Braemar Hotels & Resorts Inc. (BHR) Income Statement
BHR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBHR revenue and net income
Where BHR's revenue goes
2025Each bar shows an amount and its share of revenue. BHR kept −3.2% of revenue as net income.
BHR profit margins
BHR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −3.3% | +1.7% | +25.4% | +7.3% |
| Gross profit | −105.2% | — | — | — |
| Operating income | −66.5% | −14.3% | — | −0.6% |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BHR quarterly EPS vs estimates
Braemar Hotels & Resorts beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.71).
BHR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $704.0M | $728.4M | $739.3M | $669.6M | $427.5M | $227.0M | $487.6M | $431.4M | $414.1M | $405.9M |
| Cost of revenue | $711.6M | $574.7M | $570.9M | $505.1M | $344.7M | $218.5M | $372.1M | $312.2M | $302.1M | $294.3M |
| Gross profit | −$8.0M | $153.7M | $168.5M | $164.5M | $82.9M | $8.5M | $115.5M | $119.2M | $112.0M | $111.6M |
| Research & development | — | — | $0 | $0 | $0 | $1 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $11.7M | $14.4M | $19.9M | $24.6M | $12.7M | $27.2M | $9.9M | $25.8M | $20.7M | $32.3M |
| Total operating expenses | −$51.1M | $24.9M | $106.8M | $96.1M | $81.4M | $88.4M | $51.1M | $68.1M | $60.4M | $64.0M |
| Operating income | $43.1M | $128.8M | $61.7M | $68.4M | $1.4M | −$79.9M | $64.4M | $65.8M | $38.8M | $47.1M |
| Interest income | $6.2M | $7.1M | $7.1M | $45.4M | $48,000 | $176,000 | $1.1M | $1.6M | $690,000 | $167,000 |
| Interest expense | $88.4M | $108.1M | $94.2M | $52.2M | $30.9M | $45.1M | $54.5M | $49.7M | $38.9M | $40.9M |
| Income before taxes | −$26.4M | $20.6M | −$27.9M | $23.4M | −$31.6M | −$129.1M | $3.0M | $5.0M | $27.8M | $25.9M |
| Income taxes | $2.0M | $842,000 | $2.7M | $4.0M | $1.3M | −$4.4M | $1.8M | $2.4M | −$522,000 | $1.6M |
| Net income | −$22.3M | −$1.7M | −$27.0M | $17.8M | −$26.7M | −$105.3M | $371,000 | $1.3M | $23.0M | $19.3M |
| EBITDA | $165.1M | $227.9M | $160.0M | $154.2M | $73.6M | −$9.8M | $128.2M | $112.2M | $119.2M | $112.8M |
| EPS (diluted) | −$0.42 | −$0.77 | −$1.12 | −$0.12 | −$0.81 | −$3.21 | −$0.34 | −$0.34 | −$0.03 | $0.04 |
| Gross margin | −1.1% | 21.1% | 22.8% | 24.6% | 19.4% | 3.8% | 23.7% | 27.6% | 27.0% | 27.5% |
| Operating margin | 6.1% | 17.7% | 8.3% | 10.2% | 0.3% | −35.2% | 13.2% | 15.3% | 9.4% | 11.6% |
| Net margin | −3.2% | −0.2% | −3.7% | 2.7% | −6.2% | −46.4% | 0.1% | 0.3% | 5.6% | 4.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $171.0M | $209.0M | $165.6M | $143.6M | $179.1M | $215.8M | $173.3M | $148.4M | $187.6M | $219.1M | $177.5M | $159.8M |
| Cost of revenue | $167.6M | $179.7M | $172.8M | $127.7M | $132.9M | $135.7M | $142.7M | $132.3M | $138.4M | $153.4M | $159.5M | $133.9M |
| Gross profit | $3.5M | $29.3M | −$7.3M | $15.8M | $46.1M | $80.1M | $30.6M | $16.1M | $49.2M | $65.7M | $18.0M | $25.9M |
| Sales, general & admin | $4.4M | $4.9M | $151,000 | $3.8M | $4.9M | $2.9M | $3.3M | $8.9M | $12.3M | $8.6M | $10.7M | $2.5M |
| Total operating expenses | −$9.8M | −$10.6M | −$7.7M | −$14.0M | $28.3M | $43.4M | $26.8M | −$54.3M | $37.0M | $23.2M | $15.4M | $25.2M |
