Revenue contraction and rising operating expenses have compressed NOI margins to a critical 2.9% as of 2026Q1, down from a 25.5% peak in 2024Q2.
Ashford Hospitality Trust, Inc. (AHT) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Revenue | 1.07B | 1.1B | 1.17B | 1.37B | 1.24B | 805.41M | 508.24M | 1.5B | 1.43B | 1.44B | 1.49B | 1.34B | 794.85M | 942.26M | 922.61M | 889.8M | 841.37M | 916.6M | 1.17B | 1.13B | 480.43M | 331.65M | 116.93M | 42.28M | 29.89M | 36.22M |
| Revenue Growth % | -5.78% | -5.81% | -14.26% | 10.21% | 54.07% | 58.47% | -66.18% | 5.03% | -0.59% | -3.54% | 11.6% | 68.2% | -15.64% | 2.13% | 3.69% | 5.76% | -8.21% | -21.85% | 3.91% | 134.95% | 44.86% | 183.64% | 176.56% | 41.44% | -17.46% | - |
| Property Operating Expenses | 940.88M | 1.11B | 938.07M | 1.04B | 953.23M | 697.02M | 564.39M | 1.1B | 1.05B | 1.02B | 1.06B | 945.85M | 550.06M | 643.39M | 635.24M | 627.64M | 556.26M | 676.8M | 753.59M | 739.14M | 142.17M | 96.7M | 31.77M | 12.82M | 0 | 0 |
| Net Operating Income (NOI) | 125.12M | -6.26M | 234.39M | 322.94M | 287.63M | 108.39M | -56.15M | 402.34M | 382.73M | 416.27M | 433.8M | 391.12M | 244.79M | 298.87M | 287.36M | 262.16M | 285.11M | 239.8M | 419.27M | 389.63M | 338.27M | 234.95M | 85.16M | 29.46M | 29.89M | 36.22M |
| NOI Margin % | 11.74% | -0.57% | 19.99% | 23.61% | 23.18% | 13.46% | -11.05% | 26.77% | 26.75% | 28.92% | 29.07% | 29.25% | 30.8% | 31.72% | 31.15% | 29.46% | 33.89% | 26.16% | 35.75% | 34.52% | 70.41% | 70.84% | 72.83% | 69.69% | 100% | 100% |
| Operating Expenses | 55.36M | -66.13M | -24.81M | 192.5M | 211.38M | 233.56M | 409.21M | 287.61M | 269.39M | 271.1M | 260.66M | 227.44M | 167.9M | 180.81M | 178.03M | 170.74M | 267.08M | 392.09M | 258.94M | 238.52M | 400.93M | 259.73M | 100.52M | 41.7M | 26.05M | 31.83M |
| G&A Expenses | 13.89M | 20.77M | 24.66M | 16.18M | 9.88M | 16.15M | 28.05M | 11.11M | 19.43M | 20.79M | 14.77M | 14.51M | 60.54M | 51.12M | 48.05M | 44.52M | 30.62M | 29.95M | 28.7M | 26.95M | 20.36M | 14.52M | 11.85M | 4M | 0 | 0 |
| EBITDA | 198.01M | 201.16M | 411.98M | 318.25M | 278.15M | 93.81M | -212.91M | 383.48M | 1.41B | 1.44B | 1.47B | 348.32M | 187.34M | 245.39M | 248.75M | 225.31M | 151.46M | 3.17M | 328.06M | 319.69M | 131.57M | 86.41M | 25.54M | 6.37M | 3.84M | 8.83M |
| EBITDA Margin % | 18.57% | 18.21% | 35.14% | 23.27% | 22.42% | 11.65% | -41.89% | 25.52% | 98.69% | 99.88% | 98.7% | 26.05% | 23.57% | 26.04% | 26.96% | 25.32% | 18% | 0.35% | 27.97% | 28.32% | 27.39% | 26.05% | 21.84% | 15.07% | 12.84% | 24.39% |
| Depreciation & Amortization | 128.24M | 141.29M | 152.78M | 187.81M | 201.9M | 218.98M | 252.46M | 268.75M | 1.32B | 1.3B | 1.32B | 210.41M | 110.65M | 127.99M | 133.98M | 133.88M | 133.44M | 155.46M | 167.73M | 168.59M | 52.86M | 30.29M | 10.77M | 5.8M | 0 | 4.45M |
