| Total operating expenses | −$29.3M | $343.1M | $358.3M | $348.3M | $292.3M | $16.2M | $422.3M | $429.4M | $451.6M | $458.9M |
| Operating income | $74.8M | $78.6M | $118.7M | $99.3M | −$85.4M | −$244.1M | $178.6M | $298.9M | $141.0M | $170.4M |
| Interest income | $11.0M | $13.7M | $9.5M | $5.2M | $30.9M | $2.8M | $16.6M | $10.5M | $4.3M | $1.8M |
| Interest expense | $49.2M | $47.6M | $49.0M | $32.0M | $31.7M | $53.3M | $54.2M | $47.7M | $51.8M | $50.3M |
| Income before taxes | $24.8M | $42.2M | $211.3M | $91.1M | $33.1M | −$403.9M | $142.6M | $260.8M | $138.2M | $140.1M |
| Income taxes | $216,000 | −$1.1M | $4.6M | $359,000 | $109,000 | $6.6M | −$151,000 | $1.8M | −$7.8M | −$616,000 |
| Net income | $24.6M | $43.3M | $206.7M | $87.3M | $34.3M | −$404.7M | $135.7M | $250.4M | $145.4M | $134.2M |
| EBITDA | $212.3M | $214.3M | $387.3M | $249.2M | $193.5M | −$216.7M | $341.8M | $452.1M | $346.7M | $351.8M |
| EPS (diluted) | $0.08 | $0.16 | $0.89 | $0.24 | −$0.64 | −$2.11 | $0.46 | $0.56 | $0.54 | $0.45 |
| Gross margin | 4.7% | 46.6% | 48.3% | 49.1% | 40.6% | 6.1% | 52.4% | 52.9% | 53.0% | 52.9% |
| Operating margin | 7.8% | 8.7% | 12.0% | 10.9% | −16.8% | −91.1% | 16.0% | 25.8% | 11.8% | 14.3% |
| Net margin | 2.6% | 4.8% | 21.0% | 9.6% | 6.7% | −151.1% | 12.2% | 21.6% | 12.2% | 11.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $277.1M | $259.7M | $237.0M | $229.3M | $259.8M | $234.1M | $214.8M | $226.4M | $247.5M | $217.2M | $219.2M | $247.7M |
| Cost of revenue | $183.7M | $136.7M | $530.1M | $128.4M | $129.2M | $126.8M | $118.0M | $52.1M | $120.4M | $117.7M | $118.2M | $138.8M |
| Gross profit | $93.4M | $123.0M | −$293.2M | $101.0M | $130.5M | $107.2M | $96.7M | $174.3M | $127.0M | $99.5M | $101.0M | $108.9M |
| Sales, general & admin | $23.3M | $27.4M | $13.5M | $26.8M | $28.4M | $26.2M | $48.0M | $26.4M | $49.3M | $47.3M | $47.3M | $48.9M |
| Total operating expenses | $59.2M | $94.6M | −$309.2M | $89.1M | $100.1M | $90.8M | $87.4M | $157.9M | $91.5M | $82.3M | $82.4M | $48.9M |
| Operating income | $34.2M | $28.4M | $16.1M | $11.9M | $30.4M | $16.5M | $9.4M | $16.4M | $35.5M | $17.3M | $18.6M | $60.0M |
| Interest income | $3.8M | $3.7M | $3.9M | $3.7M | $2.3M | $1.6M | $2.4M | $2.4M | $3.7M | $7.5M | $789,000 | $11.9M |
| Interest expense | $11.8M | $12.4M | $13.5M | $12.9M | $12.2M | $11.8M | $10.2M | $15.2M | $12.1M | $12.3M | $13.2M | $12.6M |
| Income before taxes | $26.2M | $18.7M | $7.2M | $1.5M | $10.8M | $5.4M | $819,000 | $2.8M | $26.4M | $12.2M | $129.8M | $16.2M |
| Income taxes | $187,000 | $122,000 | −$56,000 | $137,000 | $37,000 | $98,000 | −$17,000 | −$483,000 | $255,000 | −$855,000 | $2.8M | $602,000 |
| Net income | $26.0M | $18.6M | $7.2M | $1.3M | $10.8M | $5.3M | $836,000 | $3.2M | $26.1M | $13.0M | $127.0M | $15.6M |
| EBITDA | $72.3M | $65.2M | $54.8M | $48.3M | $57.2M | $49.4M | $43.6M | $49.7M | $69.7M | $53.5M | $171.6M | $60.0M |
| EPS (diluted) | $0.32 | $0.08 | $0.02 | −$0.02 | $0.05 | $0.03 | −$0.00 | $0.00 | $0.11 | $0.05 | $0.60 | $0.06 |
| Gross margin | 33.7% | 47.4% | −123.7% | 44.0% | 50.3% | 45.8% | 45.0% | 77.0% | 51.3% | 45.8% | 46.1% | 44.0% |
| Operating margin | 12.3% | 10.9% | 6.8% | 5.2% | 11.7% | 7.0% | 4.4% | 7.2% | 14.4% | 7.9% | 8.5% | 24.2% |
| Net margin | 9.4% | 7.1% | 3.0% | 0.6% | 4.1% | 2.2% | 0.4% | 1.4% | 10.6% | 6.0% | 57.9% | 6.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SHO's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SHO financial results
In fiscal year 2025 (ended December 31, 2025), Sunstone Hotel Investors reported revenue of $960.1 million, up 6.0% from the year before. It had net income of $24.6 million (down 43.2%), a net profit margin of 2.6%. Diluted earnings per share came to $0.08. Over five years revenue grew at an average rate of 29.1% a year.
See the SHO stock overview for the latest quote and news, or the SHO chart for price history and technical indicators.
SHO income statement FAQ
What is Sunstone Hotel Investors's annual revenue?
Sunstone Hotel Investors reported total revenue of $960.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 6.0% from $905.8 million the previous year.
Is Sunstone Hotel Investors profitable?
Yes. Sunstone Hotel Investors reported net income of $24.6 million in fiscal 2025, a net profit margin of 2.6%; its operating margin was 7.8%.
What is Sunstone Hotel Investors's gross margin?
Sunstone Hotel Investors's gross margin was 4.7% in fiscal 2025: for every $100 of revenue, Sunstone Hotel Investors kept $5 after the direct cost of its products and services.
How fast is Sunstone Hotel Investors growing?
Revenue grew 29.1% a year on average over the last five fiscal years, from $267.9 million to $960.1 million.
What are Sunstone Hotel Investors's earnings per share?
Sunstone Hotel Investors earned $0.08 per diluted share in fiscal 2025, compared with $0.16 a year earlier.
When will Sunstone Hotel Investors report its next earnings?
Sunstone Hotel Investors is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 before the market opens.
When does Sunstone Hotel Investors's fiscal year end?
Sunstone Hotel Investors's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.