| Operating income | $13.2M | $39.9M | $468,000 | $29.8M | $17.9M | $36.7M | $3.8M | $70.3M | $12.2M | $42.5M | $2.7M | $651,000 |
| Interest income | $774,000 | $810,000 | $1.3M | $1.5M | $1.5M | $1.9M | $2.6M | $2.7M | $1.1M | $796,000 | $1.0M | $986,000 |
| Interest expense | $20.5M | $21.2M | $20.5M | $25.2M | $25.4M | $24.8M | $26.4M | $27.9M | $27.3M | $26.5M | $24.4M | $23.3M |
| Income before taxes | $9.4M | $19.5M | −$35.5M | $4.1M | −$7.2M | $12.1M | −$21.4M | $39.0M | −$13.9M | $16.9M | −$19.9M | −$23.8M |
| Income taxes | $2.5M | $1.4M | $1.5M | −$648,000 | −$345,000 | $1.5M | $368,000 | −$864,000 | −$114,000 | $1.5M | $1.6M | −$1.2M |
| Net income | $7.0M | $17.7M | −$33.6M | $5.7M | −$5.5M | $11.0M | −$18.7M | $12.6M | −$11.6M | $15.9M | −$19.2M | −$22.0M |
| EBITDA | $51.4M | $63.2M | $10.5M | $52.5M | $41.6M | $60.5M | $28.7M | $92.1M | $38.2M | $69.0M | $28.1M | $22.3M |
| EPS (diluted) | $0.13 | $0.07 | −$0.02 | −$0.12 | −$0.24 | −$0.04 | −$0.47 | −$0.02 | −$0.33 | $0.05 | −$0.47 | −$0.50 |
| Gross margin | 2.0% | 14.0% | −4.4% | 11.0% | 25.8% | 37.1% | 17.7% | 10.8% | 26.2% | 30.0% | 10.2% | 16.2% |
| Operating margin | 7.7% | 19.1% | 0.3% | 20.8% | 10.0% | 17.0% | 2.2% | 47.4% | 6.5% | 19.4% | 1.5% | 0.4% |
| Net margin | 4.1% | 8.5% | −20.3% | 4.0% | −3.1% | 5.1% | −10.8% | 8.5% | −6.2% | 7.3% | −10.8% | −13.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BHR's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BHR financial results
In fiscal year 2025 (ended December 31, 2025), Braemar Hotels & Resorts reported revenue of $704.0 million, down 3.3% from the year before. It had a net loss of $22.3 million, a net profit margin of −3.2%. Diluted earnings per share came to −$0.42. Over five years revenue grew at an average rate of 25.4% a year.
See the BHR stock overview for the latest quote and news, or the BHR chart for price history and technical indicators.
BHR income statement FAQ
What is Braemar Hotels & Resorts's annual revenue?
Braemar Hotels & Resorts reported total revenue of $704.0 million for fiscal year 2025, which ended on December 31, 2025. That was down 3.3% from $728.4 million the previous year.
Is Braemar Hotels & Resorts profitable?
No. Braemar Hotels & Resorts reported a net loss of $22.3 million in fiscal 2025, a net profit margin of −3.2%; its operating margin was 6.1%.
What is Braemar Hotels & Resorts's gross margin?
Braemar Hotels & Resorts's gross margin was −1.1% in fiscal 2025: for every $100 of revenue, Braemar Hotels & Resorts kept $-1 after the direct cost of its products and services.
How fast is Braemar Hotels & Resorts growing?
Revenue grew 25.4% a year on average over the last five fiscal years, from $227.0 million to $704.0 million.
What are Braemar Hotels & Resorts's earnings per share?
Braemar Hotels & Resorts earned $-0.42 per diluted share in fiscal 2025, compared with $-0.77 a year earlier.
When will Braemar Hotels & Resorts report its next earnings?
Braemar Hotels & Resorts is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Braemar Hotels & Resorts's fiscal year end?
Braemar Hotels & Resorts's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.