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Apple Hospitality REIT (APLE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Apple Hospitality REIT (APLE) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $398M · 15¢ of every $1 of revenue kept as net profit · operating margin 20.6%
Apple Hospitality REIT made $398M in Q3 2026 (+6% Y/Y): Occupancy $362M, Hotel Other $19.6M, Food and Beverage $16.7M. Operating margin 20.6%, net earnings $60.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $398.3M in Q3 2026, up 7% year over year and down 1% from the previous quarter. Occupancy was the largest line at 91% of revenue. Occupancy added $22.0M year over year (up 6%), 90% of the total change.
Operating profit was $82.2M, a 20.6% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 40% reached operating profit, above the 19% margin then. Total costs grew 5% against revenue growth of 7%. The fastest-growing cost line was General & admin (+45%). Net earnings were $60.5M, up 19% year over year. The effective tax rate was 0.4%.
Operating cash flow was $135.6M (up 7% year over year), 224% of net earnings. Non-cash charges added back $49.8M of depreciation and amortization. Working capital and other items added $25.3M. Capital expenditures of $18.0M left free cash flow of $117.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $398M | +6% | 20.6% | $60.5M | $136M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $403M | +5% | 21.9% | $67.1M | $125M |
| Q1 2026 | 10-Q | May 4, 2026 | $338M | +3% | 14.2% | $27.7M | $48.9M |
| Q4 2025 | 10-K | Feb 23, 2026 | $326M | -2% | 15.2% | $29.6M | $85.8M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $374M | -1% | 19.4% | $50.9M | $126M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $384M | -2% | 22.1% | $63.6M | $109M |
| Q1 2025 | 10-Q | May 1, 2025 | $328M | -0.5% | 15.5% | $31.2M | $49.1M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Apple Hospitality REIT
The Company, formed in November 2007 as a Virginia corporation, is a self-advised REIT that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company has elected to be treated as a REIT for U.S. federal income tax purposes. As of December 31, 2025, the Company owned 217 hotels with an aggregate of 29,583 guest rooms located in urban, high-end suburban and developing markets throughout 37 states and the District of Columbia (“D.C.”) and substantially all of the Company’s hotels operated under Marriott or Hilton brands. As of December 31, 2025, the hotels are operated and managed under separate management agreements with one of 16 hotel management companies, none of which are affiliated with the Company.
In its own words, from its 10-K, filed Feb 23, 2026.
Apple Hospitality REIT against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +11%. Operating margin: 20.6% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| APLE Apple Hospitality REIT | Q3 2026 | $398M | +6% | 20.6% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Apple Hospitality REIT 10-Q on SEC EDGAR · CIK 1418121 · Real Estate Investment Trusts
Guidance and outlook
13F: who owns APLE and who is buying
More on APLE
- How Apple Hospitality REIT makes money: revenue by segment
- Apple Hospitality REIT next earnings date and what analysts expect
- Apple Hospitality REIT stock forecast, price target and fair value
- Who owns Apple Hospitality REIT stock: holders, funds and Congress trades
- Apple Hospitality REIT guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Apple Hospitality REIT operating margin by quarter
- Apple Hospitality REIT net income by quarter
- Apple Hospitality REIT free cash flow by quarter
- Apple Hospitality REIT capital expenditures by quarter
- Apple Hospitality REIT Occupancy revenue by quarter
- Apple Hospitality REIT Hotel Other revenue by quarter
- Apple Hospitality REIT Food and Beverage revenue by quarter