Filing Flows › Braemar Hotels & Resorts (BHR) › Q3 2025
Braemar Hotels & Resorts (BHR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Braemar Hotels & Resorts (BHR) reported revenue of $144M for the third quarter 2025 (Q3 2025), -3% from a year earlier and -20% from the quarter before. Operating margin was 20.8%, net earnings $5.7M (4.0% of revenue).
Braemar Hotels & Resorts, Q3 2025: revenue $144M (-3% year over year), operating margin 20.8%, net earnings $5.7M, operating cash flow −$5.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $144M | -20% | -3% |
| Operating profit | $29.8M | +67% | -58% |
| Net earnings | $5.7M | — | -54% |
| Operating cash flow | −$5.8M | -125% | — |
What changed
Revenue was $143.6M in Q3 2025, down 3% year over year and down 20% from the previous quarter. Rooms was the largest line at 60% of revenue. Rooms lost $6.7M year over year (down 7%), 139% of the total change.
Operating profit was $29.8M, a 20.8% margin (down 26.6 points year over year). Total costs grew 46% against a revenue fall of 3%. Net earnings were $5.7M, down 54% year over year ($4.7M including minority interests, which bore $1.0M of losses). The effective tax rate was -15.9%.
Operating cash flow was −$5.8M. Non-cash charges added back $23.2M of depreciation and amortization and $75K of share-based compensation. Working capital and other items used $33.7M. Capital expenditures of $21.5M exceeded it, leaving free cash flow of −$27.3M.
Questions
What was Braemar Hotels & Resorts' revenue in the third quarter 2025?
Braemar Hotels & Resorts (BHR) reported revenue of $144M for the third quarter 2025 (Q3 2025), -3% from a year earlier and -20% from the quarter before.
Was Braemar Hotels & Resorts profitable in the third quarter 2025?
Operating profit was $29.8M (20.8% of revenue) and net earnings $5.7M.