What is BRAEMAR HOTELS & RESORTS's operating income?

BRAEMAR HOTELS & RESORTS's total operating income in 2025 was $72.36 million, based on the following breakdown: Total Gross Profit: $211.83 million Total Operating Expenses: $139.47 million

BRAEMAR HOTELS & RESORTS (BHR) Financials

$2.24 +0.01 (+0.22%)

Closing price 07/24/2026 03:59 PM Eastern

Extended Trading

$2.23 0.00 (-0.22%)

As of 07/24/2026 07:34 PM Eastern

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Annual Income Statements for BRAEMAR HOTELS & RESORTS

This table shows BRAEMAR HOTELS & RESORTS's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-8.70	15	16	-5.89	-9.77	-115	-40	-11	-74	-51	-73
Consolidated Net Income / (Loss)	-4.69	24	28	2.59	1.20	-125	-33	19	-31	20	-28
Net Income / (Loss) Continuing Operations	-4.69	24	28	2.59	1.20	-125	-33	19	-31	20	-28
Total Pre-Tax Income	-4.43	26	28	5.02	2.96	-129	-32	23	-28	21	-26
Total Operating Income	46	74	63	66	64	-80	1.45	68	62	129	72
Total Gross Profit	132	143	142	159	164	37	141	224	238	227	212
Total Revenue	335	406	414	431	488	227	428	670	739	728	704
Operating Revenue	335	406	414	431	488	227	428	670	739	728	704
Total Cost of Revenue	204	263	272	273	324	190	287	445	501	502	492
Operating Cost of Revenue	204	263	272	273	324	190	287	445	501	502	492
Total Operating Expenses	86	70	80	93	100	117	139	156	177	98	139
Selling, General & Admin Expense	5.13	14	8.15	4.24	5.44	6.66	8.72	18	14	14	12
Depreciation Expense	44	46	52	57	70	73	74	78	93	99	93
Other Operating Expenses / (Income)	36	35	30	46	49	47	58	60	70	73	63
Impairment Charge	0.00	0.00	1.07	0.07	-	-	-	-	0.00	0.00	54
Other Special Charges / (Income)	0.00	-26	-19	-16	-25	-10	-1.61	-0.11	0.00	-88	-83
Total Other Income / (Expense), net	-50	-48	-35	-61	-61	-49	-33	-45	-90	-108	-99
Interest Expense	38	43	43	54	55	49	33	52	95	114	103
Interest & Investment Income	-2.89	-2.42	0.69	1.37	0.89	-0.04	-0.20	2.35	6.15	5.53	6.19
Other Income / (Expense), net	-9.63	-1.71	7.28	-8.35	-7.18	-0.17	0.00	4.96	-0.37	0.59	-1.93
Income Tax Expense	0.26	1.57	-0.52	2.43	1.76	-4.41	1.32	4.04	2.69	0.84	1.98
Preferred Stock Dividends Declared	1.99	3.86	6.80	7.21	10	10	8.75	28	47	49	50
Net Income / (Loss) Attributable to Noncontrolling Interest	2.02	5.00	5.30	1.27	0.83	-19	-6.25	1.59	-3.61	21	-6.09
Basic Earnings per Share	($0.34)	$0.57	$0.52	($0.19)	($0.32)	($3.39)	($0.76)	($0.15)	($1.13)	($0.77)	($1.07)
Weighted Average Basic Shares Outstanding	25.89M	26.65M	30.47M	31.94M	32.29M	34.00M	52.68M	69.69M	65.99M	66.50M	67.62M
Diluted Earnings per Share	($0.34)	$0.55	$0.51	($0.19)	($0.32)	($3.39)	($0.76)	($0.15)	($1.13)	($0.77)	($1.07)
Weighted Average Diluted Shares Outstanding	25.89M	31.20M	34.71M	31.94M	32.29M	34.00M	52.68M	69.69M	65.99M	66.50M	67.62M
Weighted Average Basic & Diluted Shares Outstanding	28.47M	26.03M	32.12M	32.86M	32.88M	40.45M	65.35M	66.03M	66.52M	67.05M	68.68M
Cash Dividends to Common per Share	$0.35	$0.46	$0.64	$0.64	$0.64	-	-	$0.08	$0.20	$0.20	$0.20

This table shows BRAEMAR HOTELS & RESORTS's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-33	-31	3.52	-22	-1.41	-31	-2.55	-16	-8.18	-46	4.90
Consolidated Net Income / (Loss)	-23	-21	15	-14	40	-22	11	-6.84	4.72	-37	18
Net Income / (Loss) Continuing Operations	-23	-21	15	-14	40	-22	11	-6.84	4.72	-37	18
Total Pre-Tax Income	-24	-20	17	-14	39	-21	12	-7.19	4.08	-35	19
Total Operating Income	0.65	5.84	42	12	70	3.78	37	18	30	-12	40
Total Gross Profit	43	54	83	59	35	50	80	54	32	46	79
Total Revenue	160	178	219	188	148	173	216	179	144	166	209
Operating Revenue	160	178	219	188	148	173	216	179	144	166	209
Total Cost of Revenue	116	123	136	128	114	124	136	125	112	120	130
Operating Cost of Revenue	116	123	136	128	114	124	136	125	112	120	130
Total Operating Expenses	43	48	41	47	-36	46	43	36	2.13	58	39
Selling, General & Admin Expense	2.51	4.30	-2.23	4.47	8.87	3.24	2.89	-2.30	3.81	7.35	4.87
Depreciation Expense	23	25	25	25	25	24	23	23	23	23	23
Other Operating Expenses / (Income)	17	19	17	18	19	19	17	15	16	15	12
Other Special Charges / (Income)	0.00	-	-	-	-88	-	0.00	-	-41	-	-0.00
Total Other Income / (Expense), net	-24	-26	-26	-26	-31	-25	-25	-25	-26	-23	-20
Interest Expense	26	25	27	27	33	26	26	25	27	24	21
Interest & Investment Income	0.93	0.97	0.75	0.99	2.58	1.21	1.89	1.52	1.49	1.29	0.78
Other Income / (Expense), net	0.52	-1.58	0.93	0.33	-0.74	0.06	-0.20	-1.24	-0.12	-0.38	0.25
Income Tax Expense	-1.19	1.63	1.45	-0.11	-0.86	0.37	1.47	-0.35	-0.65	1.51	1.42
Preferred Stock Dividends Declared	11	12	12	10	14	12	14	11	14	12	13
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.58	-2.31	-0.45	-2.22	27	-3.11	-0.33	-1.37	-1.02	-3.37	0.33
Basic Earnings per Share	($0.50)	($0.48)	$0.05	($0.33)	($0.02)	($0.47)	($0.04)	($0.24)	($0.12)	($0.67)	$0.07
Weighted Average Basic Shares Outstanding	65.83M	65.99M	66.46M	66.50M	66.52M	66.50M	66.74M	67.28M	68.22M	67.62M	68.43M
Diluted Earnings per Share	($0.50)	($0.48)	$0.05	($0.33)	($0.02)	($0.47)	($0.04)	($0.24)	($0.12)	($0.67)	$0.07
Weighted Average Diluted Shares Outstanding	65.83M	65.99M	268.52M	66.50M	66.52M	66.50M	66.74M	67.28M	68.22M	67.62M	100.29M
Weighted Average Basic & Diluted Shares Outstanding	65.99M	66.52M	66.48M	66.52M	66.52M	67.05M	67.05M	68.22M	68.22M	68.68M	68.68M

