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Braemar Hotels & Resorts Inc Financials

BHR
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 14 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).

Rhea AI BHR FY2025

Asset-heavy hotels produce meaningful EBITDA, but interest costs and weak cash conversion keep the equity cushion shrinking.

In FY2025, EBITDA was $164.9M while operating cash flow was only $40.8M. With interest expense still at $98.5M, much of the business's apparent operating strength was already spoken for before debt reduction or reinvestment, which helps explain why the shareholder equity cushion kept thinning.

Between FY2023 and FY2025, debt-to-equity rose from 3.8x to 8.0x because equity shrank much faster than liabilities. The properties may still generate revenue, but the balance sheet now has less owner capital absorbing operating volatility.

Operating margin fell from 17.7% to 10.3% by FY2025. With revenue still above $700M, profitability appears highly sensitive to relatively small shifts in property economics rather than driven by a broad collapse in sales.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 22 / 100
Financial Profile 22/100

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 Braemar Hotels & Resorts 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.

Profitability
49

Braemar Hotels & Resorts Inc has an operating margin of 10.3%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is down from 17.7% the prior year.

Growth
29

Braemar Hotels & Resorts Inc's revenue declined 3.3% year-over-year, from $728.4M to $704.0M. This contraction results in a growth score of 29/100.

Leverage
0

Braemar Hotels & Resorts Inc has elevated debt relative to equity (D/E of 7.96), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns
0

Braemar Hotels & Resorts Inc generates a -16.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -0.7% the prior year.

Piotroski F-Score Weak
3/9

Braemar Hotels & Resorts Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed
-1.83x

For every $1 of reported earnings, Braemar Hotels & Resorts Inc generates $-1.83 in operating cash flow ($40.8M OCF vs -$22.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
0.7x

Braemar Hotels & Resorts Inc earns $0.7 in operating income for every $1 of interest expense ($72.4M vs $98.5M). 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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Earnings & Revenue

Revenue
$704.0M
YoY-3.3%
5Y CAGR+25.4%
10Y CAGR+7.3%

Braemar Hotels & Resorts Inc generated $704.0M in revenue in fiscal year 2025. This represents a decrease of 3.3% from the prior year.

EBITDA
$164.9M
YoY-27.5%
10Y CAGR+6.3%

Braemar Hotels & Resorts Inc's EBITDA was $164.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 27.5% from the prior year.

Net Income
-$22.3M
YoY-1218.3%

Braemar Hotels & Resorts Inc reported -$22.3M in net income in fiscal year 2025. This represents a decrease of 1218.3% from the prior year.

EPS (Diluted)
$-1.07
YoY-39.0%

Braemar Hotels & Resorts Inc earned $-1.07 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 39.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$124.4M
YoY-8.2%
5Y CAGR+9.6%
10Y CAGR+1.7%

Braemar Hotels & Resorts Inc held $124.4M in cash against $1.1B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.20
YoY+0.0%
10Y CAGR-5.4%

Braemar Hotels & Resorts Inc paid $0.20 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding
68M
YoY+2.4%
5Y CAGR+12.3%
10Y CAGR+9.1%

Braemar Hotels & Resorts Inc had 68M shares outstanding in fiscal year 2025. This represents an increase of 2.4% from the prior year.

Margins & Returns

Gross Margin
30.1%
YoY-1.0pp
5Y CAGR+13.8pp

Braemar Hotels & Resorts Inc's gross margin was 30.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.

Operating Margin
10.3%
YoY-7.4pp
5Y CAGR+45.5pp
10Y CAGR-2.9pp

Braemar Hotels & Resorts Inc's operating margin was 10.3% in fiscal year 2025, reflecting core business profitability. This is down 7.4 percentage points from the prior year.

Net Margin
-3.2%
YoY-2.9pp
5Y CAGR+43.2pp
10Y CAGR-1.3pp

Braemar Hotels & Resorts Inc's net profit margin was -3.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.9 percentage points from the prior year.

