Braemar Hotels & Resorts Inc Financials
Braemar Hotels & Resorts Inc (BHR) reported $704.0M in revenue for fiscal year 2025, down 3.3% from the prior fiscal year. This page shows its 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).
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
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
Braemar Hotels & Resorts Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Braemar Hotels & Resorts Inc reported a net loss of $22.3M while generating $40.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Braemar Hotels & Resorts Inc earns $0.73 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
Earnings & Revenue
Braemar Hotels & Resorts Inc generated $704.0M in revenue in fiscal year 2025. This represents a decrease of 3.3% from the prior year.
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.
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.
Braemar Hotels & Resorts Inc earned -$1.07 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Braemar Hotels & Resorts Inc held $124.4M in cash against $1.1B in long-term debt as of fiscal year 2025.
Braemar Hotels & Resorts Inc paid $0.20 per share in dividends in fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
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
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BHR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $689.1M | $704.0M-3.3% | $728.4M-1.5% | $739.3M+10.4% | $669.6M+56.6% | $427.5M+88.4% | $227.0M-53.5% | $487.6M+13.0% | $431.4M+4.2% | $414.1M+2.0% | $405.9M+16.1% | $349.5M+13.7% | $307.3M+31.6% | $233.5M+5.6% | $221.2M |
| Cost of Revenue | $478.5M | $492.2M-1.9% | $501.7M+0.1% | $501.2M+12.5% | $445.5M+55.2% | $287.0M+51.1% | $190.0M-41.3% | $323.6M+18.7% | $272.6M+0.4% | $271.6M+3.4% | $262.6M | N/A | N/A | N/A | N/A |
| Gross Profit | $210.7M | $211.8M-6.5% | $226.7M-4.8% | $238.2M+6.3% | $224.1M+59.5% | $140.5M+279.8% | $37.0M-77.4% | $164.0M+3.3% | $158.8M+11.4% | $142.5M-0.6% | $143.3M | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $11.8M-18.2% | $14.4M+6.2% | $13.5M-25.2% | $18.1M+107.5% | $8.7M+30.9% | $6.7M+22.5% | $5.4M+28.3% | $4.2M-48.0% | $8.1M-43.0% | $14.3M+178.3% | $5.1M+58.4% | $3.2M-71.8% | $11.5M+6.0% | $10.8M |
| Operating Income | $88.0M | $72.4M-43.8% | $128.8M+108.8% | $61.7M-9.8% | $68.4M+4620.0% | $1.4M+101.8% | -$79.9M-224.0% | $64.4M-2.2% | $65.8M+5.1% | $62.6M-14.8% | $73.5M+59.9% | $46.0M+5.1% | $43.8M+125.4% | $19.4M-39.0% | $31.8M |
| Interest Expense | $90.1M | $98.5M-8.9% | $108.1M+14.8% | $94.2M+80.6% | $52.2M+68.8% | $30.9M-31.5% | $45.1M-17.3% | $54.5M+9.8% | $49.7M+27.5% | $38.9M-4.8% | $40.9M+8.1% | $37.8M-3.1% | $39.0M+18.2% | $33.0M+5.7% | $31.2M |
| Income Tax | $4.8M | $2.0M+135.0% | $842K-68.7% | $2.7M-33.5% | $4.0M+205.4% | $1.3M+130.0% | -$4.4M-349.8% | $1.8M-27.5% | $2.4M+565.9% | -$522K-133.2% | $1.6M+498.5% | $263K-76.0% | $1.1M-53.2% | $2.3M-46.6% | $4.4M |
| Net Income | -$3.1M | -$22.3M-1218.3% | -$1.7M+93.7% | -$27.0M-252.1% | $17.8M+166.6% | -$26.7M+74.7% | -$105.3M-28472.5% | $371K-71.9% | $1.3M-94.3% | $23.0M+19.2% | $19.3M+387.8% | -$6.7M-446.2% | $1.9M+116.5% | -$11.8M-159.2% | -$4.5M |
| EPS (Diluted) | — | -$1.07 | -$0.77 | -$1.13-653.3% | -$0.15+80.3% | -$0.76+77.6% | -$3.39-959.4% | -$0.32-68.4% | -$0.19-137.3% | $0.51-7.3% | $0.55 | -$0.34-585.7% | $0.07 | -$0.73-160.7% | -$0.28 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BHR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B-12.8% | $2.1B-4.1% | $2.2B-7.1% | $2.4B+27.6% | $1.9B+12.3% | $1.7B-4.8% | $1.8B+7.5% | $1.6B+14.9% | $1.4B+13.3% | $1.3B-7.1% | $1.4B+10.3% | $1.2B+27.4% | $962.4M | N/A |