This table details how cash moves in and out of BRAEMAR HOTELS & RESORTS's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-63	29	24	73	-128	-17	150	52	-149	19	-18
Net Cash From Operating Activities	8.97	59	71	71	66	-50	64	109	85	67	41
Net Cash From Continuing Operating Activities	8.97	61	74	71	66	-50	65	109	85	67	41
Net Income / (Loss) Continuing Operations	-4.69	24	28	2.59	1.20	-125	-33	19	-31	20	-28
Consolidated Net Income / (Loss)	-4.69	24	28	2.59	1.20	-125	-33	19	-31	20	-28
Depreciation Expense	44	46	52	57	70	73	74	78	93	99	93
Amortization Expense	2.47	3.28	5.08	4.42	4.81	1.25	-0.72	-1.81	0.89	5.14	8.57
Non-Cash Adjustments To Reconcile Net Income	-35	-22	-22	13	-23	8.03	2.07	8.65	16	-71	-30
Changes in Operating Assets and Liabilities, net	2.60	9.07	9.60	-6.58	5.70	-8.26	22	5.18	5.53	14	-2.00
Net Cash From Investing Activities	-179	103	-174	-167	-226	-17	-42	-402	-77	36	210
Net Cash From Continuing Investing Activities	-179	103	-174	-167	-226	-17	-42	-402	-77	36	210
Purchase of Property, Plant & Equipment	-19	-23	-43	-78	-136	-26	-43	-49	-77	-71	-78
Acquisitions	-144	0.00	-248	-187	-112	-0.03	-0.23	-354	-0.24	-42	0.00
Sale of Property, Plant & Equipment	0.00	83	103	65	10	0.00	1.82	1.67	0.00	156	248
Sale and/or Maturity of Investments	-	-	2.29	-	0.60	-	-	-	0.00	0.00	41
Other Investing Activities, net	0.23	0.69	12	32	11	9.04	0.00	0.04	0.36	-7.20	-0.74
Net Cash From Financing Activities	107	-136	124	169	32	50	128	345	-157	-84	-269
Net Cash From Continuing Financing Activities	107	-136	124	169	32	50	128	345	-157	-84	-269
Repayment of Debt	-80	-77	-476	-410	-262	-54	-86	-73	-546	-199	-530
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	-0.50	-9.82	-46	-77
Repurchase of Common Equity	-15	-39	-0.40	-0.32	-0.38	-0.26	-0.38	-7.52	-26	-0.37	-0.90
Payment of Dividends	-15	-23	-30	-33	-36	-19	-9.09	-21	-55	-79	-64
Issuance of Debt	152	0.04	524	575	330	109	83	171	371	234	403
Issuance of Preferred Equity	-	-	40	38	0.65	0.47	37	279	98	0.00	0.00
Issuance of Common Equity	65	4.21	66	0.00	0.00	13	104	0.16	9.52	2.96	0.31
Other Financing Activities, net	-0.13	-0.01	-0.38	-0.36	-0.12	-0.09	-0.20	-2.86	2.67	3.31	0.04
Cash Interest Paid	35	38	34	44	50	28	32	49	92	103	88
Cash Income Taxes Paid	2.15	0.38	0.80	2.30	-0.01	0.14	-0.01	1.24	3.42	-0.73	0.62

This table details how cash moves in and out of BRAEMAR HOTELS & RESORTS's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	15	-40	53	-38	36	-32	-49	-0.55	28	2.87	-18
Net Cash From Operating Activities	11	12	36	24	0.01	6.65	15	23	-5.76	8.34	22
Net Cash From Continuing Operating Activities	11	12	36	24	0.01	6.65	15	23	-5.76	8.34	22
Net Income / (Loss) Continuing Operations	-23	-21	15	-14	40	-22	11	-6.84	4.72	-37	18
Consolidated Net Income / (Loss)	-23	-21	15	-14	40	-22	11	-6.84	4.72	-37	18
Depreciation Expense	23	25	25	25	25	24	23	23	23	23	23
Amortization Expense	0.29	0.34	1.03	1.15	1.45	1.52	1.78	2.31	2.31	2.18	1.80
Non-Cash Adjustments To Reconcile Net Income	-15	4.98	0.89	8.68	-80	-1.20	-9.84	4.57	-41	16	-17
Changes in Operating Assets and Liabilities, net	26	2.40	-6.94	3.55	13	4.56	-11	-0.34	4.80	4.40	-3.09
Net Cash From Investing Activities	-19	-21	-23	-16	91	-17	-14	2.55	118	103	-12
Net Cash From Continuing Investing Activities	-19	-22	-23	-16	91	-17	-14	2.55	118	103	-12
Purchase of Property, Plant & Equipment	-19	-22	-23	-16	-16	-16	-15	-18	-22	-23	-12
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	24	-	17	0.06
Other Investing Activities, net	0.08	0.03	0.50	0.04	-6.40	-1.34	1.10	-3.50	0.37	1.28	0.14
Net Cash From Financing Activities	24	-31	40	-47	-55	-22	-50	-26	-84	-109	-28
Net Cash From Continuing Financing Activities	24	-31	40	-47	-55	-22	-50	-26	-84	-109	-28
Repayment of Debt	-196	-152	-3.24	-30	-166	-0.02	-374	-0.00	-91	-65	-0.01
Repurchase of Preferred Equity	-3.86	-5.06	-6.57	-4.41	-25	-9.30	-26	-15	-18	-18	-17
Repurchase of Common Equity	-0.00	0.00	0.00	-0.37	-	-	-0.09	-0.05	-0.73	-0.03	0.00
Payment of Dividends	-13	-14	-13	-13	-40	-13	-12	-12	-14	-26	-11
Issuance of Debt	236	135	62	-	172	-	363	-	40	-	0.00
Other Financing Activities, net	1.42	0.64	0.64	1.34	1.06	0.27	-0.26	0.18	0.04	0.09	-0.03
Cash Interest Paid	14	24	23	28	26	25	22	23	21	21	18
Cash Income Taxes Paid	0.21	0.30	-0.18	0.30	0.23	-1.08	-0.12	0.58	0.15	0.00	-0.18

This table presents BRAEMAR HOTELS & RESORTS's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,353	1,257	1,424	1,636	1,759	1,674	1,880	2,398	2,227	2,136	1,862
Total Current Assets	123	150	157	202	99	99	247	413	241	291	229
Cash & Equivalents	105	127	138	183	72	79	216	262	86	135	124
Restricted Cash	-	-	-	-	-	-	-	54	81	50	42
Accounts Receivable	13	18	14	13	19	14	24	79	57	55	50
Inventories, net	1.45	1.48	1.43	1.86	2.79	2.55	3.13	5.24	5.00	4.66	4.74
Prepaid Expenses	3.13	3.67	3.67	4.41	4.99	4.41	4.35	7.04	9.94	5.12	6.99
Other Current Assets	-	-	-	-	-	-	-	6.48	2.92	0.43	0.13
Plant, Property, & Equipment, net	1,091	1,015	1,146	1,300	1,481	1,425	1,446	1,885	1,884	1,779	1,558
Plant, Property & Equipment, gross	-	1,258	1,403	1,563	-	1,785	1,845	2,325	2,383	2,253	1,902
Accumulated Depreciation	-	244	257	263	310	360	399	440	499	474	344
Total Noncurrent Assets	138	92	121	135	179	150	187	100	101	58	66
Long-Term Investments	59	8.41	18	12	1.90	1.71	1.69	1.69	1.67	0.15	0.09
Intangible Assets	23	23	23	28	5.02	4.64	4.26	3.88	3.50	3.13	2.75
Other Noncurrent Operating Assets	48	53	63	95	172	144	181	94	96	54	63
Total Liabilities & Shareholders' Equity	1,353	1,257	1,424	1,636	1,759	1,674	1,880	2,398	2,227	2,136	1,862
Total Liabilities	896	828	895	1,093	1,247	1,278	1,356	1,572	1,408	1,414	1,337
Total Current Liabilities	48	52	67	77	108	67	100	142	159	153	150
Accounts Payable	44	45	57	64	95	62	96	134	150	144	142
Dividends Payable	3.44	5.04	8.15	8.51	9.14	2.74	2.17	8.18	9.16	9.26	7.67
Total Noncurrent Liabilities	842	776	828	1,017	1,139	1,211	1,254	1,429	1,249	1,261	1,187
Long-Term Debt	836	765	821	986	1,058	1,131	1,173	1,334	1,162	1,210	1,103
Other Noncurrent Operating Liabilities	6.18	11	6.91	31	80	80	82	95	87	51	83
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	124	126	153	110	148	135	142	432	520	485	384
Total Equity & Noncontrolling Interests	333	303	377	392	363	261	382	394	298	237	141
Total Preferred & Common Equity	339	309	381	397	369	276	399	410	307	241	139
Preferred Stock	-	-	0.00	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Total Common Equity	339	309	381	397	369	276	399	410	307	241	139
Common Stock	439	402	470	513	520	542	708	735	719	719	707
Retained Earnings	-100	-93	-89	-115	-151	-266	-309	-325	-412	-478	-569
Noncontrolling Interest	-5.81	-5.36	-4.75	-5.39	-6.01	-15	-17	-16	-8.93	-3.37	2.10

