For the twelve months ended Sep 30, 2026, Braemar Hotels & Resorts Inc. reported $647.15M of revenue and -$242.12M of net income.
BHR revenue was $101.58M in fiscal Q3 2026 (ended Sep 30, 2026), down 29.2% from a year earlier and down 40.6% from the prior quarter. For the full fiscal 2025 it was $704.01M, down 3.3% from fiscal 2024. Compound annual growth was +25.4% over 5 years and +7.3% over 10 years. It rose in 7 of the last 10 fiscal years.
BHR net income was -$233.27M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $5.74M a year earlier. For the full fiscal 2025 it was -$22.32M, compared with -$1.69M in fiscal 2024.
BHR diluted EPS was -$3.51 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.12 a year earlier. For the full fiscal 2025 it was -$1.07, compared with -$0.77 in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $704.01M | $728.40M | $739.34M | $669.59M | $427.54M | $226.97M | $487.61M | $431.40M | $414.06M | $405.86M |
| Cost of revenue | - | - | - | - | - | - | $323.61M | $272.63M | $271.60M | $262.58M |
| Gross profit | - | - | - | - | - | - | $164.00M | $158.77M | $142.47M | $143.28M |
| Selling, general and admin | $11.75M | $14.36M | $13.52M | $18.08M | $8.72M | $6.66M | $5.43M | $4.24M | $8.15M | $14.29M |
| Operating income | $72.36M | $128.75M | $61.67M | $68.39M | $1.45M | -$79.85M | $64.40M | $65.83M | $62.64M | $73.50M |
| Pre-tax income | -$26.43M | $20.61M | -$27.94M | $23.39M | -$31.59M | -$129.08M | $2.96M | $5.02M | $27.80M | $25.89M |
| Income tax | $1.98M | $842.0K | $2.69M | $4.04M | $1.32M | -$4.41M | $1.76M | $2.43M | -$522.0K | $1.57M |
| Net income | -$22.32M | -$1.69M | -$27.02M | $17.76M | -$26.66M | -$105.26M | $371.0K | $1.32M | $23.02M | $19.32M |
| EPS, basic | -$1.07 | -$0.77 | -$1.13 | -$0.15 | -$0.76 | -$3.39 | -$0.32 | -$0.19 | $0.52 | $0.57 |
| EPS, diluted | -$1.07 | -$0.77 | -$1.13 | -$0.15 | -$0.76 | -$3.39 | -$0.32 | -$0.19 | $0.51 | $0.55 |
| Diluted shares | 67.6M | 66.5M | 66.0M | 69.7M | 52.7M | 34.0M | 32.3M | 31.9M | 34.7M | 31.2M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $124.35M | $135.47M | $85.60M | $261.54M | $216.00M | $78.61M | $72.00M | $182.58M | $137.52M | $126.79M |
| Inventory | $4.74M | $4.66M | $5.00M | $5.24M | $3.13M | $2.55M | $2.79M | $1.86M | $1.43M | $1.48M |
| Total assets | $1.86B | $2.14B | $2.23B | $2.40B | $1.88B | $1.67B | $1.76B | $1.64B | $1.42B | $1.26B |
| Total debt | $1.10B | $1.21B | $1.16B | $1.33B | $1.17B | $1.13B | $1.06B | $985.87M | $820.96M | $764.62M |
| Total liabilities | $1.34B | $1.41B | $1.41B | $1.57B | $1.36B | $1.28B | $1.25B | $1.09B | $894.52M | $828.06M |
| Shareholders' equity | $138.68M | $237.36M | $298.05M | $393.76M | $382.30M | $261.17M | $363.25M | $392.08M | $376.55M | $303.43M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $40.78M | $66.82M | $84.71M | $109.48M | $63.95M | -$50.29M | $66.26M | $70.73M | $70.61M | $58.61M |
| Capital expenditures | - | - | $0 | $354.44M | $17.61M | $0 | - | - | - | - |
