BHR earnings analysis
What we found in BHR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Braemar Hotels & Resorts reported a strong Q1 2026 with revenue hitting $208.983 million, surpassing estimates by 4.8%, and a notable EPS of $0.52 against expectations of $0.29. The company's operating income also saw a notable increase, contributing to an overall improvement in profitability despite a slight decline in total hotel revenue from the previous year due to property dispositions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surprise
- Actual revenue was $208.983 million, beating estimates of $199.432 million by 4.8%.
- EPS Outperformance
- Diluted EPS was reported at $0.52, significantly higher than the estimated $0.29, reflecting a surprise of 79.3%.
- Operating Income Growth
- Operating income improved to $39.624 million, a 7.8% increase from the prior period.
- Decreased Expenses
- Total hotel operating expenses improved by 4.3%, decreasing from $179.080 million to $169.362 million.
- Cash Flow Enhancement
- Net cash flow from operations was $21.9 million, up from $15.1 million in the previous year.
- Free Cash Flow Recovery
- Free cash flow reached $38.343 million, a substantial increase compared to $29.114 million in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Debt Levels Concern
- As of March 31, 2026, the company had approximately $1.1 billion in total indebtedness, predominantly variable-rate, which poses refinancing risks.
- Asset Sale Dependency
- Revenue decline in hotel revenue to $208.983 million primarily attributed to property sales negatively impacting revenue streams.
- Cash Trap Provisions
- Current cash trap provisions have been triggered on two mortgage loans, which may affect liquidity.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.52
- Operating margin
- 18.9%
What they said about what is next.
The company anticipates maintaining revenue between $649.3 million and $704 million for the year.
The filing reads better than the one before it.
What came before.
- 10-K · April 29, 2026
- Braemar Hotels & Resorts Inc. is navigating a challenging environment with significant fluctuation in performance metrics. The company's total revenue showed variability, with an inflection from $166M in Q4 2025 up to…
- 10-K · March 12, 2026
- Braemar continues to pursue a focused strategy of investing in high-RevPAR luxury hotels and resorts (targeting assets with RevPAR at least twice the U.S. average). The portfolio (13 properties, 3,028 rooms) delivered…
- 10-Q · November 12, 2024
- Braemar reported Q3 (three months ended September 30, 2024) hotel revenue of $148,398,000, down from $159,801,000 a year earlier. Operating income rose to $70,329,000 in Q3 driven by an $88,210,000 gain on disposition…
- 10-Q · August 8, 2024
- Braemar Hotels & Resorts reported a decline in both revenue and profitability for the second quarter of 2024, with total revenue of $188 million, compared to $219 million in Q1 2024. The company also posted a diluted…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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