| D&A / Revenue % | 12.03% | 12.79% | 13.03% | 13.73% | 16.27% | 27.19% | 49.67% | 17.88% | 92.38% | 90.5% | 88.27% | 15.74% | 13.92% | 13.58% | 14.52% | 15.05% | 15.86% | 16.96% | 14.3% | 14.94% | 11% | 9.13% | 9.21% | 13.71% | 0% | 12.28% |
| Operating Income | 69.76M | 59.86M | 259.21M | 130.44M | 76.25M | -125.17M | -465.37M | 114.73M | 90.41M | 135M | 155.7M | 137.91M | 76.69M | 117.4M | 114.77M | 91.42M | 18.02M | -152.29M | 160.33M | 151.11M | 78.71M | 56.12M | 14.77M | 575.11K | 3.84M | 4.39M |
| Operating Margin % | 6.54% | 5.42% | 22.11% | 9.54% | 6.15% | -15.54% | -91.56% | 7.63% | 6.32% | 9.38% | 10.44% | 10.32% | 9.65% | 12.46% | 12.44% | 10.27% | 2.14% | -16.61% | 13.67% | 13.39% | 16.38% | 16.92% | 12.64% | 1.36% | 12.84% | 12.12% |
| Interest Expense | 4M | 295.27M | 318.95M | 366.15M | 227M | 156.12M | 247.38M | 262M | 236.79M | 222.63M | 223.97M | 187.51M | 114.5M | 140.87M | 144.34M | 133.92M | 135.69M | 137.87M | 149.86M | 133.28M | 43.2M | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.36x | 0.80x | 0.51x | 0.41x | -0.70x | -1.57x | 0.46x | 0.35x | 0.59x | 0.74x | 2.66x | 0.65x | 0.67x | 0.61x | 1.09x | 0.83x | -0.89x | 1.65x | 1.04x | 1.80x | - | - | - | - | - |
| Non-Operating Income | -146.92M | -47.1M | 4.27M | -55.87M | -16.02M | -16.19M | -78.19M | -5.81M | 7.16M | 17.38M | 20.59M | -360.12M | 2.65M | 22.98M | -112K | -52.73M | -107.57M | 41.29M | -88.4M | 883K | -832K | 2.96M | -1.63M | 0 | 0 | 1K |
| Pretax Income | -66.87M | -188.3M | -64.01M | -179.83M | -134.72M | -265.1M | -634.56M | -141.46M | -153.53M | -90.98M | -57.25M | 310.52M | -40.47M | -47.05M | -56.18M | 5.61M | -71.35M | -270.46M | 92.35M | 10.96M | 32.38M | 2.94M | 2.38M | -4.14M | -2.64M | -2.91M |
| Pretax Margin % | -6.27% | -17.05% | -5.46% | -13.15% | -10.86% | -32.91% | -124.85% | -9.41% | -10.73% | -6.32% | -3.84% | 23.23% | -5.09% | -4.99% | -6.09% | 0.63% | -8.48% | -29.51% | 7.87% | 0.97% | 6.74% | 0.89% | 2.03% | -9.78% | -8.85% | -8.02% |
| Income Tax | 2.73M | 143K | 997K | 900K | 6.34M | 5.95M | -1.33M | 1.22M | 2.78M | -2.22M | 1.53M | 4.71M | 1.27M | 1.51M | 2.38M | 1.62M | -155K | 1.52M | 967K | 4.98M | -2.92M | -2.65M | 658.27K | -142.18K | 449K | -1K |
| Effective Tax Rate % | -4.08% | -0.08% | -1.56% | -0.5% | -4.7% | -2.24% | 0.21% | -0.86% | -1.81% | 2.44% | -2.68% | 1.52% | -3.13% | -3.21% | -4.23% | 28.88% | 0.22% | -0.56% | 1.05% | 45.46% | -9.02% | -90.14% | 27.72% | 3.44% | -16.98% | 0.03% |
| Net Income | -65.25M | -179.84M | -60.3M | -178.49M | -139.82M | -267M | -543.88M | -113.64M | -126.97M | -67.01M | -46.28M | 270.94M | -31.4M | -41.28M | -53.78M | 2.11M | -51.74M | -250.24M | 129.19M | 30.16M | 37.8M | 9.44M | 1.42M | -3.92M | -3.09M | -2.91M |
