Cash flow conversion remains inconsistent, highlighted by a $23.4M capital expenditure outflow in 2025Q4 that significantly eroded liquidity.
Braemar Hotels & Resorts Inc. (BHR) cash flow statement — 14-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 45.45M | 40.78M | 66.82M | 84.71M | 109.48M | 63.95M | -50.29M | 66.26M | 70.73M | 70.61M | 57.09M | 9.39M | 54.85M | 34.09M | 27.85M |
| Operating CF Growth % | -64038.9% | -38.97% | -21.12% | -22.63% | 71.2% | 227.17% | -175.89% | -6.32% | 0.18% | 23.68% | 508% | -82.88% | 60.93% | 22.38% | - |
| Operating CF / Revenue % | 6.6% | 5.79% | 9.17% | 11.46% | 16.35% | 14.96% | -22.16% | 13.59% | 16.4% | 17.05% | 14.07% | 2.69% | 17.85% | 14.6% | 12.59% |
| Net Income | -3.11M | -22.32M | 19.76M | -30.63M | 19.35M | -32.91M | -124.68M | 1.2M | 2.58M | 28.32M | 24.32M | -4.69M | 3.54M | -17.93M | -3.79M |
| Depreciation & Amortization | 89.94M | 105.67M | 99.19M | 93.75M | 78.6M | 74.27M | 74.2M | 70.76M | 57.58M | 52.44M | 46M | 43.72M | 40.47M | 30.65M | 29.33M |
| Stock-Based Compensation | -351K | -446K | 2.61M | 9.24M | 11.29M | 10.2M | 7.89M | 7.94M | 7M | -1.33M | 4.16M | 3.85M | 2.35M | 342K | 0 |
| Other Non-Cash Items | -35.62M | -26.22M | -75.59M | 4.09M | -5.21M | 1.46M | -3.38M | -12.99M | 4.34M | -22.48M | -16.2M | -38.61M | 1.83M | 2.72M | 1.25M |
| Working Capital Changes | -6.33M | -15.91M | 20.95M | 6.93M | 5.42M | 11.12M | -3.37M | -1.41M | 34K | 13.04M | -2.27M | 6.22M | 6.4M | 17.55M | 1.06M |
| Cash from Investing | 358.97M | 209.63M | 35.51M | -77.07M | -402.22M | -41.68M | -16.54M | -226.43M | -166.82M | -173.94M | 100.28M | -183.25M | -212.76M | -28.35M | -11.94M |
| Acquisitions (Net) | -20M | 0 | -79K | -238K | -328K | -233K | -26K | 265K | -2M | -248.2M | 0 | -16.62M | -172.11M | 0 | 0 |
| Purchase of Investments | 5.51M | 0 | -42.28M | 0 | 0 | -17.85M | -26K | 0 | -2M | 248.2M | 0 | -105.88M | 0 | 0 | 0 |
| Sale of Investments | 295.2M | 0 | 0 | 0 | 0 | 43.49M | 25.58M | 0 | 65.34M | 2.29M | 43.49M | 106.08M | 0 | 0 | 0 |
| Other Investing | 119.44M | 209.63M | 77.87M | -76.75M | -401.89M | -41.44M | -16.52M | -226.69M | 32.36M | 11.92M | -2.51M | -3.41M | 152.5M | -28.35M | -11.94M |
| Cash from Financing | -388.2M | -268.63M | -83.77M | -156.84M | 345.06M | 127.95M | 49.59M | 32.06M | 169.24M | 124.03M | -135.63M | 107.46M | 185.57M | 117.73M | -12.05M |
| Dividends Paid | -41.52M | -47.34M | -51.56M | -52.56M | -20.76M | -9.09M | -16.15M | -33.41M | -30.33M | -27.1M | -16.88M | -11.82M | -6.4M | -85.7M | -24.07M |
| Common Dividends | -41.52M | -47.34M | -51.56M | -52.56M | -20.76M | -9.09M | -16.15M | -33.41M | -30.33M | -27.1M | -16.88M | -11.82M | -6.4M | -85.7M | -24.07M |
| Debt Issuance (Net) | -3M | -1000K | 1000K | -1000K | 1000K | -993K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K |
| Share Repurchases | -18.35M | -778K | -369K | -26.47M | -7.41M | -376K | -263K | -384K | -323K | -395K | -39.23M | -8.88M | -18.52M | 0 | -24.07M |
| Other Financing | -6.78M | -105.24M | -36.14M | -2.14M | -6.89M | -909K | -9.22M | -7.21M | -12.52M | 92.25M | -10.46M | 53.17M | -7.55M | -25.59M | 19.21M |
| Net Change in Cash | 16.21M | -18.22M | 18.55M | -149.19M | 52.32M | 150.22M | -17.23M | -128.1M | 73.15M | 20.7M | 21.75M | -66.4M | 27.66M | 123.46M | 3.86M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 148.74M | 185.06M | 166.5M | 315.7M | 263.37M | 113.15M | 130.38M | 258.49M | 185.34M | 164.65M | 105.04M | 171.44M | 143.78M | 20.31M | 16.45M |
| Cash at End | 151.9M | 166.83M | 185.06M | 166.5M | 315.7M | 263.37M | 113.15M | 130.38M | 258.49M | 185.34M | 126.79M | 105.04M | 171.44M | 143.78M | 20.31M |
| Free Cash Flow | 4.28M | -37.13M | 66.82M | 84.64M | 109.48M | 38.31M | -75.84M | 66.26M | -126.45M | -117.54M | 116.4M | -154.03M | -138.29M | 5.73M | 15.91M |
