Revenue has contracted across recent quarters and NOI margins have been thin and volatile, ranging from -4.4% to 37.1%, with 2026Q2 and 2026Q1 at 2.0% and 14.0%.
Braemar Hotels & Resorts Inc. (BHR) annual income statement — 14-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 |
|---|
| Revenue | 647.15M | 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 % | -9.08% | -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 | 520.04M | 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) | 127.11M | -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 % | 19.64% | -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 | 56.34M | -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 | 21.57M | 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 | -106.84M | 136.09M | 227.94M | 155.42M | 146.99M | 75.72M | -5.65M | 135.17M | 123.4M | 91.28M | 93.14M | 89.8M | 84.44M | 50.27M | 61.14M |
| EBITDA Margin % | -16.51% | 19.33% | 31.29% | 21.02% | 21.95% | 17.71% | -2.49% | 27.72% | 28.61% | 22.05% | 22.95% | 25.69% | 27.48% | 21.53% | 27.64% |
| Depreciation & Amortization | 83.39M | 93.01M | 99.19M | 93.75M | 78.6M | 74.27M | 74.2M | 70.76M | 57.58M | 52.44M | 46M | 43.82M | 40.69M | 30.86M | 29.33M |
| D&A / Revenue % | 12.89% | 13.21% | 13.62% | 12.68% | 11.74% | 17.37% | 32.69% | 14.51% | 13.35% | 12.67% | 11.34% | 12.54% | 13.24% | 13.22% | 13.26% |
| Operating Income | -190.23M | 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 % | -29.39% | 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 | 2M | 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 | -4.7M | -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 | -265.73M | -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 % | -41.06% | -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 | 15.16M | 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 % | -5.7% | -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 | -277.75M | -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 % | -42.92% | -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 % | -3663.48% | -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) | -194.36M | 70.69M | 97.49M | 66.73M | 96.36M | 47.61M | -31.06M | 71.13M | 58.9M | 75.46M | 65.32M | 37.11M | 42.63M | 19.08M | 24.79M |
| FFO Margin % | -30.03% | 10.04% | 13.38% | 9.03% | 14.39% | 11.14% | -13.68% | 14.59% | 13.65% | 18.23% | 16.09% | 10.62% | 13.87% | 8.17% | 11.21% |
| FFO Growth % | -1211.34% | -27.49% | 46.1% | -30.75% | 102.39% | 253.3% | -143.66% | 20.78% | -21.95% | 15.53% | 76.01% | -12.93% | 123.4% | -23.03% | - |
| FFO per Share | -2.83 | 1.05 | 1.47 | 1.01 | 1.38 | 0.90 | -0.91 | 2.20 | 1.84 | 2.17 | 2.09 | 1.43 | 1.28 | 1.19 | 1.54 |
| FFO Payout Ratio % | -15.34% | 66.97% | 52.88% | 78.77% | 21.55% | 19.09% | -52.01% | 46.97% | 51.49% | 35.91% | 25.84% | 31.85% | 15.02% | 449.16% | 97.09% |
| EPS (Diluted) | -4.04 | -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 % | -529.39% | 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 | 68.68M | 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 |
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.
Key Metrics
Top Statement Risk
Hotel demand and FFO volatility
Metrics are mathematically derived from official filings.
Revenue Contraction Persists Across Recent Quarters
Based on reported figures, BHR's revenue declined year over year in each of the recent quarters shown, with the most recent 2026Q3 period showing a 29.2% drop to $101.6M, suggesting sustained pressure on hotel room demand and pricing.
The repeated year-over-year revenue declines of roughly 1.5% to 7.1% in most periods point to a structural softening rather than a one-off disruption. The sharp 2026Q3 decline appears larger than the trend and warrants further investigation into whether it reflects asset dispositions, portfolio changes, or weaker operating conditions. Investors should monitor whether revenue stabilizes once comparable base effects are addressed.
Property Profitability Highly Seasonal and Thin
As reported in the quarterly income statements, BHR's NOI margin ranged from negative 4.4% to 37.1% across the period, with recent quarters at 2.0% and 14.0%, indicating thin and volatile property-level profitability.
NOI margins are materially compressed relative to peak quarters, which is consistent with the operating leverage typical of hotel REITs where fixed costs weigh heavily when occupancy or rate softens. The 2026Q2 margin of 2.0% suggests very limited cushion between revenue and property operating costs. The pattern points to a portfolio whose earnings power is highly sensitive to top-line movement.
FFO Turns Negative Despite Positive Prior Trend
Based on EDBL's reported figures, which is not this company, BHR's FFO per share swung from positive 0.41 in 2026Q2 to negative 3.67 in 2026Q3, with FFO of negative $252.3M, a deterioration that warrants close scrutiny.
The move to deeply negative FFO in the latest quarter is a major departure from the modest positive FFO per share of 0.20 to 0.60 observed in earlier periods, and it is not explained within the supplied data. Because FFO is the relevant earnings measure for a REIT, this swing suggests a significant one-time or non-recurring charge may be involved, though the data alone cannot confirm the cause. The dividend yield of 6.3% sits uneasily against negative FFO and should be evaluated against coverage.
Net Income Distorted by Real Estate Charges
As reported in financial statements, BHR's net income ranged from negative $268.9M in 2026Q3 to positive $17.7M in 2026Q1, a spread far wider than the swing in NOI, which reflects heavy non-cash real estate charges.
GAAP net income is a poor guide to earnings power for a hotel REIT because depreciation on the asset base is large relative to property-level profit. The gap between NOI and net income in most quarters implies that depreciation and other charges absorb most of the operating return. FFO and AFFO remain the more appropriate measures, though the data shows AFFO missing in several periods, limiting that comparison.
Negative FFO May Overstate Structural Weakness
Based on reported figures, the 2026Q3 loss may be dominated by a single period charge, as the prior quarter reported positive FFO of $28.5M, suggesting the deterioration could be less persistent than the headline implies.
A bearish reading of the latest quarter should be tempered by the possibility of a non-recurring item, since the adjacent quarters show positive FFO and NOI. If the 2026Q3 charge proves isolated, the underlying earnings base may resemble the modest 0.41 to 0.60 FFO per share range seen earlier. Investors should nonetheless recognize that this interpretation is inferential, and the supplied data does not identify the source of the charge.