This table presents BRAEMAR HOTELS & RESORTS's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,268	2,281	2,212	2,178	2,098	2,064	2,009	1,849
Total Current Assets	283	303	354	322	259	220	247	228
Cash & Equivalents	149	137	115	169	82	80	116	93
Restricted Cash	57	82	52	48	55	55	48	55
Accounts Receivable	52	65	50	52	65	57	56	65
Inventories, net	4.94	4.68	4.63	4.58	4.66	4.74	4.63	4.87
Prepaid Expenses	14	11	4.93	5.83	10	5.50	5.44	8.29
Other Current Assets	5.02	3.16	2.25	0.56	0.55	0.39	0.24	0.42
Plant, Property, & Equipment, net	1,882	1,876	1,800	1,790	1,770	1,777	1,679	1,545
Plant, Property & Equipment, gross	2,365	2,388	2,270	2,271	2,258	2,272	2,126	1,906
Accumulated Depreciation	483	512	470	481	488	495	447	362
Total Noncurrent Assets	102	102	59	60	60	58	74	68
Long-Term Investments	1.72	1.63	1.54	1.54	0.15	0.15	0.15	0.00
Intangible Assets	3.60	3.41	3.31	3.22	3.03	2.94	2.84	2.65
Other Noncurrent Operating Assets	97	97	54	55	57	55	71	65
Total Liabilities & Shareholders' Equity	2,268	2,281	2,212	2,178	2,098	2,064	2,009	1,849
Total Liabilities	1,416	1,466	1,427	1,412	1,402	1,403	1,373	1,347
Total Current Liabilities	153	153	252	154	145	140	159	143
Accounts Payable	144	144	130	145	136	131	150	140
Dividends Payable	8.97	9.25	9.33	9.27	8.69	8.63	8.55	3.91
Total Noncurrent Liabilities	1,263	1,313	1,175	1,258	1,258	1,263	1,215	1,203
Long-Term Debt	1,179	1,223	1,128	1,208	1,203	1,211	1,165	1,106
Other Noncurrent Operating Liabilities	85	90	46	50	55	52	50	97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	524	517	512	492	460	440	428	354
Total Equity & Noncontrolling Interests	327	298	272	274	235	222	208	149
Total Preferred & Common Equity	341	307	282	277	239	225	212	147
Preferred Stock	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Total Common Equity	341	307	282	277	239	225	212	147
Common Stock	718	719	720	720	721	728	728	709
Retained Earnings	-378	-412	-437	-442	-483	-502	-516	-562
Noncontrolling Interest	-14	-9.68	-9.98	-2.98	-3.43	-3.32	-3.90	2.08

