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BHR

Braemar Hotels & Resorts Inc.

BHR

Braemar Hotels & Resorts Inc. • NYSE
$2.67 ▼ -0.74% (-0.02)
Market Cap $182.15 M
52w High $3.74
52w Low $1.80
Dividend Yield 0.20%
P/E -3.07
Volume 101.05K
Outstanding Shares 68.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $143.556M ▼ $-13.995M ▼ $5.742M ▲ 4% ▲ $0.05 ▲ $52.534M ▲
Q2-2025 $179.077M ▼ $28.253M ▼ $-5.467M ▼ -3.053% ▼ $-0.24 ▼ $41.642M ▼
Q1-2025 $215.82M ▲ $43.365M ▲ $10.998M ▲ 5.096% ▲ $-0.038 ▲ $60.468M ▲
Q4-2024 $173.34M ▲ $26.842M ▲ $-18.653M ▼ -10.761% ▼ $-0.47 ▼ $28.686M ▼
Q3-2024 $148.398M $-54.258M $12.596M 8.488% $-0.022 $92.068M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $116.278M ▲ $2.009B ▼ $1.782B ▲ $211.886M ▼
Q2-2025 $80.539M ▼ $2.064B ▼ $1.403B ▲ $646.663M ▼
Q1-2025 $81.689M ▼ $2.098B ▼ $1.402B ▼ $672.698M ▼
Q4-2024 $135.821M ▼ $2.136B ▼ $1.414B ▼ $695.573M ▲
Q3-2024 $168.675M $2.178B $1.872B $276.911M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.723M ▲ $-5.76M ▼ $118.16M ▲ $-84.129M ▼ $28.271M ▲ $-5.76M ▼
Q2-2025 $-6.841M ▼ $23.049M ▲ $2.545M ▲ $-26.14M ▲ $-546K ▲ $38.354M ▲
Q1-2025 $10.672M ▲ $15.146M ▲ $-14.204M ▲ $-49.764M ▼ $-48.822M ▼ $15.146M ▲
Q4-2024 $-21.767M ▼ $6.652M ▲ $-17.162M ▼ $-21.569M ▲ $-32.079M ▼ $6.652M ▲
Q3-2024 $12.596M $9K $94.314M $-58.246M $50.19M $-15.592M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Food and Beverage
Food and Beverage
 $50.00M ▲$30.00M ▼$90.00M ▲$50.00M ▼
Hotel
Hotel
 $190.00M ▲$150.00M ▼$360.00M ▲$220.00M ▼
Hotel Other
Hotel Other
 $20.00M ▲$20.00M ▲$50.00M ▲$30.00M ▼
Occupancy
Occupancy
 $120.00M ▲$90.00M ▼$220.00M ▲$140.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed meaningfully from the pandemic trough and now sits well above prior lows, showing that demand for Braemar’s hotels has recovered. Profitability at the operating level has improved, with the core hotel operations generating solid cash earnings. However, bottom‑line net income and earnings per share have been choppy and often negative, reflecting heavy financing costs, depreciation, and the capital‑intensive nature of luxury hotel assets. In short, the business is operating more efficiently than a few years ago, but reported profits remain fragile and sensitive to small changes in performance or costs.

Balance Sheet

Balance Sheet The company controls a sizable portfolio of high‑end hotel assets, and its asset base has grown compared with the early pandemic period. Equity has been rebuilt over time, but the balance sheet still leans heavily on debt financing, which is typical for hotel REITs but raises financial risk, especially if conditions soften or interest costs stay elevated. Cash on hand is reasonable but not large relative to total debt, so ongoing access to financing and stable property performance are important. Overall, the balance sheet shows valuable properties but also meaningful leverage that needs careful management.

Cash Flow

Cash Flow Cash flow from operations has turned around from negative levels during the pandemic to consistently positive in recent years, which indicates healthier day‑to‑day performance of the hotels. After funding property investments, free cash flow has also been positive, suggesting that the portfolio can support both maintenance and some growth spending while still generating excess cash. Capital expenditures have been present but not extreme, reflecting ongoing upgrades and positioning of luxury properties without overly straining cash resources. The main watchpoint is that strong cash flow needs to continue to comfortably service the sizable debt load.

Competitive Edge

Competitive Edge Braemar focuses on owning luxury hotels and resorts in premier, hard‑to‑replicate locations, often under top‑tier brands like Ritz‑Carlton and Four Seasons. This gives it exposure to affluent travelers and experience‑driven demand, which can be more resilient and less price‑sensitive than the mass market. The portfolio’s emphasis on resort destinations further differentiates it from more urban‑focused peers. That said, the company still faces the usual hotel risks: sensitivity to economic cycles, competition from other luxury offerings, and dependence on strong operating partners. Its key edge is the quality and scarcity of its properties rather than sheer scale.

Innovation and R&D

Innovation and R&D Braemar is not an innovation‑heavy or research‑driven company in the traditional sense. Instead, it adopts industry‑standard tools such as advanced revenue management systems and guest‑facing technologies to keep operations efficient and the guest experience competitive. The real “innovation” is in how it selects, finances, and upgrades its properties—targeting hotels with revenue potential well above the national average and using capital recycling and buybacks to refine the portfolio. The current strategic review and exploration of a company sale is also a form of financial and strategic innovation, aiming to unlock value from its curated set of luxury assets rather than launching new tech or products.

Summary

Braemar has largely recovered operationally from the pandemic shock, with stronger revenues and healthier hotel‑level performance, but its reported earnings remain uneven and weighed down by the realities of a leveraged, asset‑heavy model. The balance sheet combines attractive luxury properties with considerable debt, making ongoing cash generation and stable demand especially important. Its main strengths lie in its portfolio of high‑end, hard‑to‑replace hotels and its partnerships with premier brands, which provide a degree of competitive insulation. Innovation is mostly about smart asset management and capital allocation, not new technology. The company is in a transitional phase as it explores a potential sale, which could materially reshape its future path and adds an extra layer of uncertainty to the long‑term outlook.

NEWS

November 7, 2025 · 8:00 AM UTC

BRAEMAR HOTELS & RESORTS ANNOUNCES SALE OF THE CLANCY

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October 14, 2025 · 4:45 PM UTC

BRAEMAR HOTELS & RESORTS DECLARES DIVIDENDS FOR THE FOURTH QUARTER OF 2025

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October 7, 2025 · 5:00 PM UTC

BRAEMAR HOTELS & RESORTS ANNOUNCES AGREEMENT TO SELL THE CLANCY

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September 17, 2025 · 10:00 AM UTC

BRAEMAR HOTELS & RESORTS SETS THIRD QUARTER EARNINGS RELEASE AND CONFERENCE CALL DATES

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