Apple Hospitality’s FY 2025 Net Income Falls 18.1% to $175.4M; Q4 EPS Rises 8.3%
Apple Hospitality’s full-year net income declined 18.1% to $175.4 million and MFFO per share fell 5.6% to $1.52 in 2025, while maintaining a $1.01 annual distribution per share. In Q4, net income was flat at $29.6 million with EPS up 8.3% to $0.13, and occupancy slipped 1.3% to 70.5%.
1. Full-Year 2025 Results
Apple Hospitality reported net income of $175.4 million for fiscal 2025, down 18.1% from the prior year, and net income per share of $0.74 versus $0.89. Adjusted EBITDAre decreased 5.1% to $443.6 million and MFFO fell 7.0% to $361.1 million with per-share MFFO at $1.52, while RevPAR dipped 0.5% to $117.90.
2. Fourth-Quarter Highlights
For the quarter ended December 31, 2025, net income was $29.6 million, a 0.7% decrease, but EPS rose 8.3% to $0.13. Operating income of $49.6 million was down 0.6%, adjusted EBITDAre fell 3.6% to $93.1 million, ADR edged up 0.3% to $152.86, and RevPAR declined 0.9% to $107.81.
3. Balance Sheet and Distributions
Cash and cash equivalents stood at $8.5 million against total debt of $1.545 billion, resulting in a net debt-to-capitalization ratio of 35.5%. Distributions paid totaled $240.4 million for the year, with the annual payout per share remaining at $1.01.
4. Management Commentary
Management noted strong leisure travel supported by a diversified portfolio across 84 markets, while government travel pullbacks tempered midweek occupancy gains. The company’s asset and revenue management teams are adjusting strategies to optimize mix and drive further operating margin improvements.