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AHT

Ashford Hospitality Trust, Inc.

AHT

Ashford Hospitality Trust, Inc. • NYSE
$3.54 ▼ -1.94% (-0.07)
Market Cap $22.70 M
52w High $10.35
52w Low $3.11
Dividend Yield 0%
P/E -0.07
Volume 24.19K
Outstanding Shares 6.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $266.061M ▼ $-212.564M ▼ $-60.149M ▼ -22.607% ▼ $-11.35 ▼ $-27.916M ▼
Q2-2025 $302.001M ▲ $25.624M ▲ $-30.396M ▼ -10.065% ▼ $-6.88 ▼ $83.545M ▼
Q1-2025 $277.359M ▲ $-243K ▼ $-19.971M ▲ -7.2% ▲ $-4.91 ▲ $92.306M ▲
Q4-2024 $275.481M ▼ $90.407M ▲ $-124.21M ▼ -45.088% ▼ $-23.83 ▼ $-19.523M ▼
Q3-2024 $276.6M $31.676M $-57.905M -20.935% $-12.39 $56.112M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $246.122M ▲ $3.008B ▼ $3.308B ▲ $-336.683M ▼
Q2-2025 $99.965M ▲ $3.059B ▼ $3.307B ▲ $-282.271M ▼
Q1-2025 $85.787M ▼ $3.082B ▼ $3.299B ▼ $-250.079M ▼
Q4-2024 $112.907M ▼ $3.161B ▼ $3.373B ▲ $-247.697M ▼
Q3-2024 $119.659M $3.269B $3.363B $-133.534M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-32.439M ▼ $16.344M ▲ $6.32M ▼ $8.214M ▲ $30.878M ▲ $16.41M ▲
Q1-2025 $-22.198M ▲ $-24.992M ▼ $99.5M ▲ $-70.006M ▼ $4.502M ▲ $-24.992M ▼
Q4-2024 $-129.099M ▼ $14.102M ▲ $-20.581M ▲ $-6.987M ▼ $-13.466M ▼ $14.102M ▼
Q3-2024 $-59.128M ▼ $795K ▼ $-21.465M ▼ $8.336M ▲ $-12.334M ▼ $34.725M ▲
Q2-2024 $50.254M $7.965M $250.137M $-260.232M $-2.13M $7.965M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Food and Beverage
Food and Beverage
 $50.00M ▲$170.00M ▲$50.00M ▼$60.00M ▲
Hotel
Hotel
 $280.00M ▲$890.00M ▲$280.00M ▼$300.00M ▲
Hotel Other
Hotel Other
 $20.00M ▲$50.00M ▲$20.00M ▼$20.00M ▲
Occupancy
Occupancy
 $210.00M ▲$680.00M ▲$210.00M ▼$230.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has recovered strongly from the pandemic lows and operating performance has improved, moving from sizeable losses to modest operating profits. However, the company still posts net losses each year, meaning that after interest expense and other costs, the bottom line remains negative. Losses have been shrinking over time, but profitability is fragile and very sensitive to changes in demand and financing costs. Earnings per share look extremely volatile, largely driven by reverse stock splits and capital structure changes rather than underlying business swings alone.

Balance Sheet

Balance Sheet The balance sheet is highly leveraged, with debt levels very large compared to the size of the business. Shareholders’ equity is negative, which signals accumulated losses and a capital structure under strain. Cash on hand is relatively thin compared with total obligations, leaving limited cushion against downturns or refinancing risk. Asset levels have edged down from earlier years, reflecting portfolio pruning and write-downs, and overall financial flexibility appears constrained.

Cash Flow

Cash Flow Cash flow from operations has hovered around breakeven, improving from clear negatives during and just after the pandemic but not yet showing strong, consistent surplus. Free cash flow is similarly weak, occasionally slightly positive but often modestly negative, helped in part by holding capital spending very low. This pattern suggests the business is just about covering its day-to-day needs but has limited internal capacity to materially reduce debt, invest heavily, or absorb shocks without outside funding or continued asset sales.

Competitive Edge

Competitive Edge Ashford operates in the upper-upscale, full-service hotel segment, where brands and locations matter more than unique technology. Its edge comes from deep experience in hotel asset management, an active approach to buying, selling, and repositioning properties, and close ties with Ashford Inc. and Remington Hospitality. These relationships can support disciplined operations and portfolio decisions. On the other hand, heavy leverage, external management, and exposure to cyclical business and group travel put it at a competitive disadvantage versus better-capitalized hotel REITs with simpler structures.

Innovation and R&D

Innovation and R&D The company’s main “innovation” is managerial rather than technological, centered on the GRO AHT program. This focuses on tighter overhead costs, squeezing more revenue from existing hotels, and improving efficiency at the property level. Tactics include fine-tuning food and beverage offerings, smarter parking and retail strategies, and energy-saving initiatives. There is little evidence of proprietary tech or data platforms that would clearly differentiate AHT from peers, but there is a clear emphasis on process discipline and creative use of existing assets, such as exploring ways to monetize amenities with non-guests.

Summary

Ashford Hospitality Trust is a hotel REIT in recovery mode: operations have improved meaningfully since the depths of the pandemic, but consistent profitability has not yet been achieved. The business is burdened by high leverage, negative equity, and a thin cash cushion, leaving it sensitive to interest rates, refinancing conditions, and travel demand. Management is pursuing a detailed operational improvement and asset sales plan aimed at boosting earnings and reducing debt, rather than leaning on cutting-edge technology. Future performance will largely depend on continued execution of this turnaround plan and the broader health of the upper-upscale hotel market.

NEWS

November 20, 2025 · 4:45 PM UTC

ASHFORD HOSPITALITY TRUST ANNOUNCES AGREEMENTS TO SELL THREE ASSETS

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October 14, 2025 · 4:45 PM UTC

ASHFORD TRUST DECLARES PREFERRED DIVIDENDS FOR THE FOURTH QUARTER OF 2025

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September 17, 2025 · 10:00 AM UTC

ASHFORD TRUST SETS THIRD QUARTER EARNINGS RELEASE AND CONFERENCE CALL DATES

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September 15, 2025 · 5:45 PM UTC

ASHFORD HOSPITALITY TRUST ANNOUNCES REFINANCING OF MORTGAGE LOAN SECURED BY THE RENAISSANCE NASHVILLE HOTEL

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