| Free cash flow | - | - | $84.71M | -$244.96M | $46.34M | -$50.29M | - | - | - | - |
| Investing cash flow | $209.63M | $35.51M | -$77.07M | -$402.22M | -$41.68M | -$16.54M | -$226.43M | -$166.82M | -$173.94M | $103.49M |
| Financing cash flow | -$268.63M | -$83.77M | -$156.84M | $345.06M | $127.95M | $49.59M | $32.06M | $169.24M | $124.03M | -$135.63M |
| Dividends paid | $47.34M | $51.56M | $52.56M | $20.76M | $9.09M | $16.15M | $33.41M | $30.33M | $27.10M | $16.88M |
| Share repurchases | $778.0K | $369.0K | $19.31M | $7.41M | $376.0K | $263.0K | $384.0K | $323.0K | $395.0K | $39.23M |
| Stock-based compensation | -$446.0K | $2.61M | $9.24M | $11.29M | $10.18M | $7.89M | $7.94M | $7.00M | -$1.33M | $4.16M |
| Depreciation and amortization | $92.58M | $98.73M | $93.27M | $78.12M | $73.76M | $73.37M | $70.11M | $57.38M | $52.26M | $45.90M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -3.3% | -1.5% | 10.4% | 56.6% | 88.4% | -53.5% | 13.0% | 4.2% | 2.0% | 16.1% |
| Net income growth, YoY | - | - | - | - | - | - | -71.9% | -94.3% | 19.2% | - |
| EPS growth, YoY | - | - | - | - | - | - | - | - | -7.3% | - |
| Gross margin | - | - | - | - | - | - | 33.6% | 36.8% | 34.4% | 35.3% |
| Operating margin | 10.3% | 17.7% | 8.3% | 10.2% | 0.3% | -35.2% | 13.2% | 15.3% | 15.1% | 18.1% |
| Net margin | -3.2% | -0.2% | -3.7% | 2.7% | -6.2% | -46.4% | 0.1% | 0.3% | 5.6% | 4.8% |
| Free cash flow margin | - | - | 11.5% | -36.6% | 10.8% | -22.2% | - | - | - | - |
| Return on equity | -16.1% | -0.7% | -9.1% | 4.5% | -7.0% | -40.3% | 0.1% | 0.3% | 6.1% | 6.4% |
| Return on assets | -1.2% | -0.1% | -1.2% | 0.7% | -1.4% | -6.3% | 0.0% | 0.1% | 1.6% | 1.5% |
| Debt to equity | 7.96 | 5.10 | 3.90 | 3.39 | 3.07 | 4.33 | 2.91 | 2.51 | 2.18 | 2.52 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $101.58M | $171.03M | $208.98M | $165.56M | $143.56M | $179.08M | $215.82M | $173.34M | $148.40M | $187.59M | $219.08M | $177.53M |
| Selling, general and admin | - | - | $4.87M | - | - | - | $2.89M | - | - | - | - | $4.30M |
| Operating income | -$243.81M | $30.61M | $39.62M | -$12.08M | $29.81M | $17.89M | $36.74M | $3.78M | $70.33M | $12.18M | $42.47M | $5.84M |
| Pre-tax income | -$259.14M | $9.42M | $19.45M | -$35.46M | $4.08M | -$7.19M | $12.14M | -$21.40M | $38.97M | -$13.90M | $16.93M | -$19.86M |
| Income tax | -$9.76M | $2.48M | $1.42M | $1.50M | -$648.0K | -$345.0K | $1.47M | $368.0K | -$864.0K | -$114.0K | $1.45M | $1.63M |
| Net income | -$233.27M | $7.04M | $17.70M | -$33.59M | $5.74M | -$5.47M | $11.00M | -$18.65M | $12.60M | -$11.56M | $15.93M | -$19.18M |
| EPS, basic | -$3.51 | -$0.01 | $0.07 | -$0.67 | -$0.12 | -$0.24 | -$0.04 | - | -$0.02 | -$0.33 | $0.05 | -$0.48 |
| EPS, diluted | -$3.51 | -$0.01 | $0.07 | -$0.67 | -$0.12 | -$0.24 | -$0.04 | - | -$0.02 | -$0.33 | $0.05 | -$0.48 |
| Diluted shares | 68.7M | 68.7M | 100.3M | - | 68.2M | 67.3M | 66.7M | - | 66.5M | 66.5M | 268.5M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $78.86M | $93.86M | $93.39M | $124.35M | $116.28M | $80.23M | $81.69M | $135.47M | $168.68M | $114.61M | $137.05M | $85.60M |