| Cash & Equivalents | $124.4M-8.2% | $135.5M+58.3% | $85.6M-67.3% | $261.5M+21.1% | $216.0M+174.8% | $78.6M+9.2% | $72.0M-60.6% | $182.6M+32.8% | $137.5M+8.5% | $126.8M+20.7% | $105.0M-38.7% | $171.4M+19.2% | $143.8M+607.8% | $20.3M |
| Inventory | $4.7M+1.7% | $4.7M-6.8% | $5.0M-4.5% | $5.2M+67.5% | $3.1M+22.6% | $2.6M-8.7% | $2.8M+50.1% | $1.9M+30.7% | $1.4M-3.7% | $1.5M+1.9% | $1.5M+108.5% | $696K+118.9% | $318K | N/A |
| Accounts Receivable | $32.8M+3.4% | $31.8M-19.0% | $39.2M-23.8% | $51.4M+117.1% | $23.7M+74.8% | $13.6M-28.8% | $19.1M+49.6% | $12.7M-11.1% | $14.3M-21.2% | $18.2M+36.1% | $13.4M+8.0% | $12.4M+76.2% | $7.0M | N/A |
| Total Liabilities | $1.7B-9.1% | $1.9B-1.3% | $1.9B+22.1% | $1.6B+15.9% | $1.4B+6.1% | $1.3B+2.5% | $1.2B+14.1% | $1.1B+22.2% | $894.5M+8.0% | $828.1M-7.5% | $895.7M+11.7% | $802.0M+21.6% | $659.3M | N/A |
| Long-Term Debt | $1.1B-8.8% | $1.2B+4.1% | $1.2B-12.9% | $1.3B+13.8% | $1.2B+3.7% | $1.1B+6.8% | $1.1B+7.4% | $985.9M+20.1% | $821.0M+7.4% | $764.6M-8.5% | $835.6M+9.7% | $761.7M+22.5% | $621.9M | N/A |
| Total Equity | $138.7M-42.4% | $240.7M-21.6% | $307.0M-25.1% | $410.1M+2.8% | $398.8M+44.4% | $276.3M-25.2% | $369.3M-7.1% | $397.5M+4.2% | $381.3M+23.5% | $308.8M-8.9% | $338.9M+21.5% | $278.9M+91.0% | $146.0M-42.1% | $252.4M |
| Retained Earnings | -$568.5M-19.0% | -$477.8M-15.9% | -$412.2M-26.9% | -$324.7M-5.0% | -$309.2M-16.3% | -$266.0M-76.6% | -$150.6M-30.5% | -$115.4M-30.0% | -$88.8M+4.8% | -$93.3M+6.5% | -$99.8M-1.6% | -$98.2M+2.8% | -$101.1M | N/A |
Not reported in any period shown, so not listed: Current Assets, Goodwill, Current Liabilities.
BHR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.5M | $40.8M-39.0% | $66.8M-21.1% | $84.7M-22.6% | $109.5M+71.2% | $64.0M+227.2% | -$50.3M-175.9% | $66.3M-6.3% | $70.7M+0.2% | $70.6M+20.5% | $58.6M+553.2% | $9.0M-83.6% | $54.9M+60.9% | $34.1M+22.4% | $27.9M |
| Capital Expenditures | N/A | N/A | N/A | $0-100.0% | $354.4M+1912.2% | $17.6M | $0 | 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 | $84.7M+134.6% | -$245.0M-628.7% | $46.3M+192.1% | -$50.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $373.5M | $209.6M+490.4% | $35.5M+146.1% | -$77.1M+80.8% | -$402.2M-865.1% | -$41.7M-152.0% | -$16.5M+92.7% | -$226.4M-35.7% | -$166.8M+4.1% | -$173.9M-268.1% | $103.5M+157.7% | -$179.3M+15.7% | -$212.8M-650.4% | -$28.4M-137.4% | -$11.9M |
| Financing Cash Flow | -$402.7M | -$268.6M-220.7% | -$83.8M+46.6% | -$156.8M-145.5% | $345.1M+169.7% | $128.0M+158.0% | $49.6M+54.7% | $32.1M-81.1% | $169.2M+36.4% | $124.0M+191.5% | -$135.6M-226.2% | $107.5M-42.1% | $185.6M+57.6% | $117.7M+1077.4% | -$12.0M |
| Dividends Paid | $41.5M | $47.3M-8.2% | $51.6M-1.9% | $52.6M+153.2% | $20.8M+128.5% | $9.1M-43.7% | $16.2M-51.6% | $33.4M+10.2% | $30.3M+11.9% | $27.1M+60.6% | $16.9M+42.8% | $11.8M+84.6% | $6.4M | $0 | $0 |
| Share Buybacks | N/A | $778K+110.8% | $369K-98.1% | $19.3M+160.5% | $7.4M+1871.0% | $376K+43.0% | $263K-31.5% | $384K+18.9% | $323K-18.2% | $395K-99.0% | $39.2M+342.0% | $8.9M-42.5% | $15.4M | $0 | $0 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BHR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.1%-1.0pp | 31.1%-1.1pp | 32.2%-1.3pp | 33.5%+0.6pp | 32.9%+16.6pp | 16.3%-17.3pp | 33.6%-3.2pp | 36.8%+2.4pp | 34.4%-0.9pp | 35.3% | N/A | N/A | N/A | N/A |
