Filing Flows › Braemar Hotels & Resorts (BHR) › Q4 2025
Braemar Hotels & Resorts (BHR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Braemar Hotels & Resorts (BHR) reported revenue of $166M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +15% from the quarter before. Operating margin was -7.3%, net loss $37.0M (22.3% of revenue).
Braemar Hotels & Resorts, Q4 2025: revenue $166M (-4% year over year), operating margin -7.3%, net loss $37.0M, operating cash flow $8.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $166M | +15% | -4% |
| Operating profit | −$12.1M | -141% | — |
| Net earnings | −$37.0M | -744% | — |
| Operating cash flow | $8.3M | — | +25% |
What changed
Revenue was $165.6M in Q4 2025, down 4% year over year and up 15% from the previous quarter. Rooms was the largest line at 59% of revenue.
Operating costs exceeded revenue by $12.1M, an operating margin of -7.3%. Total costs grew 5% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+26%). The quarter ended with a net loss of $37.0M, after a profit of $4.7M the previous quarter. Minority interests bore $3.4M of it: to shareholders the quarter was a loss of $33.6M. Net interest and other expense of $23.4M was the main reason.
Operating cash flow was $8.3M (up 25% year over year). Non-cash charges added back $22.7M of depreciation and amortization. Working capital and other items added $22.6M. Capital expenditures of $23.4M exceeded it, leaving free cash flow of −$15.0M.
Questions
What was Braemar Hotels & Resorts' revenue in the fourth quarter 2025?
Braemar Hotels & Resorts (BHR) reported revenue of $166M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +15% from the quarter before.
Was Braemar Hotels & Resorts profitable in the fourth quarter 2025?
Operating loss was $12.1M (-7.3% of revenue) and net loss $37.0M.