CHOICE HOTELS INTERNATIONAL INC /DE
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
CHH$120.23+0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $369,946 | $299,665 | $258,507 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 59,715 | 51,953 | 45,038 |
| Depreciation and amortization – reimbursable expenses from franchised and managed properties | 19,554 | 18,907 | 30,697 |
| Franchise agreement acquisition cost amortization | 31,966 | 28,702 | 20,024 |
| Gain from an acquisition of a joint venture | (100,025) | — | — |
| Gain on sale of assets | (713) | — | — |
| Loss (gain) on extinguishment of debt | — | 331 | (4,416) |
| Loss on impairment of long-lived assets | — | — | 3,736 |
| Non-cash share-based compensation and other charges | 38,254 | 43,250 | 46,809 |
| Non-cash interest, investments, and affiliate income, net | (6,439) | (7,282) | (8,747) |
| Deferred income taxes | 19,764 | (19,028) | (1,336) |
| Equity in net loss (gain) of affiliates, less distributions received | 19,848 | (2,327) | (1,570) |
| Franchise agreement acquisition costs, net of reimbursements | (83,444) | (112,164) | (98,316) |
| Change in working capital and other | (97,979) | 17,396 | 6,128 |
| Net cash provided by operating activities | 270,447 | 319,403 | 296,554 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Investments in other property and equipment | (38,924) | (39,102) | (47,717) |
| Investments in owned hotel properties | (106,871) | (106,750) | (68,560) |
| Contributions to investments in affiliates | (93,675) | (52,768) | (38,930) |
| Issuances of notes receivable | (6,885) | (37,994) | (4,323) |
| Collections of notes receivable | 7,373 | 32,100 | 10,852 |
| Business acquisition, net of cash acquired | (73,395) | — | — |
| Proceeds from the sale of assets | 52,000 | — | — |
| Purchases of equity securities | — | — | (112,420) |
| Proceeds from sales of equity securities | — | 108,149 | — |
| Distributions from sales of affiliates | 44,617 | 15,850 | 868 |
| Other items, net | (2,504) | (4,056) | (5,396) |
| Net cash used in investing activities | (218,264) | (84,571) | (265,626) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net borrowings (repayments) pursuant to revolving credit facilities | 132,982 | 111,500 | (131,500) |
| Proceeds from the issuance of long-term debt | — | 593,574 | 500,000 |
| Proceeds from economic development loans | 1,850 | — | — |
| Repayment of long-term debt | — | (500,000) | — |
| Debt issuance costs | — | (8,069) | (1,553) |
| Purchases of treasury stock | (138,304) | (380,743) | (362,772) |
| Dividends paid | (53,472) | (55,497) | (56,457) |
| Proceeds from the exercise of stock options | 6,841 | 17,525 | 6,345 |
| Net cash used in financing activities | (50,103) | (221,710) | (45,937) |
| Net change in cash and cash equivalents | 2,080 | 13,122 | (15,009) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 2,740 | 301 | 197 |
| Cash and cash equivalents, beginning of period | 40,177 | 26,754 | 41,566 |
| Cash and cash equivalents, end of period | $44,997 | $40,177 | $26,754 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosure of cash flow information: | |||
| Cash payments during the year for | |||
| Federal income taxes, net of refunds and transferable tax credits | $65,295 | $85,880 | $71,161 |
| State income taxes, net of refunds (1) | $14,325 | $18,237 | $20,771 |
| Foreign income taxes, net of refunds (1) | $5,088 | $4,056 | $2,410 |
| Interest, net of capitalized interest | $90,310 | $67,176 | $60,773 |
| Non-cash investing and financing activities | |||
| Dividends declared but not paid | $13,218 | $13,471 | $14,902 |
| Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities | $18,273 | $23,284 | $10,291 |
(1)In 2025, 2024, and 2023, there were no individual jurisdictions for which the cash income taxes paid equaled or exceeded 5% of the total cash income taxes paid.
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