This table displays calculated financial ratios and metrics derived from BRAEMAR HOTELS & RESORTS's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	28,471,004.00	25,969,239.00	31,932,838.00	32,512,029.00	32,885,863.00	36,686,729.00	64,503,016.00	71,456,351.00	65,993,893.00	-	68,219,432.00
DEI Adjusted Shares Outstanding	28,471,004.00	25,969,239.00	31,932,838.00	32,512,029.00	32,885,863.00	36,686,729.00	64,503,016.00	71,456,351.00	65,993,893.00	-	68,219,432.00
DEI Earnings Per Adjusted Shares Outstanding	-0.31	0.60	0.51	-0.18	-0.30	-3.15	-0.62	-0.15	-1.12	-	-1.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.81%	20.97%	2.02%	4.19%	13.03%	-53.45%	88.37%	56.61%	10.42%	-1.48%	-3.35%
EBITDA Growth	-3.84%	46.37%	5.21%	-6.28%	-47.99%	-108.70%	1,479.68%	100.92%	3.88%	50.01%	-26.43%
EBIT Growth	-16.71%	97.51%	-2.60%	-17.80%	-0.44%	-239.83%	101.81%	4,962.39%	-16.43%	110.98%	-45.54%
NOPAT Growth	-3.63%	114.50%	-7.56%	-46.85%	-23.27%	-314.80%	101.81%	5,477.41%	-23.69%	186.05%	-58.98%
Net Income Growth	-232.59%	618.44%	16.46%	-90.87%	-53.73%	-10,524.50%	73.60%	158.79%	-258.30%	164.53%	-243.75%
EPS Growth	-585.71%	261.76%	-7.27%	-137.25%	-68.42%	-959.38%	77.58%	80.26%	-653.33%	31.86%	-38.96%
Operating Cash Flow Growth	-83.64%	553.22%	20.48%	0.18%	0.00%	0.00%	227.17%	71.20%	-22.63%	-21.12%	-38.97%
Free Cash Flow Firm Growth	74.75%	258.96%	-152.33%	-40.84%	-28.26%	100.58%	-4,216.94%	-854.99%	123.13%	231.27%	24.11%
Invested Capital Growth	12.11%	-6.61%	13.10%	11.66%	12.10%	-3.77%	2.32%	24.86%	-1.57%	-6.34%	-14.42%
Revenue Q/Q Growth	3.40%	5.53%	-1.34%	-0.32%	4.90%	-23.54%	22.53%	6.56%	0.81%	-0.57%	-1.09%
EBITDA Q/Q Growth	-6.75%	8.13%	30.11%	-23.96%	-36.41%	77.32%	71.25%	5.01%	-1.84%	-0.50%	-8.78%
EBIT Q/Q Growth	-16.47%	14.20%	66.48%	-40.99%	121.36%	-197.33%	105.19%	9.16%	-12.46%	-0.32%	-18.79%
NOPAT Q/Q Growth	74.86%	88.24%	103.95%	-63.38%	-0.35%	-194.49%	105.19%	7.46%	-9.18%	4.29%	-17.97%
Net Income Q/Q Growth	-410.87%	40.04%	3,806.76%	-94.25%	104.01%	-60.97%	45.82%	-10.45%	-123.59%	-1.42%	-115.02%
EPS Q/Q Growth	-240.00%	129.17%	304.00%	-119.00%	71.68%	-50.00%	49.33%	-850.00%	-36.14%	1.28%	-22.99%
Operating Cash Flow Q/Q Growth	21.10%	-7.05%	21.08%	-7.98%	0.00%	0.00%	57.94%	-2.93%	7.91%	-7.04%	4.33%
Free Cash Flow Firm Q/Q Growth	-147.40%	147.79%	59.77%	-568.07%	-34.49%	125.94%	-49.24%	-394.28%	136.28%	3.15%	85.79%
Invested Capital Q/Q Growth	4.77%	-0.18%	-6.35%	-0.82%	1.60%	-1.16%	0.97%	16.86%	-0.46%	-0.62%	-9.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.31%	35.30%	34.41%	36.80%	33.63%	16.30%	32.87%	33.47%	32.22%	31.12%	30.09%
EBITDA Margin	24.63%	29.80%	30.74%	27.65%	12.72%	-2.38%	17.42%	22.35%	21.03%	32.02%	24.37%
Operating Margin	13.70%	18.11%	15.13%	15.26%	13.21%	-35.18%	0.34%	10.21%	8.34%	17.68%	10.28%
EBIT Margin	10.83%	17.69%	16.89%	13.32%	11.74%	-35.25%	0.34%	10.96%	8.29%	17.76%	10.01%
Profit (Net Income) Margin	-1.40%	5.99%	6.84%	0.60%	0.25%	-54.93%	-7.70%	2.89%	-4.14%	2.71%	-4.04%
Tax Burden Percent	105.94%	93.92%	101.88%	51.52%	40.41%	96.59%	104.19%	82.72%	109.62%	95.91%	107.49%
Interest Burden Percent	-12.18%	36.07%	39.76%	8.73%	5.17%	161.32%	-2,179.92%	31.89%	-45.58%	15.93%	-37.52%
Effective Tax Rate	0.00%	6.08%	-1.88%	48.48%	59.59%	0.00%	0.00%	17.28%	0.00%	4.09%	0.00%
Return on Invested Capital (ROIC)	2.99%	6.27%	5.63%	2.66%	1.83%	-3.78%	0.07%	3.39%	2.35%	7.00%	3.20%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.80%	-0.53%	0.20%	-1.47%	-0.88%	-10.51%	-3.30%	-0.36%	-4.93%	-3.44%	-5.04%
Return on Net Nonoperating Assets (RNNOA)	-4.05%	-0.78%	0.28%	-2.16%	-1.59%	-23.69%	-7.23%	-0.53%	-6.08%	-4.43%	-7.75%
Return on Equity (ROE)	-1.06%	5.49%	5.91%	0.50%	0.24%	-27.48%	-7.16%	2.87%	-3.72%	2.57%	-4.56%
Cash Return on Invested Capital (CROIC)	-8.43%	13.11%	-6.67%	-8.36%	-9.58%	0.05%	-2.23%	-18.71%	3.93%	13.55%	18.73%
Operating Return on Assets (OROA)	2.82%	5.50%	5.22%	3.76%	3.37%	-4.66%	0.08%	3.43%	2.65%	5.93%	3.52%
Return on Assets (ROA)	-0.36%	1.86%	2.11%	0.17%	0.07%	-7.26%	-1.85%	0.90%	-1.32%	0.91%	-1.42%
Return on Common Equity (ROCE)	-0.75%	4.01%	4.26%	0.38%	0.18%	-19.54%	-5.25%	1.72%	-1.62%	0.91%	-1.39%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.21%	0.00%
Net Operating Profit after Tax (NOPAT)	32	69	64	34	26	-56	1.01	57	43	123	51
NOPAT Margin	9.59%	17.01%	15.41%	7.86%	5.34%	-24.63%	0.24%	8.45%	5.84%	16.95%	7.20%
Net Nonoperating Expense Percent (NNEP)	5.79%	6.79%	5.43%	4.14%	2.71%	6.72%	3.37%	3.75%	7.28%	10.44%	8.24%
Return On Investment Capital (ROIC_SIMPLE)	2.75%	6.46%	5.33%	2.46%	1.83%	-4.02%	0.07%	3.27%	2.96%	8.53%	4.07%
Cost of Revenue to Revenue	60.69%	64.70%	65.59%	63.20%	66.37%	83.70%	67.13%	66.53%	67.78%	68.88%	69.91%
SG&A Expenses to Revenue	1.53%	3.52%	1.97%	0.98%	1.11%	2.93%	2.04%	2.70%	1.83%	1.97%	1.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.60%	17.19%	19.28%	21.54%	20.43%	51.48%	32.53%	23.25%	23.87%	13.44%	19.81%
Earnings before Interest and Taxes (EBIT)	36	72	70	57	57	-80	1.45	73	61	129	70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	83	121	127	119	62	-5.40	74	150	155	233	172
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.76	0.74	0.56	0.54	0.63	0.48	0.65	0.58	0.46	0.81	1.41
Price to Tangible Book Value (P/TBV)	0.82	0.80	0.60	0.58	0.64	0.49	0.66	0.58	0.47	0.82	1.44
Price to Revenue (P/Rev)	0.77	0.56	0.52	0.49	0.48	0.59	0.61	0.35	0.19	0.27	0.28
Price to Earnings (P/E)	0.00	14.83	13.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	3.87%	5.21%	9.54%	9.75%	9.05%	0.00%	0.00%	2.41%	9.30%	6.80%	6.97%
Earnings Yield	0.00%	6.74%	7.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.92	0.92	0.85	0.83	0.90	0.90	0.90	0.90	0.90	0.97	1.04
Enterprise Value to Revenue (EV/Rev)	3.12	2.41	2.48	2.57	2.79	5.74	3.14	2.49	2.23	2.28	2.16
Enterprise Value to EBITDA (EV/EBITDA)	12.68	8.09	8.07	9.30	21.92	0.00	18.00	11.16	10.60	7.12	8.85
Enterprise Value to EBIT (EV/EBIT)	28.82	13.63	14.70	19.29	23.76	0.00	925.16	22.76	26.88	12.84	21.56
Enterprise Value to NOPAT (EV/NOPAT)	32.55	14.18	16.10	32.70	52.25	0.00	1,321.66	29.51	38.17	13.45	29.98
Enterprise Value to Operating Cash Flow (EV/OCF)	116.76	16.70	14.55	15.68	0.00	0.00	20.96	15.25	19.45	24.85	37.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.78	0.00	0.00	0.00	1,643.46	0.00	0.00	22.84	6.95	5.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.83	1.78	1.55	1.96	2.07	2.86	2.24	1.62	1.42	1.68	2.10
