BHR Braemar Hotels & Resorts Inc.

Overview and Growth

Fiscal 2025 results for Braemar Hotels & Resorts Inc. combined $704.01M of revenue with net loss of $22.32M and an operating cash inflow of $40.78M. The $704.01M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $728.40M in fiscal 2024, revenue decreased 3.3%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was -$1.07, which connects the reported earnings outcome with the company’s diluted share count. Diluted shares averaged 67.62M; this is the reported share base over which the company’s diluted per-share earnings were spread. The diluted share count was 1.7% higher than fiscal 2024, when diluted shares averaged 66.50M, adding context to the EPS comparison. At period end, total assets were $1.86B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.38x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $211.83M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 30.1%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $72.36M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 10.3% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was a net loss of $22.32M after operating, financing, tax, and other recognized items. The net loss equaled 3.2% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was $164.94M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Before income taxes, the company recorded a loss of $26.43M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 3.8%. The company recognized $1.98M of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 15.9% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 1.2%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $1.69M in fiscal 2024 to $22.32M.

Liquidity and Capital Structure

Reported cash and equivalents were $124.35M, separating immediately recognizable cash resources from the rest of the current-asset base. Total debt was $1.10B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 7.84x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 59.3%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was 7.6%, placing book capital against the total resource base. The liabilities-to-assets relationship was 71.8%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 6.7%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 12.8% from $2.14B in fiscal 2024, leaving current total assets lower year over year. Against $237.36M of equity in fiscal 2024, the current book-equity balance moved 40.7% and ended lower. Compared with $135.47M in fiscal 2024, the current cash balance moved 8.2% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was $40.78M, a reported cash inflow that can be compared directly with net income and capital spending. The operating cash outcome moved from $66.82M in fiscal 2024 to $40.78M, ending below the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.