Filing Flows › Ashford Hospitality Trust (AHT) › Q1 2026 › vs Q4 2025
Ashford Hospitality Trust (AHT) Q1 2026 vs Q4 2025 (quarter over quarter)
Ashford Hospitality Trust's revenue rose $8.8M (+3%) from $259M in Q4 2025 to $268M in Q1 2026. The biggest changes: Total Hotel +$9.0M (+3%); Other −$230K (-60%).
Ashford Hospitality Trust, Q1 2026: revenue $268M (-4% year over year), operating margin 4.9%, net loss $65.5M, operating cash flow $29.5M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 4.7% | -14.7% | +19.4 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Rooms | $200M | $190M | $9.8M | +5% |
| Food and beverage | $51.6M | $51.8M | −$231K | -0.4% |
| Hotel, Other | $16.0M | $16.6M | −$596K | -4% |
| Total Hotel | $268M | $259M | $9.0M | +3% |
| Other | $154K | $384K | −$230K | -60% |
| Revenue | $268M | $259M | $8.8M | +3% |
| Net loss | $65.5M | $70.8M | −$5.3M | -8% |
| Costs & expenses | $333M | $331M | $2.6M | +0.8% |
| Operating costs | $254M | $266M | −$11.1M | -4% |
| Interest & other, net | $78.0M | $65.0M | $12.9M | +20% |
| Income tax | $752K | −$838K | $1.6M | — |
| Cost of revenue | $181M | $188M | −$6.6M | -3% |
| General & admin | $1.6M | $3.7M | −$2.1M | -56% |
| Other operating costs | $71.8M | $74.2M | −$2.5M | -3% |
| Operating cash sources | $95.0M | $58.3M | $36.7M | +63% |
| Depreciation & amortization | $32.0M | $34.1M | −$2.1M | -6% |
| Share-based compensation | $28K | $0 | $28K | — |
| Working capital & other | $62.9M | $24.2M | $38.8M | +160% |
| Net loss absorbed | $65.5M | $70.8M | −$5.3M | -8% |
| Operating cash flow | $29.5M | −$12.5M | $42.0M | — |
| Free cash flow (OCF − capex) | $12.6M | −$38.2M | $50.7M | — |
| Capital expenditures | $17.0M | $25.7M | −$8.7M | -34% |
Questions
How much did Ashford Hospitality Trust's revenue grow quarter over quarter in Q1 2026?
Ashford Hospitality Trust's revenue rose $8.8M (+3%) from $259M in Q4 2025 to $268M in Q1 2026.
What drove Ashford Hospitality Trust's revenue change in Q1 2026?
Total Hotel +$9.0M (+3%); Other −$230K (-60%).