CHOICE HOTELS INTERNATIONAL INC /DE, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover Page - shares
3 Months Ended
Mar. 31, 2026
Apr. 23, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-13393  
Entity Registrant Name CHOICE HOTELS INTERNATIONAL INC /DE  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 52-1209792  
Entity Address, Address Line One 915 Meeting Street  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town North Bethesda,  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 20852  
City Area Code 301  
Local Phone Number 592-5000  
Title of 12(b) Security Common Stock, Par Value $0.01 per share  
Trading Symbol CHH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   45,495,493
Entity Central Index Key 0001046311  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
REVENUES    
Total revenues $ 340,575 $ 332,860
OPERATING EXPENSES    
Selling, general and administrative 78,046 74,210
Business combination, diligence and transition costs 236 99
Depreciation and amortization 16,821 13,748
Total operating expenses 280,541 252,928
Operating income 60,034 79,932
OTHER EXPENSES AND (INCOME), NET    
Interest expense 23,962 21,242
Interest income (1,211) (1,559)
Other losses, net 721 436
Equity in net loss of affiliates 6,252 51
Total other expenses and (income), net 29,724 20,170
Income before income taxes 30,310 59,762
Income tax expense 10,006 15,228
Net income $ 20,304 $ 44,534
Basic earnings per share (in usd per share) $ 0.44 $ 0.95
Diluted earnings per share (in usd per share) 0.44 0.94
Cash dividends declared per share (in usd per share) $ 0.2875 $ 0.2875
Franchise and management fees    
REVENUES    
Total revenues $ 149,631 $ 145,068
Partnership services and fees    
REVENUES    
Total revenues 24,734 25,381
Owned hotels    
REVENUES    
Total revenues 30,433 27,860
OPERATING EXPENSES    
Operating expenses 23,651 21,060
Other    
REVENUES    
Total revenues 11,873 11,127
Revenue for reimbursable costs from franchised and managed properties    
REVENUES    
Total revenues 123,904 123,424
OPERATING EXPENSES    
Operating expenses $ 161,787 $ 143,811
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 20,304 $ 44,534
Other comprehensive (loss) income, net of tax:    
Foreign currency translation adjustment (2,869) 63
Other comprehensive (loss) income, net of tax (2,869) 63
Comprehensive income $ 17,435 $ 44,597
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 43,872 $ 44,997
Accounts receivable (net of allowance for credit losses of $62,304 and $51,189, respectively) 243,511 207,491
Income taxes receivable 14,491 13,456
Notes receivable (net of allowance for credit losses of $5,007 and $7,462, respectively) 54,849 94,686
Prepaid expenses and other current assets 54,052 45,368
Total current assets 410,775 405,998
Property and equipment (net of accumulated depreciation and amortization of $176,737 and $162,113, respectively) 649,883 649,291
Operating lease right-of-use assets 76,559 77,670
Goodwill 304,583 305,758
Intangible assets (net of accumulated amortization of $273,556 and $256,575, respectively) 1,096,143 1,082,486
Notes receivable (net of allowance for credit losses of $3,444 and $1,019, respectively) 27,403 12,490
Investments for employee benefit plans, at fair value 47,899 50,227
Investments in affiliates 132,848 134,975
Deferred income taxes 76,729 75,371
Other assets 121,764 123,937
Total assets 2,944,586 2,918,203
Current liabilities    
Accounts payable 146,193 156,276
Accrued expenses and other current liabilities 86,707 125,282
Deferred revenue 112,853 100,698
Liability for guest loyalty program 88,236 85,035
Total current liabilities 433,989 467,291
Long-term debt 2,003,236 1,906,122
Long-term deferred revenue 129,946 130,505
Deferred compensation and retirement plan obligations 54,313 56,532
Deferred income taxes 34,081 25,303
Operating lease liabilities 106,384 107,963
Liability for guest loyalty program 41,566 39,771
Other liabilities 3,644 3,487
Total liabilities 2,807,159 2,736,974
Commitments and contingencies (Note 11)
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at March 31, 2026 and December 31, 2025; 45,617,358 and 45,996,087 shares outstanding at March 31, 2026 and December 31, 2025, respectively 951 951
Additional paid-in-capital 407,781 403,927
Accumulated other comprehensive loss (8,176) (5,307)
Treasury stock, at cost; 49,448,280 and 49,069,551 shares at March 31, 2026 and December 31, 2025, respectively (2,588,349) (2,536,373)
Retained earnings 2,325,220 2,318,031
Total shareholders’ equity 137,427 181,229
Total liabilities and shareholders’ equity $ 2,944,586 $ 2,918,203
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 62,304 $ 51,189
Allowance for credit losses, current 5,007 7,462
Accumulated depreciation and amortization, property, plant and equipment 176,737 162,113
Intangible assets, accumulated amortization 273,556 256,575
Allowance for credit losses, noncurrent $ 3,444 $ 1,019
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 160,000,000 160,000,000
Common stock, shares issued (in shares) 95,065,638 95,065,638
Common stock, shares outstanding (in shares) 45,617,358 45,996,087
Treasury stock, shares (in shares) 49,448,280 49,069,551
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 20,304 $ 44,534
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 16,821 13,748
Depreciation and amortization – reimbursable expenses from franchised and managed properties 5,115 4,887
Franchise agreement acquisition cost amortization 9,580 9,791
Non-cash share-based compensation and other charges 8,434 9,834
Non-cash interest, investments, and affiliate loss, net 1,800 1,515
Deferred income taxes 7,657 626
Equity in net loss of affiliates, less distributions received 6,252 413
Franchise agreement acquisition costs, net of reimbursements (42,842) (26,287)
Change in working capital and other (56,295) (38,594)
Net cash (used in) provided by operating activities (23,174) 20,467
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in other property and equipment (10,065) (10,543)
Investments in owned hotel properties (16,819) (35,462)
Contributions to investments in affiliates (3,863) (5,415)
Issuances of notes receivable (236) (1,952)
Collections of notes receivable 24,610 1,487
Other items, net 197 (1,067)
Net cash used in investing activities (6,176) (52,952)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings pursuant to revolving credit facilities 97,000 105,500
Purchases of treasury stock (56,480) (64,624)
Dividends paid (13,115) (13,471)
Proceeds from the exercise of stock options 880 4,803
Net cash provided by financing activities 28,285 32,208
Net change in cash and cash equivalents (1,065) (277)
Effect of foreign exchange rate changes on cash and cash equivalents (60) 154
Cash and cash equivalents, beginning of period 44,997 40,177
Cash and cash equivalents, end of period 43,872 40,054
Cash payments during the period for    
Income taxes, net of refunds and transferable tax credits 3,964 3,029
Interest, net of capitalized interest 32,164 32,268
Non-cash investing and financing activities    
Dividends declared but not paid 13,115 13,391
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities $ 12,886 $ 17,337
v3.26.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in- Capital
Accumulated Other Comprehensive Income (Loss)
[1]
Treasury Stock
Retained Earnings
Beginning balance (in shares) at Dec. 31, 2024   46,856,567        
Beginning balance at Dec. 31, 2024 $ (45,271) $ 951 $ 370,201 $ (6,193) $ (2,411,527) $ 2,001,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 44,534         44,534
Other comprehensive income, net of tax 63     63    
Share-based payment activity (in shares) [2]   188,586        
Share-based payment activity [2] 14,758   5,813   8,945  
Dividends declared ($0.2875 per share) (13,391)         (13,391)
Treasury purchases (in shares)   (456,142)        
Treasury purchases (64,627)       (64,627)  
Ending balance (in shares) at Mar. 31, 2025   46,589,011        
Ending balance at Mar. 31, 2025 $ (63,934) $ 951 376,014 (6,130) (2,467,209) 2,032,440
Beginning balance (in shares) at Dec. 31, 2025 45,996,087 45,996,087        
Beginning balance at Dec. 31, 2025 $ 181,229 $ 951 403,927 (5,307) (2,536,373) 2,318,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 20,304         20,304
Other comprehensive income, net of tax (2,869)     (2,869)    
Share-based payment activity (in shares) [2]   229,675        
Share-based payment activity [2] 8,611   3,854   4,757  
Dividends declared ($0.2875 per share) (13,115)         (13,115)
Treasury purchases (in shares)   (608,404)        
Treasury purchases $ (56,733)       (56,733)  
Ending balance (in shares) at Mar. 31, 2026 45,617,358 45,617,358        
Ending balance at Mar. 31, 2026 $ 137,427 $ 951 $ 407,781 $ (8,176) $ (2,588,349) $ 2,325,220
[1] Accumulated other comprehensive income (loss) relates entirely to foreign currency items. There were no amounts reclassified from accumulated other comprehensive income (loss) during the three months ended March 31, 2026 and 2025.
[2] During certain periods presented, accumulated dividends were paid to certain shareholders upon vesting of their performance vested restricted stock units ("PVRSU"), which are presented in Share-based payment activity.
v3.26.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - $ / shares
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.2875 $ 0.2875
v3.26.1
Basis of Presentation and Significant Accounting Policies
3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (collectively, "Choice" or the "Company") have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated in consolidation.
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are necessary to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature.