Return on Equity
-16.1%
YoY-15.4pp
5Y CAGR+22.0pp
10Y CAGR-14.1pp

Braemar Hotels & Resorts Inc's ROE was -16.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 15.4 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$778K
YoY+110.8%
5Y CAGR+24.2%
10Y CAGR-21.6%

Braemar Hotels & Resorts Inc spent $778K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 110.8% from the prior year.

Capital Expenditures
N/A

BHR Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $209.0M+26.2% $165.6M+15.3% $143.6M-19.8% $179.1M-17.0% $215.8M+24.5% $173.3M+16.8% $148.4M-20.9% $187.6M
Cost of Revenue $129.9M+8.4% $119.8M+7.3% $111.6M-10.7% $125.0M-7.9% $135.7M+9.8% $123.6M+8.7% $113.7M-11.4% $128.4M
Gross Profit $79.1M+73.0% $45.7M+43.2% $31.9M-40.9% $54.0M-32.5% $80.1M+61.1% $49.7M+43.4% $34.7M-41.4% $59.2M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $4.9M N/A N/A N/A $2.9M N/A N/A N/A
Operating Income $39.6M+428.1% -$12.1M-140.5% $29.8M+66.6% $17.9M-51.3% $36.7M+872.2% $3.8M-94.6% $70.3M+477.7% $12.2M
Interest Expense $21.2M-8.5% $23.2M-8.0% $25.2M-0.7% $25.4M+2.2% $24.8M-6.1% $26.4M-5.3% $27.9M+2.3% $27.3M
Income Tax $1.4M-5.8% $1.5M+332.3% -$648K-87.8% -$345K-123.5% $1.5M+298.6% $368K+142.6% -$864K-657.9% -$114K
Net Income $17.7M+152.7% -$33.6M-685.0% $5.7M+205.0% -$5.5M-149.7% $11.0M+159.0% -$18.7M-248.1% $12.6M+208.9% -$11.6M
EPS (Diluted) $0.07 N/A $-0.12+50.0% $-0.24-500.0% $-0.04 N/A $-0.02+93.9% $-0.33

BHR Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $1.8B-0.7% $1.9B-7.3% $2.0B-2.7% $2.1B-1.6% $2.1B-1.8% $2.1B-1.9% $2.2B-1.5% $2.2B
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $93.4M-24.9% $124.4M+6.9% $116.3M+44.9% $80.2M-1.8% $81.7M-39.7% $135.5M-19.7% $168.7M+47.2% $114.6M
Inventory $4.9M+2.7% $4.7M+2.4% $4.6M-2.3% $4.7M+1.6% $4.7M0.0% $4.7M+1.9% $4.6M-1.3% $4.6M
Accounts Receivable $37.0M+12.8% $32.8M+0.1% $32.8M+0.4% $32.7M-18.1% $39.9M+25.7% $31.8M-2.2% $32.5M+0.2% $32.4M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $1.3B-21.8% $1.7B-4.1% $1.8B-2.3% $1.8B-1.1% $1.9B-1.9% $1.9B-0.3% $1.9B-1.5% $1.9B
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt $1.1B+0.2% $1.1B-5.3% $1.2B-3.8% $1.2B+0.7% $1.2B-0.6% $1.2B+0.2% $1.2B+7.1% $1.1B
Total Equity $147.0M+6.0% $138.7M-34.5% $211.9M-5.9% $225.1M-5.8% $238.9M-0.8% $240.7M-13.1% $276.9M-1.9% $282.3M
Retained Earnings -$561.6M+1.2% -$568.5M-10.2% -$515.8M-2.7% -$502.4M-4.1% -$482.6M-1.0% -$477.8M-8.1% -$442.2M-1.1% -$437.3M

