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Ashford Hospitality Trust cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$28.1M in Q2 2026 · −$53.9M over twelve months

Operating cash flow−$7.4M
Capital spending−$20.7M
Free cash flow−$28.1M
Cash / net income-0.1×

Analysis

In Q2 2026, Ashford Hospitality Trust generated −$7.4M of operating cash flow and spent $20.7M on capital projects, leaving free cash flow of −$28.1M. That is $24.5M less than in Q2 2025 (−$3.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $15.1M; the largest uses were net borrowing (+) / repaid (−) ($692M), capital spending ($69.0M), dividends ($12.3M); besides operations, cash came from asset & business sales ($709M), partners ($5.6M); the cash balance fell by $43.9M.

Operating cash flow was −$7.4M against net income of $129M — -0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$28.6M, payables −$14.7M, prepaid and other assets +$9.4M.

Free cash flow

Ashford Hospitality Trust: free cash flow by quarterAshford Hospitality Trust: free cash flow by quarter−$21.8MQ3 2024−$6.5MQ4 2024−$44.8MQ1 2025−$3.6MQ2 2025−$226KQ3 2025−$38.2MQ4 2025$12.6MQ1 2026−$28.1MQ2 2026
Operating cash flow less capital spending.
Ashford Hospitality Trust: operating cash flow against capital spendingAshford Hospitality Trust: operating cash flow against capital spendingOperating cash flowCapital spending$795K$22.6MQ3 2024$14.1M$20.6MQ4 2024−$25.0M$19.9MQ1 2025$16.3M$19.9MQ2 2025$5.5M$5.7MQ3 2025−$12.5M$25.7MQ4 2025$29.5M$17.0MQ1 2026−$7.4M$20.7MQ2 2026
Latest (Q2 2026): Operating cash flow −$7.4M, Capital spending $20.7M.

Capital allocation, year by year

Ashford Hospitality Trust: where the cash came from (up) and went (down), by fiscal yearAshford Hospitality Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow −$144MFY2021: Net borrowing $188MFY2021: Shares issued $563MFY2021: Asset sales $9.0MFY2021: Capital spending −$36.7MFY2021: Buybacks −$46KFY2021: Dividends −$18.6M$760MFY2021FY2022: Operating cash flow $39.2MFY2022: Net borrowing −$49.4MFY2022: Asset sales $35.0MFY2022: Capital spending −$104MFY2022: Buybacks −$316KFY2022: Dividends −$12.4M$74.2MFY2022FY2023: Operating cash flow $14.4MFY2023: Net borrowing −$262MFY2023: Shares issued $1.0MFY2023: Asset sales $29.2MFY2023: Capital spending −$137MFY2023: Buybacks −$90KFY2023: Dividends −$14.9M$44.6MFY2023FY2024: Operating cash flow −$23.6MFY2024: Net borrowing −$325MFY2024: Shares issued $8.8MFY2024: Asset sales $300MFY2024: Capital spending −$108MFY2024: Buybacks −$49KFY2024: Dividends −$20.4M$309MFY2024FY2025: Operating cash flow −$15.7MFY2025: Net borrowing −$149MFY2025: Asset sales $242MFY2025: Capital spending −$71.2MFY2025: Buybacks −$44KFY2025: Dividends −$24.0M$242MFY2025
Over these 5 years operating cash flow totalled −$130M; the largest uses were net borrowing ($786M) and capital spending ($457M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$72.5M
Debt$1.9B
Net debt$1.8B
Due within a year$1.5B
Cash runway8 months

Ashford Hospitality Trust is burning cash: its operations consume cash, a free cash flow of −$112M a year at the current rate against $72.5M of cash and investments: a runway of about 8 months; $1.5B of debt also comes due within a year, which would need refinancing or new money before any new financing.

Ashford Hospitality Trust: debt maturities by year (FY2025)Ashford Hospitality Trust: debt maturities by year (FY2025)$1.5BYear 1$920MYear 2$30.4MYear 3$89.1MYear 4$233KYear 5$14.7MAfter year 5
Principal due in each year as disclosed in the annual report, against $72.5M of cash and investments now.

Where the cash came from and went

Ashford Hospitality Trust: sources (+) and uses (−) of cash, Q2 2026Ashford Hospitality Trust: sources (+) and uses (−) of cash, Q2 2026Asset & business sales$384MNet borrowing (+) / repaid (−)−$360MCapital spending−$20.7MCash drawn (+) / kept (−)$9.1MOperating cash flow−$7.4MOther investing−$4.2MOther financing−$493K
Ashford Hospitality Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Ashford Hospitality Trust: sources (+) and uses (−) of cash, 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 profit to cash

Ashford Hospitality Trust: net income to operating cash flow, Q2 2026Ashford Hospitality Trust: net income to operating cash flow, Q2 2026Net income$129MDepreciation & amortization$28.6MStock-based pay$28KDeferred taxes$11KPayables−$14.7MPrepaid and other assets$9.4MOther liabilities−$1KOperating cash flow−$7.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$7.4M−$20.7M——−$360M—$9.1M−$28.1M
Q1 2026$29.5M−$17.0M−$2K—−$218M—−$4.6M$12.6M
Q4 2025−$12.5M−$25.7M−$40K−$6.2M−$74.0M—$4.1M−$38.2M
Q3 2025$5.5M−$5.7M—−$6.1M−$39.5M—$7.0M−$226K
Q2 2025$16.3M−$19.9M−$4K−$6.0M$16.3M—−$30.9M−$3.6M
Q1 2025−$25.0M−$19.9M—−$5.6M−$52.1M—−$4.5M−$44.8M
Q4 2024$14.1M−$20.6M—−$5.7M−$16.3M−$63K$13.5M−$6.5M
Q3 2024$795K−$22.6M—−$5.2M−$20.3M$1.1M$12.3M−$21.8M

Ashford Hospitality Trust: income statement and cash flow

Ashford Hospitality Trust, Q2 2026: revenue $273M (-10% year over year), operating margin 71.9%. The chart follows the revenue to costs, profit and cash.

Ashford Hospitality Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.