Long-Term Debt to Equity	1.83	1.78	1.55	1.96	2.07	2.86	2.24	1.62	1.42	1.68	2.10
Financial Leverage	1.45	1.49	1.36	1.47	1.81	2.26	2.19	1.47	1.23	1.29	1.54
Leverage Ratio	2.93	2.95	2.80	2.97	3.35	3.78	3.86	3.17	2.81	2.83	3.21
Compound Leverage Factor	-0.36	1.06	1.11	0.26	0.17	6.10	-84.23	1.01	-1.28	0.45	-1.20
Debt to Total Capital	64.64%	64.06%	60.80%	66.27%	67.41%	74.07%	69.12%	61.76%	58.68%	62.62%	67.76%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	64.64%	64.06%	60.80%	66.27%	67.41%	74.07%	69.12%	61.76%	58.68%	62.62%	67.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	9.15%	10.07%	10.96%	7.01%	9.07%	7.83%	7.37%	19.25%	25.82%	24.92%	23.73%
Common Equity to Total Capital	26.21%	25.87%	28.24%	26.72%	23.52%	18.10%	23.51%	18.98%	15.50%	12.46%	8.51%
Debt to EBITDA	10.11	6.32	6.45	8.27	17.06	-209.41	15.74	8.91	7.48	5.19	6.43
Net Debt to EBITDA	8.13	5.20	5.23	6.63	15.87	-194.53	12.82	6.79	6.40	4.22	5.46
Long-Term Debt to EBITDA	10.11	6.32	6.45	8.27	17.06	-209.41	15.74	8.91	7.48	5.19	6.43
Debt to NOPAT	25.96	11.08	12.86	29.07	40.68	-20.23	1,156.15	23.58	26.93	9.80	21.78
Net Debt to NOPAT	20.87	9.12	10.43	23.33	37.84	-18.79	941.53	17.97	23.03	7.96	18.49
Long-Term Debt to NOPAT	25.96	11.08	12.86	29.07	40.68	-20.23	1,156.15	23.58	26.93	9.80	21.78
Altman Z-Score	0.47	0.67	0.59	0.49	0.37	-0.16	0.21	0.42	0.27	0.39	0.21
Noncontrolling Interest Sharing Ratio	29.89%	26.90%	27.98%	24.47%	24.35%	28.87%	26.59%	40.07%	56.40%	64.45%	69.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.59	2.87	2.35	2.63	0.91	1.47	2.47	2.90	1.52	1.91	1.53
Quick Ratio	2.49	2.77	2.28	2.55	0.84	1.37	2.40	2.39	0.90	1.52	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-91	144	-76	-106	-136	0.79	-33	-312	72	239	297
Operating Cash Flow to CapEx	46.43%	0.00%	0.00%	578.45%	0.00%	-196.80%	154.31%	230.58%	109.85%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-2.40	3.32	-1.76	-1.98	-2.47	0.02	-0.99	-5.96	0.76	2.09	2.88
Operating Cash Flow to Interest Expense	0.24	1.35	1.65	1.31	0.00	-1.03	1.95	2.09	0.89	0.58	0.40
Operating Cash Flow Less CapEx to Interest Expense	-0.27	2.71	3.05	1.09	0.00	-1.55	0.68	1.19	0.08	1.33	2.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.31	0.31	0.28	0.29	0.13	0.24	0.31	0.32	0.33	0.35
Accounts Receivable Turnover	26.06	25.72	25.46	31.87	30.68	13.92	22.95	13.04	10.88	13.06	13.47
Inventory Turnover	189.68	179.24	187.05	165.89	139.01	71.09	101.08	106.50	97.87	103.80	104.66
Fixed Asset Turnover	0.32	0.39	0.38	0.35	0.35	0.16	0.30	0.40	0.39	0.40	0.42
Accounts Payable Turnover	5.59	5.94	5.35	4.51	4.07	2.43	3.63	3.87	3.53	3.42	3.45
Days Sales Outstanding (DSO)	14.01	14.19	14.34	11.45	11.90	26.22	15.90	27.99	33.56	27.95	27.10
Days Inventory Outstanding (DIO)	1.92	2.04	1.95	2.20	2.63	5.13	3.61	3.43	3.73	3.52	3.49
Days Payable Outstanding (DPO)	65.29	61.41	68.27	80.94	89.69	150.51	100.51	94.34	103.36	106.73	105.93
Cash Conversion Cycle (CCC)	-49.35	-45.18	-51.98	-67.29	-75.16	-119.16	-80.99	-62.92	-66.08	-75.27	-75.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,139	1,063	1,203	1,343	1,505	1,449	1,482	1,851	1,822	1,706	1,460
Invested Capital Turnover	0.31	0.37	0.37	0.34	0.34	0.15	0.29	0.40	0.40	0.41	0.44
Increase / (Decrease) in Invested Capital	123	-75	139	140	162	-57	34	368	-29	-116	-246
Enterprise Value (EV)	1,048	979	1,028	1,109	1,360	1,304	1,341	1,670	1,648	1,661	1,519
Market Capitalization	258	229	214	213	233	134	261	237	142	196	196
Book Value per Share	$11.90	$11.89	$11.94	$12.23	$11.23	$7.53	$6.18	$5.74	$4.65	$3.62	$2.03
Tangible Book Value per Share	$11.09	$11.01	$11.23	$11.37	$11.08	$7.40	$6.12	$5.68	$4.60	$3.57	$1.99
Total Capital	1,293	1,194	1,350	1,488	1,570	1,526	1,697	2,160	1,981	1,932	1,629
Total Debt	836	765	821	986	1,058	1,131	1,173	1,334	1,162	1,210	1,103
Total Long-Term Debt	836	765	821	986	1,058	1,131	1,173	1,334	1,162	1,210	1,103
Net Debt	672	629	665	791	985	1,050	955	1,017	994	983	937
Capital Expenditures (CapEx)	19	-59	-60	12	126	26	41	47	77	-85	-170
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-30	-29	-47	-58	-82	-47	-69	-45	-84	-88	-88
Debt-free Net Working Capital (DFNWC)	75	98	90	125	-9.57	32	147	271	82	139	79
Net Working Capital (NWC)	75	98	90	125	-9.57	32	147	271	82	139	79
Net Nonoperating Expense (NNE)	37	45	35	31	25	69	34	37	74	104	79
Net Nonoperating Obligations (NNO)	682	634	673	841	994	1,053	959	1,025	1,003	984	935
Total Depreciation and Amortization (D&A)	46	49	57	62	4.81	75	73	76	94	104	101
Debt-free, Cash-free Net Working Capital to Revenue	-8.82%	-7.14%	-11.40%	-13.36%	-16.73%	-20.60%	-16.09%	-6.67%	-11.39%	-12.08%	-12.50%
Debt-free Net Working Capital to Revenue	22.49%	24.10%	21.81%	28.97%	-1.96%	14.03%	34.43%	40.48%	11.13%	19.03%	11.20%
Net Working Capital to Revenue	22.49%	24.10%	21.81%	28.97%	-1.96%	14.03%	34.43%	40.48%	11.13%	19.03%	11.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.34)	$0.57	$0.52	($0.19)	($0.32)	($3.39)	($0.76)	($0.15)	($1.13)	($0.77)	($1.07)
Adjusted Weighted Average Basic Shares Outstanding	25.89M	26.65M	30.47M	31.94M	32.29M	34.00M	52.68M	69.69M	65.99M	66.50M	67.62M
Adjusted Diluted Earnings per Share	($0.34)	$0.55	$0.51	($0.19)	($0.32)	($3.39)	($0.76)	($0.15)	($1.13)	($0.77)	($1.07)
Adjusted Weighted Average Diluted Shares Outstanding	25.89M	31.20M	34.71M	31.94M	32.29M	34.00M	52.68M	69.69M	65.99M	66.50M	67.62M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.47M	26.03M	32.12M	32.86M	32.88M	40.45M	65.35M	66.03M	66.52M	67.05M	68.68M
Normalized Net Operating Profit after Tax (NOPAT)	33	45	36	26	28	-63	0.28	56	43	39	31
Normalized NOPAT Margin	9.71%	11.01%	8.72%	6.10%	5.73%	-27.76%	0.07%	8.43%	5.84%	5.34%	4.38%
Pre Tax Income Margin	-1.32%	6.38%	6.71%	1.16%	0.61%	-56.87%	-7.39%	3.49%	-3.78%	2.83%	-3.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.96	1.65	1.63	1.07	1.04	-1.63	0.04	1.40	0.64	1.13	0.68
NOPAT to Interest Expense	0.85	1.59	1.49	0.63	0.47	-1.14	0.03	1.08	0.45	1.08	0.49
EBIT Less CapEx to Interest Expense	0.45	3.02	3.04	0.84	-1.25	-2.15	-1.22	0.49	-0.17	1.88	2.33
NOPAT Less CapEx to Interest Expense	0.34	2.95	2.89	0.40	-1.81	-1.66	-1.23	0.17	-0.36	1.82	2.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-314.58%	95.81%	105.05%	1,275.90%	3,015.30%	-15.07%	-27.61%	107.31%	-180.41%	397.73%	-225.63%
Augmented Payout Ratio	-628.61%	257.11%	106.45%	1,288.39%	3,047.41%	-15.28%	-28.76%	146.20%	-266.83%	399.60%	-228.79%