| Inventory | $2.36M | $3.28M | $4.87M | $4.74M | $4.63M | $4.74M | $4.66M | $4.66M | $4.58M | $4.63M | $4.68M | $5.00M |
| Total assets | $1.23B | $1.66B | $1.85B | $1.86B | $2.01B | $2.06B | $2.10B | $2.14B | $2.18B | $2.21B | $2.28B | $2.23B |
| Total debt | $442.96M | $745.92M | $1.11B | $1.10B | $1.16B | $1.21B | $1.20B | $1.21B | $1.21B | $1.13B | $1.22B | $1.16B |
| Total liabilities | $1.02B | $1.18B | $1.35B | $1.34B | $1.37B | $1.40B | $1.40B | $1.41B | $1.41B | $1.43B | $1.47B | $1.41B |
| Shareholders' equity | -$105.46M | $149.06M | $149.09M | $138.68M | $207.99M | $221.81M | $235.48M | $237.36M | $273.93M | $272.30M | $297.60M | $298.05M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$258.14M | $20.92M | $21.95M | $8.34M | -$5.76M | $23.05M | $15.15M | $6.65M | $9.0K | $24.12M | $36.04M | $11.71M |
| Capital expenditures | - | - | - | - | - | - | - | - | - | - | - | $0 |
| Free cash flow | - | - | - | - | - | - | - | - | - | - | - | $11.71M |
| Investing cash flow | $592.92M | $164.05M | -$11.88M | $103.13M | $118.16M | $2.54M | -$14.20M | -$17.16M | $91.35M | -$15.85M | -$22.83M | -$21.49M |
| Financing cash flow | -$338.60M | -$181.81M | -$28.16M | -$108.60M | -$84.13M | -$26.14M | -$49.76M | -$21.57M | -$55.28M | -$46.63M | $39.71M | -$30.55M |
| Dividends paid | $7.17M | $7.26M | $11.13M | $11.42M | $11.71M | $11.99M | $12.21M | $12.52M | $12.79M | $13.12M | $13.12M | $13.13M |
| Share repurchases | $0 | - | - | $0 | $727.0K | - | - | $0 | $0 | $369.0K | $0 | -$1.0K |
| Stock-based compensation | $0 | $0 | $0 | -$426.0K | $75.0K | -$47.0K | -$48.0K | -$78.0K | $427.0K | $1.14M | $1.13M | $2.39M |
| Depreciation and amortization | $16.61M | $21.43M | $22.58M | $22.66M | $23.16M | $23.36M | $23.39M | $23.54M | $25.08M | $24.69M | $25.42M | $25.48M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -29.2% | -4.5% | -3.2% | -4.5% | -3.3% | -4.5% | -1.5% | -2.4% | -7.1% | 0.5% | 1.8% | 3.4% |
| Net income growth, YoY | - | - | 61.0% | - | -54.4% | - | -31.0% | - | - | - | -0.7% | - |
| Operating margin | -240.0% | 17.9% | 19.0% | -7.3% | 20.8% | 10.0% | 17.0% | 2.2% | 47.4% | 6.5% | 19.4% | 3.3% |
| Net margin | -229.6% | 4.1% | 8.5% | -20.3% | 4.0% | -3.1% | 5.1% | -10.8% | 8.5% | -6.2% | 7.3% | -10.8% |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - | - | 6.6% |
| Debt to equity | - | 5.00 | 7.42 | 7.96 | 5.60 | 5.46 | 5.11 | 5.10 | 4.41 | 4.14 | 4.11 | 3.90 |
Source: XBRL data Braemar Hotels & Resorts Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| BHR | $647.15M | -9.1% | -$242.12M | -37.4% | $110.2M |
| WELL | $13.79B | +39.2% | $1.67B | 12.1% | $181.46B |
| PLD | $8.95B | +6.7% | $3.71B | 41.5% | $124.09B |
| EQIX | $10.06B | +11.1% | $1.65B | 16.4% | $104.38B |
| AMT | $11.01B | +5.3% | $3.31B | 30.1% | $87.65B |
| SPG | $7.15B | +16.2% | $4.51B | 63.0% | $75.39B |
| DLR | $6.34B | +12.6% | $1.38B | 21.7% | $68.13B |
| PSA | $5.03B | +5.2% | $1.90B | 37.8% | $63.18B |
| O | $6.21B | +10.8% | $1.36B | 21.8% | $56.58B |