Braemar Hotels & Resorts Inc Financials

BHR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Braemar Hotels & Resorts Inc (BHR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).

Financial Health Signals

Piotroski F-Score Neutral

5/9

Braemar Hotels & Resorts Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-39.47x

For every $1 of reported earnings, Braemar Hotels & Resorts Inc generates $-39.47 in operating cash flow ($66.8M OCF vs -$1.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

1.2x

Braemar Hotels & Resorts Inc earns $1.2 in operating income for every $1 of interest expense ($128.8M vs $108.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$728.4M

YoY-1.5%

5Y CAGR+8.4%

10Y CAGR+9.0%

Braemar Hotels & Resorts Inc generated $728.4M in revenue in fiscal year 2024. This represents a decrease of 1.5% from the prior year.

EBITDA

$227.5M

YoY+46.8%

5Y CAGR+11.1%

10Y CAGR+10.4%

Braemar Hotels & Resorts Inc's EBITDA was $227.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 46.8% from the prior year.

Free Cash Flow

N/A

Net Income

-$1.7M

YoY+93.7%

Braemar Hotels & Resorts Inc reported -$1.7M in net income in fiscal year 2024. This represents an increase of 93.7% from the prior year.

EPS (Diluted)

$-0.77

YoY+31.9%

Braemar Hotels & Resorts Inc earned $-0.77 per diluted share (EPS) in fiscal year 2024. This represents an increase of 31.9% from the prior year.

Cash & Debt

$135.5M

YoY+58.3%

5Y CAGR+13.5%

10Y CAGR-2.3%

Braemar Hotels & Resorts Inc held $135.5M in cash against $1.2B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.20

YoY+0.0%

5Y CAGR-20.8%

10Y CAGR+0.0%

Braemar Hotels & Resorts Inc paid $0.20 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

67M

YoY-0.0%

5Y CAGR+15.2%

10Y CAGR+10.5%

Braemar Hotels & Resorts Inc had 67M shares outstanding in fiscal year 2024. This represents a decrease of 0.0% from the prior year.

Gross Margin

31.1%

YoY-1.1pp

5Y CAGR-2.5pp

Braemar Hotels & Resorts Inc's gross margin was 31.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.1 percentage points from the prior year.

Operating Margin

17.7%

YoY+9.3pp

5Y CAGR+4.5pp

10Y CAGR+3.4pp

Braemar Hotels & Resorts Inc's operating margin was 17.7% in fiscal year 2024, reflecting core business profitability. This is up 9.3 percentage points from the prior year.

Net Margin

-0.2%

YoY+3.4pp

5Y CAGR-0.3pp

10Y CAGR-0.9pp

Braemar Hotels & Resorts Inc's net profit margin was -0.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$369K

YoY-98.1%

5Y CAGR-0.8%

10Y CAGR-31.2%

Braemar Hotels & Resorts Inc spent $369K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.1% from the prior year.

Capital Expenditures

N/A

BHR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$728.4M-1.5%	$739.3M+10.4%	$669.6M+56.6%	$427.5M+88.4%	$227.0M-53.5%	$487.6M
Cost of Revenue	$501.7M+0.1%	$501.2M+12.5%	$445.5M+55.2%	$287.0M+51.1%	$190.0M-41.3%	$323.6M
Gross Profit	$226.7M-4.8%	$238.2M+6.3%	$224.1M+59.5%	$140.5M+279.8%	$37.0M-77.4%	$164.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$14.4M+6.2%	$13.5M-25.2%	$18.1M+107.5%	$8.7M+30.9%	$6.7M+22.5%	$5.4M
Operating Income	$128.8M+108.8%	$61.7M-9.8%	$68.4M+4620.0%	$1.4M+101.8%	-$79.9M-224.0%	$64.4M
Interest Expense	$108.1M+14.8%	$94.2M+80.6%	$52.2M+68.8%	$30.9M-31.5%	$45.1M-17.3%	$54.5M
Income Tax	$842K-68.7%	$2.7M-33.5%	$4.0M+205.4%	$1.3M+130.0%	-$4.4M-349.8%	$1.8M
Net Income	-$1.7M+93.7%	-$27.0M-252.1%	$17.8M+166.6%	-$26.7M+74.7%	-$105.3M-28472.5%	$371K
EPS (Diluted)	$-0.77+31.9%	$-1.13-653.3%	$-0.15+80.3%	$-0.76+77.6%	$-3.39-959.4%	$-0.32