This table displays calculated financial ratios and metrics derived from BRAEMAR HOTELS & RESORTS's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	65,993,893.00	65,993,893.00	66,520,711.00	66,477,431.00	66,522,206.00	-	67,046,523.00	67,046,523.00	68,219,432.00	68,219,432.00	68,679,318.00
DEI Adjusted Shares Outstanding	65,993,893.00	65,993,893.00	66,520,711.00	66,477,431.00	66,522,206.00	-	67,046,523.00	67,046,523.00	68,219,432.00	68,219,432.00	68,679,318.00
DEI Earnings Per Adjusted Shares Outstanding	-0.50	-0.47	0.05	-0.33	-0.02	-	-0.04	-0.24	-0.12	-0.67	0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.86%	3.44%	1.75%	0.47%	-7.14%	-2.36%	-1.49%	-4.54%	-3.26%	-4.49%	-3.17%
EBITDA Growth	-1.57%	-8.85%	16.14%	-6.70%	297.92%	-3.91%	-11.64%	10.39%	-42.62%	-57.15%	4.10%
EBIT Growth	-78.93%	-67.22%	15.84%	-32.12%	5,863.50%	-9.75%	-15.80%	33.26%	-57.34%	-424.19%	9.11%
NOPAT Growth	-79.06%	-51.63%	17.12%	-29.97%	15,675.34%	-35.26%	-16.81%	46.97%	-51.95%	-419.56%	13.74%
Net Income Growth	-169.72%	-371.84%	-6.76%	-339.36%	276.18%	-1.32%	-31.07%	50.38%	-88.14%	-69.82%	68.98%
EPS Growth	-108.33%	-166.67%	0.00%	-65.00%	96.00%	2.08%	-180.00%	27.27%	-500.00%	-42.55%	275.00%
Operating Cash Flow Growth	-54.29%	113.03%	-14.83%	22.74%	-99.92%	-43.19%	-57.97%	-4.43%	-64,100.00%	25.42%	44.91%
Free Cash Flow Firm Growth	-116.57%	109.18%	165.05%	173.76%	175.29%	257.39%	-23.40%	-84.06%	-28.47%	101.01%	117.04%
Invested Capital Growth	15.56%	-1.57%	-7.24%	-11.02%	-6.19%	-6.34%	-5.84%	-1.33%	-5.70%	-14.42%	-15.39%
Revenue Q/Q Growth	-14.41%	11.10%	23.40%	-14.37%	-20.89%	16.81%	24.51%	-17.02%	-19.84%	15.33%	26.23%
EBITDA Q/Q Growth	-41.21%	24.51%	132.22%	-45.11%	150.72%	-69.94%	113.54%	-31.42%	30.33%	-77.55%	418.82%
EBIT Q/Q Growth	-93.66%	264.70%	919.71%	-71.20%	456.71%	-94.48%	851.37%	-54.41%	78.21%	-141.94%	420.21%
NOPAT Q/Q Growth	-96.26%	796.62%	850.24%	-78.05%	743.51%	-96.32%	1,121.03%	-61.22%	175.80%	-124.47%	534.60%
Net Income Q/Q Growth	-620.55%	4.99%	172.07%	-189.05%	388.93%	-154.64%	149.03%	-164.10%	169.04%	-882.64%	148.79%
EPS Q/Q Growth	-150.00%	4.00%	110.42%	-760.00%	93.94%	-2,250.00%	91.49%	-500.00%	50.00%	-458.33%	110.45%
Operating Cash Flow Q/Q Growth	-43.82%	6.09%	207.76%	-33.08%	-99.96%	73,811.11%	127.69%	52.18%	-124.99%	244.84%	163.07%
Free Cash Flow Firm Q/Q Growth	19.16%	113.44%	448.46%	23.74%	-17.48%	-36.19%	17.55%	-74.24%	270.23%	79.33%	26.93%
Invested Capital Q/Q Growth	-6.54%	-0.46%	0.25%	-4.60%	-1.46%	-0.62%	0.79%	-0.03%	-5.83%	-9.80%	-0.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.13%	30.51%	37.91%	31.57%	23.37%	28.68%	37.12%	30.18%	22.25%	27.63%	37.86%
EBITDA Margin	15.12%	16.94%	31.88%	20.44%	64.78%	16.67%	28.60%	23.63%	38.42%	7.48%	30.74%
Operating Margin	0.41%	3.29%	19.38%	6.49%	47.39%	2.18%	17.02%	9.99%	20.76%	-7.29%	18.96%
EBIT Margin	0.73%	2.40%	19.81%	6.66%	46.90%	2.22%	16.93%	9.30%	20.68%	-7.52%	19.08%
Profit (Net Income) Margin	-14.15%	-12.10%	7.07%	-7.35%	26.84%	-12.56%	4.94%	-3.82%	3.29%	-22.33%	8.63%
Tax Burden Percent	95.00%	108.18%	91.43%	99.18%	102.22%	101.72%	87.92%	95.20%	115.90%	104.24%	92.72%
Interest Burden Percent	-2,039.50%	-466.59%	39.02%	-111.20%	56.00%	-557.12%	33.22%	-43.14%	13.73%	284.77%	48.78%
Effective Tax Rate	0.00%	0.00%	8.57%	0.00%	-2.22%	0.00%	12.09%	0.00%	-15.90%	0.00%	7.29%
Return on Invested Capital (ROIC)	0.12%	0.93%	6.94%	1.83%	20.01%	0.63%	6.12%	2.90%	10.27%	-2.27%	7.72%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.43%	-1.59%	4.69%	-0.38%	16.69%	-1.83%	4.00%	0.97%	7.19%	-5.24%	5.83%
Return on Net Nonoperating Assets (RNNOA)	-2.73%	-1.97%	5.66%	-0.46%	19.92%	-2.36%	5.38%	1.36%	9.91%	-8.07%	9.61%
Return on Equity (ROE)	-2.61%	-1.04%	12.60%	1.37%	39.93%	-1.73%	11.50%	4.25%	20.18%	-10.34%	17.33%
Cash Return on Invested Capital (CROIC)	-11.65%	3.93%	9.96%	13.98%	13.06%	13.55%	12.57%	8.57%	9.57%	18.73%	20.00%
Operating Return on Assets (OROA)	0.24%	0.77%	6.28%	2.22%	15.46%	0.74%	5.61%	3.12%	7.03%	-2.65%	6.74%
Return on Assets (ROA)	-4.64%	-3.87%	2.24%	-2.44%	8.85%	-4.19%	1.64%	-1.28%	1.12%	-7.86%	3.05%
Return on Common Equity (ROCE)	-1.26%	-0.45%	5.12%	0.54%	15.25%	-0.61%	4.16%	1.49%	7.04%	-3.14%	5.58%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.46	4.09	39	8.52	72	2.65	32	13	35	-8.45	37
NOPAT Margin	0.29%	2.30%	17.72%	4.54%	48.44%	1.53%	14.97%	6.99%	24.06%	-5.11%	17.58%
Net Nonoperating Expense Percent (NNEP)	2.55%	2.52%	2.25%	2.20%	3.32%	2.46%	2.12%	1.92%	3.08%	2.97%	1.89%
Return On Investment Capital (ROIC_SIMPLE)	0.03%	0.28%	2.55%	0.61%	4.85%	0.18%	2.25%	0.87%	2.52%	-0.68%	2.93%
Cost of Revenue to Revenue	72.87%	69.49%	62.09%	68.43%	76.63%	71.32%	62.88%	69.82%	77.75%	72.37%	62.14%
SG&A Expenses to Revenue	1.57%	2.42%	-1.02%	2.38%	5.98%	1.87%	1.34%	-1.28%	2.65%	4.44%	2.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.72%	27.23%	18.52%	25.08%	-24.02%	26.50%	20.09%	20.18%	1.48%	34.93%	18.90%
Earnings before Interest and Taxes (EBIT)	1.17	4.26	43	13	70	3.84	37	17	30	-12	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	30	70	38	96	29	62	42	55	12	64
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.45	0.46	0.38	0.54	0.68	0.81	0.66	0.70	0.86	1.41	1.10
Price to Tangible Book Value (P/TBV)	0.46	0.47	0.39	0.55	0.69	0.82	0.67	0.71	0.88	1.44	1.12
Price to Revenue (P/Rev)	0.21	0.19	0.16	0.21	0.26	0.27	0.22	0.22	0.26	0.28	0.23
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	8.56%	9.30%	11.34%	8.71%	7.08%	6.80%	8.49%	8.46%	7.45%	6.97%	8.47%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.90	0.89	0.93	0.95	0.97	0.95	0.96	0.98	1.04	1.01
Enterprise Value to Revenue (EV/Rev)	2.23	2.23	2.19	2.17	2.22	2.28	2.26	2.31	2.23	2.16	2.12
Enterprise Value to EBITDA (EV/EBITDA)	10.32	10.60	9.85	9.94	6.93	7.12	7.28	7.22	8.46	8.85	8.47
Enterprise Value to EBIT (EV/EBIT)	23.35	26.88	24.20	26.34	12.52	12.84	13.38	13.05	18.34	21.56	20.00
Enterprise Value to NOPAT (EV/NOPAT)	34.40	38.17	35.04	37.74	13.72	13.45	14.08	13.20	25.76	29.98	28.01
Enterprise Value to Operating Cash Flow (EV/OCF)	20.83	19.45	20.75	19.48	22.60	24.85	35.68	36.84	40.69	37.24	31.01
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.84	8.61	6.24	7.01	6.95	7.35	11.14	9.96	5.12	4.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.38	1.42	1.50	1.44	1.58	1.68	1.73	1.83	1.83	2.10	2.20
Long-Term Debt to Equity	1.38	1.42	1.50	1.44	1.58	1.68	1.73	1.83	1.83	2.10	2.20
