Filing Flows › Braemar Hotels & Resorts (BHR) › Q1 2026
Braemar Hotels & Resorts (BHR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Braemar Hotels & Resorts (BHR) reported revenue of $209M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +26% from the quarter before. Operating margin was 19.0%, net earnings $17.7M (8.5% of revenue).
Braemar Hotels & Resorts, Q1 2026: revenue $209M (-3% year over year), operating margin 19.0%, net earnings $17.7M, operating cash flow $21.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $209M | +26% | -3% |
| Operating profit | $39.6M | — | +8% |
| Net earnings | $17.7M | — | +61% |
| Operating cash flow | $21.9M | +163% | +45% |
| Free cash flow | $9.9M | — | — |
What changed
Revenue was $209.0M in Q1 2026, down 3% year over year and up 26% from the previous quarter. Rooms was the largest line at 62% of revenue. Rooms lost $7.3M year over year (down 5%), 107% of the total change.
Operating profit was $39.6M, a 19.0% margin (up 1.9 points year over year). Total costs fell 5% while revenue fell 3%. The fastest-growing cost line was General & admin (+68%). Net earnings were $17.7M, up 61% year over year. The effective tax rate was 7.3%.
Operating cash flow was $21.9M (up 45% year over year), 122% of net earnings. Non-cash charges added back $22.6M of depreciation and amortization. Working capital and other items used $18.7M. Capital expenditures of $12.1M left free cash flow of $9.9M.
Questions
What was Braemar Hotels & Resorts' revenue in the first quarter 2026?
Braemar Hotels & Resorts (BHR) reported revenue of $209M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +26% from the quarter before.
Was Braemar Hotels & Resorts profitable in the first quarter 2026?
Operating profit was $39.6M (19.0% of revenue) and net earnings $17.7M.