Braemar Hotels & Resorts Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Braemar Hotels & Resorts Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	406	414	431	488	227	428	670	739	728	704
Cost of revenue	263	272	273	324	190	287	445	501	502	492
Gross profit	143	142	159	164	37	141	224	238	227	212
General and administrative	14.3	8.15	4.24	5.44	6.66	8.72	18.1	13.5	14.4	11.8
Operating income	73.5	62.6	65.8	64.4	-79.9	1.45	68.4	61.7	129	72.4
Interest expense	40.9	38.9	49.7	54.5	45.1	30.9	52.2	94.2	108	98.5
Interest income	0.17	0.69	1.6	1.09	0.18	0.05	2.68	6.4	7.14	6.25
Pre-tax income	25.9	27.8	5.02	2.96	-129	-31.6	23.4	-27.9	20.6	-26.4
Income tax	1.57	-0.52	2.43	1.76	-4.41	1.32	4.04	2.69	0.84	1.98
Net income to minority interests	3.11
Net income	19.3	23	1.32	0.37	-105	-26.7	17.8	-27	-1.69	-22.3
EBITDA	119	115	123	135	-6.48	75.2	147	155	227	165
EPS, basic	0.57	0.52	-0.19	-0.32	-3.39	-0.76	-0.15	-1.13	-0.77	-1.07
EPS, diluted	0.55	0.51	-0.19	-0.32	-3.39	-0.76	-0.15	-1.13	-0.77	-1.07
Shares, basic (weighted)	26.6	30.5	31.9	32.3	34	52.7	69.7	66	66.5	67.6
Shares, diluted (weighted)	31.2	34.7	31.9	32.3	34	52.7	69.7	66	66.5	67.6
Dividend per share	0.46	0.64	0.64	0.64			0.08	0.20	0.20	0.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	127	138	183	72	78.6	216	262	85.6	135	124
Inventory	1.48	1.43	1.86	2.79	2.55	3.13	5.24	5	4.66	4.74
Property, plant and equipment	1,015	1,146	1,300	1,481	1,425	1,446	1,885	1,884	1,779	1,558
Lease right-of-use assets			0	82.6	81.3	80.5	79.4	78.4	34.9	30.7
Intangible assets	22.8	22.5	27.7	5.02	4.64	4.26	3.88	3.5	3.13	2.75
Total assets	1,257	1,424	1,636	1,759	1,674	1,880	2,398	2,227	2,136	1,862
Deferred revenue					16.2	31.8	46	49.4	58.7	59.4
Total liabilities	828	895	1,093	1,247	1,278	1,356	1,572	1,408	1,414	1,337
Total debt	765	821	986	1,058	1,131	1,173	1,334	1,162	1,210	1,103
Paid-in capital	402	470	513	520	542	707	734	718	719	706
Retained earnings	-93.3	-88.8	-115	-151	-266	-309	-325	-412	-478	-569
Other comprehensive income								0	-0.68	0
Shareholders' equity	309	381	397	369	276	399	410	307	241	139
Minority interests	-5.36	-4.75	-5.39	-6.01	-15.1	-16.5	-16.3	-8.93	-3.37	2.1
Total equity	303	377	392	363	261	382	394	298	237	141
Total liabilities and equity	1,257	1,424	1,636	1,759	1,674	1,880	2,398	2,227	2,136	1,862
Shares outstanding	26	32.1	32.5	32.9	38.3	65.4	69.9	66.6	66.6	68.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	24.3	28.3	2.59	1.2	-125	-32.9	19.3	-30.6	19.8	-28.4
Depreciation and amortization	45.9	52.3	57.4	70.1	73.4	73.8	78.1	93.3	98.7	92.6
Stock-based compensation	4.16	-1.33	7	7.94	7.89	10.2	11.3	9.24	2.61	-0.45
Deferred income tax	1.09	0.62	-0.81	0.76	-0.96	-0.17	0.05	1.33	-0.1	1.06
Change in payables	3.28	0.78	-8.17	13.4	-10.5	36	1.65	0.05	8.45	5.53
Cash from operations	58.6	70.6	70.7	66.3	-50.3	64	109	84.7	66.8	40.8
Capital expenditures	-23.4	-43	-77.6	-136	0	-17.6	-354	0	-70.6	-77.9
Acquisitions	0	-248	-185	-112	0	-17.6	-354	0	0
Purchases of investments	0	0	-2
Cash from investing	103	-174	-167	-226	-16.5	-41.7	-402	-77.1	35.5	210
Debt issued	0	524	575	330	109	83.2	171	371	234	403
Debt repaid	-73.3	-464	-401	-257	-47.8	-84.2	-68.5	-534	-184	-518
Stock issued	0	66.4	0	0	13.3	102	0	0
Share buybacks	-39.2	-0.4	-0.32	-0.38	-0.26	-0.38	-7.41	-19.3	-0.37	-0.78
Dividends paid	-16.9	-27.1	-30.3	-33.4	-16.2	-9.09	-20.8	-52.6	-51.6	-47.3
Cash from financing	-136	124	169	32.1	49.6	128	345	-157	-83.8	-269
Net change in cash	21.8	20.7	73.1	-128	-17.2	150	52.3	-149	18.6	-18.2
Free cash flow	35.2	27.6	-6.83	-70	-50.3	46.3	-245	84.7	-3.78	-37.1
Interest paid	37.8	34.3	43.9	49.6	27.9	31.6	48.9	91.6	103	88.1
Income taxes paid	0.38	0.8	2.3	-0.01	0.14	-0.01	1.24	3.42	-0.73	0.62

