Filing Flows › Braemar Hotels & Resorts (BHR) › Q2 2026 › vs Q2 2025
Braemar Hotels & Resorts (BHR) Q2 2026 vs Q2 2025 (year over year)
Braemar Hotels & Resorts's revenue fell $8.1M (-4%) from $179M in Q2 2025 to $171M in Q2 2026. The biggest changes: Rooms −$7.6M (-7%); Food and beverage −$249K (-0.5%); Other −$161K (-0.7%). Operating margin 17.9% against 10.0% (+7.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 17.9% | 10.0% | +7.9 pts |
| Net margin | 4.1% | -3.1% | +7.2 pts |
| Free cash flow margin | 8.9% | 3.0% | +5.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Rooms | $102M | $110M | −$7.6M | -7% |
| Food and beverage | $45.3M | $45.6M | −$249K | -0.5% |
| Other | $23.5M | $23.7M | −$161K | -0.7% |
| Revenue | $171M | $179M | −$8.1M | -4% |
| Operating profit | $30.6M | $17.9M | $12.7M | +71% |
| Costs & expenses | $140M | $161M | −$20.8M | -13% |
| Pre-tax earnings | $9.4M | −$7.2M | $16.6M | — |
| Other expense, net | $21.2M | $25.1M | −$3.9M | -16% |
| Cost of revenue | $117M | $125M | −$7.9M | -6% |
| Other operating costs | $23.2M | $36.1M | −$12.9M | -36% |
| Loss borne by minority interests | $96K | $1.4M | −$1.3M | -93% |
| Net earnings | $7.0M | −$5.5M | $12.5M | — |
| Income tax | $2.5M | −$345K | $2.8M | — |
| Operating cash sources | $28.5M | $17.9M | $10.6M | +59% |
| Depreciation & amortization | $21.4M | $23.4M | −$1.9M | -8% |
| Working capital & other | $7.5M | −$5.2M | $12.7M | — |
| Operating cash flow | $20.9M | $23.0M | −$2.1M | -9% |
| Free cash flow (OCF − capex) | $15.2M | $5.3M | $9.8M | +184% |
| Capital expenditures | $5.8M | $17.7M | −$12.0M | -68% |
Questions
How much did Braemar Hotels & Resorts's revenue grow year over year in Q2 2026?
Braemar Hotels & Resorts's revenue fell $8.1M (-4%) from $179M in Q2 2025 to $171M in Q2 2026.
What drove Braemar Hotels & Resorts's revenue change in Q2 2026?
Rooms −$7.6M (-7%); Food and beverage −$249K (-0.5%); Other −$161K (-0.7%).