| Operating Margin | 10.3%-7.4pp | 17.7%+9.3pp | 8.3%-1.9pp | 10.2%+9.9pp | 0.3%+35.5pp | -35.2%-48.4pp | 13.2%-2.1pp | 15.3%+0.1pp | 15.1%-3.0pp | 18.1%+5.0pp | 13.2%-1.1pp | 14.2%+5.9pp | 8.3%-6.1pp | 14.4% |
| Net Margin | -3.2%-2.9pp | -0.2%+3.4pp | -3.6%-6.3pp | 2.6%+8.9pp | -6.2%+40.1pp | -46.4%-46.5pp | 0.1%-0.2pp | 0.3%-5.3pp | 5.6%+0.8pp | 4.8%+6.7pp | -1.9%-2.5pp | 0.6%+5.7pp | -5.1%-3.0pp | -2.1% |
| Return on Equity | -16.1%-15.4pp | -0.7%+8.1pp | -8.8%-13.1pp | 4.3%+11.0pp | -6.7%+31.4pp | -38.1%-38.2pp | 0.1%-0.2pp | 0.3%-5.7pp | 6.0%-0.2pp | 6.3%+8.2pp | -2.0%-2.7pp | 0.7%+8.8pp | -8.1%-6.3pp | -1.8% |
| Return on Assets | -1.2%-1.1pp | -0.1%+1.1pp | -1.2%-1.9pp | 0.7%+2.2pp | -1.4%+4.9pp | -6.3%-6.3pp | 0.0%-0.1pp | 0.1%-1.5pp | 1.6%+0.1pp | 1.5%+2.0pp | -0.5%-0.7pp | 0.2%+1.4pp | -1.2% | N/A |
| Debt-to-Equity | 7.96+2.9x | 5.03+1.2x | 3.79+0.5x | 3.25+0.3x | 2.94-1.2x | 4.09+1.2x | 2.87+0.4x | 2.48+0.3x | 2.15-0.3x | 2.480.0x | 2.47-0.3x | 2.73-1.5x | 4.26 | N/A |
| FCF Margin | N/A | N/A | 11.5%+48.0pp | -36.6%-47.4pp | 10.8%+33.0pp | -22.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Current Ratio.
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Where Braemar Hotels & Resorts Inc Ranks
Frequently Asked Questions
What is Braemar Hotels & Resorts Inc's annual revenue?
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.
How fast is Braemar Hotels & Resorts Inc's revenue growing?
Braemar Hotels & Resorts Inc (BHR) revenue declined by 3.3% year-over-year, from $728.4M to $704.0M in fiscal year 2025.
Is Braemar Hotels & Resorts Inc profitable?
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%.
What is Braemar Hotels & Resorts Inc's EBITDA?
Braemar Hotels & Resorts Inc (BHR) had EBITDA of $164.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Braemar Hotels & Resorts Inc have?
As of fiscal year 2025, Braemar Hotels & Resorts Inc (BHR) had $124.4M in cash and equivalents against $1.1B in long-term debt.
What is Braemar Hotels & Resorts Inc's gross margin?
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.
What is Braemar Hotels & Resorts Inc's operating margin?
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.
What is Braemar Hotels & Resorts Inc's net profit margin?
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.
Does Braemar Hotels & Resorts Inc pay dividends?
Yes, Braemar Hotels & Resorts Inc (BHR) paid $0.20 per share in dividends during fiscal year 2025.
What is Braemar Hotels & Resorts Inc's return on equity (ROE)?
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.
What is Braemar Hotels & Resorts Inc's operating cash flow?
Braemar Hotels & Resorts Inc (BHR) generated $40.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Braemar Hotels & Resorts Inc's total assets?
Braemar Hotels & Resorts Inc (BHR) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Braemar Hotels & Resorts Inc's debt-to-equity ratio?
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.
What is Braemar Hotels & Resorts Inc's return on assets (ROA)?
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.
What is Braemar Hotels & Resorts Inc's Piotroski F-Score?
Braemar Hotels & Resorts Inc (BHR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Braemar Hotels & Resorts Inc's earnings high quality?
Braemar Hotels & Resorts Inc (BHR) reported a net loss of $22.3M while generating $40.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 0.73x, 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 Braemar Hotels & Resorts Inc?
Braemar Hotels & Resorts Inc (BHR) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.