10-Q · May 7, 2026
Chatham Lodging Trust reported Q1 2026 revenue of $67.5 million, a slight decrease of 1.6% compared to the same period last year. The company experienced a net loss of $4.5 million, reversing from a net income of $1.5…
Earnings analysis · 10-Q
CLDT earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Chatham delivered a strong Q2, with revenue rising 9.4% year over year to $87.8 million and GAAP EPS improving to $0.13 from $0.07; revenue also rose 30.1% sequentially from Q1. Growth was supported by 3.3%…
Read full summary
Chatham delivered a strong Q2, with revenue rising 9.4% year over year to $87.8 million and GAAP EPS improving to $0.13 from $0.07; revenue also rose 30.1% sequentially from Q1. Growth was supported by 3.3% same-property RevPAR expansion and $7.3 million of revenue from the six-hotel acquisition, driving Adjusted EBITDA up to $32.7 million from $28.5 million. Liquidity remains adequate, but the cash balance fell to $17.7 million following acquisitions and capital spending, and $275.0 million of floating-rate debt leaves annual interest expense exposed by about $2.8 million per 100-basis-point SOFR increase.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.13
What stood out
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Revenue accelerated to $87.8M
Q2 revenue rose 9.4% year over year to $87.8 million from $80.3 million, and increased 30.1% sequentially from $67.5 million in Q1 2026. Room revenue grew 9.9% to $80.6 million.
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Earnings and adjusted FFO improved
GAAP net income increased to $8.5 million from $5.5 million a year earlier, while diluted EPS was $0.13 versus $0.07 in Q2 2025 and a loss of $0.13 in Q1 2026. Adjusted FFO increased to $23.6 million from $20.1 million.
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Pricing drove same-property RevPAR growth
Same-property RevPAR grew 3.3% to $157.97, driven by a 3.9% ADR increase to $195.34 despite a 0.5% occupancy decline to 80.9%. June same-property RevPAR increased 8.7%.
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Acquired hotels lifted EBITDA
The six-hotel portfolio acquired in March contributed $7.3 million of Q2 revenue against $3.7 million of hotel operating expense. Adjusted Hotel EBITDA rose 15.7% to $35.7 million from $30.9 million.
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Operating cash flow and cash conversion rose
Operating cash flow rose $12.6 million to $38.9 million in the first six months, while capital improvements were $13.4 million. This implies $25.5 million of operating cash flow after hotel capital improvements for the six-month period.
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Tax savings and buybacks supported returns
Property taxes, ground rent and insurance expense fell $0.8 million to $5.3 million, aided by successful property-tax appeals and 2025 hotel sales. The company also repurchased 311,745 shares for $2.8 million during Q2.
What to watch
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Floating-rate debt retains rate sensitivity
Debt totaled $418.2 million at June 30, 2026, including $275.0 million of floating-rate debt. A hypothetical 100-basis-point increase in SOFR would add approximately $2.8 million of annual interest expense.
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Acquisition spending reduced cash balance
Cash, cash equivalents and restricted cash declined $14.9 million from December 31, 2025 to $17.7 million at June 30, 2026, as the company used $92.5 million for six-hotel acquisitions and $13.4 million for capital improvements in the first half.
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Remaining 2026 capital needs are sizable
Management expects an additional $13.1 million of renovations, discretionary and emergency expenditures during the remainder of 2026. This follows $13.4 million of hotel capital improvements in the first six months.
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Occupancy softened despite RevPAR growth
Same-property occupancy declined 0.5% to 80.9% in Q2, meaning the 3.3% RevPAR increase depended entirely on the 3.9% ADR gain. Management notes that competitive pressures may limit its ability to raise room rates.
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No updated risk factors; contractual obligations remain
There were no material changes to the risk factors disclosed in the 2025 Form 10-K. Nonetheless, total debt principal and interest obligations were $524.0 million, with $24.4 million payable within 12 months.
Management's outlook
The 10-Q does not provide numerical revenue or EPS guidance. Management expects lodging-industry RevPAR to increase modestly during the remainder of 2026 and expects to invest approximately $13.1 million in renovations, discretionary and emergency hotel expenditures over the remainder of 2026.
Earlier filings 4
10-K · February 27, 2026
Chatham Lodging Trust owns 33 hotels (5,021 rooms) and focuses on premium-branded upscale extended-stay and select-service hotels in the largest U.S. markets. Reported aggregate 2025 revenue (sum of quarters) was…
10-Q · November 5, 2025
Chatham Lodging Trust reported third-quarter revenue of $78,409,000, down from $87,177,000 in the year-ago quarter, with operating income falling to $9,933,000 from $12,504,000 and diluted earnings per common share of…
10-Q · August 6, 2025
Chatham Lodging reported Q2 2025 revenue of $80,294,000 and diluted EPS of $0.07. Revenue and operating income before gains declined versus Q2 2024 (revenue $86,479,000; operating income before gains $14,078,000), but…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.