Filing Flows › Ashford Hospitality Trust (AHT) › Q3 2025
Ashford Hospitality Trust (AHT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Ashford Hospitality Trust (AHT) reported revenue of $266M for the third quarter 2025 (Q3 2025), -4% from a year earlier and -12% from the quarter before. Operating margin was 4.6%, net loss $62.7M (23.6% of revenue).
Ashford Hospitality Trust, Q3 2025: revenue $266M (-4% year over year), operating margin 4.6%, net loss $62.7M, operating cash flow $5.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $266M | -12% | -4% |
| Operating profit | $12.2M | -75% | — |
| Net earnings | −$62.7M | — | — |
| Operating cash flow | $5.5M | -66% | +591% |
What changed
Revenue was $266.1M in Q3 2025, down 4% year over year and down 12% from the previous quarter. Rooms was the largest line at 76% of revenue. Rooms lost $11.0M year over year (down 5%), 105% of the total change.
Operating profit was $12.2M, a 4.6% margin (down 2.7 points year over year). Total costs fell 1% while revenue fell 4%. The fastest-growing cost line was General & admin (+44%). The quarter ended with a net loss of $62.7M, wider than the previous quarter's $32.4M loss. Minority interests bore $2.6M of it: to shareholders the quarter was a loss of $60.1M. Net interest and other expense of $74.7M was the main reason.
Operating cash flow was $5.5M (up 591% year over year). Non-cash charges added back $34.6M of depreciation and amortization. Working capital and other items added $33.6M. Capital expenditures of $5.7M exceeded it, leaving free cash flow of −$226K.
Questions
What was Ashford Hospitality Trust's revenue in the third quarter 2025?
Ashford Hospitality Trust (AHT) reported revenue of $266M for the third quarter 2025 (Q3 2025), -4% from a year earlier and -12% from the quarter before.
Was Ashford Hospitality Trust profitable in the third quarter 2025?
Operating profit was $12.2M (4.6% of revenue) and net loss $62.7M.