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Braemar Hotels & Resorts cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$263M in Q3 2026 · −$253M over twelve months

Operating cash flow−$258M
Capital spending−$5.0M
Free cash flow−$263M

Analysis

In Q3 2026, Braemar Hotels & Resorts generated −$258M of operating cash flow and spent $5.0M on capital projects, leaving free cash flow of −$263M. That is $236M less than in Q3 2025 (−$27.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$207M; the largest uses were net borrowing (+) / repaid (−) ($548M), operating cash flow ($207M), other financing ($72.2M); besides operations, cash came from other investing ($894M); the cash balance fell by $15.9M.

Operating cash flow was −$258M against net income of −$249M. The largest differences: payables +$48.1M, depreciation & amortization +$16.6M, prepaid and other assets −$11.7M.

Free cash flow

Braemar Hotels & Resorts: free cash flow by quarterBraemar Hotels & Resorts: free cash flow by quarter−$9.1MQ4 2024−$159KQ1 2025$5.3MQ2 2025−$27.3MQ3 2025−$15.0MQ4 2025$9.9MQ1 2026$15.2MQ2 2026−$263MQ3 2026
Operating cash flow less capital spending.
Braemar Hotels & Resorts: operating cash flow against capital spendingBraemar Hotels & Resorts: operating cash flow against capital spendingOperating cash flowCapital spending$6.7M$15.8MQ4 2024$15.1M$15.3MQ1 2025$23.0M$17.7MQ2 2025−$5.8M$21.5MQ3 2025$8.3M$23.4MQ4 2025$21.9M$12.1MQ1 2026$20.9M$5.8MQ2 2026−$258M$5.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$258M, Capital spending $5.0M.

Capital allocation, year by year

Braemar Hotels & Resorts: where the cash came from (up) and went (down), by fiscal yearBraemar Hotels & Resorts: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $64.0MFY2021: Net borrowing −$993KFY2021: Shares issued $139MFY2021: Asset sales $1.8MFY2021: Capital spending −$25.6MFY2021: Acquisitions −$17.6MFY2021: Buybacks −$376KFY2021: Dividends −$9.1M$205MFY2021FY2022: Operating cash flow $109MFY2022: Net borrowing $102MFY2022: Shares issued $279MFY2022: Capital spending −$354MFY2022: Acquisitions −$354MFY2022: Buybacks −$7.4MFY2022: Dividends −$20.8M$490MFY2022FY2023: Operating cash flow $84.7MFY2023: Net borrowing −$164MFY2023: Shares issued $97.9MFY2023: Capital spending −$77.1MFY2023: Buybacks −$19.3MFY2023: Dividends −$52.6M$183MFY2023FY2024: Operating cash flow $66.8MFY2024: Net borrowing $49.9MFY2024: Capital spending −$70.6MFY2024: Buybacks −$369KFY2024: Dividends −$51.6M$117MFY2024FY2025: Operating cash flow $40.8MFY2025: Net borrowing −$115MFY2025: Capital spending −$77.9MFY2025: Buybacks −$778KFY2025: Dividends −$47.3M$40.8MFY2025
Over these 5 years operating cash flow totalled $366M; the largest uses were capital spending ($606M) and acquisitions ($372M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$78.9M
Debt$443M
Net debt$364M
Due within a year$723M
Cash runway4 months

Braemar Hotels & Resorts is burning cash: its operations consume cash, a free cash flow of −$253M a year at the current rate against $78.9M of cash and investments: a runway of about 4 months; $723M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Braemar Hotels & Resorts: debt maturities by year (FY2025)Braemar Hotels & Resorts: debt maturities by year (FY2025)$723MYear 1$210MYear 2$180MYear 3
Principal due in each year as disclosed in the annual report, against $78.9M of cash and investments now.

Where the cash came from and went

Braemar Hotels & Resorts: sources (+) and uses (−) of cash, Q3 2026Braemar Hotels & Resorts: sources (+) and uses (−) of cash, Q3 2026Other investing$598MNet borrowing (+) / repaid (−)−$327MOperating cash flow−$258MDividends−$7.2MCapital spending−$5.0MOther financing−$4.9MCash drawn (+) / kept (−)$3.8M
Braemar Hotels & Resorts: sources (+) and uses (−) of cash, TTM to Q3 2026Braemar Hotels & Resorts: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$894MNet borrowing (+) / repaid (−)−$548MOperating cash flow−$207MOther financing−$72.2MCapital spending−$46.1MDividends−$37.0MCash drawn (+) / kept (−)$15.9MPartners−$27K

From profit to cash

Braemar Hotels & Resorts: net income to operating cash flow, Q3 2026Braemar Hotels & Resorts: net income to operating cash flow, Q3 2026Net income−$249MDepreciation & amortization$16.6MPayables$48.1MPrepaid and other assets−$11.7MOther liabilities$5.1MOperating cash flow−$258M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$258M−$5.0M—−$7.2M−$327M$3.8M−$263M
Q2 2026$20.9M−$5.8M—−$7.3M−$157M−$3.2M$15.2M
Q1 2026$21.9M−$12.1M—−$11.1M—$18.1M$9.9M
Q4 2025$8.3M−$23.4M—−$11.4M−$64.7M−$2.9M−$15.0M
Q3 2025−$5.8M−$21.5M−$727K−$11.7M−$48.4M−$28.3M−$27.3M
Q2 2025$23.0M−$17.7M—−$12.0M—$546K$5.3M
Q1 2025$15.1M−$15.3M—−$12.2M−$2.2M$48.8M−$159K
Q4 2024$6.7M−$15.8M—−$12.5M—$32.1M−$9.1M

Braemar Hotels & Resorts: income statement and cash flow

Braemar Hotels & Resorts, Q3 2026: revenue $102M (-29% year over year), operating margin -240.0%. The chart follows the revenue to costs, profit and cash.

Braemar Hotels & Resorts: 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.