$XHR Xenia Hotels & Resorts, Inc.

What Do They Do?

Owns luxury and upper-upscale hotels and resorts in U.S. lodging markets and leisure destinations for business and leisure travelers.

How Do They Make Money?

Guests pay for rooms over their stays, with any remaining balance typically due at checkout. Food and drinks are paid for when delivered; guests pay for amenities when those services are provided.

revenue

Segment	Share	How money arrives
Rooms expenses Usage-based	55% FY2022: 58%	Usage-based
Food and beverage expenses Sold outright	35% FY2022: 34%	Sold outright
Other revenues Usage-based	9.4% FY2022: 8.4%	Usage-based

Who Are Their Customers?

Individual business and leisure travelers book rooms through direct bookings, global distribution systems and internet travel sites; groups reserve room blocks, while companies and airline crews may buy blocks for longer stays.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

10% of revenue

▲ +24% vs FY2024 ($86.8M, 8%)

Net income, FY2025

6% of revenue

▲ +291% vs FY2024 ($16.1M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $287.6M in Q2 FY2025
Net income: ▼ Now a loss; vs $55.2M in Q2 FY2025

Rooms expenses share of revenue vs 55.1% in Q2 FY2025

Jul 30, 2026 Raised full-year earnings guidance midpoint by $7 million

Growing. Revenue grew 75% in 4 years, from $616.2M in FY2021 to $1.1B in FY2025, about 15% a year.

Revenue over time

Rooms expenses Food and beverage expenses Other revenues

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025