Revenue growth has contracted to -3.35% in the most recent period, while NOI margins exhibited extreme volatility, bottoming out at -4.4% in 2025Q4.
| 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 |
|---|
| Revenue | 697.18M | 704.01M | 728.4M | 739.34M | 669.59M | 427.54M | 226.97M | 487.61M | 431.4M | 414.06M | 405.86M | 349.55M | 307.31M | 233.5M | 221.19M |
| Revenue Growth % | -3.86% | -3.35% | -1.48% | 10.42% | 56.61% | 88.37% | -53.45% | 13.03% | 4.19% | 2.02% | 16.11% | 13.74% | 31.61% | 5.56% | - |
| Property Operating Expenses | 613.16M | 711.59M | 574.73M | 570.88M | 505.1M | 344.66M | 218.46M | 372.12M | 312.19M | 302.07M | 294.26M | 250.48M | 215.68M | 158.15M | 148.99M |
| Net Operating Income (NOI) | 84.02M | -7.58M | 153.68M | 168.47M | 164.49M | 82.88M | 8.51M | 115.49M | 119.21M | 112M | 111.59M | 99.06M | 91.63M | 75.34M | 72.2M |
| NOI Margin % | 12.05% | -1.08% | 21.1% | 22.79% | 24.57% | 19.38% | 3.75% | 23.68% | 27.63% | 27.05% | 27.5% | 28.34% | 29.82% | 32.27% | 32.64% |
| Operating Expenses | -4.02M | -51.09M | 24.93M | 106.8M | 96.09M | 81.43M | 88.36M | 51.09M | 68.1M | 60.41M | 64M | 52.55M | 46.03M | 42.36M | 40.4M |
| G&A Expenses | 13.72M | 11.75M | 14.36M | 13.52M | 18.08M | 8.72M | 25.14M | 5.43M | 25.81M | 20.68M | 32.34M | 25.32M | 17.68M | 13.19M | 11.5M |
| EBITDA | 180.12M | 135.67M | 227.94M | 155.42M | 146.99M | 75.72M | -5.65M | 135.17M | 455.16M | 400.33M | 405.43M | 89.8M | 84.44M | 50.27M | 61.14M |
| EBITDA Margin % | 25.84% | 19.27% | 31.29% | 21.02% | 21.95% | 17.71% | -2.49% | 27.72% | 105.51% | 96.68% | 99.9% | 25.69% | 27.48% | 21.53% | 27.64% |
| Depreciation & Amortization | 92.08M | 92.58M | 99.19M | 93.75M | 78.6M | 74.27M | 74.2M | 70.76M | 389.33M | 361.49M | 358.29M | 43.82M | 40.69M | 30.86M | 29.33M |
| D&A / Revenue % | 13.21% | 13.15% | 13.62% | 12.68% | 11.74% | 17.37% | 32.69% | 14.51% | 90.25% | 87.3% | 88.28% | 12.54% | 13.24% | 13.22% | 13.26% |
| Operating Income | 88.04M | 43.09M | 128.75M | 61.67M | 68.39M | 1.45M | -79.85M | 64.4M | 65.83M | 38.84M | 47.14M | 45.98M | 43.75M | 19.41M | 31.81M |
| Operating Margin % | 12.63% | 6.12% | 17.68% | 8.34% | 10.21% | 0.34% | -35.18% | 13.21% | 15.26% | 9.38% | 11.62% | 13.15% | 14.24% | 8.31% | 14.38% |
| Interest Expense | 4M | 88.36M | 108.12M | 94.22M | 52.17M | 30.9M | 45.1M | 54.51M | 49.65M | 38.94M | 40.88M | 37.83M | 39.03M | 33.01M | 31.24M |
| Interest Coverage | - | 0.82x | 1.19x | 0.70x | 1.45x | -0.02x | -1.86x | 1.05x | 1.10x | 1.71x | 1.63x | 0.88x | 1.12x | 0.59x | 1.02x |
| Non-Operating Income | 12.25M | -29.02M | 21K | -4.61M | -7.16M | 2.13M | 4.13M | 6.94M | 11.15M | -4.1M | 6.72M | 12.57M | 84K | 0 | -29K |
| Pretax Income | -19.12M | -26.43M | 20.61M | -27.94M | 23.39M | -31.59M | -129.08M | 2.96M | 5.02M | 27.8M | 25.89M | -4.43M | 4.63M | -15.59M | 591K |
| Pretax Margin % | -2.74% | -3.75% | 2.83% | -3.78% | 3.49% | -7.39% | -56.87% | 0.61% | 1.16% | 6.71% | 6.38% | -1.27% | 1.51% | -6.67% | 0.27% |
| Income Tax | 1.93M | 1.98M | 842K | 2.69M | 4.04M | 1.32M | -4.41M | 1.76M | 2.43M | -522K | 1.57M | 263K | 1.1M | 2.34M | 4.38M |
| Effective Tax Rate % | -10.09% | -7.49% | 4.09% | -9.62% | 17.28% | -4.19% | 3.41% | 59.59% | 48.48% | -1.88% | 6.08% | -5.94% | 23.67% | -15.03% | 741.79% |
| Net Income | -15.61M | -22.32M | -1.69M | -27.02M | 17.76M | -26.66M | -105.26M | 371K | 1.32M | 23.02M | 19.32M | -6.71M | 1.94M | -11.78M | -4.54M |
| Net Margin % | -2.24% | -3.17% | -0.23% | -3.65% | 2.65% | -6.24% | -46.38% | 0.08% | 0.31% | 5.56% | 4.76% | -1.92% | 0.63% | -5.05% | -2.05% |
| Net Income Growth % | -135.69% | -1218.25% | 93.73% | -252.11% | 166.61% | 74.67% | -28472.51% | -71.89% | -94.27% | 19.19% | 387.78% | -446.16% | 116.46% | -159.23% | - |
| Funds From Operations (FFO) | 76.47M | 70.26M | 97.49M | 66.73M | 96.36M | 47.61M | -31.06M | 71.13M | 390.65M | 384.51M | 377.61M | 37.11M | 42.63M | 19.08M | 24.79M |
| FFO Margin % | 10.97% | 9.98% | 13.38% | 9.03% | 14.39% | 11.14% | -13.68% | 14.59% | 90.55% | 92.86% | 93.04% | 10.62% | 13.87% | 8.17% | 11.21% |
| FFO Growth % | -287.29% | -27.93% | 46.1% | -30.75% | 102.39% | 253.3% | -143.66% | -81.79% | 1.6% | 1.83% | 917.48% | -12.93% | 123.4% | -23.03% | - |
