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Sunstone Hotel Investors (SHO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Sunstone Hotel Investors (SHO) Q3 2026 earnings results →
Q3 2026 Revenue up 2% year over year to $234M · 16¢ of every $1 of revenue kept as net profit · operating margin 17.6%
Sunstone Hotel Investors made $234M in Q3 2026 (+2% Y/Y): Occupancy $140M, Food and Beverage $68.6M, Hotel Other $25.1M. Operating margin 17.6%, net earnings $38.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 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 $233.7M in Q3 2026, up 2% year over year and down 16% from the previous quarter. Occupancy was the largest line at 60% of revenue. Food and Beverage added $4.2M year over year (up 6%), 95% of the total change. Hotel Other declined 1%.
Operating profit was $41.2M, a 17.6% margin (up 17.0 points year over year). Of the extra revenue versus Q3 2025, 904% reached operating profit, above the 1% margin then. Total costs fell 16% while revenue rose 2%. Net earnings were $38.5M. The effective tax rate was 0.7%.
Operating cash flow was $53.7M (down 1% year over year), 131% of net income including minority interests. Non-cash charges added back $30.3M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items used $19.4M. Capital expenditures of $23.2M left free cash flow of $30.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $234M | +2% | 17.6% | $38.5M | $53.7M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $277M | +7% | 9.5% | $25.9M | $62.0M |
| Q1 2026 | 10-Q | May 5, 2026 | $260M | +11% | 7.2% | $15.9M | $45.4M |
| Q4 2025 | 10-K | Feb 27, 2026 | $237M | +10% | 3.0% | $3.2M | $36.6M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $229M | +1% | 0.6% | $1.3M | $54.4M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $260M | +5% | 4.2% | $6.8M | $58.7M |
| Q1 2025 | 10-Q | May 6, 2025 | $234M | +8% | 2.3% | $1.3M | $32.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵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 Sunstone Hotel Investors
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (“REIT”) that as of the date of this release owns 13 hotels comprised of approximately 6,200 rooms, all of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate. For further information, please visit Sunstone’s website at www.sunstonehotels.com. The Company’s website is provided as a reference only and any information on the website is not incorporated by reference in this release.
In its own words, from its 8-K, filed Nov 6, 2026.
Sunstone Hotel Investors against its Hotels & Motels peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +2%. Operating margin: 17.6% against the peers' median 15.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SHO Sunstone Hotel Investors | Q3 2026 | $234M | +2% | 17.6% |
| MAR Marriott International | Q3 2026 | $7.0B | +8% | 18.2% |
| MGM MGM Resorts International | Q3 2026 | $4.2B | -0.9% | 2.8% |
| HLT Hilton Worldwide Holdings | Q3 2026 | $3.3B | +7% | 27.3% |
| LVS Las Vegas Sands | Q3 2026 | $3.2B | -4% | 19.2% |
| CZR Caesars Entertainment | Q3 2026 | $2.9B | +2% | 15.5% |
| PENN Penn Entertainment | Q3 2026 | $1.8B | +7% | 6.9% |
| H Hyatt Hotels | Q3 2026 | $1.7B | -2% | 4.5% |
| WYNN Wynn Resorts | Q3 2026 | $1.7B | -8% | 10.6% |
Source: Sunstone Hotel Investors 10-Q on SEC EDGAR · CIK 1295810 · Hotels & Motels
Guidance and outlook
13F: who owns SHO and who is buying
More on SHO
- How Sunstone Hotel Investors makes money: revenue by segment
- Sunstone Hotel Investors next earnings date and what analysts expect
- Sunstone Hotel Investors stock forecast, price target and fair value
- Who owns Sunstone Hotel Investors stock: holders, funds and Congress trades
- Sunstone Hotel Investors 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
- Sunstone Hotel Investors guidance history: guided vs reported
- Sunstone Hotel Investors operating margin by quarter
- Sunstone Hotel Investors net income by quarter
- Sunstone Hotel Investors free cash flow by quarter
- Sunstone Hotel Investors capital expenditures by quarter
- Sunstone Hotel Investors Occupancy revenue by quarter
- Sunstone Hotel Investors Food and Beverage revenue by quarter
- Sunstone Hotel Investors Hotel Other revenue by quarter