HST · 10-Q · 2026Q3 · Full report

Operating Margin Drivers

HOST HOTELS & RESORTS, INC. · 2026-11-06 · Importance 29 · Surprise 22 · Matches filing data

GAAP operating profit margin improved 140 basis points to 9.0% in the third quarter and 110 basis points to 15.8% year-to-date compared with 2025. Comparable hotel EBITDA margin rose 90 basis points to 25.2% for the quarter and 70 basis points to 30.2% year-to-date. Higher room rates and operational improvements drove the gains, offsetting wage expense increases and lower net gains on insurance settlements of $5 million for the quarter and $17 million year-to-date.

Key facts

Comparable hotel EBITDA was $1,327 million year-to-date through September 30, 2026, versus $1,226 million in the comparable 2025 period. source
Operating profit margin was 9.0% for the quarter ended September 30, 2026, versus 7.6% for the quarter ended September 30, 2025, and 15.8% year-to-date in 2026 versus 14.7% in 2025. source
Comparable hotel EBITDA margin was 25.2% for the quarter ended September 30, 2026, versus 24.3% in 2025, and 30.2% year-to-date in 2026 versus 29.5% in 2025. source
Food and beverage profit margin was 25.6% for the quarter ended September 30, 2026, versus 23.6% in 2025, and 33.4% year-to-date in 2026 versus 32.0% in 2025. source
Comparable hotel food and beverage profit margin was 25.9% for the quarter ended September 30, 2026, versus 24.9% in 2025, and 33.7% year-to-date in 2026 versus 33.0% in 2025. source
Host’s GAAP operating profit margin was 9.0% in the third quarter and 15.8% year-to-date in 2026, up 140 and 110 basis points, respectively, from the comparable 2025 periods. source
Host’s comparable hotel EBITDA margin was 25.2% in the third quarter and 30.2% year-to-date in 2026, up 90 and 70 basis points, respectively, reflecting operating improvements largely driven by average room rate increases that offset wage expense and incentive management fee increases. source
Host's comparable hotel set includes properties owned or leased as of the reporting date that are not held for sale and have not had qualifying substantial damage, interruption, or large-scale capital-project closures lasting at least one month during the comparison periods. source

Impact estimates

metric	direction	stage	expected	basis
operating_income	positive	realized	+7.5%	Comparable hotel EBITDA was $1,327 million year-to-date through September 30, 2026, versus $1,226 million in the comparable 2025 period.