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AHT-PI

Ashford Hospitality Trust, Inc.

AHT-PI

Ashford Hospitality Trust, Inc. • NYSE
$13.72 ▼ -0.75% (-0.10)
Market Cap $79.22 M
52w High $16.63
52w Low $10.10
Dividend Yield 1.88%
P/E -1.62
Volume 6.97K
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 ▼$170.00M ▲$60.00M ▼
Hotel
Hotel
 $320.00M ▲$280.00M ▼$890.00M ▲$300.00M ▼
Hotel Other
Hotel Other
 $20.00M ▲$20.00M ▲$50.00M ▲$20.00M ▼
Occupancy
Occupancy
 $240.00M ▲$210.00M ▼$680.00M ▲$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 business that has largely recovered on the revenue side from the pandemic shock, but still struggles to convert that recovery into bottom-line profits. Sales have grown meaningfully from the lows of 2020, and hotel-level profitability has improved as the company has tightened costs and pushed ancillary revenue. Operating results have moved from deep losses to modest operating profits, which is a clear sign of progress. However, after interest, depreciation, and other charges, the company continues to report net losses each year. In simple terms: the hotels are doing better, but the overall company is still not making money after paying for its heavy financial and fixed-cost burden.

Balance Sheet

Balance Sheet The balance sheet is the main point of concern. The company is highly leveraged, with debt making up almost all of its asset base and shareholder equity sitting in negative territory for most of the period. Cash on hand is relatively thin compared with the size of its obligations, leaving limited room to maneuver if conditions worsen. This structure makes Ashford very sensitive to interest rates, debt refinancing terms, and hotel operating performance. The ongoing strategy of selling assets to pay down debt is a response to this pressure, and success on that front will be critical to strengthening the balance sheet.

Cash Flow

Cash Flow Cash flow paints a picture of a business that has largely climbed out of a severe cash burn but has not yet reached comfortable, consistent surplus. Operating cash flow has shifted from clearly negative during the pandemic to hovering around breakeven more recently, indicating that core operations are almost, but not decisively, self-funding. Free cash flow has also improved, helped by holding back on large capital projects, but this comes at the cost of limited reinvestment in the portfolio. The company does not appear to have ample excess cash to reduce debt quickly or to fund major growth without relying on asset sales or external financing. Stability, rather than strong excess cash generation, is the current theme.

Competitive Edge

Competitive Edge Ashford competes in the upper-upscale hotel segment, primarily through well-known brands like Marriott, Hilton, and Hyatt. This gives it access to strong loyalty programs, distribution, and pricing power relative to smaller, independent hotels. Its external advisor brings specialized expertise in hotel asset management and capital markets, which can be an advantage in complex transactions and turnarounds. On the other hand, the hotel REIT space is cyclical and intensely competitive, and the external advisory model can introduce fee and governance tensions. Ashford’s competitive position is therefore a mix of strong brands and know-how on the one side, and high leverage plus structural complexity on the other.

Innovation and R&D

Innovation and R&D Innovation at Ashford is less about traditional research and more about operational and commercial creativity. The “GRO AHT” initiative is the centerpiece: cutting overhead costs, squeezing more revenue from existing guests, and improving property-level efficiency. The focus on menu redesign, parking and retail optimization, and selective new fees shows a very granular, data-driven approach to profit improvement. Investments in technology, such as its stake in OpenKey for mobile keyless entry and energy-efficiency projects like LED lighting, aim to enhance guest experience while lowering costs. The opportunity is meaningful if execution is disciplined, but the gains will likely be incremental and cumulative rather than transformational overnight.

Summary

Overall, Ashford Hospitality Trust looks like a late-stage recovery and restructuring story in a still-cyclical, interest-rate-sensitive niche. Operating performance at the hotel level has improved significantly from the pandemic trough, but company-wide profitability remains negative. The balance sheet is heavily indebted, which both constrains strategic options and amplifies risk in any downturn or refinancing event. Cash flows have stabilized but are not yet comfortably robust, making the success of asset sales and cost initiatives especially important. The “GRO AHT” program and technology efforts offer a clear roadmap to better efficiency and higher revenue per property, yet the key uncertainties remain leverage, execution, and the broader lodging cycle. This is a situation where operational progress and financial risk sit side by side, and the future path will depend heavily on how well management delivers on deleveraging and performance targets.