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$143.6M-19.8%	$179.1M-17.0%	$215.8M+24.5%	$173.3M-7.6%	$187.6M-14.4%	$219.1M+23.4%	$177.5M+11.1%	$159.8M
Cost of Revenue	$111.6M-10.7%	$125.0M-7.9%	$135.7M+9.8%	$123.6M-3.7%	$128.4M-5.6%	$136.0M+10.3%	$123.4M+5.9%	$116.5M
Gross Profit	$31.9M-40.9%	$54.0M-32.5%	$80.1M+61.1%	$49.7M-16.0%	$59.2M-28.7%	$83.0M+53.3%	$54.2M+25.0%	$43.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$4.3M+71.6%	$2.5M
Operating Income	$29.8M+66.6%	$17.9M-51.3%	$36.7M+872.2%	$3.8M-69.0%	$12.2M-71.3%	$42.5M+627.5%	$5.8M+796.6%	$651K
Interest Expense	$25.2M-0.7%	$25.4M+2.2%	$24.8M-6.1%	$26.4M-3.1%	$27.3M+3.0%	$26.5M+8.4%	$24.4M+4.9%	$23.3M
Income Tax	-$648K-87.8%	-$345K-123.5%	$1.5M+298.6%	$368K+422.8%	-$114K-107.9%	$1.5M-10.6%	$1.6M+236.6%	-$1.2M
Net Income	$5.7M+205.0%	-$5.5M-149.7%	$11.0M+159.0%	-$18.7M-61.3%	-$11.6M-172.6%	$15.9M+183.1%	-$19.2M+13.0%	-$22.0M
EPS (Diluted)	$-0.12+50.0%	$-0.24-500.0%	$-0.04+91.5%	$-0.47-42.4%	$-0.33-760.0%	$0.05+110.4%	$-0.48+4.0%	$-0.50

BHR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.1B-4.1%	$2.2B-7.1%	$2.4B+27.6%	$1.9B+12.3%	$1.7B-4.8%	$1.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$135.5M+58.3%	$85.6M-67.3%	$261.5M+21.1%	$216.0M+174.8%	$78.6M+9.2%	$72.0M
Inventory	$4.7M-6.8%	$5.0M-4.5%	$5.2M+67.5%	$3.1M+22.6%	$2.6M-8.7%	$2.8M
Accounts Receivable	$31.8M-19.0%	$39.2M-23.8%	$51.4M+117.1%	$23.7M+74.8%	$13.6M-28.8%	$19.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B-1.3%	$1.9B+22.1%	$1.6B+15.9%	$1.4B+6.1%	$1.3B+2.5%	$1.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.2B+4.1%	$1.2B-12.9%	$1.3B+13.8%	$1.2B+3.7%	$1.1B+6.8%	$1.1B
Total Equity	$240.7M-21.6%	$307.0M-25.1%	$410.1M+2.8%	$398.8M+44.4%	$276.3M-25.2%	$369.3M
Retained Earnings	-$477.8M-15.9%	-$412.2M-26.9%	-$324.7M-5.0%	-$309.2M-16.3%	-$266.0M-76.6%	-$150.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$2.0B-2.7%	$2.1B-1.6%	$2.1B-1.8%	$2.1B-3.4%	$2.2B-3.1%	$2.3B+2.5%	$2.2B-1.8%	$2.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$116.3M+44.9%	$80.2M-1.8%	$81.7M-39.7%	$135.5M+18.2%	$114.6M-16.4%	$137.1M+60.1%	$85.6M-42.7%	$149.5M
Inventory	$4.6M-2.3%	$4.7M+1.6%	$4.7M0.0%	$4.7M+0.6%	$4.6M-1.0%	$4.7M-6.4%	$5.0M+1.2%	$4.9M
Accounts Receivable	$32.8M+0.4%	$32.7M-18.1%	$39.9M+25.7%	$31.8M-2.0%	$32.4M-20.9%	$41.0M+4.6%	$39.2M+9.1%	$35.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.8B-2.3%	$1.8B-1.1%	$1.9B-1.9%	$1.9B-1.8%	$1.9B-2.3%	$2.0B+2.8%	$1.9B-0.4%	$1.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.2B-3.8%	$1.2B+0.7%	$1.2B-0.6%	$1.2B+7.2%	$1.1B-7.8%	$1.2B+5.2%	$1.2B-1.4%	$1.2B
Total Equity	$211.9M-5.9%	$225.1M-5.8%	$238.9M-0.8%	$240.7M-14.7%	$282.3M-8.1%	$307.3M+0.1%	$307.0M-9.9%	$340.6M
Retained Earnings	-$515.8M-2.7%	-$502.4M-4.1%	-$482.6M-1.0%	-$477.8M-9.3%	-$437.3M-6.1%	-$412.0M0.0%	-$412.2M-9.1%	-$377.7M