Certain information and footnote disclosures normally included in the consolidated financial statements presented in accordance with GAAP have been condensed or omitted. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025 and the notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 19, 2026. The interim results are not necessarily indicative of the entire year's results.
Summary of Significant Accounting Policies
The Company’s significant accounting policies are included in the “Significant Accounting Policies” section of Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2025.
Recently Issued Accounting Standards
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires public entities to provide detailed disclosure of the income statement expenses in the footnotes to the consolidated financial statements. ASU 2024-03 does not require any changes to the expense captions on the face of the consolidated income statement. ASU 2024-03 is effective for the annual reporting period beginning after December 15, 2026 and for the interim periods within the annual reporting period beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact that ASU 2024-03 will have on the Company's consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting ("ASU 2025-11"). ASU 2025-11 provides a comprehensive list of required interim disclosures and requires entities to disclose events that have a material impact on the entity since the end of the last annual reporting period. ASU 2025-11 is effective for the annual reporting period beginning after December 15, 2027, including the interim periods within that annual reporting period. Early adoption is permitted. The Company is currently evaluating the potential impact that ASU 2025-11 will have on the Company's consolidated financial statements.
v3.26.1
Revenue
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Contract Liabilities
Contract liabilities relate to (i) advance consideration received related to services considered to be a part of the brand intellectual property performance obligation, such as initial franchise fees that are paid when a franchise agreement is executed and system implementation fees that are paid at the time of installation, and (ii) amounts received when loyalty points are issued but the associated revenue has not yet been recognized because the related loyalty points have not been redeemed.
Deferred revenues from initial franchise fees and system implementation fees are typically recognized over a ten-year period, unless the franchise agreement is terminated and the hotel exits the franchise system whereby the remaining deferred revenue amounts are recognized to revenue in the period of termination. Loyalty points are typically redeemed within three years of issuance.
The following table summarizes the significant changes in the contract liabilities balances during the period from December 31, 2025 to March 31, 2026:
(in thousands)
Balance as of December 31, 2025$220,340 
Increases to the contract liability balance due to cash received29,125 
Revenue recognized in the period(27,705)
Balance as of March 31, 2026$221,760 
Remaining Performance Obligations
The aggregate amount of the transaction price that is allocated to unsatisfied, or partially unsatisfied, performance obligations was $221.8 million as of March 31, 2026. This amount represents the fixed transaction price that will be recognized as revenue in future periods, which is presented as current and non-current deferred revenue in the consolidated balance sheets.
Based on the practical expedient elections permitted by ASU 2014-09, Revenue From Contracts with Customers (Topic 606) and subsequent amendments ("Topic 606"), the Company does not disclose the value of unsatisfied performance obligations for (i) variable consideration subject to the sales or usage-based royalty constraint or comprising a component of a series (including franchise, partnership, qualified vendor, and SaaS agreements), (ii) variable consideration for which the Company recognizes revenue at the amount to which it has the right to invoice for the services performed, or (iii) contracts with an expected original duration of one year or less.
The loyalty points represent a performance obligation attributable to the usage of the points, and thus the revenues are recognized at the point in time when the loyalty points are redeemed by the members for benefits (with both franchisees and third-party partners), net of the cost of redemptions. The loyalty net revenues, inclusive of adjustments to the estimated redemption rates, were $22.9 million and $19.5 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Receivables and Allowance for Credit Losses
3 Months Ended
Mar. 31, 2026
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]  
Receivables and Allowance for Credit Losses Receivables and Allowance for Credit Losses
Notes Receivable
The Company has provided financing in the form of notes receivable loans to franchisees in order to support the development of hotel properties in strategic markets. The Company's credit quality indicator is the level of security in the note receivable.
The following table summarizes the composition of the notes receivable balances by credit quality indicator and the allowance for credit losses:
(in thousands)March 31, 2026December 31, 2025
Senior$56,546 $98,257 
Subordinated30,505 13,356 
Unsecured3,652 4,044 
Total notes receivable$90,703 $115,657 
Less: allowance for credit losses8,451 8,481 
Total notes receivable, net of allowance for credit losses$82,252 $107,176 
Current portion, net of allowance for credit losses$54,849 $94,686 
Long-term portion, net of allowance for credit losses$27,403 $12,490 
The following table summarizes the amortized cost basis of the notes receivable by the year of origination and credit quality indicator:
(in thousands)20262025202420232022PriorTotal
Senior$— $— $41,346 $— $— $15,200 $56,546 
Subordinated— 1,501 — 3,503 — 25,501 30,505 
Unsecured— 357 129 — — 3,166 3,652 
Total notes receivable$— $1,858 $41,475 $3,503 $— $43,867 $90,703 
The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses:
(in thousands)March 31, 2026December 31, 2025
Beginning balance$8,481 $7,331 
(Reversal) provision for credit losses(30)1,150 
Ending balance$8,451 $8,481 
As of March 31, 2026 and December 31, 2025, three note receivable loans with senior credit quality indicators met the definition of collateral-dependent and are collateralized by the membership interests in the borrowing entities, the associated land parcel, or the operating hotel. The Company used both a market approach that uses quoted market prices and an income approach that uses discounted cash flows to value the underlying collateral. The Company reviewed the borrower's financial statements, economic trends, industry projections for the market, and comparable sales capitalization rates, which represent significant inputs to the cash flow projections. These nonrecurring fair value measurements are classified as Level 3 in the fair value measurement hierarchy because they are unobservable inputs which are significant to the overall fair value. Based on the Company's analysis, the fair value of the collateral secures substantially all of the carrying value of the respective note receivable loans. The allowance for credit losses attributable to the collateral-dependent note receivable loans was $4.6 million as of both March 31, 2026 and December 31, 2025.

The following table summarizes the past due balances by credit quality indicator of the notes receivable:
(in thousands)1- 30 days
Past Due
31-89 days
Past Due
> 90 days
Past Due
Total
Past Due
CurrentTotal
 Notes Receivable
As of March 31, 2026
Senior$ $ $42,900 $42,900 $13,646 $56,546 
Subordinated    30,505 30,505 
Unsecured  204 204 3,448 3,652 
$ $ $43,104 $43,104 $47,599 $90,703 
As of December 31, 2025
Senior$— $— $42,900 $42,900 $55,357 $98,257 
Subordinated— — — — 13,356 13,356 
Unsecured— — 404 404 3,640 4,044 
$— $— $43,304 $43,304 $72,353 $115,657 
The amortized cost basis of the notes receivable in a non-accrual status was $42.9 million as of both March 31, 2026 and December 31, 2025.
Variable Interest through Notes Receivable
The Company has issued notes receivable loans to certain entities that have created variable interests in the associated borrowers totaling $78.7 million and $103.2 million as of March 31, 2026 and December 31, 2025, respectively. The Company has determined that it is not the primary beneficiary of these variable interest entities ("VIEs"). For collateral-dependent loans, the Company has no exposure to the borrowing VIE beyond the respective note receivable and the limited commitments which are addressed in Note 11.
Transactions with Unconsolidated Affiliates
The Company has extended loans to various unconsolidated affiliates or members of our unconsolidated affiliates. The Company had a total principal balance on these loans of $42.5 million and $65.3 million as of March 31, 2026 and December 31, 2025, respectively.
Accounts Receivable
Accounts receivable consists primarily of franchise and related fees due from the hotel franchisees and are recorded at the invoiced amount.
During the three months ended March 31, 2026, the Company recognized provisions for credit losses on accounts receivable of $9.5 million in selling, general and administrative expenses, and $7.4 million in reimbursable expenses from franchised and managed properties, in the consolidated statements of income. During the year ended December 31, 2025, the Company recognized provisions for credit losses on accounts receivable of $20.2 million in selling, general and administrative expenses, and $15.0 million in reimbursable expenses from franchised and managed properties, in the consolidated statements of income.
During the three months ended March 31, 2026, the Company recorded write-offs, net of recoveries, through the accounts receivable allowance for credit losses of $5.8 million. During the year ended December 31, 2025, the Company recorded write-offs, net of recoveries, through the accounts receivable allowance for credit losses of $29.6 million.
v3.26.1
Investments in Affiliates
3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliates Investments in Affiliates
The Company has equity method investments in affiliates primarily related to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria Hotels and Everhome Suites branded-hotels in strategic markets.

As of March 31, 2026 and December 31, 2025, the Company had total investments in affiliates in the consolidated balance sheets of $132.8 million and $135.0 million, respectively, which included investments in affiliates that represent VIEs of $132.4 million and $134.4 million, respectively. The Company has determined that it is not the primary beneficiary of any of these VIEs, however the Company does exercise significant influence through its equity ownership and as a result, the investments in these affiliates are accounted for under the equity method of accounting. During the three months ended March 31, 2026 and 2025, the Company recognized losses totaling $6.3 million and $0.9 million, respectively, from these investments that represent VIEs. The Company's maximum exposure to losses related to its investments in the VIEs is limited to the total of its respective equity investment as well as certain limited payment guaranties, which are described in Note 11 to these consolidated financial statements.