| FFO per Share | 1.13 | 1.04 | 1.47 | 1.01 | 1.38 | 0.90 | -0.91 | 2.20 | 12.23 | 11.08 | 12.10 | 1.43 | 1.28 | 1.19 | 1.54 |
| FFO Payout Ratio % | 31% | 67.38% | 52.88% | 78.77% | 21.55% | 19.09% | -52.01% | 46.97% | 7.76% | 7.05% | 4.47% | 31.85% | 15.02% | 449.16% | 97.09% |
| EPS (Diluted) | -0.23 | -0.36 | -0.77 | -1.13 | -0.15 | -0.62 | -3.67 | 0.04 | 0.04 | 0.51 | 0.55 | -0.26 | 0.07 | -0.73 | -0.28 |
| EPS Growth % | 52.81% | 53.25% | 31.86% | -653.33% | 75.81% | 83.11% | -10018.92% | -10.41% | -91.9% | -7.27% | 311.54% | -471.43% | 109.59% | -160.71% | - |
| EPS (Basic) | - | -0.36 | -0.77 | -1.13 | -0.15 | -0.62 | -3.67 | 0.04 | 0.04 | 0.52 | 0.57 | -0.26 | 0.08 | -0.73 | -0.28 |
| Diluted Shares Outstanding | 67.62M | 67.62M | 66.5M | 65.99M | 69.69M | 52.68M | 34M | 32.29M | 31.94M | 34.71M | 31.2M | 25.89M | 33.33M | 16.05M | 16.13M |
High Operating Leverage Sensitivity
As reported in recent financial filings, Braemar Hotels & Resorts experienced a consistent downward trend in top-line performance, with revenue growth reaching -3.35% in the most recent period, signaling that the company is struggling to maintain its competitive position within the ultra-luxury leisure travel segment.
The persistent negative revenue growth suggests that the company's high-end portfolio is not immune to broader cyclical cooling or potential market share erosion. Investors should monitor whether this trajectory reflects a structural shift in luxury demand or merely the impact of seasonal fluctuations inherent in their coastal asset concentration.
Based on the provided income statement data, the company's NOI margin has exhibited extreme volatility, bottoming out at -4.4% in 2025Q4, which indicates that property-level operating expenses are currently outpacing revenue generation and threatening the fundamental viability of the REIT's core business model.
This margin compression appears to be driven by a high fixed-cost structure that lacks the flexibility to adjust during periods of lower occupancy. The inability to maintain positive property-level profitability suggests that inflationary pressures on labor and insurance are significantly eroding the value proposition of these trophy assets.
According to historical earnings reports, FFO per share has fluctuated wildly, ranging from a high of $0.62 in 2024Q1 to a negative $0.15 in 2025Q4, highlighting the inherent instability of the company's cash flow generation and the potential risks posed by its external management structure.
The erratic FFO trajectory suggests that shareholders are exposed to significant earnings risk, particularly when property-level performance falters. The reliance on an external manager may further complicate the transparency of these earnings, warranting caution regarding the sustainability of dividend distributions in the current environment.
Analysis of the company's financial statements reveals that recurring maintenance CAPEX and capitalized renovation costs may be masking the true economic cost of maintaining luxury assets, as evidenced by the discrepancy between reported FFO and the more conservative AFFO metrics when available for comparison.
Investors should be wary that the capitalization of soft and hard goods renovations potentially inflates short-term cash flow figures. This accounting treatment may hide the true level of reinvestment required to keep these trophy properties competitive, suggesting that the company's actual free cash flow is likely lower than headline FFO suggests.
Quick answers to the most common questions about buying BHR stock.
For fiscal year 2025, Braemar Hotels & Resorts Inc. (BHR) reported total revenue of $704.0M. This represents a 218.3% increase compared to $221.2M in 2012.
Braemar Hotels & Resorts Inc. (BHR) reported a net loss of $22.3M for the fiscal year ending 2025.
Braemar Hotels & Resorts Inc. (BHR) reported an operating income of $43.1M, resulting in an operating profit margin of 6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Braemar Hotels & Resorts Inc. (BHR) generated $-8.0M in gross profit for the year, representing a gross profit margin of -1.1%. This demonstrates the company's core pricing power and production efficiency.