BHR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$66.8M-21.1%	$84.7M-22.6%	$109.5M+71.2%	$64.0M+227.2%	-$50.3M-175.9%	$66.3M
Capital Expenditures	N/A	$0-100.0%	$354.4M+1912.2%	$17.6M	$0	N/A
Free Cash Flow	N/A	$84.7M+134.6%	-$245.0M-628.7%	$46.3M+192.1%	-$50.3M	N/A
Investing Cash Flow	$35.5M+146.1%	-$77.1M+80.8%	-$402.2M-865.1%	-$41.7M-152.0%	-$16.5M+92.7%	-$226.4M
Financing Cash Flow	-$83.8M+46.6%	-$156.8M-145.5%	$345.1M+169.7%	$128.0M+158.0%	$49.6M+54.7%	$32.1M
Dividends Paid	$51.6M-1.9%	$52.6M+153.2%	$20.8M+128.5%	$9.1M-43.7%	$16.2M-51.6%	$33.4M
Share Buybacks	$369K-98.1%	$19.3M+160.5%	$7.4M+1871.0%	$376K+43.0%	$263K-31.5%	$384K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$5.8M-125.0%	$23.0M+52.2%	$15.1M+127.7%	$6.7M-72.4%	$24.1M-33.1%	$36.0M+207.8%	$11.7M+6.1%	$11.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$11.7M+6.1%	$11.0M
Investing Cash Flow	$118.2M+4542.8%	$2.5M+117.9%	-$14.2M+17.2%	-$17.2M-8.3%	-$15.9M+30.6%	-$22.8M-6.2%	-$21.5M-10.3%	-$19.5M
Financing Cash Flow	-$84.1M-221.8%	-$26.1M+47.5%	-$49.8M-130.7%	-$21.6M+53.7%	-$46.6M-217.4%	$39.7M+230.0%	-$30.5M-228.4%	$23.8M
Dividends Paid	$11.7M-2.3%	$12.0M-1.8%	$12.2M-2.5%	$12.5M-4.6%	$13.1M0.0%	$13.1M-0.1%	$13.1M-1.2%	$13.3M
Share Buybacks	$727K	N/A	N/A	$0-100.0%	$369K	$0+100.0%	-$1K-150.0%	$2K

BHR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	31.1%-1.1pp	32.2%-1.3pp	33.5%+0.6pp	32.9%+16.6pp	16.3%-17.3pp	33.6%
Operating Margin	17.7%+9.3pp	8.3%-1.9pp	10.2%+9.9pp	0.3%+35.5pp	-35.2%-48.4pp	13.2%
Net Margin	-0.2%+3.4pp	-3.6%-6.3pp	2.6%+8.9pp	-6.2%+40.1pp	-46.4%-46.5pp	0.1%
Return on Equity	N/A	N/A	4.3%	N/A	N/A	0.1%
Return on Assets	-0.1%+1.1pp	-1.2%-1.9pp	0.7%+2.2pp	-1.4%+4.9pp	-6.3%-6.3pp	0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	5.03+1.2	3.79+0.5	3.25+0.3	2.94-1.2	4.09+1.2	2.87
FCF Margin	N/A	11.5%+48.0pp	-36.6%-47.4pp	10.8%+33.0pp	-22.2%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	22.3%-7.9pp	30.2%-6.9pp	37.1%+8.4pp	28.7%-2.9pp	31.6%-6.3pp	37.9%+7.4pp	30.5%+3.4pp	27.1%
Operating Margin	20.8%+10.8pp	10.0%-7.0pp	17.0%+14.8pp	2.2%-4.3pp	6.5%-12.9pp	19.4%+16.1pp	3.3%+2.9pp	0.4%
Net Margin	4.0%+7.1pp	-3.0%-8.1pp	5.1%+15.9pp	-10.8%-4.6pp	-6.2%-13.4pp	7.3%+18.1pp	-10.8%+3.0pp	-13.8%
Return on Equity	2.7%	N/A	4.6%+0.1pp	4.5%	N/A	5.2%	N/A	N/A
Return on Assets	0.3%+0.5pp	-0.3%-0.8pp	0.5%+1.4pp	-0.9%-0.3pp	-0.5%-1.2pp	0.7%+1.6pp	-0.9%+0.1pp	-1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	5.50+0.1	5.38+0.3	5.030.0	5.03+1.0	4.00+0.0	3.98+0.2	3.79+0.3	3.46
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	6.6%-0.3pp	6.9%

