Braemar Hotels & Resorts Inc. income statement
In fiscal 2025, Braemar Hotels & Resorts Inc. reported revenue of $704m, down 3.3% on the year before, operating income of $72.4m (a 10.3% margin) and net income of −$22.3m, or −$1.07 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 221 | 233 | 307 | 350 | 406 | 414 | 431 | 488 | 227 | 428 | 670 | 739 | 728 | 704 | 689 |
| Cost of revenue | — | — | — | — | 263 | 272 | 273 | 324 | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | 143 | 142 | 159 | 164 | — | — | — | — | — | — | — |
| General and administrative | 11 | 11 | 3 | 5 | 14 | 8 | 4 | 5 | 7 | 9 | 18 | 14 | 14 | 12 | — |
| Operating income | 32 | 19 | 44 | 46 | 74 | 63 | 66 | 64 | −80 | 1 | 68 | 62 | 129 | 72 | 88 |
| Interest expense | 31 | 33 | 39 | 38 | 41 | 39 | 50 | 55 | 45 | 31 | 52 | 94 | 108 | 99 | 90 |
| Income before tax | 1 | −16 | 5 | −4 | 26 | 28 | 5 | 3 | −129 | −32 | 23 | −28 | 21 | −26 | −3 |
| Income tax | 4 | 2 | 1 | 0 | 2 | −1 | 2 | 2 | −4 | 1 | 4 | 3 | 1 | 2 | 5 |
| Net income | −5 | −12 | 2 | −7 | 19 | 23 | 1 | 0 | −105 | −27 | 18 | −27 | −2 | −22 | −3 |
| Diluted EPS | −$0.14 | −$0.36 | $0.07 | −$0.34 | $0.55 | $0.51 | −$0.19 | −$0.32 | −$3.39 | −$0.76 | −$0.15 | −$1.13 | −$0.77 | −$1.07 | −$0.04 |
| Diluted shares (average) | 32m | 32m | 33m | 26m | 31m | 35m | 32m | 32m | 34m | 53m | 70m | 66m | 67m | 68m | 76m |
| EBITDA | 61 | 50 | 84 | 90 | 119 | 115 | 123 | 135 | −6 | 75 | 147 | 155 | 227 | 165 | 178 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 148 | 173 | 216 | 179 | 144 | 166 | 209 | 171 |
| General and administrative | — | — | 3 | — | — | — | 5 | — |
| Operating income | 70 | 4 | 37 | 18 | 30 | −12 | 40 | 31 |
| Interest expense | 28 | 26 | 25 | 25 | 25 | 23 | 21 | 21 |
| Income before tax | 39 | −21 | 12 | −7 | 4 | −35 | 19 | 9 |
| Income tax | −1 | 0 | 1 | −0 | −1 | 2 | 1 | 2 |
| Net income | 13 | −19 | 11 | −5 | 6 | −34 | 18 | 7 |
| Diluted EPS | −$0.02 | −$0.47 | −$0.04 | −$0.24 | −$0.12 | −$0.67 | $0.07 | −$0.01 |
| EBITDA | 95 | 27 | 60 | 41 | 53 | 11 | 62 | 52 |
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