Apple Hospitality REIT (APLE) financial statements
Apple Hospitality REIT reported revenue of $1.4B in fiscal 2025, up 3.4% a year over 9 years.
Net income was $175M and the operating margin 18.3%, against 17.8% in 2016.
Free cash flow was $283M, and the company returned $240M in dividends and $58M in net buybacks.
The diluted share count rose 25% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Apple Hospitality REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $1.3B | $1.3B | $602M | $934M | $1.2B | $1.3B | $1.4B | $1.4B |
| Cost of revenue | $583M | $697M | $716M | $724M | $402M | $542M | $710M | $781M | $838M | $847M |
| Gross profit | $458M | $541M | $555M | $542M | $200M | $392M | $528M | $563M | $594M | $565M |
| Selling, general and admin | $100M | $127M | $24M | $36M | $29M | $41M | $42M | $47M | $43M | $32M |
| Operating income | $185M | $231M | $258M | $234M | -$102M | $87M | $206M | $247M | $293M | $258M |
| Pre-tax income | $145M | $183M | $207M | $173M | -$173M | $19M | $147M | $179M | $215M | $176M |
| Income tax | $431,000 | $847,000 | $587,000 | $679,000 | $332,000 | $468,000 | $2M | $1M | $947,000 | $959,000 |
| Net income | $145M | $182M | $206M | $172M | -$173M | $19M | $145M | $177M | $214M | $175M |
| EPS (diluted) | $0.76 | $0.82 | $0.90 | $0.77 | -$0.77 | $0.08 | $0.63 | $0.77 | $0.89 | $0.74 |
| Diluted shares | 191M | 224M | 230M | 224M | 224M | 226M | 229M | 229M | 241M | 238M |
| Gross margin | 44.0% | 43.7% | 43.7% | 42.8% | 33.2% | 41.9% | 42.6% | 41.9% | 41.5% | 40.0% |
| Operating margin | 17.8% | 18.6% | 20.3% | 18.5% | -17.0% | 9.3% | 16.7% | 18.4% | 20.5% | 18.3% |
| Net margin | 13.9% | 14.7% | 16.2% | 13.6% | -28.8% | 2.0% | 11.7% | 13.2% | 15.0% | 12.4% |
Balance sheet
Fiscal years, from Apple Hospitality REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $0 | $0 | $0 | $0 | $6M | $3M | $4M | $10M | $10M | $9M |
| Total assets | $5.0B | $4.9B | $4.9B | $4.9B | $4.8B | $4.8B | $4.8B | $4.9B | $5.0B | $4.9B |
| Total liabilities | $1.5B | $1.3B | $1.5B | $1.7B | $1.8B | $1.6B | $1.6B | $1.6B | $1.7B | $1.8B |
| Shareholders' equity | $3.5B | $3.6B | $3.4B | $3.3B | $3.0B | $3.1B | $3.2B | $3.3B | $3.3B | $3.1B |
| Net debt | $0 | $0 | $0 | $0 | -$6M | -$3M | -$4M | -$10M | -$10M | -$9M |
Cash flow
Fiscal years, from Apple Hospitality REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $331M | $384M | $405M | $382M | $27M | $218M | $368M | $399M | $405M | $370M |
| Capital spending | $65M | $63M | $74M | $75M | $49M | $18M | $59M | $72M | $80M | $87M |
| Free cash flow | $266M | $321M | $331M | $307M | -$22M | $199M | $309M | $327M | $325M | $283M |
| Dividends paid | $229M | $268M | $276M | $269M | $67M | $7M | $139M | $238M | $244M | $240M |
| Share buybacks (net) | -$8M | $0 | -$104M | -$4M | -$14M | — | -$3M | -$7M | -$35M | -$58M |
| Net borrowing | -$114M | -$40M | -$13M | -$34M | -$44M | -$71M | -$169M | -$46M | -$29M | -$70M |
| Free cash flow margin | 25.6% | 25.9% | 26.0% | 24.2% | -3.6% | 21.3% | 25.0% | 24.3% | 22.7% | 20.0% |
| Dividends per share | $1.20 | $1.20 | $1.20 | $1.20 | $0.30 | $0.03 | $0.61 | $1.04 | $1.01 | $1.01 |
Questions
What was Apple Hospitality REIT's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Apple Hospitality REIT generate?
$283M in fiscal 2025 (operating cash flow minus capital spending).
From Apple Hospitality REIT's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.