| Net Margin % | -6.12% | -16.28% | -5.14% | -13.05% | -11.27% | -33.15% | -107.01% | -7.56% | -8.87% | -4.66% | -3.1% | 20.27% | -3.95% | -4.38% | -5.83% | 0.24% | -6.15% | -27.3% | 11.02% | 2.67% | 7.87% | 2.85% | 1.21% | -9.27% | -10.35% | -8.02% |
| Net Income Growth % | 71.93% | -198.24% | 66.22% | -27.65% | 47.63% | 50.91% | -378.62% | 10.5% | -89.48% | -44.77% | -117.08% | 962.84% | 23.94% | 23.24% | -2650.02% | 104.08% | 79.32% | -293.69% | 328.36% | -20.2% | 300.51% | 564.95% | 136.2% | -26.74% | -6.44% | - |
| Funds From Operations (FFO) | 62.99M | -38.54M | 92.48M | 9.32M | 62.07M | -48.02M | -291.42M | 155.11M | 1.19B | 1.24B | 1.27B | 481.35M | 79.25M | 86.71M | 80.2M | 135.99M | 81.69M | -94.78M | 296.92M | 198.75M | 90.66M | 39.73M | 12.19M | 1.88M | -3.09M | 1.54M |
| FFO Margin % | 5.91% | -3.49% | 7.89% | 0.68% | 5% | -5.96% | -57.34% | 10.32% | 83.5% | 85.85% | 85.17% | 36% | 9.97% | 9.2% | 8.69% | 15.28% | 9.71% | -10.34% | 25.32% | 17.61% | 18.87% | 11.98% | 10.42% | 4.44% | -10.35% | 4.25% |
| FFO Growth % | 2857.87% | -141.68% | 892.44% | -84.99% | 229.26% | 83.52% | -287.88% | -87.02% | -3.31% | -2.76% | 163.99% | 507.37% | -8.6% | 8.11% | -41.03% | 66.46% | 186.19% | -131.92% | 49.4% | 119.22% | 128.2% | 225.99% | 549.31% | - | - | - |
| FFO per Share | 0.81 | -6.45 | 19.65 | 2.69 | 18.08 | -14.11 | -1849.57 | 1553.64 | 12281.34 | 12977.94 | 13457.09 | 4189.98 | 904.48 | 1153.71 | 1187.55 | 2195.03 | 1596.88 | -1381.75 | 2667.90 | 1878.74 | 1459.25 | 988.41 | 395.31 | 76.21 | -120.20 | 59.85 |
| FFO Payout Ratio % | 19.59% | -62.15% | 22.02% | 160.37% | 20.01% | -38.78% | -9.82% | 55.58% | 8.16% | 8.22% | 7.2% | 18.96% | 107.78% | 90.91% | 89.23% | 39.19% | 29.39% | -24.13% | 47.14% | 62.66% | 72.9% | 96.1% | 78.05% | 98.61% | 0% | 0% |
| EPS (Diluted) | -0.84 | -31.54 | -17.54 | -56.10 | -44.62 | -79.64 | -4018.93 | -1429.12 | -1305.16 | -703.81 | -490.17 | 2350.00 | -358.37 | -549.30 | -796.35 | 34.04 | -1011.36 | -3648.00 | 910.00 | 285.10 | 608.37 | 234.80 | 46.00 | -159.18 | -120.20 | -112.93 |
| EPS Growth % | 33.37% | -79.82% | 68.73% | -25.73% | 43.97% | 98.02% | -181.22% | -9.5% | -85.44% | -43.58% | -120.86% | 755.75% | 34.76% | 31.02% | -2439.45% | 103.37% | 72.28% | -500.88% | 219.19% | -53.14% | 159.1% | 410.43% | 128.9% | -32.43% | -6.44% | - |
| EPS (Basic) | - | -31.54 | -17.54 | -56.10 | -44.62 | -79.68 | -4018.93 | -1429.12 | -1305.16 | -703.81 | -490.83 | 2430.00 | -358.47 | -549.30 | -796.35 | 34.04 | -1011.36 | -3648.00 | 910.00 | 285.10 | 612.45 | 234.80 | 56.50 | -159.18 | -120.20 | -112.93 |
| Diluted Shares Outstanding | 77.47M | 5.97M | 4.71M | 3.46M | 3.43M | 3.4M | 157.56K | 99.84K | 97.28K | 95.21K | 94.43K | 114.88K | 87.62K | 75.16K | 67.53K | 61.95K | 51.16K | 68.6K | 111.3K | 105.79K | 62.13K | 40.19K | 30.83K | 24.63K | 25.73K | 25.73K |
Quick answers to the most common questions about buying AHT stock.
