Filing Flows › Real Estate › Braemar Hotels & Resorts (BHR)
Braemar Hotels & Resorts (BHR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Braemar Hotels & Resorts (BHR) Q3 2026 earnings results →
Q3 2026 Revenue down 29% year over year to $102M · 246¢ of every $1 of revenue lost · operating margin -240.0%
Braemar Hotels & Resorts made $102M in Q3 2026 (-29% Y/Y): Rooms $63.1M, Food and beverage $26.0M, Other $12.4M. Operating margin -240.0%, net loss $249M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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 $101.6M in Q3 2026, down 29% year over year and down 41% from the previous quarter. Rooms was the largest line at 62% of revenue. Rooms lost $22.6M year over year (down 26%), 54% of the total change.
Operating costs exceeded revenue by $243.8M, an operating margin of -240.0%. Total costs grew 204% against a revenue fall of 29%. The fastest-growing cost line was Other operating costs (+12148%). The quarter ended with a net loss of $249.4M, after a profit of $6.9M the previous quarter. Minority interests bore $16.1M of it: to shareholders the quarter was a loss of $233.3M.
Operating cash flow was −$258.1M. Non-cash charges added back $16.6M of depreciation and amortization. Working capital and other items used $25.4M. Capital expenditures of $5.0M exceeded it, leaving free cash flow of −$263.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $102M | -29% | -240.0% | −$249M | −$258M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $171M | -4% | 17.9% | $7.0M | $20.9M |
| Q1 2026 | 10-Q | May 7, 2026 | $209M | -3% | 19.0% | $17.7M | $21.9M |
| Q4 2025 | 10-K | Mar 12, 2026 | $166M | -4% | -7.3% | −$37.0M | $8.3M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $144M | -3% | 20.8% | $5.7M | −$5.8M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $179M | -4% | 10.0% | −$6.8M | $23.0M |
| Q1 2025 | 10-Q | May 8, 2025 | $216M | -2% | 17.0% | $11.0M | $15.1M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Braemar Hotels & Resorts
We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room (“RevPAR”) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Two times the U.S. national average RevPAR was approximately $200 for the year ended December 31, 2025. We have elected to be taxed as a REIT under the Code beginning in the year ended December 31, 2013. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP.
In its own words, from its 10-K, filed Mar 12, 2026.
Braemar Hotels & Resorts against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -29% against the peers' median +11%. Operating margin: -240.0% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BHR Braemar Hotels & Resorts | Q3 2026 | $102M | -29% | -240.0% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Braemar Hotels & Resorts 10-Q on SEC EDGAR · CIK 1574085 · Real Estate Investment Trusts
Guidance and outlook
13F: who owns BHR and who is buying
More on BHR
- How Braemar Hotels & Resorts makes money: revenue by segment
- Braemar Hotels & Resorts stock forecast, price target and fair value
- Who owns Braemar Hotels & Resorts stock: holders, funds and Congress trades
- Braemar Hotels & Resorts guidance and outlook
- Is Braemar Hotels & Resorts a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Braemar Hotels & Resorts guidance history: guided vs reported
- Braemar Hotels & Resorts operating margin by quarter
- Braemar Hotels & Resorts net income by quarter
- Braemar Hotels & Resorts free cash flow by quarter
- Braemar Hotels & Resorts capital expenditures by quarter
- Braemar Hotels & Resorts Rooms revenue by quarter
- Braemar Hotels & Resorts Food and beverage revenue by quarter