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Frequently Asked Questions

What is Braemar Hotels & Resorts Inc's annual revenue?

Braemar Hotels & Resorts Inc (BHR) reported $728.4M in total revenue for fiscal year 2024. This represents a -1.5% 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 Braemar Hotels & Resorts Inc's revenue growing?

Braemar Hotels & Resorts Inc (BHR) revenue declined by 1.5% year-over-year, from $739.3M to $728.4M in fiscal year 2024.

Is Braemar Hotels & Resorts Inc profitable?

No, Braemar Hotels & Resorts Inc (BHR) reported a net income of -$1.7M in fiscal year 2024, with a net profit margin of -0.2%.

What is Braemar Hotels & Resorts Inc's earnings per share (EPS)?

Braemar Hotels & Resorts Inc (BHR) reported diluted earnings per share of $-0.77 for fiscal year 2024. This represents a 31.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Braemar Hotels & Resorts Inc's EBITDA?

Braemar Hotels & Resorts Inc (BHR) had EBITDA of $227.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Braemar Hotels & Resorts Inc have?

As of fiscal year 2024, Braemar Hotels & Resorts Inc (BHR) had $135.5M in cash and equivalents against $1.2B in long-term debt.

What is Braemar Hotels & Resorts Inc's gross margin?

Braemar Hotels & Resorts Inc (BHR) had a gross margin of 31.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Braemar Hotels & Resorts Inc's operating margin?

Braemar Hotels & Resorts Inc (BHR) had an operating margin of 17.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Braemar Hotels & Resorts Inc's net profit margin?

Braemar Hotels & Resorts Inc (BHR) had a net profit margin of -0.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Braemar Hotels & Resorts Inc pay dividends?

Yes, Braemar Hotels & Resorts Inc (BHR) paid $0.20 per share in dividends during fiscal year 2024.

What is Braemar Hotels & Resorts Inc's operating cash flow?

Braemar Hotels & Resorts Inc (BHR) generated $66.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Braemar Hotels & Resorts Inc's total assets?

Braemar Hotels & Resorts Inc (BHR) had $2.1B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Braemar Hotels & Resorts Inc buy back shares?

Yes, Braemar Hotels & Resorts Inc (BHR) spent $369K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Braemar Hotels & Resorts Inc have outstanding?

Braemar Hotels & Resorts Inc (BHR) had 67M shares outstanding as of fiscal year 2024.

What is Braemar Hotels & Resorts Inc's debt-to-equity ratio?

Braemar Hotels & Resorts Inc (BHR) had a debt-to-equity ratio of 5.03 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Braemar Hotels & Resorts Inc's return on assets (ROA)?

Braemar Hotels & Resorts Inc (BHR) had a return on assets of -0.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Braemar Hotels & Resorts Inc's Piotroski F-Score?

Braemar Hotels & Resorts Inc (BHR) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Braemar Hotels & Resorts Inc's earnings high quality?

Braemar Hotels & Resorts Inc (BHR) has an earnings quality ratio of -39.47x, considered mixed quality. 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 Braemar Hotels & Resorts Inc cover its interest payments?

Braemar Hotels & Resorts Inc (BHR) has an interest coverage ratio of 1.2x, 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.