$PK

Park Hotels & Resorts Inc.

CIK:0001617406|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 680	$ 672	$ 1,302	$ 1,302
Operating expenses
Impairment and casualty loss	22	0	27	70
Depreciation and amortization	66	122	130	191
Corporate general and administrative	20	19	38	37
Other	22	23	46	44
Total expenses	583	624	1,142	1,263
(Loss) gain on sales of assets, net	(2)	1	(3)	1
Gain on derecognition of assets	0	16	0	32
Operating income	95	65	157	72
Interest income	2	2	3	5
Interest expense	(52)	(53)	(103)	(105)
Interest expense associated with hotels in receivership	0	(16)	0	(32)
Equity in earnings from investments in affiliates	1	2	2	2
Other gain (loss), net	9	(1)	9	1
Income (loss) before income taxes	55	(1)	68	(57)
Income tax expense	(5)	(1)	(6)	(2)
Net income (loss)	50	(2)	62	(59)
Net income attributable to noncontrolling interests	(3)	(3)	(4)	(3)
Net income (loss) attributable to stockholders	$ 47	$ (5)	$ 58	$ (62)
Earnings (loss) per share:
Earnings (loss) per share – Basic (USD per share)	$ 0.24	$ (0.02)	$ 0.29	$ (0.31)
Earnings (loss) per share – Diluted (USD per share)	$ 0.24	$ (0.02)	$ 0.29	$ (0.31)
Weighted average shares outstanding - Basic (in shares)	200	199	200	199
Weighted average shares outstanding - Diluted (in shares)	200	199	200	199
Rooms
Revenues
Total revenues	$ 401	$ 401	$ 757	$ 764
Operating expenses
Cost of goods and services sold	104	105	201	205
Food and beverage
Revenues
Total revenues	188	180	370	362
Operating expenses
Cost of goods and services sold	125	122	247	245
Ancillary hotel
Revenues
Total revenues	67	68	127	131
Other
Revenues
Total revenues	24	23	48	45
Operating expenses
Other property	42	50	96	107
Other departmental and support
Operating expenses
Cost of goods and services sold	149	152	294	303
Management fees
Operating expenses
Cost of goods and services sold	$ 33	$ 31	$ 63	$ 61

Condensed Consolidated Statements of Cash Flows $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Operating Activities:
Net income (loss)	$ 50	$ (2)	$ 62	$ (59)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	66	122	130	191
Loss (gain) on sales of assets, net	2	(1)	3	(1)
Gain on derecognition of assets	0	(16)	0	(32)
Impairment loss			25	70
Equity in earnings from investments in affiliates	(1)	(2)	(2)	(2)
Other (gain) loss, net			(3)	1
Share-based compensation expense			10	9
Amortization of deferred financing costs			4	4
Distributions from unconsolidated affiliates			5	1
Deferred income taxes			3	0
Changes in operating assets and liabilities			(37)	12
Net cash provided by operating activities			200	194
Investing Activities:
Capital expenditures for property and equipment			(147)	(120)
Proceeds from asset dispositions, net			28	75
Proceeds from the sale of investments in affiliates, net			3	0
Net cash used in investing activities			(116)	(45)
Financing Activities:
Borrowings from credit facilities			250	0
Repayments of Lines of Credit			(50)	0
Repayments of mortgage debt			(124)	(4)
Debt issuance costs			(7)	0
Dividends paid			(100)	(181)
Distributions to noncontrolling interests			(6)	(8)
Tax withholdings on share-based compensation			(9)	(4)
Repurchase of common stock			0	(45)
Net cash used in financing activities			(46)	(242)
Net increase (decrease) in cash and cash equivalents and restricted cash			38	(93)
Cash and cash equivalents and restricted cash, beginning of period			264	440
Cash and cash equivalents and restricted cash, end of period	302	347	302	347
Non-cash investing and financing activities:
Accrued capital expenditures			25	30
Dividends declared but unpaid	$ 50	$ 50	$ 50	$ 50

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Property and equipment, net	$ 6,908	$ 6,955
Assets held for sale, net	13	14
Intangibles, net	40	41
Cash and cash equivalents	264	232
Restricted cash	38	32
Accounts receivable, net of allowance for doubtful accounts of $2 and $2	151	116
Prepaid expenses	54	60
Other assets	78	80
Operating lease right-of-use assets	156	170
TOTAL ASSETS (variable interest entities – $199 and $207)	7,702	7,700
Liabilities
Debt	3,915	3,838
Accounts payable and accrued expenses	226	198
Dividends payable	51	56
Due to hotel managers	106	134
Other liabilities	184	189
Operating lease liabilities	187	209
Total liabilities (variable interest entities – $194 and $198)	4,669	4,624
Commitments and contingencies – refer to Note 12
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,614,273 shares issued and 201,349,455 shares outstanding as of June 30, 2026 and 200,938,658 shares issued and 199,901,086 shares outstanding as of December 31, 2025	2	2
Additional paid-in capital	4,028	4,031
Accumulated deficit	(940)	(902)
Total stockholders’ equity	3,090	3,131
Noncontrolling interests	(57)	(55)
Total equity	3,033	3,076
TOTAL LIABILITIES AND EQUITY	$ 7,702	$ 7,700