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…
Earnings analysis · 10-Q
BHR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.52
- Operating margin
- 18.9%
What stood out
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Revenue Surprise
Actual revenue was $208.983 million, beating estimates of $199.432 million by 4.8%.
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EPS Outperformance
Diluted EPS was reported at $0.52, significantly higher than the estimated $0.29, reflecting a surprise of 79.3%.
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Operating Income Growth
Operating income improved to $39.624 million, a 7.8% increase from the prior period.
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Decreased Expenses
Total hotel operating expenses improved by 4.3%, decreasing from $179.080 million to $169.362 million.
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Cash Flow Enhancement
Net cash flow from operations was $21.9 million, up from $15.1 million in the previous year.
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Free Cash Flow Recovery
Free cash flow reached $38.343 million, a substantial increase compared to $29.114 million in the prior year.
What to watch
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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.
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Asset Sale Dependency
Revenue decline in hotel revenue to $208.983 million primarily attributed to property sales negatively impacting revenue streams.
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Cash Trap Provisions
Current cash trap provisions have been triggered on two mortgage loans, which may affect liquidity.
Management's outlook
The company anticipates maintaining revenue between $649.3 million and $704 million for the year.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.