HST · Q2 2026 Earnings

Bullish

Host Hotels & Resorts

Reported August 5, 2026

30-second summary

Host delivered Q2 FY2026 comparable RevPAR growth of 7.0% ($251.53) — roughly 260bps above the "similar to Q1" (~4.4%) telegraph — with a 31.9% comparable hotel EBITDA margin and $497.1M of hotel EBITDA. Revenue of $1.64B (+3.4% YoY) beat consensus by 1.9%. Management used the beat to raise FY26 across the board: comparable RevPAR midpoint 3.75% → 5.0%, comparable hotel EBITDA margin +30bps → +50bps (29.5% → 29.7%), Adjusted EBITDAre midpoint $1,810M → $1,830M (+$20M), Adjusted FFO/diluted share $2.13 → $2.16 (+$0.03), with CapEx narrowed to $550–$630M from $545–$655M. This is a broad-based raise on top of a clean beat, not a hold-the-line print — and the Q2 special dividend (evidenced by $0.92/share declared vs. $0.20 baseline, and $630M subsequent cash dividend disclosed in the leverage reconciliation) resolves the capital-return question flagged last quarter.

Headline numbers

Revenue

Q2 FY2026

$1.64B

+3.4% YoY

+1.9% vs est.

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$1.64B	$1.59B	+3.4%	$1.64B	-0.3%

Guidance

Management reaffirmed all full-year FY2026 guidance while Q2 comparable hotel RevPAR growth significantly outperformed qualitative expectations, reflecting stronger-than-anticipated lodging demand.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Comparable hotel RevPAR growth	Q2 FY2026	Similar to Q1 (with World Cup benefit)	7.0%	exceeded qualitative guidance; Q1 RevPAR growth was ~4.4%, Q2 significantly outperformed	Beat

Reaffirmed unchanged this quarter: Comparable hotel EBITDA margin (29.5% (up 30 basis points vs 2025)), Comparable hotel RevPAR growth (3% to 4.5%), Comparable hotel Total RevPAR growth (3.5% to 5%), Adjusted EBITDAre ($1,810 million midpoint), Adjusted FFO per diluted share ($2.13), Capital expenditures ($545 million to $655 million), Maui EBITDA contribution (Approximately $120 million)

Segment KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Domestic comparable hotels	$1.529B	—	+5.9%
International comparable hotels	$0.03B	—	+6.8%

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Miami	$0.077B	—	+8.6%
Maui	$0.115B	—	+10.6%
New York	$0.142B	—	+5.6%
San Diego	$0.134B	—	-0.1%
Comparable hotel RevPAR	$251.53	—	—
Comparable hotel RevPAR YoY growth	7.0%	—	—
Comparable hotel occupancy	74.9%	—	—
Comparable hotel ADR	$335.83	—	—
Hotel EBITDA (comparable)	$497.1M	—	—
Comparable hotel EBITDA margin	31.9%	—	—
Total hotels owned	75	—	—
Total rooms	41,322	—	—

Management tone

Q2-25 (defensive binary) → Q3-25 (assertive raise) → Q4-25 (decisive capital return) → Q1-26 (margin upside crystallized) → Q2-26 (broad-based FY raise + special dividend executed)

No earnings call transcript is available for this quarter, so tone shifts below are inferred from the supplemental disclosures and forward-guide behavior rather than direct verbatim evidence.

The most notable shift is that Host used the Q2 beat to raise every material FY line — RevPAR midpoint from 3.75% to 5.0%, margin from +30bps to +50bps, Adjusted EBITDAre midpoint from $1,810M to $1,830M, and Adjusted FFO/share from $2.13 to $2.16 — while narrowing the CapEx range. This is a fifth consecutive quarter of assertive posture: Q3-25 RevPAR raise, Q4-25 special dividend / $1.1B disposition, Q1-26 100–150bp FY26 RevPAR raise and margin ceiling break, and now Q2-26 a broader multi-line raise with capital return already executed in-quarter.

Capital return is now confirmed rather than telegraphed. Dividends declared per common share stepped to $0.92 in Q2 (vs. $0.20 in prior quarters), consistent with a ~$0.72 special dividend, and the leverage reconciliation cites "$630 million subsequent cash dividend payments" tied to the Q2 special. Q1 stock repurchases are also referenced in the forecast assumptions. The remaining Four Seasons proceeds are now the open capital-allocation question — management explicitly flags acquisitions, portfolio reinvestment, further repurchases, or additional dividends as options.

