Ashford Hospitality Tr Inc Financials
This page shows Ashford Hospitality Tr Inc (AHT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Property cash flow is being absorbed by financing costs, leaving asset sales to support a balance sheet with $2.5B of long-term debt.
By FY2025, cash had fallen to$66M from$165M two years earlier even though investing cash flow was positive in both recent years, which implies asset dispositions were mainly covering operating and financing needs rather than building liquidity. The pressure is structural: interest expense of$256M still exceeded operating income of$116M .
Between FY2024 and FY2025, gross margin was essentially flat at about
Total assets shrank to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Ashford Hospitality Tr Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ashford Hospitality Tr Inc has an operating margin of 10.5%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 53/100, indicating healthy but not exceptional operating efficiency. This is down from 22.1% the prior year.
Ashford Hospitality Tr Inc's revenue declined 5.8% year-over-year, from $1.2B to $1.1B. This contraction results in a growth score of 16/100.
Ashford Hospitality Tr Inc has elevated debt relative to equity (D/E of -4.03), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Ashford Hospitality Tr Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ashford Hospitality Tr Inc generates $0.09 in operating cash flow (-$15.7M OCF vs -$179.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Ashford Hospitality Tr Inc earns $0.5 in operating income for every $1 of interest expense ($116.4M vs $256.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ashford Hospitality Tr Inc generated $1.1B in revenue in fiscal year 2025. This represents a decrease of 5.8% from the prior year.
Ashford Hospitality Tr Inc's EBITDA was $257.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 37.4% from the prior year.
Ashford Hospitality Tr Inc reported -$179.8M in net income in fiscal year 2025. This represents a decrease of 198.2% from the prior year.
Ashford Hospitality Tr Inc earned $-35.99 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 105.2% from the prior year.
Cash & Balance Sheet
Ashford Hospitality Tr Inc held $66.1M in cash against $2.5B in long-term debt as of fiscal year 2025.
Ashford Hospitality Tr Inc had 6M shares outstanding in fiscal year 2025. This represents an increase of 14.9% from the prior year.
Margins & Returns
Ashford Hospitality Tr Inc's gross margin was 30.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.0 percentage points from the prior year.
Ashford Hospitality Tr Inc's operating margin was 10.5% in fiscal year 2025, reflecting core business profitability. This is down 11.6 percentage points from the prior year.
Ashford Hospitality Tr Inc's net profit margin was -16.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.1 percentage points from the prior year.
Capital Allocation
Ashford Hospitality Tr Inc spent $44K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 10.2% from the prior year.
AHT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $267.7M+3.4% | $259.0M-2.7% | $266.1M-11.9% | $302.0M+8.9% | $277.4M+0.7% | $275.5M-0.4% | $276.6M-12.6% | $316.5M |
| Cost of Revenue | $181.1M-3.5% | $187.7M-2.9% | $193.3M-2.8% | $198.8M+5.5% | $188.5M-6.8% | $202.2M+3.8% | $194.8M-6.1% | $207.4M |
| Gross Profit | $86.6M+21.5% | $71.3M-2.1% | $72.8M-29.4% | $103.2M+16.1% | $88.9M+21.3% | $73.3M-10.4% | $81.8M-25.0% | $109.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.6M-56.3% | $3.7M-49.8% | $7.3M+33.1% | $5.5M+26.6% | $4.3M+4.7% | $4.1M-18.2% | $5.1M-29.7% | $7.2M |
| Operating Income | $13.2M+299.8% | -$6.6M-154.3% | $12.2M-75.2% | $49.3M-19.9% | $61.5M+225.7% | -$49.0M-342.7% | $20.2M-85.1% | $135.5M |
| Interest Expense | $73.6M+31.7% | $55.9M-11.2% | $62.9M-11.0% | $70.7M+5.8% | $66.8M+4.1% | $64.2M-4.0% | $66.8M-2.3% | $68.4M |
| Income Tax | $752K+189.7% | -$838K-423.6% | $259K+117.6% | $119K-62.5% | $317K+113.7% | -$2.3M-420.4% | -$445K-112.9% | $3.5M |
| Net Income | -$63.8M+8.0% | -$69.3M-15.3% | -$60.1M-97.9% | -$30.4M-52.2% | -$20.0M+83.9% | -$124.2M-114.5% | -$57.9M-215.2% | $50.3M |
| EPS (Diluted) | $-11.03 | N/A | $-11.35-65.0% | $-6.88-40.1% | $-4.91 | N/A | $-12.39 | $2.50 |
AHT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B-8.1% | $2.8B-5.8% | $3.0B-1.7% | $3.1B-0.7% | $3.1B-2.5% | $3.2B-3.3% | $3.3B-2.3% | $3.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $78.0M+18.0% | $66.1M-19.2% | $81.9M-18.1% | $100.0M+16.5% | $85.8M-24.0% | $112.9M-5.6% | $119.7M-1.7% | $121.8M |
| Inventory | $3.1M-13.7% | $3.6M-4.0% | $3.7M+1.7% | $3.7M+0.1% | $3.7M+1.5% | $3.6M-1.3% | $3.7M+1.8% | $3.6M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.0B-5.1% | $3.2B-3.1% | $3.3B0.0% | $3.3B+0.3% | $3.3B-2.2% | $3.4B+0.3% | $3.4B-1.2% | $3.4B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $2.3B-9.5% | $2.5B-3.2% | $2.6B-1.3% | $2.6B-0.2% | $2.7B+0.8% | $2.6B-3.8% | $2.7B-0.9% | $2.8B |