For fiscal year 2025, Ashford Hospitality Trust, Inc. (AHT) reported total revenue of $1.10B. This represents a 2949.5% increase compared to $36.2M in 2001.
Ashford Hospitality Trust, Inc. (AHT) reported a net loss of $179.8M for the fiscal year ending 2025.
Ashford Hospitality Trust, Inc. (AHT) reported an operating income of $59.9M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ashford Hospitality Trust, Inc. (AHT) generated $-6.3M in gross profit for the year, representing a gross profit margin of -0.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage liquidity constraints
Metrics are mathematically derived from official filings.
Revenue Contraction Amid Operational Headwinds
As reported in recent financial filings, AHT experienced a consistent decline in top-line performance, with revenue falling to $267.7 million in 2026Q1, representing a 3.5% year-over-year decrease that highlights the ongoing difficulty in maintaining occupancy and rate growth across its full-service hotel portfolio.
The persistent revenue decline suggests that the company is struggling to capture market share in a competitive landscape, likely exacerbated by the cyclical nature of its upper-upscale asset base. Investors should monitor whether the current strategic pivot toward asset sales will stabilize the top line or merely accelerate the erosion of the company's operational footprint.
Property Level Profitability Under Pressure
Based on the provided income statement data, AHT's NOI margin plummeted to a mere 2.9% in 2026Q1, a significant deterioration from the 25.5% peak observed in 2024Q2, indicating that rising operating expenses are severely compressing the profitability of the firm's underlying hotel assets.
This margin compression appears to reflect an inability to pass through inflationary labor and utility costs to guests, which is particularly concerning for a full-service model. The sharp decline in NOI suggests that the company's cost structure is increasingly rigid, leaving little room for operational flexibility during periods of softening demand.
FFO Volatility Signals Structural Instability
According to the company's reported figures, FFO per share has swung from a positive $10.43 in 2024Q2 to a negative $4.93 in 2026Q1, reflecting extreme earnings volatility that complicates the assessment of dividend safety and long-term shareholder value creation for the REIT.
The erratic FFO trajectory suggests that the company's earnings are highly sensitive to interest expense and advisory fee structures, which may be masking the true economic performance of the properties. The shift to negative FFO indicates that the current capital structure may be unsustainable without significant deleveraging or further equity dilution.
Capital Structure Risks Obscure Performance
Financial statements indicate that AHT's net income has remained consistently negative, reaching -$63.8 million in 2026Q1, which warrants further investigation into whether the company's reliance on external advisory agreements and high-cost debt is fundamentally impairing its ability to generate positive returns for common shareholders.
The persistent gap between property-level NOI and bottom-line net income suggests that corporate-level expenses and interest burdens are the primary drivers of the firm's financial distress. Analysts should be wary of the potential for continued value destruction if the company cannot successfully navigate its debt maturities while maintaining its current advisory fee obligations.