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Ashford Hospitality Trust (AHT) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Ashford Hospitality Trust (AHT) Q2 2026 earnings results →

Q2 2026 Revenue down 10% year over year to $273M · 47¢ of every $1 of revenue kept as net profit · operating margin 71.9%

Ashford Hospitality Trust made $273M in Q2 2026 (-10% Y/Y): Total Hotel $273M, Other $173K. Operating margin 71.9%, net earnings $128M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.

Revenue$273M
Year over year-10%
Operating margin71.9%
Net earnings$128M
Operating cash flow−$7.4M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $273.2M in Q2 2026, down 10% year over year and up 2% from the previous quarter. Rooms was the largest line at 77% of revenue. Rooms lost $17.6M year over year (down 8%), 61% of the total change.

Operating profit was $196.3M, a 71.9% margin (up 55.5 points year over year). Total costs fell 70% while revenue fell 10%. The fastest-growing cost line was Other operating costs (+56%). Net earnings were $128.0M. The effective tax rate was 1.9%.

Operating cash flow was −$7.4M. Non-cash charges added back $28.6M of depreciation and amortization and $28K of share-based compensation. Working capital and other items used $165.4M. Capital expenditures of $20.7M exceeded it, leaving free cash flow of −$28.1M.

Quarterly history

Ashford Hospitality Trust revenue by quarterAshford Hospitality Trust revenue by quarter$275MQ4 2024$277MQ1 2025$302MQ2 2025$266MQ3 2025$259MQ4 2025$268MQ1 2026$273MQ2 2026
Ashford Hospitality Trust net earnings by quarterAshford Hospitality Trust net earnings by quarter−$129MQ4 2024−$22.2MQ1 2025−$32.4MQ2 2025−$62.7MQ3 2025−$70.8MQ4 2025−$65.5MQ1 2026$128MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 12, 2026$273M-10%71.9%$128M−$7.4M
Q1 202610-QMay 14, 2026$268M-4%4.9%−$65.5M$29.5M
Q4 202510-KMar 23, 2026$259M-6%-2.6%−$70.8M−$12.5M
Q3 202510-QNov 13, 2025$266M-4%4.6%−$62.7M$5.5M
Q2 202510-QAug 14, 2025$302M-5%16.3%−$32.4M$16.3M
Q1 202510-QMay 14, 2025$277M-9%22.2%−$22.2M−$25.0M
Q4 202410-KMar 21, 2025$275M-14%-17.8%−$129M$14.1M

Charts

Ashford Hospitality Trust: revenue growth, year over year and quarter over quarterAshford Hospitality Trust: revenue growth, year over year and quarter over quarterY/YQ/Q-14%Q4 2024-9%+1%Q1 2025-5%+9%Q2 2025-4%-12%Q3 2025-6%-3%Q4 2025-4%+3%Q1 2026-10%+2%Q2 2026
Latest (Q2 2026): Y/Y -10%, Q/Q +2%.
Ashford Hospitality Trust: where the cash came from (+) and went (−), TTM to Q2 2026Ashford Hospitality Trust: where the cash came from (+) and went (−), TTM to Q2 2026Asset & business sales$709MNet borrowing (+) / repaid (−)−$692MCapital spending−$69.0MCash drawn (+) / kept (−)$43.9MOperating cash flow$15.1MDividends−$12.3MPartners$5.6MOther financing−$1.2MOther investing$998KBuybacks−$42K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Ashford Hospitality Trust: profit against cash, quarter by quarterAshford Hospitality Trust: profit against cash, quarter by quarterNet incomeOperating cash flow−$59.1M$795KQ3 2024−$129M$14.1MQ4 2024−$22.2M−$25.0MQ1 2025−$32.4M$16.3MQ2 2025−$62.7M$5.5MQ3 2025−$70.8M−$12.5MQ4 2025−$65.5M$29.5MQ1 2026$129M−$7.4MQ2 2026
Latest (Q2 2026): Net income $129M, Operating cash flow −$7.4M.
Ashford Hospitality Trust: diluted shares by fiscal yearAshford Hospitality Trust: diluted shares by fiscal year2MFY202022MFY20213MFY20223MFY20235MFY20246MFY2025
+279.1% since FY2020: more shares outstanding (issuance, stock pay).
Ashford Hospitality Trust: long-term debt falling due (FY2025)Ashford Hospitality Trust: long-term debt falling due (FY2025)$1.5B2026$920M2027$30.4M2028$89.1M2029$233K2030$14.7MLater
Cash $66.1M, short-term investments —, long-term debt $2.5B at 2025-12-31.
Ashford Hospitality Trust in its industry: growth against margin (213 companies, SIC 6798)Ashford Hospitality Trust in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBESL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWAHT (-10%, 72%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Ashford Hospitality Trust

Ashford Hospitality Trust, Inc., together with its subsidiaries is a REIT. While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership.

In its own words, from its 10-K, filed Mar 23, 2026.

Ashford Hospitality Trust against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -10% against the peers' median +11%. Operating margin: 71.9% against the peers' median 20.6%.

CompanyQuarterRevenueY/YOp. margin
AHT Ashford Hospitality TrustQ2 2026$273M-10%71.9%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: Ashford Hospitality Trust 10-Q on SEC EDGAR · CIK 1232582 · Real Estate Investment Trusts

13F: who owns AHT and who is buying

Largest holders of AHT (13F)Largest holders of AHT (13F)CastleKnight Management LP$1.4MVanguard Group$1.1MKMT Wealth Management, LLC$849KVanguard Capital Management LLC$787KKingsbury Capital Investment Advi…$651KGeode Capital Management, LLC$214KRenaissance Technologies LLC$178KCitadel Advisors LLC$160KBlackRock$137KVanguard Fiduciary Trust$107K
Funds' net buying of AHT by quarter (13F)Funds' net buying of AHT by quarter (13F)$4.4M2024-12$33K2025-03$383K2025-06$148K2025-09−$658K2025-12$882K2026-03$1.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AHT

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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