A simple analytic theory is developed to describe FRET efficiency histograms constructed from a photon trajectory generated by a molecule with multiple conformational states. The histograms are approximated by a sum of Gaussians with the parameters explicitly determined by the FRET efficiencies of the states and the rates of the transitions between the states. The theory, which has been tested against exact histograms for two conformational states and simulated data for three and four conformational states, accurately describes how the peaks in the histograms collapse as the bin time or the transition rates increase.