EarningsQ2 2026 Earnings Report
MX:PK Q2 2026 EPS Results
Actual EPS$4.32
Consensus EPS$4.57
Beat/MissMissed by -$0.25
One Year Ago EPS-$0.36
MX:PK Q2 2026 Revenue Results
Actual Revenue$12.23B
Expected Revenue$11.87B
Beat/MissBeat by +$358.38M
YoY Revenue Growth+1.19%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:PK Upcoming Earnings
Park Hotels & Resorts's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PK Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed broad operational and financial momentum: RevPAR, hotel revenues, adjusted EBITDA and margin expansion beat expectations, group demand accelerated, major redevelopments (Royal Palm, Hawaii towers) are ramping and guidance was raised. Management is actively recycling capital, simplifying the portfolio and taking targeted ROI-focused investments that have driven outsized returns in key markets (Hawaii, Orlando, Key West, Bonnet Creek). Near-term challenges include elevated leverage (net debt-to-EBITDA ~6.1x), anticipated expense inflation (3%–4%), transitional drag from Royal Palm stabilization, the Honolulu Convention Center closure through 2027, and a small set of remaining non-core/disputed assets. Overall, positive operating momentum and clearer portfolio focus outweigh the manageable near-term financial and operational headwinds.Company Guidance
Revenue Per Available Room (RevPAR) Growth
Total portfolio RevPAR increased nearly 6% to $217 in Q2 2026 and grew nearly 7% year-over-year excluding Royal Palm South Beach; resort RevPAR increased more than 9% (ex-Royal Palm) and the urban portfolio delivered nearly 4% RevPAR growth. July RevPAR was up 8.5% driven by strength in Hawaii, Key West, Austin, Santa Barbara and Washington, D.C.
Strong Hotel-Level Financial Performance
Total hotel revenue increased 6% in the quarter. Hotel adjusted EBITDA rose nearly 9% to $204 million, with a hotel adjusted EBITDA margin of nearly 32% (up ~80 basis points year-over-year). Reported adjusted EBITDA of $198 million and adjusted FFO per share of $0.70.
Outstanding Resort and Market-Level Outperformance
Hawaii RevPAR increased ~9% YoY; Hilton Hawaiian Village RevPAR up nearly 12% and EBITDA up >13% with a RevPAR index of 117 (4-point improvement vs June 2024) and July occupancy of 98% (+700 bps YoY). Bonnet Creek RevPAR +13%; Key West RevPAR +10%; Waldorf Astoria Orlando RevPAR +15% and Signia by Hilton Orlando +12%.
Record Food & Beverage and Property-Level Gains
Waldorf Astoria Orlando food & beverage revenue surpassed last year’s record by 24%; Casa Marina (Key West) delivered a 36% YoY increase in food & beverage revenue and achieved a RevPAR index >120 with Casa Marina RevPAR +14%.
Robust Group Demand Momentum
Group rooms revenue increased 9.5% YoY (June group revenue up nearly 23%). Full-year 2026 group revenue pace is up nearly 6% YoY, Q3 group pace is up over 15%, and 2027 group revenue pace for the core portfolio is up over 6% with double-digit increases in Hawaii, New York, Key West and San Francisco.
Capital Recycling and Portfolio Simplification
Since early 2025 Park has sold or disposed 10 of 19 identified non-core hotels generating nearly $200 million of proceeds (avg ~12.5x EBITDA). Since the spin, 55 assets sold/disposed for >$3 billion. Recent dispositions (May–July) produced roughly $47 million gross proceeds ($29M Embassy Suites Old Town Alexandria; ~$6M Embassy Suite Austin; $12M Hilton Short Hills). Remaining non-core hotels now represent <5% of portfolio value.
Major Redevelopment — Royal Palm South Beach Reopening
Royal Palm South Beach reopened July 22 following a ~$100 million, 15-month transformational redevelopment (393 rooms + 11 keys, new public spaces & 4 F&B concepts). Management expects the investment could double the hotel's EBITDA upon stabilization (expected over ~2 years) and forecasts ~ $28 million of EBITDA contribution over the next few years as it stabilizes.
Hawaii Investment Pipeline and Expected Earnings Recovery
Ali’i Tower renovation at Hilton Hawaiian Village (~$100 million) commenced and is expected to be completed early 2027; total Hawaii transformative investments expected to be nearly $350 million, intended to close an approximately $60 million EBITDA gap to 2023 peak levels (management expects ~$60–70M recovery from Hawaii over time).
Guidance Raised After Strong Outperformance
Full-year 2026 RevPAR outlook raised by ~225 basis points at the midpoint to a new range of +3.0% to +4.5%. Adjusted EBITDA guidance increased by approximately $25 million at the midpoint to $617 million–$637 million, and adjusted FFO guidance raised ~ $0.13 at the midpoint to $1.90–$2.00 per share.
Balance Sheet and Liquidity Actions
Net debt at quarter-end ~ $3.7 billion, net debt-to-EBITDA of 6.1x (down ~0.2x from prior quarter). Liquidity of $2.6 billion (including $260M cash, $1.0B revolver capacity, $700M Bonnet Creek delayed draw). Drew $200M on delayed draw term loan, repaid $120M Hyatt Regency Boston mortgage early, and plans to repay the $1.27B Hilton Hawaiian Village mortgage in September and refinance Hilton Santa Barbara later this year.
Cost/Tax/Insurance Benefits
Achieved $11 million of benefits from successful property tax appeals in Q2 and realized a ~20% reduction in property insurance premiums at the June 1 renewal, which partially offsets variable cost inflation.
Dividend and Shareholder Returns
Paid Q2 cash dividend of $0.25 per share and declared Q3 dividend of $0.25 per share; the dividend equates to an annualized yield of ~6.5% based on recent trading levels.
MX:PK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed