Filing Flows › Sunstone Hotel Investors (SHO) › Q3 2025
Sunstone Hotel Investors (SHO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Sunstone Hotel Investors (SHO) reported revenue of $229M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -12% from the quarter before. Operating margin was 0.6%, net earnings $1.3M (0.6% of revenue).
Sunstone Hotel Investors, Q3 2025: revenue $229M (+1% year over year), operating margin 0.6%, net earnings $1.3M, operating cash flow $54.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $229M | -12% | +1% |
| Operating profit | $1.5M | -87% | -47% |
| Net earnings | $1.3M | -88% | -59% |
| Operating cash flow | $54.4M | -7% | +17% |
| Free cash flow | $36.7M | +19% | +627% |
What changed
Revenue was $229.3M in Q3 2025, up 1% year over year and down 12% from the previous quarter. Occupancy was the largest line at 61% of revenue. Hotel, Other added $1.6M year over year (up 7%), 55% of the total change.
Operating profit was $1.5M, a 0.6% margin (down 0.6 points year over year). Operating profit fell $1.3M even though revenue rose $2.9M versus a year earlier, so costs grew faster than sales. Total costs grew 2% against revenue growth of 1%. Net earnings were −$3.0M. The effective tax rate was 9.4%.
Operating cash flow was $54.4M (up 17% year over year), 4113% of net income including minority interests. Non-cash charges added back $33.9M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $17.2M. Capital expenditures of $17.7M left free cash flow of $36.7M.
Questions
What was Sunstone Hotel Investors' revenue in the third quarter 2025?
Sunstone Hotel Investors (SHO) reported revenue of $229M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -12% from the quarter before.
Was Sunstone Hotel Investors profitable in the third quarter 2025?
Operating profit was $1.5M (0.6% of revenue) and net earnings $1.3M.