During the three months ended March 31, 2026 and 2025, the Company recognized no impairment charges related to its equity method investments.
v3.26.1
Debt
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
March 31, 2026December 31, 2025
(in thousands)
$400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $2.2 million and $2.4 million at March 31, 2026 and December 31, 2025, respectively
$397,794 $397,643 
$450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $2.9 million and $3.1 million at March 31, 2026 and December 31, 2025, respectively
447,062 446,910 
$600 million senior unsecured notes due 2034 ("2024 Senior Notes") with an effective interest rate of 6.11%, less a discount and deferred issuance costs of $9.8 million and $10.1 million at March 31, 2026 and December 31, 2025, respectively
590,229 589,936 
$1 billion senior unsecured revolving credit facility with an effective interest rate of 4.93%, less deferred issuance costs of $2.6 million and $2.8 million at March 31, 2026 and December 31, 2025, respectively
566,301 469,783 
Economic development loans with an effective interest rate of 3.00% at March 31, 2026 and December 31, 2025
1,850 1,850 
Total long-term debt
$2,003,236 $1,906,122 
v3.26.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company estimates the fair value of its financial instruments utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The following summarizes the three levels of inputs, as well as the assets that the Company values using those levels of inputs on a recurring basis.
Level 1 - Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of mutual funds held in the Company's Deferred Compensation Plan.
Level 2 - Observable inputs, other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable. The Company’s Level 2 assets consist of money market funds held in the Company's Deferred Compensation Plan.
Level 3 - Unobservable inputs, supported by little or no market data available, where the reporting entity is required to develop its own assumptions to determine the fair value of the instrument. The Company does not currently have any assets recorded at fair value on a recurring basis whose fair value was determined using Level 3 inputs and there were no transfers of Level 3 assets during the three months ended March 31, 2026 and during the year ended December 31, 2025.
The Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets:
 Fair Value Measurements at Reporting Date Using
(in thousands)TotalLevel 1Level 2Level 3
As of March 31, 2026
Mutual funds(1)
$46,855 $46,855 $ $ 
Money market funds(1)
3,635  3,635  
Total$50,490 $46,855 $3,635 $ 
As of December 31, 2025
Mutual funds(1)
$47,713 $47,713 $— $— 
Money market funds(1)
4,281 — 4,281 — 
Total$51,994 $47,713 $4,281 $— 
(1) The current assets at fair value noted above are presented in prepaid expenses and other current assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets.
Other Financial Instruments Disclosure

The Company believes that the fair values of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rate on the senior unsecured revolving credit facility adjusts frequently based on current market interest rates; therefore, the Company believes the carrying amount approximates the fair value.
The fair values of the Company's senior unsecured notes are classified as Level 2 because the significant inputs are observable in an active market. Refer to Note 5 for additional information on debt. As of March 31, 2026 and December 31, 2025, the carrying amounts and the fair values were as follows:
March 31, 2026December 31, 2025
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
2019 Senior Notes due 2029$397,794 $383,596 $397,643 $389,612 
2020 Senior Notes due 2031$447,062 $422,321 $446,910 $428,963 
2024 Senior Notes due 2034$590,229 $605,298 $589,936 $612,612 
The fair value estimates are determined at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. The settlement of such fair value amounts may not be possible or a prudent management decision.
v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective income tax rates were 33.0% and 25.5% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rate for the three months ended March 31, 2026 was higher than the U.S. federal income tax rate of 21.0% primarily due to the impact of state income taxes and tax expense related to compensation. The effective income tax rate for the three months ended March 31, 2025 was higher than the U.S. federal income tax rate of 21.0% primarily due to the impact of state income taxes.
v3.26.1
Share-Based Compensation
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The components of the Company’s share-based compensation expense were as follows:
Three Months Ended March 31,
(in thousands)20262025
Stock options$557 $1,519 
Restricted stock3,422 3,327 
Performance vested restricted stock units4,313 5,569 
Total share-based compensation expense$8,292 $10,415 
A summary of the share-based award activity during the three months ended March 31, 2026 is presented below:
 Stock OptionsRestricted StockPerformance Vested
Restricted Stock Units
 OptionsWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life
SharesWeighted
Average
Grant Date
Fair Value
SharesWeighted
Average
Grant Date
Fair Value
Outstanding as of January 1, 2026695,083 $110.98 343,165 $138.02 444,811 $138.89 
Granted  129,303 107.01 133,689 151.51 
Performance-based leveraging (1)
    (8,796)131.53 
Exercised/vested(77,737)81.80 (78,106)139.77 (115,378)128.93 
Expired      
Forfeited(752)136.14 (6,235)123.36 (22,031)161.60 
Outstanding as of March 31, 2026616,594 $114.62 5.6 years388,127 $127.84 432,295 $144.29 
Options exercisable as of March 31, 2026553,953 $114.48 5.4 years
(1) Any revisions to the outstanding PVRSUs during the three months ended March 31, 2026 is based on the Company's performance relative to the targeted performance conditions in the respective PVRSUs.
The fair value of the restricted stock and the PVRSUs with performance conditions that were granted during the three months ended March 31, 2026 was equal to the market price of the Company’s common stock on the date of the grant. The fair value of the PVRSUs with market conditions that are based on the Company’s total shareholder return relative to a predetermined peer group was estimated using a Monte Carlo simulation method as of the date of the grant. The requisite service periods for the restricted stock and the PVRSUs was between 9 months and 48 months.
v3.26.1
Earnings Per Share
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities that require the computation of basic earnings per share using the two-class method. The shares of restricted stock are both potential shares of common stock and participating securities so the Company calculates diluted earnings per share by using the more dilutive of the treasury stock method or the two-class method. The calculation of earnings per share for the net income available to common shareholders excludes the distribution of dividends and the undistributed earnings attributable to the participating securities from the numerator. The diluted earnings per share includes stock options, PVRSUs, and RSUs in the calculation of the weighted average shares of common stock outstanding.
The computation of basic and diluted earnings per share was as follows:
Three Months Ended
 March 31,
(in thousands, except per share amounts)20262025
Numerator:
Net income$20,304 $44,534 
Income allocated to participating securities(79)(219)
Net income available to common shareholders$20,225 $44,315 
Denominator:
Weighted average shares of common stock outstanding – basic45,719 46,494 
Basic earnings per share$0.44 $0.95 
Numerator:
Net income$20,304 $44,534 
Income allocated to participating securities(79)(219)
Net income available to common shareholders$20,225 $44,315 
Denominator:
Weighted average shares of common stock outstanding – basic45,719 46,494 
Dilutive effect of stock options, PVRSUs, and RSUs314 629 
Weighted average shares of common stock outstanding – diluted46,033 47,123 
Diluted earnings per share$0.44 $0.94 
The following securities have been excluded from the calculation of the diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect:
 Three Months Ended
March 31,
(in thousands)20262025
Stock options509 137 
PVRSUs30 — 
v3.26.1
Reportable Segments
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
The Hotel Franchising & Management reportable segment includes the Company's hotel franchising operations, which consists of its 22 brands and brand extensions and the hotel management operations of 13 hotels (inclusive of four owned hotels). The 22 brands and brand extensions and hotel management operations are aggregated together within this reportable segment because they have similar economic characteristics, types of customers, distribution channels, and regulatory business environments. The revenues from the hotel franchising and management business include royalty fees, initial franchise fees and relicensing fees, cost reimbursement revenues, partnership services and fees, base and incentive management fees, and other hotel franchising and management-related revenue. The Company provides certain services under its franchise and management agreements which result in direct and indirect reimbursements. The cost reimbursement revenues received from the franchisees are included in Hotel Franchising & Management revenues and are offset by the related expenses in order to calculate Hotel Franchising & Management operating income. The equity in the earnings or losses from the hotel franchising-related investment in affiliates is allocated to the Hotel Franchising & Management reportable segment.
The Company evaluates its Hotel Franchising & Management reportable segment based primarily on the operating income of the segment without allocating corporate expenses or indirect general and administrative expenses. The Corporate & Other column includes the operations of the Company's owned hotels.
Intersegment Eliminations to revenues is the elimination of Hotel Franchising & Management revenue which includes royalty fees, management and cost reimbursement fees charged to our owned hotels against the franchise and management fee expense that is recognized by our owned hotels in Corporate & Other operating income (loss).
Our President and Chief Executive Officer, who is our chief operating decision maker ("CODM"), utilizes budgeted and forecasted financial information as well as industry metrics, such as revenue per available room ("RevPar"), occupancy, and average daily room rate ("ADR"), to assess the performance and to make resource allocation decisions. The CODM does not use assets by operating segment when assessing the performance or when making operating segment resource allocation decisions and therefore, assets by segment are not disclosed below.
The following tables present the financial information for the Company's segments:
 Three Months Ended March 31, 2026
(in thousands)Hotel Franchising & ManagementCorporate &
Other
Intersegment EliminationsConsolidated
Revenues$309,544 $34,541 $(3,510)$340,575 
Other segment items (1)
213,089 54,141 (3,510)263,720 
Depreciation and amortization9,640 7,181  16,821 
Operating income (loss)86,815 (26,781) 60,034 
Reconciliation of segment profit or loss:
Interest expense23,962 
Interest income(1,211)
Other losses, net721 
Equity in net loss of affiliates6,252 
Income before income taxes$30,310 
Three Months Ended March 31, 2025
(in thousands)Hotel Franchising & ManagementCorporate &
Other
Intersegment EliminationsConsolidated
Revenues$303,184 $32,904 $(3,228)$332,860 
Other segment items (1)
192,425 49,983 (3,228)239,180 
Depreciation and amortization7,374 6,374 — 13,748 
Operating income (loss)103,385 (23,453)— 79,932 
Reconciliation of segment profit or loss:
Interest expense21,242 
Interest income(1,559)
Other losses, net436 
Equity in net loss of affiliates51 
Income before income taxes$59,762 
(1) Other segment items for the reportable segment include selling, general and administrative expenses and reimbursable expenses from franchised and managed properties.
v3.26.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is not a party to any litigation other than litigation in the ordinary course of business. The Company's management and legal counsel do not expect that the ultimate outcome of any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company's financial position, results of operations, or cash flows.
Contingencies
The Company entered into various limited payment guaranties with regards to the Company’s VIEs in order to support it's efforts to develop and own hotels that are franchised under the Company’s brands. Under these limited payment guaranties, the Company has agreed to guarantee a portion of the outstanding debt until certain conditions are met, such as (a) the loan matures, (b) certain debt covenants are achieved, (c) the maximum amount guaranteed by the Company is paid in full, or (d) the Company, through its affiliates, ceases to be a member of the VIE. As of March 31, 2026, the maximum unrecorded exposure of the principal associated with these limited payment guaranties was $40.4 million, plus unpaid expenses and accrued but unpaid interest. The Company believes the likelihood of having to perform under these guaranties is remote. In the event of performance, the Company has recourse for certain of the guaranties in the form of partial guaranties from third parties.
Commitments
The Company had the following outstanding commitments as of March 31, 2026:
As part of the acquisition of Radisson Hotels Americas in August 2022, the Company entered into a long-term management arrangement, with an expiration date of July 31, 2031, to manage hotels owned by a third-party. As of March 31, 2026, the Company managed seven hotels pursuant to the long-term management arrangement. In conjunction with the management arrangement, the Company entered into a guarantee with the third-party to fund any shortfalls in the payment of the third-party owner’s priority that is stipulated in the management agreement. As of March 31, 2026, no liability was recognized in the consolidated balance sheets. For the three months ended March 31, 2026, the Company recognized no guarantee payments in selling, general and administrative expenses in the consolidated statements of income. As of March 31, 2026, the maximum unrecorded exposure of the guarantee was $18.2 million.
The Company strategically deploys capital in the form of franchise agreement acquisition cost payments across our brands to incentivize franchise development. These payments are typically made at the commencement of construction or the hotel's opening, in accordance with agreed upon provisions in the individual franchise agreements. The timing and the amount of the franchise agreement acquisition cost payments are dependent on various factors, including the implementation of various development and brand incentive programs, the level of franchise sales, and the ability of our franchisees to complete construction or convert their hotels to one of the Company’s brands.
The Company has committed to provide financing in the form of loans or credit facilities to franchisees for brand development efforts. As of March 31, 2026, the Company had remaining commitments of up to $3.1 million, if certain conditions are met.
The Company’s franchise agreements require the payment of franchise fees, which include marketing and reservation fees. In accordance with the terms of our franchise agreements, the Company is obligated to use the marketing and reservation revenues it collects from the current franchisees to provide marketing and reservation services that are appropriate to support the operation of the overall system. To the extent the revenues collected exceed the expenditures incurred, the Company has a commitment to the franchisee system to make expenditures in future years. Conversely, to the extent the expenditures incurred exceed the revenues collected, the Company has the contractual enforceable right to assess and collect such amounts from the franchisees.
The Company has committed to purchase transferable production tax credits generated by qualified solar energy facilities for an aggregate purchase price of approximately $193 million over an eleven year period, from 2026 through 2036. The Company’s commitments are contingent upon the satisfaction of certain legal and contractual conditions from the sellers, and the continued availability of the credits under federal tax laws. The Company expects to utilize these credits in the same quarter in which they are purchased, offsetting federal income tax estimated payments and reducing income tax expense each year.
In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of representations and warranties. Such indemnifications are granted under various agreements, including those governing (i) purchases or sales of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities, (v) issuances of debt or equity securities, and (vi) certain operating agreements. The indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase
agreements, (ii) landlords in lease contracts, (iii) franchisees in licensing agreements, (iv) financial institutions in credit facility arrangements, (v) underwriters in debt or equity security issuances, and (vi) parties under certain operating agreements. In addition, these parties are also generally indemnified against any third-party claim resulting from the transaction that is contemplated in the underlying agreement. While some of these indemnities extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of the future payments that the Company could be required to make under these indemnities, nor is the Company able to develop an estimate of the maximum potential amount of the future payments that could be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as the indemnifications of the landlords against third-party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates any potential liability.
v3.26.1
Acquisitions
3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Choice Hotels Canada Acquisition
On July 2, 2025, the Company completed the acquisition (the “Transaction”) of the remaining 50% of the outstanding shares of Choice Hotels Canada, Inc. ("Choice Hotels Canada") and amended the existing master franchise agreement for a purchase price of approximately $114.5 million, inclusive of customary adjustments related to working capital and cash. The acquisition was funded with available cash and borrowings under the Company's senior unsecured revolving credit facility. Choice Hotels Canada franchises more than 26,000 rooms in Canada, which have historically been included in the Company's franchised hotel statistics as a result of the prior master franchise agreement. Choice Hotels Canada now has the ability to offer developers access to all of the Company's 22 hotel brands and brand extensions, including the Company's extended stay brands. Prior to the acquisition date, the Company owned 50% of the outstanding shares of Choice Hotels Canada, which was accounted for under the equity method of accounting and reported within investments in affiliates in the consolidated balance sheets. As a result of the Transaction, Choice Hotels Canada is now a wholly-owned and consolidated subsidiary of the Company, and the Transaction was accounted for as a business combination using the acquisition method.
In connection with the Transaction, the Company remeasured the value of its previously held 50% equity investment to its acquisition date fair value of $114.5 million, which resulted in a gain of approximately $100.0 million that is reported within gain from an acquisition of a joint venture in the consolidated statements of income. The fair value of the previously held equity investment was determined using a market approach based on the cash consideration exchanged for the newly acquired 50% equity interest.
The following is a summary of the purchase consideration transferred:
Purchase Consideration
(in thousands)
Cash consideration transferred for the newly acquired interest$114,470 
Fair value of the previously held interest114,470 
Effective settlement of intercompany payables3,280 
Total consideration, including previously held interest$232,220 
During the three months ended March 31, 2026, the Company recognized transaction and transition costs of $0.2 million in business combination, diligence and transition costs in the consolidated statements of income.
Fair Values of the Assets Acquired and the Liabilities Assumed
The Company allocated the purchase price based upon an assessment of the fair value of the assets acquired and the liabilities assumed on July 2, 2025. The final valuation and related allocation of the purchase price was completed in the first quarter of 2026. There were no measurement period adjustments. The final allocation of the purchase price, as presented in our consolidated balance sheets is as follows:
(in thousands)July 2, 2025
Assets acquired
Cash and cash equivalents$44,356 
Accounts receivable10,706 
Income taxes receivable149 
Prepaid expenses and other current assets335 
Operating lease right-of-use assets358 
Intangible assets150,665 
Total assets acquired$206,569 
Liabilities assumed
Accounts payable$5,235 
Accrued expenses and other current liabilities1,926 
Deferred revenue - current333 
Liability for guest loyalty program - current7,194 
Deferred income taxes38,045 
Long-term deferred revenue1,845 
Operating lease liabilities358 
Liability for guest loyalty program - noncurrent5,607 
Total liabilities assumed$60,543 
Fair value of net assets acquired$146,026 
Goodwill86,194 
Total consideration, including previously held interest$232,220 
Identified Intangible Assets
The following table presents the estimated fair values of the acquired identified intangible assets and their estimated useful lives:
Estimated Useful LifeEstimated Fair Value
(in years)(in thousands)
Reacquired territory rights38$76,523 
Franchise agreements1274,142 
Total intangible assets$150,665 
The reacquired territory rights represent the reacquired rights for the use of certain Choice brands within Canada. The fair value of the reacquired territory rights and the franchise agreements was estimated using a multi-period excess earnings method, which is a variation of the income approach. This method uses the present value of the incremental after-tax cash flows attributable to the intangible asset in order to estimate the fair value. This valuation methodology utilizes Level 3 inputs.
Income Taxes
As the Transaction is accounted for as a business combination, deferred tax assets and liabilities are generally recognized on the differences between the fair value of the assets acquired and the liabilities assumed and the tax bases of the assets acquired and the liabilities assumed in the business combination. The Transaction consists of a foreign entity, so the Company asserts an indefinite reinvestment and has not recorded a deferred tax liability on the outside basis difference in its investment.
Pro Forma Results of Operations
The following unaudited pro forma information presents the combined results of operations of Choice and Choice Hotels Canada as if the Company had completed the Transaction on January 1, 2024, but using the fair values of the assets acquired and the liabilities assumed as of the acquisition date. The unaudited pro forma information reflects adjustments relating to (i) the allocation of the purchase price and related adjustments, including the incremental amortization expense based on the fair values of the intangible assets acquired, (ii) the incremental impact of the senior unsecured revolving credit facility draw on interest expense, (iii) nonrecurring transaction costs, and (iv) the income tax impact of the aforementioned pro forma adjustments.
As required by GAAP, these unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Transaction had occurred at the beginning of the period presented, nor are they indicative of the future results of operations.
Three Months Ended
(in thousands)March 31, 2025
Revenues$339,898 
Net income (1)
$42,770 
(1) The gain on the previously held 50% equity interest in Choice Hotels Canada is excluded from the pro forma results of operations.
Choice Hotels Canada Results of Operations
The Company's consolidated statements of income include Choice Hotels Canada's results of operations since the July 2, 2025 acquisition date. Choice Hotels Canada contributed $8.9 million and $3.2 million in total revenues and net income, respectively, for the three months ended March 31, 2026.
Goodwill
The $86.2 million of goodwill recognized is primarily attributable to the value that the Company expects to realize from the existing customer base, cost synergies, and new agreements signed with new franchisees and developers. The goodwill for the Transaction is fully attributable to the Hotel Franchising & Management reportable segment and is not deductible for tax purposes.
The following table summarizes the carrying amount of the Company's goodwill, including the goodwill arising from the acquisition of Choice Hotels Canada, as of March 31, 2026.
(in thousands)
Goodwill, excluding goodwill arising from the Choice Hotels Canada acquisition$227,765 
Goodwill arising from the Choice Hotels Canada acquisition86,194 
Effect of foreign currency translation(1,798)
Total goodwill, gross carrying amount312,161 
Accumulated impairment losses(7,578)
Goodwill, net carrying amount$304,583 
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
The following table describes, for the first quarter of 2026, each trading arrangement for the sale or purchase of Company securities adopted or terminated by our directors and officers that is either (i) a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement), or (ii) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K):
Name
(Title)
Action Taken (Date of Action)
Type of Trading Arrangement
Nature of Trading Arrangement
Duration of Trading Arrangement
Aggregate Number of Securities Covered
Dominic Dragisich
(Chief Growth & Strategy Officer)
Adopted (February 24, 2026)
Rule 10b5-1 trading arrangement
Sale(1)(1)
Scott E. Oaksmith
(Chief Financial Officer)
Adopted (March 12, 2026)
Rule 10b5-1 trading arrangement
Sale(2)(2)
(1) This trading plan relates to up to 23,848 shares of the Company's common stock and has a scheduled expiration date of May 23, 2027, unless terminated earlier. The actual number of shares that may be sold will depend on the number of shares that may be withheld to satisfy the minimum tax-withholding requirements related to the vesting or exercise of certain underlying equity awards.
(2) This trading plan relates to up to 28,042 shares of the Company's common stock and has a scheduled expiration date of December 12, 2027, unless terminated earlier. The actual number of shares that may be sold will depend on (i) the vesting of an underlying equity award, which is subject to the achievement of certain performance criteria, and (ii) the number of shares that may be withheld to satisfy the minimum tax-withholding requirements related to the vesting of certain underlying equity awards.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Scott E. Oaksmith [Member]  
Trading Arrangements, by Individual  
Name Scott E. Oaksmith
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2026
Expiration Date December 12, 2027
Arrangement Duration 640 days
Aggregate Available 28,042
Dominic Dragisich [Member]  
Trading Arrangements, by Individual  
Name Dominic Dragisich
Title Chief Growth & Strategy Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 24, 2026
Expiration Date May 23, 2027
Arrangement Duration 453 days
Aggregate Available 23,848
v3.26.1
Basis of Presentation and Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (collectively, "Choice" or the "Company") have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated in consolidation.
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are necessary to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires public entities to provide detailed disclosure of the income statement expenses in the footnotes to the consolidated financial statements. ASU 2024-03 does not require any changes to the expense captions on the face of the consolidated income statement. ASU 2024-03 is effective for the annual reporting period beginning after December 15, 2026 and for the interim periods within the annual reporting period beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact that ASU 2024-03 will have on the Company's consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting ("ASU 2025-11"). ASU 2025-11 provides a comprehensive list of required interim disclosures and requires entities to disclose events that have a material impact on the entity since the end of the last annual reporting period. ASU 2025-11 is effective for the annual reporting period beginning after December 15, 2027, including the interim periods within that annual reporting period. Early adoption is permitted. The Company is currently evaluating the potential impact that ASU 2025-11 will have on the Company's consolidated financial statements.
v3.26.1
Revenue (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Contract Liabilities
The following table summarizes the significant changes in the contract liabilities balances during the period from December 31, 2025 to March 31, 2026:
(in thousands)
Balance as of December 31, 2025$220,340 
Increases to the contract liability balance due to cash received29,125 
Revenue recognized in the period(27,705)
Balance as of March 31, 2026$221,760 
v3.26.1
Receivables and Allowance for Credit Losses (Tables)
3 Months Ended
Mar. 31, 2026
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Notes Receivable
The following table summarizes the composition of the notes receivable balances by credit quality indicator and the allowance for credit losses:
(in thousands)March 31, 2026December 31, 2025
Senior$56,546 $98,257 
Subordinated30,505 13,356 
Unsecured3,652 4,044 
Total notes receivable$90,703 $115,657 
Less: allowance for credit losses8,451 8,481 
Total notes receivable, net of allowance for credit losses$82,252 $107,176 
Current portion, net of allowance for credit losses$54,849 $94,686 
Long-term portion, net of allowance for credit losses$27,403 $12,490 
Schedule of Financing Receivable Credit Quality Indicators
The following table summarizes the amortized cost basis of the notes receivable by the year of origination and credit quality indicator:
(in thousands)20262025202420232022PriorTotal
Senior$— $— $41,346 $— $— $15,200 $56,546 
Subordinated— 1,501 — 3,503 — 25,501 30,505 
Unsecured— 357 129 — — 3,166 3,652 
Total notes receivable$— $1,858 $41,475 $3,503 $— $43,867 $90,703 
Schedule of Financing Receivable, Allowance for Credit Loss
The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses:
(in thousands)March 31, 2026December 31, 2025
Beginning balance$8,481 $7,331 
(Reversal) provision for credit losses(30)1,150 
Ending balance$8,451 $8,481 
Schedule of Past Due Balances of Notes Receivable
The following table summarizes the past due balances by credit quality indicator of the notes receivable:
(in thousands)1- 30 days
Past Due
31-89 days
Past Due
> 90 days
Past Due
Total
Past Due
CurrentTotal
 Notes Receivable
As of March 31, 2026
Senior$ $ $42,900 $42,900 $13,646 $56,546 
Subordinated    30,505 30,505 
Unsecured  204 204 3,448 3,652 
$ $ $43,104 $43,104 $47,599 $90,703 
As of December 31, 2025
Senior$— $— $42,900 $42,900 $55,357 $98,257 
Subordinated— — — — 13,356 13,356 
Unsecured— — 404 404 3,640 4,044 
$— $— $43,304 $43,304 $72,353 $115,657 
v3.26.1
Debt (Tables)
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Components of Debt
Debt consisted of the following:
March 31, 2026December 31, 2025
(in thousands)
$400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $2.2 million and $2.4 million at March 31, 2026 and December 31, 2025, respectively
$397,794 $397,643 
$450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $2.9 million and $3.1 million at March 31, 2026 and December 31, 2025, respectively
447,062 446,910 
$600 million senior unsecured notes due 2034 ("2024 Senior Notes") with an effective interest rate of 6.11%, less a discount and deferred issuance costs of $9.8 million and $10.1 million at March 31, 2026 and December 31, 2025, respectively
590,229 589,936 
$1 billion senior unsecured revolving credit facility with an effective interest rate of 4.93%, less deferred issuance costs of $2.6 million and $2.8 million at March 31, 2026 and December 31, 2025, respectively
566,301 469,783 
Economic development loans with an effective interest rate of 3.00% at March 31, 2026 and December 31, 2025
1,850 1,850 
Total long-term debt
$2,003,236 $1,906,122 
v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets
The Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets:
 Fair Value Measurements at Reporting Date Using
(in thousands)TotalLevel 1Level 2Level 3
As of March 31, 2026
Mutual funds(1)
$46,855 $46,855 $ $ 
Money market funds(1)
3,635  3,635  
Total$50,490 $46,855 $3,635 $ 
As of December 31, 2025
Mutual funds(1)
$47,713 $47,713 $— $— 
Money market funds(1)
4,281 — 4,281 — 
Total$51,994 $47,713 $4,281 $— 
(1) The current assets at fair value noted above are presented in prepaid expenses and other current assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets.
Schedule of Carrying Amounts and Fair Values As of March 31, 2026 and December 31, 2025, the carrying amounts and the fair values were as follows:
March 31, 2026December 31, 2025
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
2019 Senior Notes due 2029$397,794 $383,596 $397,643 $389,612 
2020 Senior Notes due 2031$447,062 $422,321 $446,910 $428,963 
2024 Senior Notes due 2034$590,229 $605,298 $589,936 $612,612 
v3.26.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expenses
The components of the Company’s share-based compensation expense were as follows:
Three Months Ended March 31,
(in thousands)20262025
Stock options$557 $1,519 
Restricted stock3,422 3,327 
Performance vested restricted stock units4,313 5,569 
Total share-based compensation expense$8,292 $10,415 
Schedule of Stock-Based Award Activity
A summary of the share-based award activity during the three months ended March 31, 2026 is presented below:
 Stock OptionsRestricted StockPerformance Vested
Restricted Stock Units
 OptionsWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life
SharesWeighted
Average
Grant Date
Fair Value
SharesWeighted
Average
Grant Date
Fair Value
Outstanding as of January 1, 2026695,083 $110.98 343,165 $138.02 444,811 $138.89 
Granted  129,303 107.01 133,689 151.51 
Performance-based leveraging (1)
    (8,796)131.53 
Exercised/vested(77,737)81.80 (78,106)139.77 (115,378)128.93 
Expired      
Forfeited(752)136.14 (6,235)123.36 (22,031)161.60 
Outstanding as of March 31, 2026616,594 $114.62 5.6 years388,127 $127.84 432,295 $144.29 
Options exercisable as of March 31, 2026553,953 $114.48 5.4 years
(1) Any revisions to the outstanding PVRSUs during the three months ended March 31, 2026 is based on the Company's performance relative to the targeted performance conditions in the respective PVRSUs.
v3.26.1
Earnings Per Share (Tables)
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The computation of basic and diluted earnings per share was as follows:
Three Months Ended
 March 31,
(in thousands, except per share amounts)20262025
Numerator:
Net income$20,304 $44,534 
Income allocated to participating securities(79)(219)
Net income available to common shareholders$20,225 $44,315 
Denominator:
Weighted average shares of common stock outstanding – basic45,719 46,494 
Basic earnings per share$0.44 $0.95 
Numerator:
Net income$20,304 $44,534 
Income allocated to participating securities(79)(219)
Net income available to common shareholders$20,225 $44,315 
Denominator:
Weighted average shares of common stock outstanding – basic45,719 46,494 
Dilutive effect of stock options, PVRSUs, and RSUs314 629 
Weighted average shares of common stock outstanding – diluted46,033 47,123 
Diluted earnings per share$0.44 $0.94 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following securities have been excluded from the calculation of the diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect:
 Three Months Ended
March 31,
(in thousands)20262025
Stock options509 137 
PVRSUs30 — 
v3.26.1
Reportable Segments (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information for Company's Franchising Segment
The following tables present the financial information for the Company's segments:
 Three Months Ended March 31, 2026
(in thousands)Hotel Franchising & ManagementCorporate &
Other
Intersegment EliminationsConsolidated
Revenues$309,544 $34,541 $(3,510)$340,575 
Other segment items (1)
213,089 54,141 (3,510)263,720 
Depreciation and amortization9,640 7,181  16,821 
Operating income (loss)86,815 (26,781) 60,034 
Reconciliation of segment profit or loss:
Interest expense23,962 
Interest income(1,211)
Other losses, net721 
Equity in net loss of affiliates6,252 
Income before income taxes$30,310 
Three Months Ended March 31, 2025
(in thousands)Hotel Franchising & ManagementCorporate &
Other
Intersegment EliminationsConsolidated
Revenues$303,184 $32,904 $(3,228)$332,860 
Other segment items (1)
192,425 49,983 (3,228)239,180 
Depreciation and amortization7,374 6,374 — 13,748 
Operating income (loss)103,385 (23,453)— 79,932 
Reconciliation of segment profit or loss:
Interest expense21,242 
Interest income(1,559)
Other losses, net436 
Equity in net loss of affiliates51 
Income before income taxes$59,762 
(1) Other segment items for the reportable segment include selling, general and administrative expenses and reimbursable expenses from franchised and managed properties.
v3.26.1
Acquisitions (Tables)
3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Consideration Transferred
The following is a summary of the purchase consideration transferred:
Purchase Consideration
(in thousands)
Cash consideration transferred for the newly acquired interest$114,470 
Fair value of the previously held interest114,470 
Effective settlement of intercompany payables3,280 
Total consideration, including previously held interest$232,220 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
(in thousands)July 2, 2025
Assets acquired
Cash and cash equivalents$44,356 
Accounts receivable10,706 
Income taxes receivable149 
Prepaid expenses and other current assets335 
Operating lease right-of-use assets358 
Intangible assets150,665 
Total assets acquired$206,569 
Liabilities assumed
Accounts payable$5,235 
Accrued expenses and other current liabilities1,926 
Deferred revenue - current333 
Liability for guest loyalty program - current7,194 
Deferred income taxes38,045 
Long-term deferred revenue1,845 
Operating lease liabilities358 
Liability for guest loyalty program - noncurrent5,607 
Total liabilities assumed$60,543 
Fair value of net assets acquired$146,026 
Goodwill86,194 
Total consideration, including previously held interest$232,220 
The following table presents the estimated fair values of the acquired identified intangible assets and their estimated useful lives:
Estimated Useful LifeEstimated Fair Value
(in years)(in thousands)
Reacquired territory rights38$76,523 
Franchise agreements1274,142 
Total intangible assets$150,665 
Schedule of Pro Forma Information
The following unaudited pro forma information presents the combined results of operations of Choice and Choice Hotels Canada as if the Company had completed the Transaction on January 1, 2024, but using the fair values of the assets acquired and the liabilities assumed as of the acquisition date. The unaudited pro forma information reflects adjustments relating to (i) the allocation of the purchase price and related adjustments, including the incremental amortization expense based on the fair values of the intangible assets acquired, (ii) the incremental impact of the senior unsecured revolving credit facility draw on interest expense, (iii) nonrecurring transaction costs, and (iv) the income tax impact of the aforementioned pro forma adjustments.
As required by GAAP, these unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Transaction had occurred at the beginning of the period presented, nor are they indicative of the future results of operations.
Three Months Ended
(in thousands)March 31, 2025
Revenues$339,898 
Net income (1)
$42,770 
(1) The gain on the previously held 50% equity interest in Choice Hotels Canada is excluded from the pro forma results of operations.
Schedule of Goodwill
The following table summarizes the carrying amount of the Company's goodwill, including the goodwill arising from the acquisition of Choice Hotels Canada, as of March 31, 2026.
(in thousands)
Goodwill, excluding goodwill arising from the Choice Hotels Canada acquisition$227,765 
Goodwill arising from the Choice Hotels Canada acquisition86,194 
Effect of foreign currency translation(1,798)
Total goodwill, gross carrying amount312,161 
Accumulated impairment losses(7,578)
Goodwill, net carrying amount$304,583 
v3.26.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Deferred revenue, recognition period 10 years  
Revenue, remaining performance obligation $ 221.8  
Franchise and management fees    
Disaggregation of Revenue [Line Items]    
Redemption of loyalty points period 3 years  
Owned hotels | Transferred At Other Point In Time    
Disaggregation of Revenue [Line Items]    
Revenue $ 22.9 $ 19.5
v3.26.1
Revenue - Schedule of Changes in Contract Liabilities (Details) - Initial Fees, Sustem Implementation Fees, Franchise Agreements, Loyalty Points
$ in Thousands
3 Months Ended
Mar. 31, 2026
USD ($)
Changes in Contract Liability [Roll Forward]  
Balance as of December 31, 2025 $ 220,340
Increases to the contract liability balance due to cash received 29,125
Revenue recognized in the period (27,705)
Balance as of March 31, 2026 $ 221,760
v3.26.1
Receivables and Allowance for Credit Losses - Schedule of Notes Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Notes Receivable and Allowance for Losses [Line Items]      
Total notes receivable $ 90,703 $ 115,657  
Less: allowance for credit losses 8,451 8,481 $ 7,331
Total notes receivable, net of allowance for credit losses 82,252 107,176  
Current portion, net of allowance for credit losses 54,849 94,686  
Long-term portion, net of allowance for credit losses 27,403 12,490  
Senior      
Notes Receivable and Allowance for Losses [Line Items]      
Total notes receivable 56,546 98,257  
Subordinated      
Notes Receivable and Allowance for Losses [Line Items]      
Total notes receivable 30,505 13,356  
Unsecured      
Notes Receivable and Allowance for Losses [Line Items]      
Total notes receivable $ 3,652 $ 4,044  
v3.26.1
Receivables and Allowance for Credit Losses - Schedule of Financing Receivable Credit Quality Indicators (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Notes Receivable and Allowance for Losses [Line Items]    
2026 $ 0  
2025 1,858  
2024 41,475  
2023 3,503  
2022 0  
Prior 43,867  
