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AHT-PG

Ashford Hospitality Trust, Inc.

AHT-PG

Ashford Hospitality Trust, Inc. • NYSE
$15.01 ▼ -1.32% (-0.20)
Market Cap $86.65 M
52w High $17.90
52w Low $10.30
Dividend Yield 1.84%
P/E -1.77
Volume 173
Outstanding Shares 5.77M

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 Q2-2024Q3-2024Q4-2024Q2-2025
Food and Beverage
Food and Beverage
 $60.00M ▲$50.00M ▼$110.00M ▲$60.00M ▼
Hotel
Hotel
 $320.00M ▲$280.00M ▼$590.00M ▲$300.00M ▼
Hotel Other
Hotel Other
 $20.00M ▲$20.00M ▲$30.00M ▲$20.00M ▼
Occupancy
Occupancy
 $240.00M ▲$210.00M ▼$450.00M ▲$230.00M ▼
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ashford Hospitality Trust’s income statement shows a clear recovery story from the pandemic shock, but with earnings still not fully repaired. Revenue rebounded strongly from 2020 through 2023 as travel and hotel demand came back, though most recent revenue has slipped a bit from the prior peak. Profitability has improved meaningfully: the business has moved from deep operating losses to positive operating income and stronger cash-style earnings (EBITDA). However, bottom-line net income remains negative, meaning the company is still losing money after interest and other costs. Losses are far smaller than they were a few years ago, but the company has not yet reached consistent, full profitability for common shareholders.

Balance Sheet

Balance Sheet The balance sheet is heavily debt-loaded and carries negative equity, which means liabilities exceed the book value of assets. Assets have stayed relatively stable over the last several years, but they are funded mostly by debt rather than by shareholder capital. Cash on hand is modest compared with total obligations, leaving a thin liquidity cushion. This structure gives the company financial leverage when times are good, but also raises financial risk and leaves less room to absorb shocks in hotel performance or refinancing conditions.

Cash Flow

Cash Flow Cash flow has been choppy and fragile. Operating cash flow turned positive after the worst of the pandemic, but it has not been consistently strong and has recently dipped slightly negative again. Free cash flow tells a similar story: some years of modest positive generation, others slightly negative, especially when capital spending picks up. Overall, the business is closer to break-even in cash terms than it used to be, but it does not yet show a comfortable, steady surplus of cash coming in after expenses and basic investment needs. This keeps dependence on financing, asset sales, or other capital sources relatively high.

Competitive Edge

Competitive Edge Ashford Hospitality Trust competes in a crowded, cyclical segment: upper-upscale, full-service hotels. Its edge is less about unique properties and more about how it structures and manages its portfolio. The external advisory relationship with Ashford Inc. provides specialized hotel and financial expertise, and programs like the Enhanced Return Funding Program and key-money arrangements can help the company win or improve certain deals. The focus on active asset management, revenue optimization, and capital recycling is a positive, but the company still competes directly with many other hotel REITs and private owners that are also sophisticated and well-capitalized. High leverage and an external management structure can also be viewed as competitive weaknesses if market conditions turn adverse or investors demand simpler, lower-risk models.

Innovation and R&D

Innovation and R&D Innovation at Ashford is primarily strategic and financial rather than technological. The “GRO AHT” initiative is the centerpiece: it targets lower corporate overhead, better pricing and revenue growth, and improved property-level efficiency. Management is using data and analytics to refine room rates, optimize food and beverage offerings, and expand ancillary revenues such as parking and non-guest use of amenities. On the cost side, they are pursuing measures like smarter labor scheduling and energy-saving projects. While these efforts don’t create a classic technology moat, they do show a willingness to experiment, use data, and refine the operating model, which can gradually improve margins if executed well and sustained over time.

Summary

Overall, Ashford Hospitality Trust is a highly leveraged hotel REIT in the middle of a recovery and repair phase. Operating results have improved significantly since the pandemic, with better margins and much smaller losses, but net income and cash flow are not yet consistently strong or comfortably positive. The balance sheet remains a key concern, with heavy debt and negative equity leaving limited room for error. Strategically, the company leans on financial innovation, active asset management, and the “GRO AHT” program to squeeze more earnings from its portfolio and to position itself competitively in upper-upscale hotels. The long-term picture will depend heavily on continued operational gains, discipline in managing leverage, and the broader health of the hotel and travel cycle.