| Total Equity | -$695.2M-11.0% | -$626.4M-14.1% | -$548.7M-13.0% | -$485.5M-8.8% | -$446.1M-6.4% | -$419.2M-45.4% | -$288.4M-27.7% | -$225.9M |
| Retained Earnings | -$3.1B-2.3% | -$3.0B-2.7% | -$2.9B-2.4% | -$2.9B-1.4% | -$2.8B-1.0% | -$2.8B-4.9% | -$2.7B-2.4% | -$2.6B |
AHT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $29.5M+336.0% | -$12.5M-327.8% | $5.5M-66.4% | $16.3M+165.4% | -$25.0M-277.2% | $14.1M+1673.8% | $795K-90.0% | $8.0M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $197.1M+242.1% | $57.6M+111.0% | $27.3M+332.1% | $6.3M-93.6% | $99.5M+583.5% | -$20.6M+4.1% | -$21.5M-108.6% | $250.1M |
| Financing Cash Flow | -$222.0M-186.3% | -$77.6M-94.7% | -$39.8M-584.8% | $8.2M+111.7% | -$70.0M-901.9% | -$7.0M-183.8% | $8.3M+103.2% | -$260.2M |
| Dividends Paid | $0-100.0% | $6.2M+1.7% | $6.1M+2.5% | $6.0M+5.7% | $5.6M-0.3% | $5.7M+8.2% | $5.2M+7.3% | $4.9M |
| Share Buybacks | $2K-95.0% | $40K | $0-100.0% | $4K | $0 | $0 | $0-100.0% | $49K |
AHT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.4%+4.8pp | 27.5%+0.2pp | 27.4%-6.8pp | 34.2%+2.1pp | 32.0%+5.4pp | 26.6%-3.0pp | 29.6%-4.9pp | 34.4% |
| Operating Margin | 5.0%+7.5pp | -2.6%-7.2pp | 4.6%-11.7pp | 16.3%-5.9pp | 22.2%+40.0pp | -17.8%-25.1pp | 7.3%-35.5pp | 42.8% |
| Net Margin | -23.8%+2.9pp | -26.8%-4.2pp | -22.6%-12.6pp | -10.1%-2.9pp | -7.2%+37.9pp | -45.1%-24.2pp | -20.9%-36.8pp | 15.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -2.5%0.0pp | -2.5%-0.5pp | -2.0%-1.0pp | -1.0%-0.3pp | -0.7%+3.3pp | -3.9%-2.2pp | -1.8%-3.3pp | 1.5% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | -3.29+0.7 | -4.03+0.7 | -4.76+0.7 | -5.45+0.5 | -5.94+0.3 | -6.27+3.2 | -9.48+2.7 | -12.21 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$626.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Ashford Hospitality Tr Inc's annual revenue?
Ashford Hospitality Tr Inc (AHT) reported $1.1B in total revenue for fiscal year 2025. This represents a -5.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ashford Hospitality Tr Inc's revenue growing?
Ashford Hospitality Tr Inc (AHT) revenue declined by 5.8% year-over-year, from $1.2B to $1.1B in fiscal year 2025.
Is Ashford Hospitality Tr Inc profitable?
No, Ashford Hospitality Tr Inc (AHT) reported a net income of -$179.8M in fiscal year 2025, with a net profit margin of -16.3%.
What is Ashford Hospitality Tr Inc's EBITDA?
Ashford Hospitality Tr Inc (AHT) had EBITDA of $257.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ashford Hospitality Tr Inc have?
As of fiscal year 2025, Ashford Hospitality Tr Inc (AHT) had $66.1M in cash and equivalents against $2.5B in long-term debt.
What is Ashford Hospitality Tr Inc's gross margin?
Ashford Hospitality Tr Inc (AHT) had a gross margin of 30.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ashford Hospitality Tr Inc's operating margin?
Ashford Hospitality Tr Inc (AHT) had an operating margin of 10.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ashford Hospitality Tr Inc's net profit margin?
Ashford Hospitality Tr Inc (AHT) had a net profit margin of -16.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ashford Hospitality Tr Inc's operating cash flow?
Ashford Hospitality Tr Inc (AHT) generated -$15.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ashford Hospitality Tr Inc's total assets?
Ashford Hospitality Tr Inc (AHT) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Ashford Hospitality Tr Inc's debt-to-equity ratio?
Ashford Hospitality Tr Inc (AHT) had a debt-to-equity ratio of -4.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ashford Hospitality Tr Inc's return on assets (ROA)?
Ashford Hospitality Tr Inc (AHT) had a return on assets of -6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ashford Hospitality Tr Inc's cash runway?
Based on fiscal year 2025 data, Ashford Hospitality Tr Inc (AHT) had $66.1M in cash against an annual operating cash burn of $15.7M. This gives an estimated cash runway of approximately 51 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Ashford Hospitality Tr Inc's debt-to-equity ratio negative or unusual?
Ashford Hospitality Tr Inc (AHT) has negative shareholder equity of -$626.4M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ashford Hospitality Tr Inc's Piotroski F-Score?
Ashford Hospitality Tr Inc (AHT) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ashford Hospitality Tr Inc's earnings high quality?
Ashford Hospitality Tr Inc (AHT) has an earnings quality ratio of 0.09x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ashford Hospitality Tr Inc cover its interest payments?
Ashford Hospitality Tr Inc (AHT) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ashford Hospitality Tr Inc?
Ashford Hospitality Tr Inc (AHT) scores 12 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.