Filing Flows › Ashford Hospitality Trust (AHT) › Q4 2025
Ashford Hospitality Trust (AHT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 23, 2026
Ashford Hospitality Trust (AHT) reported revenue of $259M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -3% from the quarter before. Operating margin was -2.6%, net loss $70.8M (27.3% of revenue).
Ashford Hospitality Trust, Q4 2025: revenue $259M (-6% year over year), operating margin -2.6%, net loss $70.8M, operating cash flow −$12.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $259M | -3% | -6% |
| Operating profit | −$6.6M | -154% | — |
| Net earnings | −$70.8M | — | — |
| Operating cash flow | −$12.5M | -328% | -189% |
What changed
Revenue was $259.0M in Q4 2025, down 6% year over year and down 3% from the previous quarter. Rooms was the largest line at 73% of revenue.
Operating costs exceeded revenue by $6.6M, an operating margin of -2.6%. Total costs fell 18% while revenue fell 6%. The quarter ended with a net loss of $70.8M, wider than the previous quarter's $62.7M loss. Minority interests bore $1.5M of it: to shareholders the quarter was a loss of $69.3M. Net interest and other expense of $65.0M was the main reason.
Operating cash flow was −$12.5M. Non-cash charges added back $34.1M of depreciation and amortization. Working capital and other items added $24.2M. Capital expenditures of $25.7M exceeded it, leaving free cash flow of −$38.2M.
Questions
What was Ashford Hospitality Trust's revenue in the fourth quarter 2025?
Ashford Hospitality Trust (AHT) reported revenue of $259M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -3% from the quarter before.
Was Ashford Hospitality Trust profitable in the fourth quarter 2025?
Operating loss was $6.6M (-2.6% of revenue) and net loss $70.8M.