Sunstone Hotel Investors (SHO) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Sunstone Hotel Investors published the results on November 6, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Sunstone Hotel Investors reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted FFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Sunstone is a lodging REIT. Revenue here is the line it calls total revenues, the sum of room, food and beverage, and other operating revenue from its hotels.
• Sunstone sold Hyatt Regency San Francisco in July 2026 for a gross price of $279.0 million and recorded a net gain of $31.5 million, which is in Q3 2026 GAAP net income and excluded from FFO.
• Andaz Miami Beach reopened in May 2025 after renovation, so Sunstone also reports portfolio figures that exclude it.

Source: Sunstone Hotel Investors Q3 2026 results, November 6, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Sunstone Hotel Investors splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Sunstone Hotel Investors's Room revenue was $140 million in Q3 2026, flat on $140 million in Q3 2025, 60% of total revenue.
• Sunstone Hotel Investors's Food and beverage revenue was $68.6 million in Q3 2026, up 6% from $64.4 million in Q3 2025, 29% of total revenue.
• Sunstone Hotel Investors's Other operating revenue was $25.1 million in Q3 2026, down 1% from $25.4 million in Q3 2025, 11% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first three quotes are rows from Sunstone's guidance table, in millions except per-share figures. Each row gives the prior full-year 2026 guidance from August 6, 2026, then the current guidance, then the change in the midpoint.

In its Q3 2026 release, Sunstone Hotel Investors said:

“Net Income $79 to $89 $92 to $97 +$10.5”

“RevPAR Growth (3) 7.0% to 9.0% 9.5% to 10.5% +200 bps”

“Adjusted FFO Attributable to Common Stockholders per Diluted Share $0.93 to $0.98 $1.00 to $1.03 +$0.06”

“Andaz Miami Beach is expected to contribute approximately 450 basis points of RevPAR and Total RevPAR growth.”

Source: Sunstone Hotel Investors Q3 2026 release, Nov 6, 2026.

This is the company's own guidance as of Nov 6, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SHO forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted net income (loss) attributable to common stockholders per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Sunstone Hotel Investors's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 6, 2026

Sunstone Hotel Investors had total revenues of $233.7 million in Q3 2026, against $229.3 million a year earlier. Room revenue was $140.1 million, food and beverage $68.6 million and other operating revenue $25.1 million. Sunstone is a lodging REIT that owns 13 hotels with about 6,200 rooms, all operated under nationally recognized brands, and reports them as one segment, Hotel Ownership. (Sunstone Hotel Investors Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Sunstone Hotel Investors Form 10-K, 2025, Feb 27, 2026)

Sunstone Hotel Investors' 10-Q says room revenue at the Comparable Portfolio (12 hotels, excluding Andaz Miami Beach) rose $12.2 million in Q3 2026, while the sales of Hilton New Orleans St. Charles in June 2025 and Hyatt Regency San Francisco in July 2026 cut room revenue by $12.1 million, so total room revenue rose only $0.5 million. Food and beverage revenue rose $4.2 million, or 6.5%, on higher outlet and banquet revenue. (Sunstone Hotel Investors Form 10-Q, Q3 2026, Nov 6, 2026)

Across the 13 hotels, RevPAR rose 11.4% to $235.22 as occupancy climbed 460 basis points to 72.7% and average daily rate rose 4.4% to $323.55. Total RevPAR, which includes food, beverage and other spending, rose 10.5% to $394.97. The 10-Q credits strong leisure, group and contract demand at Wailea Beach Resort and higher demand at Four Seasons Resort Napa Valley. (Sunstone Hotel Investors Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Sunstone Hotel Investors Form 10-Q, Q3 2026, Nov 6, 2026)

Sunstone's hotels are concentrated in a few markets. On trailing 12-month total consolidated revenue, its two Southern California hotels produced 23%, its three Florida hotels 18%, its one Hawaii hotel 17%, its two Northern California hotels 13% and its Washington, DC hotel 10%. (Sunstone Hotel Investors Form 10-Q, Q3 2026, Nov 6, 2026)

Sunstone Hotel Investors earned net income attributable to common stockholders of $38.7 million, or $0.21 per diluted share, in Q3 2026, against a loss of $2.9 million, or $(0.02), a year earlier. The quarter includes a $31.5 million gain on the sale of Hyatt Regency San Francisco, which Sunstone sold for a gross price of $279.0 million. (Sunstone Hotel Investors Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Sunstone Hotel Investors Form 10-Q, Q3 2026, Nov 6, 2026)

Like other REITs, Sunstone reports funds from operations, which adds back real estate depreciation and amortization ($29.9 million) and removes gains on asset sales. FFO attributable to common stockholders was $0.20 per diluted share, and Adjusted FFO, which also removes items such as noncash interest on derivatives and a $1.5 million net gain on preferred stock repurchases, was $0.20, up 17.6% from $0.17. (Sunstone Hotel Investors Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026)

Sunstone's diluted share count for Adjusted FFO fell to 181,822 thousand from 190,112 thousand. In Q3 2026 it repurchased 9,368,434 common shares at an average price of $10.99, for $103.0 million, plus Series H and Series I preferred stock, and had $310.6 million left under its repurchase authorization as of November 5, 2026. (Sunstone Hotel Investors Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Sunstone Hotel Investors gives a full-year outlook in each release and raised it again in Q3 2026. It now expects 2026 net income of $92 million to $97 million, RevPAR growth of 9.5% to 10.5%, Adjusted EBITDAre of $254 million to $259 million and Adjusted FFO per diluted share of $1.00 to $1.03, up from $0.93 to $0.98 in August, on 183,500,000 diluted shares. (Sunstone Hotel Investors Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026)

Sunstone expects Andaz Miami Beach to contribute about 450 basis points of 2026 RevPAR and Total RevPAR growth. It plans to invest about $105 million to $115 million into its portfolio in 2026, mainly at Hilton San Diego Bayfront, Hilton Key West Resort & Marina and Wailea Beach Resort. (Sunstone Hotel Investors Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026)

A consensus figure is the average of the models published by the analysts who cover Sunstone Hotel Investors, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Sunstone Hotel Investors's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SHO is on is SHO a buy or a sell?, what analysts expect next is on the SHO forecast, and what the company does is on the Sunstone Hotel Investors (SHO) stock page.

Every number on this page can be traced to a document Sunstone Hotel Investors published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.