Total 90,703 $ 115,657
Senior    
Notes Receivable and Allowance for Losses [Line Items]    
2026 0  
2025 0  
2024 41,346  
2023 0  
2022 0  
Prior 15,200  
Total 56,546 98,257
Subordinated    
Notes Receivable and Allowance for Losses [Line Items]    
2026 0  
2025 1,501  
2024 0  
2023 3,503  
2022 0  
Prior 25,501  
Total 30,505 13,356
Unsecured    
Notes Receivable and Allowance for Losses [Line Items]    
2026 0  
2025 357  
2024 129  
2023 0  
2022 0  
Prior 3,166  
Total $ 3,652 $ 4,044
v3.26.1
Receivables and Allowance for Credit Losses - Schedule of Financing Receivable, Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 8,481 $ 7,331
(Reversal) provision for credit losses (30) 1,150
Ending balance $ 8,451 $ 8,481
v3.26.1
Receivables and Allowance for Credit Losses - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Notes Receivable and Allowance for Losses [Line Items]      
Allowance for credit loss $ 8,451 $ 8,481 $ 7,331
Notes receivable 27,403 12,490  
Write-offs, net of recoveries 5,800 29,600  
Affiliated Entity | Related Party      
Notes Receivable and Allowance for Losses [Line Items]      
Loans to various unconsolidated joint ventures 42,500 65,300  
SG&A expenses      
Notes Receivable and Allowance for Losses [Line Items]      
Provision for credit losses 9,500 20,200  
Marketing And Reservation Fees      
Notes Receivable and Allowance for Losses [Line Items]      
Provision for credit losses 7,400 15,000  
Variable Interest Entity, Not Primary Beneficiary      
Notes Receivable and Allowance for Losses [Line Items]      
Notes receivable 78,700 103,200  
Collateral-Dependent Loans      
Notes Receivable and Allowance for Losses [Line Items]      
Allowance for credit loss 4,600 4,600  
Impaired Loans      
Notes Receivable and Allowance for Losses [Line Items]      
Average notes on nonaccrual status $ 42,900 $ 42,900  
v3.26.1
Receivables and Allowance for Credit Losses - Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Past Due [Line Items]    
Notes receivable $ 90,703 $ 115,657
Senior    
Financing Receivable, Past Due [Line Items]    
Notes receivable 56,546 98,257
Subordinated    
Financing Receivable, Past Due [Line Items]    
Notes receivable 30,505 13,356
Unsecured    
Financing Receivable, Past Due [Line Items]    
Notes receivable 3,652 4,044
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Notes receivable 43,104 43,304
Total Past Due | Senior    
Financing Receivable, Past Due [Line Items]    
Notes receivable 42,900 42,900
Total Past Due | Subordinated    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
Total Past Due | Unsecured    
Financing Receivable, Past Due [Line Items]    
Notes receivable 204 404
1- 30 days Past Due    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
1- 30 days Past Due | Senior    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
1- 30 days Past Due | Subordinated    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
1- 30 days Past Due | Unsecured    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
31-89 days Past Due    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
31-89 days Past Due | Senior    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
31-89 days Past Due | Subordinated    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
31-89 days Past Due | Unsecured    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
> 90 days Past Due    
Financing Receivable, Past Due [Line Items]    
Notes receivable 43,104 43,304
> 90 days Past Due | Senior    
Financing Receivable, Past Due [Line Items]    
Notes receivable 42,900 42,900
> 90 days Past Due | Subordinated    
Financing Receivable, Past Due [Line Items]    
Notes receivable 0 0
> 90 days Past Due | Unsecured    
Financing Receivable, Past Due [Line Items]    
Notes receivable 204 404
Current    
Financing Receivable, Past Due [Line Items]    
Notes receivable 47,599 72,353
Current | Senior    
Financing Receivable, Past Due [Line Items]    
Notes receivable 13,646 55,357
Current | Subordinated    
Financing Receivable, Past Due [Line Items]    
Notes receivable 30,505 13,356
Current | Unsecured    
Financing Receivable, Past Due [Line Items]    
Notes receivable $ 3,448 $ 3,640
v3.26.1
Investments in Affiliates (Details) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Variable Interest Entity [Line Items]      
Investments in joint ventures included in unconsolidated entities $ 2,944,586,000   $ 2,918,203,000
Equity method investment impairment 0 $ 0  
Consolidated Entity, Excluding Consolidated VIE      
Variable Interest Entity [Line Items]      
Investments in joint ventures included in unconsolidated entities 132,800,000   135,000,000.0
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Investments in joint ventures included in unconsolidated entities 132,400,000   $ 134,400,000
Loss attributable to variable interest entities $ (6,300,000) $ (900,000)  
v3.26.1
Debt (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Debt [Line Items]    
Long-term debt $ 2,003,236,000 $ 1,906,122,000
Economic Development Loan    
Debt [Line Items]    
Long-term debt $ 1,850,000 $ 1,850,000
Debt instrument effective interest rate 3.00% 3.00%
2019 Senior Notes | Senior    
Debt [Line Items]    
Long-term debt $ 397,794,000 $ 397,643,000
Debt instrument face amount $ 400,000,000  
Debt instrument effective interest rate 3.88%  
Deferred issuance costs $ 2,200,000 2,400,000
2020 Senior Notes | Senior    
Debt [Line Items]    
Long-term debt 447,062,000 446,910,000
Debt instrument face amount $ 450,000,000  
Debt instrument effective interest rate 3.86%  
Deferred issuance costs $ 2,900,000 3,100,000
2024 Senior Notes | Senior    
Debt [Line Items]    
Long-term debt 590,229,000 589,936,000
Debt instrument face amount $ 600,000,000  
Debt instrument effective interest rate 6.11%  
Deferred issuance costs $ 9,800,000 10,100,000
Unsecured Credit Facility | Senior    
Debt [Line Items]    
Long-term debt 566,301,000 469,783,000
Debt instrument face amount $ 1,000,000,000  
Debt instrument effective interest rate 4.93%  
Deferred issuance costs $ 2,600,000 $ 2,800,000
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Assets (Details) - Fair value, Measurements, Recurring - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value Measurements [Line Items]    
Total $ 50,490 $ 51,994
Mutual Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value 46,855 47,713
Money Market Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value 3,635 4,281
Level 1    
Fair Value Measurements [Line Items]    
Total 46,855 47,713
Level 1 | Mutual Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value 46,855 47,713
Level 1 | Money Market Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value 0 0
Level 2    
Fair Value Measurements [Line Items]    
Total 3,635 4,281
Level 2 | Mutual Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value 0 0
Level 2 | Money Market Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value 3,635 4,281
Level 3    
Fair Value Measurements [Line Items]    
Total 0 0
Level 3 | Mutual Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value 0 0
Level 3 | Money Market Funds | Investments, Employee Benefit Plans, At Fair Value    
Fair Value Measurements [Line Items]    
Mutual funds and money market funds, fair value $ 0 $ 0
v3.26.1
Fair Value Measurements - Schedule of Carrying Amounts and Fair Values (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value Measurements [Line Items]    
Long-term debt $ 2,003,236 $ 1,906,122
Senior | 2019 Senior Notes due 2029    
Fair Value Measurements [Line Items]    
Long-term debt 397,794 397,643
Senior | 2019 Senior Notes due 2029 | Level 2 | Carrying Amount    
Fair Value Measurements [Line Items]    
Long-term debt 397,794 397,643
Senior | 2019 Senior Notes due 2029 | Level 2 | Fair Value    
Fair Value Measurements [Line Items]    
Long-term debt 383,596 389,612
Senior | 2020 Senior Notes due 2031    
Fair Value Measurements [Line Items]    
Long-term debt 447,062 446,910
Senior | 2020 Senior Notes due 2031 | Level 2 | Carrying Amount    
Fair Value Measurements [Line Items]    
Long-term debt 447,062 446,910
Senior | 2020 Senior Notes due 2031 | Level 2 | Fair Value    
Fair Value Measurements [Line Items]    
Long-term debt 422,321 428,963
Senior | 2024 Senior Notes due 2034 | Level 2 | Carrying Amount    
Fair Value Measurements [Line Items]    
Long-term debt 590,229 589,936
Senior | 2024 Senior Notes due 2034 | Level 2 | Fair Value    
Fair Value Measurements [Line Items]    
Long-term debt $ 605,298 $ 612,612
v3.26.1
Income Taxes (Details)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective income tax rate (in percent) 33.00% 25.50%
v3.26.1
Share-Based Compensation - Schedule of Stock-Based Compensation Expenses (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Compensation and Capital Stock [Line Items]    
Total share-based compensation expense $ 8,292 $ 10,415
Stock options    
Share-Based Compensation and Capital Stock [Line Items]    
Total share-based compensation expense 557 1,519
Restricted stock    
Share-Based Compensation and Capital Stock [Line Items]    
Total share-based compensation expense 3,422 3,327
Performance vested restricted stock units    
Share-Based Compensation and Capital Stock [Line Items]    
Total share-based compensation expense $ 4,313 $ 5,569
v3.26.1
Share-Based Compensation - Schedule of Stock-Based Award Activity (Details)
3 Months Ended
Mar. 31, 2026
$ / shares
shares
Stock Options  
Options  
Outstanding, beginning balance (in shares) | shares 695,083
Granted (in shares) | shares 0
Performance-based leveraging (in shares) | shares 0
Exercised/vested (in shares) | shares (77,737)
