Filing Flows › Braemar Hotels & Resorts (BHR) › Q2 2026 › vs Q1 2026
Braemar Hotels & Resorts (BHR) Q2 2026 vs Q1 2026 (quarter over quarter)
Braemar Hotels & Resorts's revenue fell $38.0M (-18%) from $209M in Q1 2026 to $171M in Q2 2026. The biggest changes: Rooms −$26.6M (-21%); Food and beverage −$7.0M (-13%); Other −$4.3M (-16%). Operating margin 17.9% against 19.0% (-1.1 pts).
Braemar Hotels & Resorts, Q2 2026: revenue $171M (-4% year over year), operating margin 17.9%, net earnings $7.0M, operating cash flow $20.9M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 17.9% | 19.0% | -1.1 pts |
| Net margin | 4.1% | 8.5% | -4.4 pts |
| Free cash flow margin | 8.9% | 4.7% | +4.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Rooms | $102M | $129M | −$26.6M | -21% |
| Food and beverage | $45.3M | $52.3M | −$7.0M | -13% |
| Other | $23.5M | $27.8M | −$4.3M | -16% |
| Revenue | $171M | $209M | −$38.0M | -18% |
| Operating profit | $30.6M | $39.6M | −$9.0M | -23% |
| Costs & expenses | $140M | $169M | −$28.9M | -17% |
| Pre-tax earnings | $9.4M | $19.5M | −$10.0M | -52% |
| Other expense, net | $21.2M | $20.2M | $1.0M | +5% |
| Cost of revenue | $117M | $130M | −$12.7M | -10% |
| Other operating costs | $23.2M | $34.6M | −$11.4M | -33% |
| Loss borne by minority interests | $96K | −$330K | $426K | — |
| Net earnings | $7.0M | $17.7M | −$10.7M | -60% |
| Income tax | $2.5M | $1.4M | $1.1M | +75% |
| Operating cash sources | $28.5M | $40.3M | −$11.8M | -29% |
| Depreciation & amortization | $21.4M | $22.6M | −$1.1M | -5% |
| Working capital & other | $7.5M | $18.3M | −$10.8M | -59% |
| Operating cash flow | $20.9M | $21.9M | −$1.0M | -5% |
| Free cash flow (OCF − capex) | $15.2M | $9.9M | $5.3M | +54% |
| Capital expenditures | $5.8M | $12.1M | −$6.3M | -52% |
Questions
How much did Braemar Hotels & Resorts's revenue grow quarter over quarter in Q2 2026?
Braemar Hotels & Resorts's revenue fell $38.0M (-18%) from $209M in Q1 2026 to $171M in Q2 2026.
What drove Braemar Hotels & Resorts's revenue change in Q2 2026?
Rooms −$26.6M (-21%); Food and beverage −$7.0M (-13%); Other −$4.3M (-16%).