Maui's arc firmed decisively: Q4-25 framing was "$120M with upside from Hyatt Regency group pace," Q1-26 was "$120M reaffirmed on softer +1.6% Q1 RevPAR," and Q2-26 delivers +10.6% Maui revenue growth against a reaffirmed $120M — the reaffirmation now looks conservative on the delivery, not optimistic on the pace. If H2 Maui prints anywhere near this quarter's pace, $120M has meaningful upside.

Answers to last quarter's watch list

Q2 RevPAR delivery vs the "similar to Q1" guide with World Cup overlay. Q2 comparable RevPAR grew 7.0% ($251.53), roughly 260bps above the ~4.4% Q1 pace management telegraphed. Revenue beat consensus by 1.9%, and the FY RevPAR guide midpoint was raised to 5.0% (from 3.75%).

Resolved positively

Margin flow-through sustainability. Q2 comparable hotel EBITDA margin of 31.9% sits well above the 29.7% new FY guide on seasonal mix, and the FY margin commitment was raised from +30bps to +50bps (29.5% → 29.7%).

Resolved positively

Maui H2 group materialization. Maui Q2 revenue grew +10.6% — the acceleration flagged by the Hyatt Regency Maui pacing of +10–11.5% is showing up in the print. Combined with the reaffirmed $120M FY contribution, the ramp is tracking to guide or better.

Resolved positively

Capital return announcement. Resolved positively. Q2 dividends declared stepped to $0.92/share vs. the $0.20 baseline, and the leverage reconciliation discloses $630M of subsequent cash dividend payments tied to the Q2 special dividend. Q1 stock repurchases are also referenced in the FY26 forecast assumptions.

Resolved positively

CapEx range expansion and MTCP2 property cadence. FY26 CapEx range was narrowed to $550M–$630M (from $545M–$655M) — top end down $25M, bottom up $5M. Property-level disruption windows for MTCP2 starts were not disclosed in the supplemental.

Continue monitoring

What to watch into next quarter

H2 RevPAR pace vs the raised 5.0% FY midpoint. With Q1 at ~4.4% and Q2 at 7.0%, YTD is running roughly 5.7%. The 5.0% FY midpoint implies H2 pace close to or slightly below H1 — watch Q3 for whether the raised guide still contains cushion (World Cup pull-forward into Q2, tougher comps) or represents management's true H2 view.

Q3 RevPAR telegraph and quantitative forward disclosure. Q1 disclosed April at +4.4%; Q2's supplemental provided no comparable forward month. Watch whether Q3 restores the granular forward-month disclosure — the pattern matters for read on management confidence.

Remaining Four Seasons proceeds redeployment. The Q2 special dividend and Q1 repurchases have been executed, but management explicitly flags remaining proceeds could go to acquisitions, portfolio reinvestment, further repurchases, or additional dividends. Watch Q3 for the allocation decision — an acquisition surprise is on the table given the tax clock on the like-kind exchange window.

Maui contribution vs the reaffirmed $120M. Q2 Maui revenue +10.6% suggests $120M is conservative. Watch whether Q3 or Q4 delivers a soft raise on the Maui line, or whether management holds to $120M and delivers the beat at year-end — the framing matters for the 2027 setup and the path to the $160M full-recovery benchmark.

San Diego direction. Q1 was +6.9%, Q2 was -0.1% — the market has stalled rather than sustained recovery. Watch whether Q3 shows the +6.9% was one-off timing or the -0.1% signals underlying weakness returning. San Diego is now the only major Host market not contributing YoY growth.

Sources

Host Hotels & Resorts Q2 FY2026 Supplemental Financial Information — https://www.sec.gov/Archives/edgar/data/1070750/000107075026000122/hst-supplementalfinanciali.htm
Host Hotels & Resorts Q1 FY2026 brief (Tapebrief, prior-quarter baseline)
Host Hotels & Resorts Q4 FY2025 brief (Tapebrief, two-quarter-back baseline)
Host Hotels & Resorts Q3 FY2025 brief (Tapebrief, three-quarter-back baseline)

Get the next brief, free.

We publish analyst-grade earnings briefs the same day or morning after every call — headline numbers, segment KPIs, Q&A highlights, and tone analysis. Free during beta.

This is not investment advice.