Expired (in shares) | shares 0
Forfeited (in shares) | shares (752)
Outstanding, ending balance (in shares) | shares 616,594
Stock options exercisable (in shares) | shares 553,953
Weighted Average Exercise Price  
Beginning balance (in usd per share) | $ / shares $ 110.98
Granted (in usd per share) | $ / shares 0
Performance-based leveraging (in usd per share) | $ / shares 0
Exercised/vested (in usd per share) | $ / shares 81.80
Expired (in usd per share) | $ / shares 0
Forfeited (in usd per share) | $ / shares 136.14
Ending balance (in usd per share) | $ / shares 114.62
Stock options exercisable - weighted average exercise price (in usd per share) | $ / shares $ 114.48
Weighted Average Remaining Contractual Life  
Outstanding 5 years 7 months 6 days
Stock options exercisable 5 years 4 months 24 days
Restricted Stock  
Restricted Stock and Performance Vested Restricted Stock Units, Shares  
Outstanding, beginning balance (in shares) | shares 343,165
Granted (in shares) | shares 129,303
Performance-based leveraging (in shares) | shares 0
Exercised/vested (in shares) | shares (78,106)
Expired (in shares) | shares 0
Forfeited (in shares) | shares (6,235)
Outstanding, ending balance (in shares) | shares 388,127
Restricted Stock and Performance Vested Restricted Stock Units, Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in usd per share) | $ / shares $ 138.02
Granted (in usd per share) | $ / shares 107.01
Performance-based leveraging (in usd per share) | $ / shares 0
Exercised/vested (in usd per share) | $ / shares 139.77
Expired (in usd per share) | $ / shares 0
Forfeited (in usd per share) | $ / shares 123.36
Outstanding, ending balance (in usd per share) | $ / shares $ 127.84
Performance Vested Restricted Stock Units  
Restricted Stock and Performance Vested Restricted Stock Units, Shares  
Outstanding, beginning balance (in shares) | shares 444,811
Granted (in shares) | shares 133,689
Performance-based leveraging (in shares) | shares (8,796)
Exercised/vested (in shares) | shares (115,378)
Expired (in shares) | shares 0
Forfeited (in shares) | shares (22,031)
Outstanding, ending balance (in shares) | shares 432,295
Restricted Stock and Performance Vested Restricted Stock Units, Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in usd per share) | $ / shares $ 138.89
Granted (in usd per share) | $ / shares 151.51
Performance-based leveraging (in usd per share) | $ / shares 131.53
Exercised/vested (in usd per share) | $ / shares 128.93
Expired (in usd per share) | $ / shares 0
Forfeited (in usd per share) | $ / shares 161.60
Outstanding, ending balance (in usd per share) | $ / shares $ 144.29
v3.26.1
Share-Based Compensation - Narrative (Details) - PVRSUs
3 Months Ended
Mar. 31, 2026
Minimum  
Share-Based Compensation and Capital Stock [Line Items]  
Requisite service period 9 months
Maximum  
Share-Based Compensation and Capital Stock [Line Items]  
Requisite service period 48 months
v3.26.1
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income $ 20,304 $ 44,534
Income allocated to participating securities (79) (219)
Net income available to common shareholders $ 20,225 $ 44,315
Denominator:    
Weighted average shares of common stock outstanding – basic (in shares) 45,719 46,494
Basic earnings per share (in usd per share) $ 0.44 $ 0.95
Numerator:    
Net income $ 20,304 $ 44,534
Income allocated to participating securities (79) (219)
Net income available to common shareholders $ 20,225 $ 44,315
Denominator:    
Weighted average shares of common stock outstanding – basic (in shares) 45,719 46,494
Diluted effect of stock options, PVRSUs and RSUs (in shares) 314 629
Weighted average shares of common stock outstanding – diluted (in shares) 46,033 47,123
Diluted earnings per share (in usd per share) $ 0.44 $ 0.94
v3.26.1
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options (in shares) 509 137
PVRSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options (in shares) 30 0
v3.26.1
Reportable Segments - Narrative (Details)
3 Months Ended
Mar. 31, 2026
brand
hotel
Reportable Segment Information [Line Items]  
Reportable segment reportable segment
Number of brands | brand 22
Number of hotels managed 13
Radisson Hotels Americas  
Reportable Segment Information [Line Items]  
Number of properties acquired 4
v3.26.1
Reportable Segments - Schedule of Financial Information for Company's Franchising Segment (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reportable Segment Information [Line Items]    
Revenues $ 340,575 $ 332,860
Other segment items 263,720 239,180
Depreciation and amortization 16,821 13,748
Operating income (loss) 60,034 79,932
Interest expense 23,962 21,242
Interest income (1,211) (1,559)
Other losses, net 721 436
Equity in net loss of affiliates 6,252 51
Income before income taxes 30,310 59,762
Corporate & Other    
Reportable Segment Information [Line Items]    
Revenues 34,541 32,904
Other segment items 54,141 49,983
Depreciation and amortization 7,181 6,374
Operating income (loss) (26,781) (23,453)
Intersegment Eliminations    
Reportable Segment Information [Line Items]    
Revenues (3,510) (3,228)
Other segment items (3,510) (3,228)
Depreciation and amortization 0 0
Operating income (loss) 0 0
Hotel Franchising & Management | Operating Segments    
Reportable Segment Information [Line Items]    
Revenues 309,544 303,184
Other segment items 213,089 192,425
Depreciation and amortization 9,640 7,374
Operating income (loss) $ 86,815 $ 103,385
v3.26.1
Commitments and Contingencies (Details)
$ in Millions
3 Months Ended
Mar. 31, 2026
USD ($)
hotel
Commitments and Contingencies [Line Items]  
Limited payment guaranties $ 40.4
Number of hotels managed | hotel 13
Guarantee payments $ 0.0
Maximum amount of guarantee 18.2
Purchase obligation $ 193.0
Purchase obligation period 11 years
Maximum  
Commitments and Contingencies [Line Items]  
Other commitment $ 3.1
Radisson Hotels Americas | Affiliated Entity  
Commitments and Contingencies [Line Items]  
Number of hotels managed | hotel 7
v3.26.1
Acquisitions - Choice Hotels Canada Acquisition - Narrative (Details)
$ in Thousands
3 Months Ended
Jul. 02, 2025
USD ($)
brand
room
Mar. 31, 2026
USD ($)
brand
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Jul. 01, 2025
Business Combination [Line Items]          
Number of brands | brand   22      
Business combination, diligence and transition costs   $ 236 $ 99    
Goodwill   $ 304,583   $ 305,758  
Choice Hotels Canada, Inc.          
Business Combination [Line Items]          
Business combination, remaining percentage 50.00%        
Payments to acquire businesses, gross $ 114,470        
Number of rooms | room 26,000        
Number of brands | brand 22        
Business combination percentage   50.00%     50.00%
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Fair Value $ 114,470        
Gain from an acquisition of a joint venture   $ 100,000      
Business combination, diligence and transition costs   200      
Revenue   8,900      
Net income   3,200      
Goodwill $ 86,194 $ 304,583      
v3.26.1
Acquisitions - Schedule of Purchase Consideration Transferred (Details) - Choice Hotels Canada, Inc.
$ in Thousands
Jul. 02, 2025
USD ($)
Business Combination [Line Items]  
Cash consideration transferred for the newly acquired interest $ 114,470
Fair value of the previously held interest 114,470
Effective settlement of intercompany payables 3,280
Total consideration, including previously held interest $ 232,220
v3.26.1
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Jul. 02, 2025
Liabilities assumed      
Goodwill $ 304,583 $ 305,758  
Choice Hotels Canada, Inc.      
Assets acquired      
Cash and cash equivalents     $ 44,356
Accounts receivable     10,706
Income taxes receivable     149
Prepaid expenses and other current assets     335
Operating lease right-of-use assets     358
Intangible assets     150,665
Total assets acquired     206,569
Liabilities assumed      
Accounts payable     5,235
Accrued expenses and other current liabilities     1,926
Deferred revenue - current     333
Liability for guest loyalty program - current     7,194
Deferred income taxes     38,045
Long-term deferred revenue     1,845
Operating lease liabilities     358
Liability for guest loyalty program - noncurrent     5,607
Total liabilities assumed     60,543
Fair value of net assets acquired     146,026
Goodwill $ 304,583   86,194
Total consideration, including previously held interest     $ 232,220
v3.26.1
Acquisitions - Schedule of Indefinite-Lived Intangible Assets (Details) - Choice Hotels Canada, Inc.
$ in Thousands
Jul. 02, 2025
USD ($)
Business Combination [Line Items]  
Estimated Fair Value $ 150,665
Reacquired territory rights  
Business Combination [Line Items]  
Estimated Useful Life 38 years
Estimated Fair Value $ 76,523
Franchise agreements  
Business Combination [Line Items]  
Estimated Useful Life 12 years
Estimated Fair Value $ 74,142
v3.26.1
Acquisitions - Schedule of Pro Forma Information (Details) - Choice Hotels Canada, Inc. - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2026
Jul. 01, 2025
Business Combination [Line Items]      
Revenues $ 339,898    
Net income $ 42,770    
Gain on previously held equity interest   50.00% 50.00%
v3.26.1
Acquisitions - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Jul. 02, 2025
Business Combination [Line Items]      
Goodwill, net carrying amount $ 304,583 $ 305,758  
Choice Hotels Canada, Inc.      
Business Combination [Line Items]      
Total goodwill, gross carrying amount 312,161 $ 227,765  
Goodwill arising from the Choice Hotels Canada acquisition 86,194    
Effect of foreign currency translation (1,798)    
Accumulated impairment losses (7,578)    
Goodwill, net carrying amount $ 304,583   $ 86,194