BHR Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $21.9M+163.1% $8.3M+244.8% -$5.8M-125.0% $23.0M+52.2% $15.1M+127.7% $6.7M+73811.1% $9K-100.0% $24.1M
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 -$11.9M-111.5% $103.1M-12.7% $118.2M+4542.8% $2.5M+117.9% -$14.2M+17.2% -$17.2M-118.8% $91.4M+676.2% -$15.9M
Financing Cash Flow -$28.2M+74.1% -$108.6M-29.1% -$84.1M-221.8% -$26.1M+47.5% -$49.8M-130.7% -$21.6M+61.0% -$55.3M-18.6% -$46.6M
Dividends Paid $11.1M-2.6% $11.4M-2.5% $11.7M-2.3% $12.0M-1.8% $12.2M-2.5% $12.5M-2.1% $12.8M-2.5% $13.1M
Share Buybacks N/A $0-100.0% $727K N/A N/A $0 $0-100.0% $369K

BHR Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 37.9%+10.2pp 27.6%+5.4pp 22.3%-7.9pp 30.2%-6.9pp 37.1%+8.4pp 28.7%+5.3pp 23.4%-8.2pp 31.6%
Operating Margin 19.0%+26.3pp -7.3%-28.1pp 20.8%+10.8pp 10.0%-7.0pp 17.0%+14.8pp 2.2%-45.2pp 47.4%+40.9pp 6.5%
Net Margin 8.5%+28.8pp -20.3%-24.3pp 4.0%+7.1pp -3.0%-8.1pp 5.1%+15.9pp -10.8%-19.3pp 8.5%+14.7pp -6.2%
Return on Equity 12.0%+36.3pp -24.2%-26.9pp 2.7%+5.1pp -2.4%-7.0pp 4.6%+12.3pp -7.7%-12.3pp 4.5%+8.6pp -4.1%
Return on Assets 1.0%+2.8pp -1.8%-2.1pp 0.3%+0.5pp -0.3%-0.8pp 0.5%+1.4pp -0.9%-1.4pp 0.6%+1.1pp -0.5%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 7.52-0.4 7.96+2.5 5.50+0.1 5.38+0.3 5.030.0 5.03+0.7 4.36+0.4 4.00
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Braemar Hotels & Resorts Inc (BHR) reported $704.0M in total revenue for fiscal year 2025. This represents a -3.3% 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.

Braemar Hotels & Resorts Inc (BHR) revenue declined by 3.3% year-over-year, from $728.4M to $704.0M in fiscal year 2025.

No, Braemar Hotels & Resorts Inc (BHR) reported a net income of -$22.3M in fiscal year 2025, with a net profit margin of -3.2%.

Braemar Hotels & Resorts Inc (BHR) reported diluted earnings per share of $-1.07 for fiscal year 2025. This represents a -39.0% 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.

Braemar Hotels & Resorts Inc (BHR) had EBITDA of $164.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Braemar Hotels & Resorts Inc (BHR) had $124.4M in cash and equivalents against $1.1B in long-term debt.

Braemar Hotels & Resorts Inc (BHR) had a gross margin of 30.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Braemar Hotels & Resorts Inc (BHR) had an operating margin of 10.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Braemar Hotels & Resorts Inc (BHR) had a net profit margin of -3.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Braemar Hotels & Resorts Inc (BHR) paid $0.20 per share in dividends during fiscal year 2025.

Braemar Hotels & Resorts Inc (BHR) has a return on equity of -16.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Braemar Hotels & Resorts Inc (BHR) generated $40.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Braemar Hotels & Resorts Inc (BHR) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Braemar Hotels & Resorts Inc (BHR) spent $778K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Braemar Hotels & Resorts Inc (BHR) had 68M shares outstanding as of fiscal year 2025.

Braemar Hotels & Resorts Inc (BHR) had a debt-to-equity ratio of 7.96 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Braemar Hotels & Resorts Inc (BHR) had a return on assets of -1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Braemar Hotels & Resorts Inc (BHR) has a Piotroski F-Score of 3 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.

Braemar Hotels & Resorts Inc (BHR) has an earnings quality ratio of -1.83x, 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.

Braemar Hotels & Resorts Inc (BHR) has an interest coverage ratio of 0.7x, 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.

Braemar Hotels & Resorts Inc (BHR) scores 22 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.

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