Financial Leverage	1.13	1.23	1.21	1.21	1.19	1.29	1.35	1.39	1.38	1.54	1.65
Leverage Ratio	2.79	2.81	2.73	2.67	2.75	2.83	2.90	2.96	2.99	3.21	3.29
Compound Leverage Factor	-56.86	-13.12	1.06	-2.97	1.54	-15.78	0.96	-1.28	0.41	9.13	1.61
Debt to Total Capital	58.07%	58.68%	60.02%	58.98%	61.20%	62.62%	63.35%	64.68%	64.68%	67.76%	68.74%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	58.07%	58.68%	60.02%	58.98%	61.20%	62.62%	63.35%	64.68%	64.68%	67.76%	68.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	25.15%	25.82%	24.91%	26.26%	24.77%	24.92%	24.06%	23.30%	23.55%	23.73%	22.12%
Common Equity to Total Capital	16.78%	15.50%	15.07%	14.75%	14.03%	12.46%	12.58%	12.02%	11.77%	8.51%	9.14%
Debt to EBITDA	7.44	7.48	7.41	6.95	5.15	5.19	5.34	5.29	6.19	6.43	6.35
Net Debt to EBITDA	6.13	6.40	6.07	5.91	4.04	4.22	4.55	4.62	5.23	5.46	5.50
Long-Term Debt to EBITDA	7.44	7.48	7.41	6.95	5.15	5.19	5.34	5.29	6.19	6.43	6.35
Debt to NOPAT	24.80	26.93	26.34	26.37	10.20	9.80	10.34	9.67	18.86	21.78	21.00
Net Debt to NOPAT	20.41	23.03	21.58	22.43	8.00	7.96	8.80	8.45	15.92	18.49	18.17
Long-Term Debt to NOPAT	24.80	26.93	26.34	26.37	10.20	9.80	10.34	9.67	18.86	21.78	21.00
Altman Z-Score	0.23	0.18	0.26	0.20	0.33	0.19	0.21	0.15	0.18	0.07	0.15
Noncontrolling Interest Sharing Ratio	51.87%	56.40%	59.37%	60.72%	61.81%	64.45%	63.85%	64.91%	65.13%	69.58%	67.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.85	1.52	1.98	1.40	2.09	1.91	1.79	1.58	1.56	1.53	1.59
Quick Ratio	1.32	0.90	1.31	0.65	1.70	1.52	1.31	1.10	1.19	1.16	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-246	33	181	224	185	118	139	36	132	238	302
Operating Cash Flow to CapEx	56.91%	54.41%	154.46%	151.76%	0.06%	42.05%	98.96%	130.17%	-26.74%	0.00%	181.85%
Free Cash Flow to Firm to Interest Expense	-9.50	1.32	6.66	8.20	5.58	4.47	5.28	1.41	4.89	9.78	14.22
Operating Cash Flow to Interest Expense	0.43	0.47	1.32	0.88	0.00	0.25	0.58	0.91	-0.21	0.34	1.04
Operating Cash Flow Less CapEx to Interest Expense	-0.32	-0.39	0.47	0.30	-0.47	-0.35	-0.01	0.21	-1.01	3.84	0.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.32	0.32	0.33	0.33	0.33	0.33	0.34	0.34	0.35	0.35
Accounts Receivable Turnover	18.48	10.88	13.54	17.99	14.02	13.06	11.14	13.42	13.15	13.47	10.66
Inventory Turnover	105.10	97.87	100.99	103.40	105.36	103.80	107.33	106.30	107.78	104.66	102.04
Fixed Asset Turnover	0.42	0.39	0.40	0.40	0.40	0.40	0.40	0.40	0.41	0.42	0.42
Accounts Payable Turnover	3.74	3.53	3.66	3.81	3.47	3.42	3.58	3.82	3.36	3.45	3.53
Days Sales Outstanding (DSO)	19.75	33.56	26.96	20.29	26.04	27.95	32.75	27.19	27.76	27.10	34.25
Days Inventory Outstanding (DIO)	3.47	3.73	3.61	3.53	3.46	3.52	3.40	3.43	3.39	3.49	3.58
Days Payable Outstanding (DPO)	97.49	103.36	99.72	95.83	105.15	106.73	102.03	95.56	108.54	105.93	103.45
Cash Conversion Cycle (CCC)	-74.27	-66.08	-69.15	-72.01	-75.65	-75.27	-65.88	-64.94	-77.39	-75.34	-65.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,830	1,822	1,826	1,743	1,717	1,706	1,720	1,719	1,619	1,460	1,455
Invested Capital Turnover	0.43	0.40	0.39	0.40	0.41	0.41	0.41	0.41	0.43	0.44	0.44
Increase / (Decrease) in Invested Capital	246	-29	-143	-216	-113	-116	-107	-23	-98	-246	-265
Enterprise Value (EV)	1,635	1,648	1,627	1,615	1,625	1,661	1,639	1,653	1,590	1,519	1,475
Market Capitalization	154	142	117	153	188	196	158	159	183	196	162
Book Value per Share	$5.16	$4.65	$4.62	$4.25	$4.16	$3.62	$3.56	$3.36	$3.11	$2.03	$2.14
Tangible Book Value per Share	$5.11	$4.60	$4.57	$4.20	$4.11	$3.57	$3.52	$3.31	$3.06	$1.99	$2.10
Total Capital	2,030	1,981	2,038	1,913	1,974	1,932	1,898	1,872	1,801	1,629	1,609
Total Debt	1,179	1,162	1,223	1,128	1,208	1,210	1,203	1,211	1,165	1,103	1,106
Total Long-Term Debt	1,179	1,162	1,223	1,128	1,208	1,210	1,203	1,211	1,165	1,103	1,106
Net Debt	970	994	1,002	960	948	983	1,024	1,058	983	937	957
Capital Expenditures (CapEx)	19	22	23	16	16	16	15	18	22	-85	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-77	-84	-70	-66	-91	-88	-64	-72	-92	-88	-64
Debt-free Net Working Capital (DFNWC)	130	82	150	101	168	139	114	81	89	79	84
Net Working Capital (NWC)	130	82	150	101	168	139	114	81	89	79	84
Net Nonoperating Expense (NNE)	23	26	23	22	32	24	22	19	30	29	19
Net Nonoperating Obligations (NNO)	979	1,003	1,011	958	951	984	1,024	1,058	983	935	952
Total Depreciation and Amortization (D&A)	23	26	26	26	27	25	25	26	25	25	24
Debt-free, Cash-free Net Working Capital to Revenue	-10.48%	-11.39%	-9.37%	-8.85%	-12.40%	-12.08%	-8.85%	-10.08%	-12.98%	-12.50%	-9.24%
Debt-free Net Working Capital to Revenue	17.72%	11.13%	20.16%	13.59%	22.90%	19.03%	15.78%	11.25%	12.48%	11.20%	12.09%
Net Working Capital to Revenue	17.72%	11.13%	20.16%	13.59%	22.90%	19.03%	15.78%	11.25%	12.48%	11.20%	12.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.50)	($0.48)	$0.05	($0.33)	($0.02)	($0.47)	($0.04)	($0.24)	($0.12)	($0.67)	$0.07
Adjusted Weighted Average Basic Shares Outstanding	65.83M	65.99M	66.46M	66.50M	66.52M	66.50M	66.74M	67.28M	68.22M	67.62M	68.43M
Adjusted Diluted Earnings per Share	($0.50)	($0.48)	$0.05	($0.33)	($0.02)	($0.47)	($0.04)	($0.24)	($0.12)	($0.67)	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	65.83M	65.99M	268.52M	66.50M	66.52M	66.50M	66.74M	67.28M	68.22M	67.62M	100.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.99M	66.52M	66.48M	66.52M	66.52M	67.05M	67.05M	68.22M	68.22M	68.68M	68.68M
Normalized Net Operating Profit after Tax (NOPAT)	0.46	4.09	39	8.52	-13	2.65	32	13	-7.81	-8.45	37
Normalized NOPAT Margin	0.29%	2.30%	17.72%	4.54%	-8.43%	1.53%	14.97%	6.99%	-5.44%	-5.11%	17.58%
Pre Tax Income Margin	-14.89%	-11.19%	7.73%	-7.41%	26.26%	-12.35%	5.62%	-4.01%	2.84%	-21.42%	9.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.05	0.17	1.59	0.46	2.10	0.15	1.39	0.66	1.10	-0.51	1.88
NOPAT to Interest Expense	0.02	0.16	1.43	0.31	2.17	0.10	1.23	0.49	1.27	-0.35	1.73
EBIT Less CapEx to Interest Expense	-0.70	-0.69	0.74	-0.12	1.63	-0.45	0.81	-0.04	0.30	2.98	1.31
NOPAT Less CapEx to Interest Expense	-0.73	-0.70	0.57	-0.27	1.70	-0.50	0.65	-0.20	0.48	3.15	1.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-359.45%	-180.41%	-169.21%	-125.80%	398.48%	397.73%	519.55%	349.61%	-383.95%	-225.63%	-299.41%
Augmented Payout Ratio	-597.32%	-266.83%	-170.72%	-126.67%	400.31%	399.60%	522.64%	350.26%	-390.55%	-228.79%	-303.25%

Financials Breakdown Chart

Key Financial Trends

Braemar Hotels & Resorts (NYSE: BHR) showed a much stronger first quarter in 2026 than the prior quarter, with revenue growth, a return to profitability, and improved operating cash flow. That said, the company still carries a heavy debt load, thin common equity, and significant dividend/preferred equity obligations, which keep the financial profile risky for retail investors.

Q1 2026 revenue improved meaningfully quarter over quarter, rising to $209.0 million from $165.6 million in Q4 2025.
Operating income rebounded sharply to $39.6 million in Q1 2026, versus an operating loss of $12.1 million in Q4 2025.
Net income turned positive at $18.0 million in Q1 2026, compared with a $36.9 million loss in the prior quarter.
Operating cash flow recovered strongly to $21.9 million in Q1 2026 from $8.3 million in Q4 2025.
Cash and equivalents rose sharply to $93.4 million at March 31, 2026, from $69.2 million at year-end 2025.
Current assets exceeded current liabilities by about $84.3 million in Q1 2026, suggesting near-term liquidity is manageable.
Interest expense remains very large at $21.2 million in Q1 2026, but it was lower than the $24.3 million level in Q4 2025.
Preferred stock dividends remain a major claim on earnings, reducing common shareholders’ benefit even when the company is profitable.
Long-term debt remains elevated at $1.11 billion, which keeps financial flexibility constrained.
Common equity is still thin at just $147.0 million, with retained earnings deeply negative at $561.6 million.

Looking at the last several years, Braemar’s results have been highly volatile. Revenue has generally ranged between roughly $145 million and $220 million per quarter, but profitability has swung widely because of operating leverage, asset-sale or special items, and a consistently heavy interest burden. The company posted strong quarters in parts of 2024, but 2025 featured multiple loss-making periods, and Q4 2025 was especially weak before the Q1 2026 rebound.

From a cash flow perspective, Braemar has usually generated enough operating cash in stronger quarters to support capital spending and some debt reduction, but financing activity has often dominated the statement. Over time, the company has used debt issuance, asset sales, and equity-related actions to manage its capital structure. That is a sign of active balance sheet management, but it also underscores that the business is not yet in a simple, self-funding position.

The balance sheet trend is mixed. Cash improved in Q1 2026, but long-term debt stayed above $1.1 billion and redeemable noncontrolling interests remain significant. That combination suggests Braemar has some liquidity cushion, but leverage is still the central risk for the stock.

Bottom line: Braemar Hotels & Resorts showed a solid operational rebound in Q1 2026, but investors should view the stock as a leveraged turnaround story rather than a stable income or conservative balance-sheet name. The key thing to watch is whether the company can keep generating positive operating cash flow while gradually reducing debt and improving consistency in earnings.

07/27/26 06:22 AM ETAI Generated. May Contain Errors.

BRAEMAR HOTELS & RESORTS Financials - Frequently Asked Questions

According to the most recent income statement we have on file, BRAEMAR HOTELS & RESORTS's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

BRAEMAR HOTELS & RESORTS's net income appears to be on an upward trend, with a most recent value of -$28.41 million in 2025, rising from -$4.69 million in 2015. The previous period was $19.76 million in 2024. See BRAEMAR HOTELS & RESORTS's forecast for analyst expectations on what's next for the company.

BRAEMAR HOTELS & RESORTS's total operating income in 2025 was $72.36 million, based on the following breakdown:

Total Gross Profit: $211.83 million
Total Operating Expenses: $139.47 million

Over the last 10 years, BRAEMAR HOTELS & RESORTS's total revenue changed from $335.50 million in 2015 to $704.02 million in 2025, a change of 109.8%.

BRAEMAR HOTELS & RESORTS's total liabilities were at $1.34 billion at the end of 2025, a 5.5% decrease from 2024, and a 49.2% increase since 2015.

In the past 10 years, BRAEMAR HOTELS & RESORTS's cash and equivalents has ranged from $72.00 million in 2019 to $261.54 million in 2022, and is currently $124.35 million as of their latest financial filing in 2025.

Over the last 10 years, BRAEMAR HOTELS & RESORTS's book value per share changed from 11.90 in 2015 to 2.03 in 2025, a change of -82.9%.

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Financial statements for NYSE:BHR last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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BRAEMAR HOTELS & RESORTS (BHR) Financials

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BRAEMAR HOTELS & RESORTS (BHR) Financials

Annual Income Statements for BRAEMAR HOTELS & RESORTS

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Quarterly Cash Flow Statements for BRAEMAR HOTELS & RESORTS

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Quarterly Balance Sheets for BRAEMAR HOTELS & RESORTS

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Quarterly Metrics And Ratios for BRAEMAR HOTELS & RESORTS

Financials Breakdown Chart

Key Financial Trends

BRAEMAR HOTELS & RESORTS Financials - Frequently Asked Questions

When does BRAEMAR HOTELS & RESORTS's fiscal year end?

How has BRAEMAR HOTELS & RESORTS's net income changed over the last 10 years?

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How has BRAEMAR HOTELS & RESORTS's revenue changed over the last 10 years?

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