| FCF Growth % | -90.39% | -155.56% | -21.05% | -22.69% | 185.81% | 150.51% | -214.45% | 152.4% | -7.58% | -200.98% | 175.57% | -11.38% | -2513.05% | -63.97% | - |
| FCF / Revenue % | 0.62% | -5.27% | 9.17% | 11.45% | 16.35% | 8.96% | -33.41% | 13.59% | -29.31% | -28.39% | 28.68% | -44.07% | -45% | 2.45% | 7.19% |
Quick answers to the most common questions about buying BHR stock.
Braemar Hotels & Resorts Inc. (BHR) generated $40.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Braemar Hotels & Resorts Inc. (BHR) reported negative free cash flow of $37.1M in 2025, indicating capital requirements exceeded cash from operations.
Braemar Hotels & Resorts Inc. (BHR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Braemar Hotels & Resorts Inc. (BHR) returned $47.3M to shareholders via cash dividends and spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
External Management Fee Structure
Metrics are mathematically derived from official filings.
FFO Divergence From Operating Cash
As reported in quarterly financial filings, the relationship between FFO and GAAP operating cash flow remains highly inconsistent, with FFO reaching $40.3M in 2026Q1 while operating cash flow was reported at zero, suggesting significant non-cash adjustments and potential working capital volatility that complicates core earnings visibility.
The wide variance between FFO and GAAP operating cash flow indicates that standard REIT metrics may be failing to capture the true cash-generative capacity of the portfolio. Investors should monitor whether this disconnect stems from aggressive non-cash add-backs or timing differences in property-level expense recognition.
AFFO Coverage Remains Highly Precarious
Based on the company's reported figures, AFFO has shown extreme instability, including a negative $34.2M result in 2025Q4, which highlights a persistent inability to consistently cover dividend distributions from recurring property-level cash flow after accounting for necessary capital expenditures and leasing costs.
The erratic nature of AFFO suggests that the dividend is not currently supported by sustainable operational cash flow. The reliance on external financing or balance sheet liquidity to fund distributions appears to be a structural risk that warrants further investigation by institutional stakeholders.
Capital Expenditure Intensity Pressures Liquidity
According to recent financial statements, Braemar's maintenance and renovation capital requirements are significant, evidenced by a $23.4M outflow in 2025Q4 alone, which directly erodes the cash available for distribution and underscores the high cost of maintaining ultra-luxury assets in a competitive, inflationary environment.
The necessity of continuous capital reinvestment to maintain trophy asset status creates a perpetual drag on free cash flow. This capital intensity suggests that the company may be forced to prioritize property preservation over shareholder returns during periods of revenue contraction.
Depreciation Masks True Economic Costs
As indicated by the historical data, the substantial gap between GAAP Net Income and FFO reflects the heavy impact of non-cash depreciation charges, which often obscure the underlying economic reality of the company's high-leverage, capital-intensive business model and its sensitivity to luxury travel demand cycles.
While FFO is intended to normalize these distortions, the volatility in the reported figures suggests that the underlying asset performance is not stable enough to rely on FFO as a perfect proxy for cash flow. The persistent negative net income periods imply that the portfolio may be struggling to generate sufficient returns to offset its depreciation and interest burden.