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.6%	Gross profit / revenue.
Operating margin	12.8%	Operating income / revenue.
EBITDA margin	25.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.4%	Pre-tax income / revenue.
Net margin	-0.5%	Net income / revenue.
FCF margin	-2.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.6%	Cash from operations / revenue.
Return on equity (ROE)	-2.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.2%	Net income / average total assets.
Return on invested capital (ROIC)	8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	-0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.1%	Capital expenditures / revenue.
D&A / revenue	13.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	41.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-43.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-27.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-39.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-28.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	35.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-42.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-30.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-12.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	5.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.0%	Total debt / total assets.
Liabilities / assets	71.2%	Total liabilities / total assets.
Net debt	$652.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.67x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.98x	Operating income / interest expense.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$147.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	0.63x	Revenue / average property, plant and equipment.
Inventory turnover	146x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Capex / operating cash flow	138.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.03	Revenue / diluted weighted shares.
FCF per share	-$0.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.66	Cash from operations / diluted weighted shares.
Book value per share	$2.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.14	Tangible book value / shares outstanding.
Cash per share	$1.37	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$116.1M	Share price x shares outstanding.
Enterprise value	$768.1M	Market cap + total debt - cash - short-term investments.
P/S	0.17x	Market cap / revenue.
P/B	0.79x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.79x	Market cap / tangible book value, when positive.
P/OCF	2.55x	Market cap / cash from operations, when positive.
EV/Sales	1.11x	Enterprise value / revenue.
EV/EBIT	8.73x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.32x	Enterprise value / EBITDA, when both are positive.
FCF yield	-14.9%	Free cash flow / market cap.
Earnings yield	-2.7%	Net income / market cap (the inverse of P/E).

What was Braemar Hotels & Resorts Inc.'s revenue in fiscal 2025?

Braemar Hotels & Resorts Inc. reported revenue of $704.0M for fiscal 2025, 3.3% lower than the year before.

Was Braemar Hotels & Resorts Inc. profitable in fiscal 2025?

No. It reported a net loss of $22.3M.

How much free cash flow did Braemar Hotels & Resorts Inc. generate in fiscal 2025?

Cash from operations of $40.8M minus capital expenditures of $77.9M left free cash flow of -$37.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Braemar Hotels & Resorts Inc.