Host Hotels & Resorts Inc. First Look at 2Q26 Results

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Host Hotels & Resorts Inc.

First Look at 2Q26 Results

Neutral

HST, HST US

Price (05 Aug 26):$25.13

Gaming & Lodging

HST 2Q26 adj. EBITDA of $525m was ~1% above JPMe/Street’s ~$520m, and

FY26 guidance was raised, but under the surface, there were some moving pieces.

In a nutshell, 2Q RevPAR beat, but opex was a bit higher, and comparable hotel

EBITDA missed our estimate. FY26 RevPAR and EBITDA guidance were raised

(July RevPAR tracking +10% y/y), but adj. EBITDA is now seen at $1.83b, just

+$5m above JPMe/Street, and 2H hotel EBITDA flow-through is ~35% vs. 1H’s

44%. While HST has been guiding conservatively and raising for the past year,

with the stock HST +46% YTD and trading at 11.5x FY27E EV/EBITDA (a slight

premium to its 11x LT avg), our concern is that investors may be looking for a more

substantial beat/raise this time.

Daniel Politzer, CFA AC

By the Numbers – Four Key Takes. (1) 2Q comparable hotel adj. EBITDA of

$497m missed our $505m, as upside hotel RevPAR +7.0% (JPMe +5.5%, Str

+5.2%) was offset by lower than forecast F&B/Other revs and higher costs; (2)

HST 2Q hotel opex increased +5.0% y/y, vs +3.7% in 1Q; (3) HST raised FY26

RevPAR to +5.0% (+125bps vs. prior), pushing FY26 adj. EBITDA up $20m to

$1.830b (+$5m vs. JPMe/Str’s $1.825b), but this guidance implies 2H hotel

EBITDA flow-through of ~35%, down from 1H26’s 44%; (4) HST is off to a strong

start in 3Q, w/ July RevPAR +10% y/y on World Cup and strong trends in leisure,

group. and high-end.

The authors wish to thank Kartik Sood, of

the J.P. Morgan Global Research Center,

for contributions to this report.

HST tweaked higher FY26 guidance. Adj. EBITDAre $1.83b, +$20m vs.

prior (MP); RevPAR +5.0% (MP) +125bps vs. prior, and comparable hotel

EBITDA margins raised 20bps to 29.6%; AFFO/sh $2.17 (+$0.03 vs. prior).

2Q Recap. Adj. EBITDAre $525m was +1% vs. JPMe/Street and Comp. Hotel

RevPAR was +7% y/y, which beat JPMe/Street’s +5.5%/+5.2%. Comparable

Hotel margin of 31.9% trailed JPMe 32.5% on slightly higher expenses. AFFO/

sh was $0.63, +4% vs. JPMe/+2% vs. Street. HST noted 2Q upside was from

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